Sound Money

Advice and information on personal finance.

John Morgan / Flickr

This year, taxpayers have an additional three days to get income taxes sent in to the federal government.

April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18.

Pictures of Money / Flickr

Even with 2017 well under way, there still some chances to hit the reset button.

This includes updating your personal finance situation. During Sound Money, WGLT's Willis Kern talked with Edgar Norton, Director of Illinois State University's Institute for Financial Planning and Analysis.

Fernando Butcher / Flickr

Some of the top business stories of 2016 dealt with things like Robo-advising and block chain. In this edition of Sound Money, GLT's Willis Kern continues the countdown of the top stories of last year with the top five. 

The stories were selected by Edgar Norton, Director of Illinois State University's Institute for Financial Planning and Analysis.

  • #5 Emerging international markets
  • #4 Illinois budget stalemate
  • #3 New fiduciary rule
  • #2 Brexit
  • #1 Trump election

BTC Keychain / Flickr

2016 was a very big year for news, and it also yielded some pretty big business news headlines.

In this edition of Sound Money, GLT's Willis Kern looks back at some of the top business stories of the past year, along with Edgar Norton, Director of Illinois State University's Institute for Financial Planning and Analysis.

  • #10 Robo-advising
  • #9   Indexing wins
  • #8   Negative interest rates
  • #7   Blockchain
  • #6   Carbon energy collapse

 

Staying Out Of Debt

Nov 29, 2016
Keoni Cabral / Flickr

It makes sense to keep your debt load low, but what's the best way accomplish that?

During Sound Money, Edgar Norton, director of Illinois State University's Institute for Financial Planning and Analysis, said credit cards are a main culprit.

"We need to get spending under control. Part of that is looking at, 'what am I spending money on now? And what's really necessary, and what can I cut back?'," Norton said.

Pug50 / Flickr

Retirement is the ultimate career goal for many people. Some are fortunate enough to consider early retirement.

During Sound Money, Edgar Norton, director of Illinois State University's Institute for Financial Planning and Analysis said it's best to start early and save often if you would like to retire before age 62.

"Start saving as soon as you can. Hopefully, right out of college you'll get a job and even if you have student loans to pay back, start squirreling away a hundred bucks or so a month, and then increase that as best you can over time," Norton said.

401kcalculator.org

State of Illinois employees have always had a pretty good package to rely on as they consider retirement. But that may no longer be the case.

During Sound Money, Edgar Norton, director of Illinois State University's Institute for Financial Planning and Analysis said there are ways employees can guard against the effects of a possible bankrupt State University Retirement System (SURS).

Earlier this year, SURS' Chief Investment Officer Daniel Allen said the state will run out of assets to pay retirement costs within ten years.

Lauren Barker / Fix It Friday

One way to save money is to save things you own, like clothing.

"Fix It Friday," which is scheduled for Oct. 7 in Uptown Normal, is a cooperative effort at Illinois State University between Fashion Design and Merchandising students and the Office of Sustainability.

Daniel Oines / Flickr

Health care costs are a major concern for everyone, but especially those planning for retirement. While incomes may be fixed, the numbers on medical bills aren't.

Edgar Norton, Director of  Illinois State University's Institute for Financial Planning and Analysis, said the average 65-year old couple will spend about $250,000 on health care. While that may seem like a large amount of money, Norton said there are ways to help reduce the impact.

401kcalculator.org / Flickr

Many baby boomers are ready to retire, or are planning for retirement. There are some do's and dont's when it comes to how to spend your savings.

Edgar Norton, Director of  Illinois State University's Institute for Financial Planning and Analysis, said the average 65-year old couple will spend about $250,000 on health care. (More on health care expenses coming in part 2.)

Steven Depolo / Flickr

Saving money makes sense, but it's tough to do if you don't have a plan in place. During Sound Ideas, Edgar Norton, Director of the Institute for Financial Planning and Analysis, said there are two primary approaches:

  • Top Down
  • Bottom Up

Norton said no matter which method you use, you should start now, and continue tweaking.

