5 Things The Marshmallow Test Can Teach You About Money Management

Tina is an intellectually-gifted bartender who struggles to pay her bills. Tina serves martinis to Susan. Susan is no more intelligent than Tina, but Susan is a millionaire. If not intelligence, then what explains the difference between Susan’s wealth and Tina’s financial lack? And what do sticky, gooey marshmallows have to do with it?

In the 1960s, Stanford University psychology researcher Walter Mischel conducted a longitudinal study. Mischel placed marshmallows in front of hungry four-year-old children. He told them they could have one marshmallow now, or if they could wait several minutes, they could have two. Some children quickly grabbed the marshmallow and ate it. Others waited.

Mischel followed the group and found that 14 years later, the children who eagerly devoured the first marshmallow weren’t faring as well as the children who had waited for two marshmallows. Years later, the “grabbers” suffered low self-esteem. Teachers and parents viewed these kids as stubborn, prone to envy and easily frustrated. The “wait-for-two-fers” possessed better coping skills; were more socially competent, optimistic, self-assertive, dependable and trustworthy; and scored about 210 points higher on their SATs.

Perhaps the key difference between financial lack and wealth is not merely hard work or superior intelligence, but the ability to delay gratification.

What can the Marshmallow Test teach you about personal finance?

1. Avoid looking at marshmallows when you’re hungry

During the Marshmallow Test, some successful kids reportedly covered their eyes so they couldn’t see the tempting treat. My take away tip: Avoid temptation– stay away from the mall when you’re bored.

2. Save a marshmallow today and you’ll eat well tomorrow

The children who waited for the second marshmallow were rewarded with a 100% return on their first marshmallow. My take away tip: Unleash the power of compounding and you’ll be wealthy when you retire.

3. Drooling over s’mores? Wipe your chin and wait for the hot goo to cool– because you don’t want to burn your mouth!

One child reportedly licked the table around the marshmallow while waiting for the experimenter to return. My take away tip: Imagine having what you want, but wait until the time is right to consume. If you shop, wait until you have cash in hand to buy– don’t get burned by finance charges and credit card debt!

4. Stick your marshmallow into the fire, keep your eye on it and remove when perfectly browned– before it bursts into flames.

Some successful children watched their marshmallow to prevent others from snatching it, waited patiently until the researcher returned with the expected second marshmallow, then enjoyed their reward– without begging greedily for more. My take away tip: Invest in the market, monitor your investment and sell your shares when they reach your target price– before the bubble pops.

5. Give your children mini-marshmallows and teach them how to make rice crispy bars.

Some kids handled the wait by turning their back to the marshmallow, singing songs or talking to themselves. My take away tip: With practice, kids can learn how to delay gratification. Provide opportunities for your child to develop strategies. Give your children an allowance and teach them money management skills.

Giving holiday gift cards? Give someone the power to change lives!

Be careful where you choose to buy gift cards this year. The recession has walloped many businesses, causing them to close their doors. Considering the weak holiday sales most have experienced, more are likely to fail in the new year. The last thing you want to do is spend your hard-earned money on a gift card that becomes worthless before your loved one can use it.

Big business isn’t the only sector suffering this year. Non-profits, small businesses and families around the world are struggling. So here’s a gift suggestion for you: purchase Kiva.org gift certificates and give your loved ones the opportunity to sponsor a business operated by the working poor. Help these individuals and communities make great strides towards economic independence.

Here’s how Kiva.org’s microfinance program works:

  1. Purchase gift certificate(s) online for as little as $25 each. Print your gift certificate — or save time and postage and email them to your loved one.
  2. Your loved one gets to select a specific entrepreneur in the developing world and uses your gift to fund a small 0% loan – empowering the entrepreneur to lift themselves out of poverty. Each pre-screened entrepreneur is hard-working and hopes to create a sustainable livelihood.
  3. Your loved one watches the entrepreneur’s small business grow over the following months via email updates and gets repaid as the business succeeds.
  4. As the loan is repaid, your loved one can withdraw your gift to spend as they wish, or they can recycle your gift and lend again (and again and again)!

I’ve given several of these gift certificates to others and they have been well received. My holiday tip for you — avoid the traffic and crowds and give someone the power to change lives!

Accept my lender invitation by clicking here. Fill out the short form, then click on “Kiva Gifts” at the top of the page. Tell Kiva your gift certificate recipient’s name, then print and/or email the certificate to your loved one.

Happy Holidays!

How To Revolutionize Your Spending Habits

For some, buying with credit is akin to paying with funny-money. You want something, you pull out a plastic card and shazam, you own it. At least that’s what you think… But money, whether earned yesterday or tomorrow, is something we trade our life energy for.

