The Boulevard to Financial Independence

Of all the different kinds of gifts, the one that Boulevard R aspires to give to everyone who uses our application is the gift of financial knowledge.

We live in a society where most Americans have received very little in the way of education on personal finances. Research by Annamaria Lusardi and Olivia S. Mitchell (Financial Literacy and Planning: Implications for Retirement Wellbeing. University of Michigan Retirement Research Center, 2005) discovered the following about American’s financial literacy:

1. One out of three Americans could not answer this question correctly: Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than $102, exactly $102, less than $102?
2. One out of two could not answer this question correctly: “Buying a single company stock usually provides a safer return than a stock mutual fund.”

Regardless of one’s financial literacy, the nonprofit Employee Benefit Research Institute found that just doing a retirement needs calculation is enough to motivate more than half of those who do one to start saving more. Realizing that there is a considerable anxiety among consumers when it comes to retirement and that many people (particularly parents) are concerned about how those who are close to them are saving for retirement, we created a new feature to help give the gift of financial education.

http://www.boulevardr.com/br/gift/landing.jsf

Boulevard R wants to help facilitate a discussion around one of the most sensitive issues there is: saving for retirement. To help get retirement planing on the radar for those close to you, we help you kickstart someone else’s plan (just fill in basic information like age, gender, marital status and profession) and then offer a gift (optional) if they complete a retirement calculation. You can give money towards an IRA, iTunes songs or create your own gift.

In the long run, a little reward now can pay huge dividends later for those close to you if they start to save a bit more for a secure retirement. And it also makes us feel like we’re doing our job.

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By Mariette

Yesterday’s Chicago Tribune reported that more and more cash-strapped Americans are borrowing or taking hardship withdrawals from their 401k’s. There are numerous reasons why someone may consider doing this: paying a down payment on a first home, unexpected medical expenses, prevention of foreclosure on an existing home, paying off creditors, etc. However, except in truly desperate instances this is a very bad idea, for a number of reasons.
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By Randy

For those of you who may not have noticed, the mortgage market has tightened up and banks that only a few weeks ago were calling you at home during dinner to refinance your mortgage now won’t even return your call. It’s not quite that bad but the mortgage market has changed dramatically and if you are hoping to buy a house or need to refinance your adjustable rate mortgage anytime soon you may have a problem. Let’s take a look at where we really are.
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By Felipe

A few days ago I was talking to a friend who is about my age (31) regarding what we’ve been doing here at Boulevard R, and he told me he simply did not have the time to review all the 401k literature and paperwork his employer sent him. Of course I told him that he just needs 10 minutes to get a personalized plan using Boulevard R’s software (shameless plug, I know), but I do understand his pain.
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By Mariette

It is well established by now that ongoing communication with your partner is the key to happy, healthy relationships. This applies to discussing each other’s views and habits with regards to money as well as what your goals are for the future and your retirement vision. Transparency, while often painful, is healthiest in the long-run, and less painful than the potential fall-out that often occurs when couples find out that not only are they not on the same page with regards to finances, sometimes they aren’t even in the same book.

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By Matt

Here is some great advice on ways to stay motivated when it comes to your personal finances. I pulled this list from a Google Alert that I got on retirement planning, but can’t find the track back.

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