Happy family concept. Unity support protection and happiness.

VIDEO: Goals and Dreams Are Powerful Motivators

jacobted Behavioral Finance, blog, Financial Planning, Your Loved One Has An Addiction Leave a Comment

Recovery teaches us “take one day at a time”. When we introduce goals and dreams into the conversation, we not only convey belief that long-term recovery will happen, we replace emotional purchases with purposeful spending.

What is the SECURE Act?

jacobted blog, Financial Planning Leave a Comment

President Trump is expected to sign into law the Setting Every Community Up for Retirement Enhancement (SECURE) act as part of the massive year-end spending bill passed by Congress. Below are the salient points: Removal of the age limit for contributing to IRA plans. The current law prohibits contributions to anyone over 70 ½ years. The proposed law allows anyone 70 ½ or older to contribute to a traditional IRA so long as they have reported income Small companies can ban together and offer a 401(K) plan Will receive tax credits for implementing automatic enrollment. Opt out vs. opt in. …

Life on the PGA Tour

jacobted blog, Financial Planning

This past week the PGA Web.com tour stopped in Raleigh, North Carolina for the Rex Open. My wife and I had the privilege of hosting Byron Meth and his wife and caddie Valentina at our home for the week. It was an amazing experience. Over the course of the week, we had the opportunity to get a close-up view of what life on the tour is really like. Far from the glamour many associate with the dream job of playing golf for a living, for up and coming professionals such as Byron and Valentina, life on the tour is a …

Is College Worth Going into Debt For?

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

One of the most impactful decisions many recovering addicts face is College. The financial implications should not be ignored. College is but one step in the road to recovery. There are many more unknowns that lie ahead. As families begin to comprehend the investment of time required heal as a family, it is important that they also comprehend the financial investment required to heal as a family. For many families, there is a sense of urgency, whether real or imagined. Before families make decisions that they may regret in the future, they need to plan, a unique plan reflecting their …

Budgeting vs. Planning: It’s About Time

jacobted Behavioral Finance, blog, Budgeting, Financial Planning

For most people in recovery, budgeting is an exercise that in the end confirms what they already know. Their expenses are too high, and their income is too low. They are then consumed by feelings of helplessness, hopelessness, and despair. Budgets focus on the here and now. They are merely a snapshot in time. And for those in the early stages of recovery, from a financial perspective the picture is bleak. Early recovery emphasizes living one day at a time, which conflicts with the long-term perspective required to live a sober life. Dreams are big and take a long time …

The Hidden Costs of Addiction

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

Several weeks ago, a rehabilitation center in New Jersey invited me to speak at their weekly family group meeting. They believed that my combination of a successful Wall Street career combined with 15+ years (and counting) of life with a child in recovery could be both educational and inspirational. If I said I wasn’t nervous it would be a bold face lie; to do a presentation like this successfully would require my being open and vulnerable about the rollercoaster of pain and pleasure that comes with the journey. Reflecting back on the time, I came to the realization that as …