Do you want financial freedom? Then it’s necessary to keep your credit cards (and cash) out of merchant’s hands. Today, I’m sharing a trick that can completely revolutionize your spending habits by changing the way you see the cost of the goodies that merchants want to sell to you.

Here’s the trick: Translate the number of dollars you see printed on a price tag into the number of hours the purchase will require you to work for it. By doing so, you’ll make well-informed decisions regarding what you’re willing to pay for with your irreplaceable life energy.

Do you know how much your net pay is per hour — after all work-related expenses are subtracted? Here’s a cool tool you can use to determine your bottom line: Time Value Calculator.

One of my coaching clients (Sue) earns $60,000 annually. She’s thinking about buying a new car. She’s considering taking on a $400 monthly car payment. Should she do it?

It’s not my place to answer that question for her. But I CAN help her come to her own conclusion by turning dollars into the time she’ll need to work to pay for it. Using the Time Value Calculator, we find that after taxes, commuting, daycare and other work-related expenses are subtracted, Sue’s net pay per hour is $16.07.

Now we take the $400 monthly car payment she’s considering and divide it by $16.07 to find that buying a new car would cost her almost 25 hours of time working EACH MONTH for the next five years.

Translating dollars into time made it easy for Sue to come to her own conclusion. She decided to have her current car professionally cleaned and detailed instead.

I suggested that she write her true hourly wage on a piece of paper and affix it to her credit card and checkbook. Before making any purchase, she would be reminded to divide the sales price by her true hourly wage. Is the item or service worth the hours of work required to pay for it? If so, buy it. If not, walk away.

Let’s look at some other time-price tag examples:

Apple iPod: $250 divided by $16.07 = 16 working hours.
Monthly supply of cigarettes and chewing gum: $200 divided by $16.07 = 12 working hours every month… until you quit!
House payment (PITI and maintenance) = $1600 divided by $16.07 = 100 working hours every month for 30 years.

What’s YOUR number?

Do it – convert your dollars into time. Then spend your money AND your time in accordance with your own personal values and priorities.

CNN Inspire Summit

CNN honored me with an invitation to participate as a featured guest panelist at their Inspire Summit: Women’s Empowerment Conference held at the Turner – Time Warner building in Manhattan last week. The program was moderated by Kyra Phillips, anchor of “CNN Newsroom”, and opened with special guest Whoopi Goldberg.

Eight women (including me) followed Whoopi’s down-to-earth, humorous and entertaining opening to share our stories and humanitarian projects that evening. Our panelist interviews concluded with the L’Oreal Paris Women Of Worth Awards.

Meeting all of these amazing women was such a thrill! Everyone’s dedication towards their special projects and causes was incredibly inspirational. The experience served as a reminder that when we follow our passion, anything is possible.

Here are abbreviated introductions of the women Kyra Phillips (CNN anchor) interviewed in front of a live audience:

Whoopi Goldberg

Whoopi Goldberg, multiple award-winning actress, comedienne, producer and television host, is also well-known for her humanitarian efforts on behalf of children, the homeless, human rights, education, substance abuse and the battle against AIDS. Whoopi is a Goodwill Ambassador to the United Nations.

Incidentally, wearing jeans, a baggy shirt and bright yellow rubber shoes, Whoopi shared why she dresses for comfort rather than high style. In a nutshell, feeling comfortable makes her happy, and when she’s happy, the people around her, in turn, feel more comfortable and happy. Makes perfect sense to me! What else makes Whoopi happy? Toto toilets. I guess you had to be there…

Molly and Carly Houlahan, Hives for Lives

Molly and Carly Houlahan, ages 16 and 14, launched Hives for Lives four years ago when their beloved grandfather died of cancer. These sisters wanted to honor his memory by raising money to find a cure. They raise bees, harvest the honey, then spin, filter and bottle it by hand. Their honey is now being distributed by nine Whole Foods regions and they’ve raised $150,000 towards a cure so far. Way to go, girls!

Patricia Hall, H2O for Life

Patricia Hall, after participating in a variety of volunteer service projects in Africa and witnessing the plight of women and girls caused by lack of water and sanitation, was compelled to bring water projects to schools in third world countries. Patricia is a teacher in Minnesota. H2O for Life was formed in 2007 after overwhelming student response to the first service learning project she initiated in her school. H2O for Life has now grown to over 80 school projects during the current 2008-2009 school year.

