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Category: Jay Abolofia

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Should you buy a used car? If so, how old?

June 25th, 2019 by

How much you spend on vehicles over your lifetime can be significant. The more you spend, the fewer financial resources you’ll have in your lifetime budget to spend on other needs and wants. In my previous article, I looked at the financial impacts of buying new versus leasing. In summary, leasing and re-leasing a new […]

Should you buy or lease your car?

March 20th, 2019 by

Your car is one of the most expensive items you own. Costs include the purchase of the car itself, finance costs, fuel, insurance, state fees, maintenance and repairs. According to the Bureau of Labor Statistics, vehicle-related expenses were the second highest after-tax expenditure (15%) for the average US household in 2017, between housing (33%) and […]

What does it take to retire early?

December 14th, 2018 by

Early retirement and the concepts of high savings rates, deliberate frugality and reducing one’s working hours continue to seep into the mainstream. Blogs like Mr. Money Mustache, Early Retirement Extreme, and the FIRE (financial independence, retire early) movement have become a topic of frequent conversation in the media and among many in their 30s, 40s […]

Are You Saving Enough To Maintain Your Home?

June 15th, 2018 by
saving enough maintain home

If you own your home, you’re the de facto property manager. Your job is to maintain your property and replace its various components as they depreciate. As the property manager, you must both hire professionals to do the maintenance and pay them for their (hopefully) excellent work.[1] [2] Being a property manager can be a […]

Let’s Talk About Your Budget. Your Lifetime Budget.

February 14th, 2018 by

Budgeting is something that few people enjoy. Simply hearing the word may cause you to imagine clipping coupons or, worse, being out of a job. Many people believe that if you have enough resources, budgeting is a choice rather than a necessity. In what follows, I’ll explain why everyone already has a budget (whether they’ve […]

How Much Can I Plan on Social Security?

November 17th, 2017 by
can i plan on social security

In my first article on Social Security, I described how the program works and reviewed the program’s financial standing over the last thirty years. In my second article, I examined the financial future of Social Security and the policy changes necessary to shore up the program’s long-term finances. Here, I outline Sensible Financial’s new projections […]

What it Will Take to Fix Social Security’s $12.5 Trillion Shortfall

September 25th, 2017 by

In my previous article, I describe how the Social Security program works and examine the program’s financial standing over the last thirty years.  Currently, Social Security is running a small annual surplus, paying benefits as scheduled, and trust fund reserves are larger than they’ve been in decades.  At a glance, everything appears A-ok. However, the […]

How Social Security’s Coming Insolvency Will Affect You

August 24th, 2017 by
Social Security Trust fund receipts and expenditures vs year

It is no secret that the Social Security program is financially unsustainable.  Based on current projections, too little cash is coming in to cover future benefit payments.  The first page of your Social Security Statement (the document reporting your lifetime earnings history and estimating your future Social Security benefit) states that “by 2034, the payroll […]

When Does Prepaying Your Mortgage Make Good Financial Sense?

June 23rd, 2017 by
Author, Prepaying your Mortgage

Prepaying your mortgage can be a sensible thing to do, especially when you have idle savings (think cash or money market accounts not earmarked for specific financial goals or your emergency fund) earning less than the rate on your mortgage.  In my previous article, I analyzed the mechanics of prepaying your mortgage.  In effect, prepaying […]

How Does Prepaying your Mortgage Actually Work?

April 25th, 2017 by

When you make an extra payment on your mortgage, that money goes directly toward reducing the balance on your loan.  Because of how the loan is structured, the extra payment triggers a cascade effect that speeds up the repayment of the loan.  In what follows, I discuss the mechanics of your mortgage and illustrate exactly […]