"It's better to start making decisions now, then adjust along the way, " Norton said.

Taxcredits.net

There's a new business institute at Illinois State University. It's called the Institute for Financial Planning and Analysis and listeners to Sound Money will recognize the name of the institute's director--Edgar Norton, long time a professor of finance at ISU, is now heading up this institute.

staff

College students and their parents are concerned about going into debt to pay for their education.

One ironic twist brought on by this situation is that kids and their parents are forced to learn more about managing their funds.

In this edition of Sound Money, WGLT's Willis Kern talks with ISU assistant professor of business education at Illinois State University Tamra Davis about some of the apps and programs she uses in her financial literacy classes.

lendingmemo.com

Some new rules are going into effect for those who make a living investing other people's cash. WGLT's Willis Kern has more with the director of Illinois State University's Institute for Financial Planning and Analysis, Edgar Norton, in this edition of Sound Money.

 

Personal Finance 101

Apr 27, 2016
moneysmartweek.org

This is Money Smart week designed to bring the Bloomington-Normal community up to speed on financial literacy issues.

WGLT's Willis Kern sat down with Illinois State University professor Tamra Davis to talk about financial literacy. Davis is an assistant professor of business education, and created a general education course for her students to help improve their financial literacy.

Mike Mozart / Flickr

If you have a debit card in your purse or wallet, you likely also have a credit card. Knowing when to use which is important to your personal finances. With another edition of Sound Money, here's WGLT's Willis Kern with Illinois State University Professor of Finance Edgar Norton.

 

Sean MacEntee / Flickr

It's not difficult to pile up steep credit card debt quickly. What is difficult is paying that debt down. Willis Kern and Edgar Norton have some advice.

Simon Cunningham / lendingmemo.com via Flickr

Stock market volatility has been a regular occurrence, but lately the market has had more down swings than up. How should this effect the investor? WGLT's Willis Kern talks it over with Illinois State University Professor of Finance Edgar Norton.

Tax Tweaks For 2016

Feb 15, 2016
www.efile.com

It's February which means it's time for the annual ritual of getting your taxes figured. That's the topic on Sound Money. WGLT's Willis Kern has more.

Matthew Rutledge / Flickr

Jobs, earnings and interest rates grabbed financial news headlines in 2015. WGLT's Willis Kern talks with ISU Professor of Finance Edgar Norton about the top 5 business stories of the past year.

YoTuT / Flickr

2015 was a big year for news, and it also yielded some pretty big business news headlines. In this edition of Sound Money, WGLT's Willis Kern looks back at some of the top business stories of the past year. Today, it's the bottom 5 in a list of top ten, as compiled by Sound Money's Edgar Norton, Professor of Finance at Illinois State University.

Next time on Sound Money, hear which stories were the five biggest business stories of 2015.

Day Donaldson / Flickr

Next week, the Federal Reserve bank will meet and could raise the benchmark interest rate for the first time in seven years. That's the topic on Sound Money. WGLT's Willis Kern has more.

Tim Evanson / Flickr

The Federal Reserve Board is often in the news and it's because they play a significant role in determining this country's monetary policy. But, just who makes up this important body? And why should you care about who they are and what they do? That's the topic on Sound Money. WGLT's Willis Kern has more.

Courtesy of Lendingmemo.com via CreativeCommons.org

Many equate putting money into the stock market with gambling. There are many similarities, especially when the market is as volatile as it's been lately. But there are even more similarities than you probably would have ever imagined. Willis Kern has more during Sound Money.

Courtesy 401kcalculator.org via CreativeCommons.org

Proven financial practices and solid economic data often take a backseat to gambling-type behavior when it comes to personal investing. During this edition of Sound Money, Willis Kern tries to find out if that kind of activity is ever the right way to approach financial matters.

Photo courtesy TaxRebate.org.uk via CreativeCommons.org

Most of us like to think we are sound financial stewards, basing our planning on solid economic data and proven practices, but that's not always the case. In this edition of Sound Money, Willis Kern explores the world of Behavioral Finance.