Majora Carter, The Majora Carter Group

Majora Carter, a South Bronx native, pursues resources and ideas to improve the quality of life in environmentally challenged communities. She founded Sustainable South Bronx and implemented the Bronx Environmental Stewardship Training program — a green-collar job training and placement system – seeding communities with a skilled workforce that has both a personal and economic stake in their urban environment.

Jessica Flannery, Kiva.org

Jessica Flannery is co-founder of Kiva.org, the world’s first peer-to-peer online microlending website. Kiva makes it possible for internet users to lend money to specific entrepreneurs in developing countries, empowering these individuals to lift themselves out of poverty. Since I pledge my blogging profits as loans to the women I find on Kiva’s website, I was thrilled to have the opportunity to meet one of the masterminds behind this brilliant online organization!

Jen Smith, Millionaire Mommy Next Door

Jen Smith learned to make, save and spend money in ways that she and her family find rewarding. Now financially-free, she’s on a mission to inspire and empower other families through financial education so they too can enjoy the life they want to live. She freely shares her recipe for success, happiness and wealth on her blog. As part of her commitment to our world-wide community, Jen pledges her blogging revenue as 0% microloans, through Kiva.org, to small businesses operated by working, impoverished women in developing countries.

Eve Ensler, Vagina Monologues

Eve Ensler, playwright, performer, feminist and activist, is best known for her play The Vagina Monologues. In 1998, Ensler launched V-Day, a global non profit that has raised over $60 million for women’s anti-violence groups.

Doris “Granny D” Haddock, Political Activist

“Granny D”, at the age of 90, walked across America to rally against the influence of big money in elections. At 94, she ran for U.S. Senate. Since then, she’s given speeches around the country to promote campaign finance reform; specifically, public funding of elections. May I live as long and as strong!

After the Summit event, my family and I stayed in New York City for three additional days to sight-see. I was in NYC during the same week last year when I appeared as a guest on The Montel Williams Show, but this was the first visit for my husband and daughter. Coming from a small western city, Manhattan is an eyeful –- especially for a three-year-old during the holiday season. We rode the (free) ferry past the Statue of Liberty, navigated the subways, ate dim sum in Chinatown, strolled around the historic Seaport Village and enjoyed views of the Brooklyn Bridge, weaved between the tall buildings and narrow streets around Wall St and the NY Stock Exchange, visited the Museum Of The City Of New York, checked email from the magnificent NY public library on Fifth Avenue and 42nd Street (marble, stately columns, European-like painted ceilings, amazing two-story carved wood bookcases), gawked at the ostentatious Christmas display windows and mega-caret diamonds along 5th Ave, stomped on the Big Piano at FAO Schwartz toy store, watched kids get their American Girl dolls dolled up at the store’s “Doll Hair Salon”, dropped in on a Santa convention, rode the carousel at Bryant Park, and saw disturbing pictures of dead people at the International Center of Photography.

What a marvelous trip!

110 Financial Calculators: Fast Answers to Your Money Questions

Have you ever wondered how your salary compares with others in your profession? Do you want to know if it’s better to prepay your mortgage or to invest instead? Are you confused about how to accelerate your debt payoff? Curious what it will take to save your first million dollars?

Today is your lucky day! It doesn’t matter if you flunked math class; you won’t need a graphing calculator, abacus or legal pad. You don’t even need to count your fingers and toes. Simply click on your financial question, enter your numbers, and receive an accurate answer, fast!

I’ve compiled a comprehensive collection — organized by category — of 110 personal finance calculators and helpful tools. They’re free, found online and designed to help you find fast answers to your financial questions.

As they say, knowledge is power so please share this resource page with others and bookmark it to keep it handy!


What is the true cost of car ownership?
This calculator reveals the hidden costs — depreciation, interest on your loan, taxes, fees, insurance premiums, fuel costs, maintenance and repairs — associated with buying, owning and operating a car over a five-year-period.

Your next car, new or used: Which is right for you?
The average used car costs less than half the average new car. It’s no surprise that used cars outsell new cars 3-to-1.

Should I lease or buy my car?
Calculate your monthly payments and your total net cost. By comparing, you can determine which is the better value for you.

How much will the auto lease really cost?
Calculate your payment and more.

Should I get a auto loan or a home equity loan?
Two good reasons to take a look at home equity loans to finance your automobile purchase: Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible.

How long should I keep a vehicle?

Should I finance or pay cash for a vehicle?

What term of vehicle loan should I choose?

Which is better: a rebate or special dealer financing?

Will driving to a cheaper gas station save me money?


How much would my budget reductions be worth if I were to invest them?
Reducing your spending can be worth more than you might think.

How will payroll adjustments affect my take-home pay?
Contributions to a retirement plan, participation in a company-sponsored flexible spending account, change in filing status, or number of allowances claimed could have a direct impact on take-home pay. Use this calculator to help compare your current situation to what-if scenarios.

What is my current cash flow?
Evaluate your personal income and expenses and see if you are running in the red or the black each month.

If I move, how much income will I need to maintain my current standard of living?
Use this cost of living comparison calculator to compare the cost of living between U.S. cities. The information is updated quarterly.

How does my budget compare to others?
Compiled with information from the Bureau of Labor Statistics, this worksheet tells you how much you’re spending relative to people in the same income bracket.

Where does my money go?
See where your money is being spent and how much you have left to save. Compare your expenditures to targets, which can help identify areas for improvement.

Should my spouse work, too? (View an additional calculation here.)
Are two paychecks worth it? Child-care costs, transportation, work clothes and take-out meals all add up. See what makes sense for you and your family.

How much does it cost to raise a child?
Children are worth their weight in gold — that is, when you add up all the costs. Use this calculator to figure out Junior’s bottom line.

How much allowance might I pay my child?
Find out what your childhood allowance is worth in today’s dollars. Or compute what your kid’s allowance would be worth in any year back to 1913.


How many and what price must I sell my product at to make a profit?
The breakeven analysis calculator is designed to demonstrate how many units of your product must be sold to make a profit.

What is my business worth?
This Business Valuation Calculator creates a possible market valuation for your business and determines how much your future cash flow is worth today.

Should I lease or buy my business equipment?
The Equipment Buy vs. Lease Calculator evaluates monthly payments and your total net cost. By comparing these amounts, you can determine which is the better value for you.

What is my operating profit percentage?
Operating profit is what’s left from your sales dollar after you’ve deducted your cost of goods sold and your ordinary operating costs. Your operating profit percentage tells you the percentage of your sales that turn into profit.

What are my business financial ratios?
This calculator is designed to show you ten different financial ratios. Financial ratios are used as indicators that allow you to zero in on areas of your business that may need attention such as solvency, liquidity, operational efficiency and profitability.

Should I be a landlord?
Buying a house or duplex to rent isn’t at all like investing in stocks or mutual funds. This is hands-on work that starts with finding a property capable of generating enough rental income to make the transaction pay off. See if the numbers work.

What is the maximum self-employed retirement plan contribution I can make? Determine your maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA and SEP based on the assumptions you input.


What will it take to save for my child’s college education?
Higher education carries a high price tag. If you want to send your child to college, now is the time to start saving.

How do I calculate my budget as a full-time student?
This calculator is specifically designed to help students understand their expenses and income while attending a university, college or other full-time educational institution. It allows you to input your expenses and income for an eight-month school year.

How much financial aid can I expect for college?
If finances are tight, chances are you’re going to have to rely on some combination of savings, financial aid and student loans.

How do I choose and evaluate my 529 College Savings Plan?
The question isn’t should you invest in a 529 College Savings Plan, but rather, which one?

Should I live on campus, off campus or at home?

Should I go to grad school?
A graduate degree can be the ticket to a better career or the stepping stone to advancement in your current job. But by the time you factor in lost income and the inevitable student loans, is it really worth it? Weigh the actual costs versus the fiscal benefits.

What is the value of higher education?
This calculator takes into effect any increase in expected earnings after you graduate, your estimated education expenses, and any lost earnings during the time you are in school.


How does class work? Where do I fit in?
Four commonly used criteria for evaluating a person’s position in society (class) are education, income, occupation and wealth. This interactive graphic tool allows you to access your social class and examines how economic mobility has changed in recent decades.

How does my salary compare with others in my profession?
A free basic report shows national average salaries adjusted by location.

How does my income stack up? What portion of the tax burden do I pay?
Find out how your income stacks up against your fellow citizens.

How does my net worth compare with others?
See where you rank based on your age and income.

How does my budget compare to others?
Compiled with information from the Bureau of Labor Statistics, this worksheet tells you how much you’re spending relative to people in the same income bracket.

How does my savings compare with the national average?
See how much you will have accumulated when you reach age 65 and the national average of 401(k) savings in your age group.


Should I consolidate my debt?
The Debt Consolidation Calculator is designed to help determine if debt consolidation is right for you.

How can I accelerate my debt payoff?
Consolidating your debt is only half of the battle. You still need a plan to get your debt paid off.

How do I roll-down my credit card debt?
The Credit Card Roll-down Calculator applies two simple principles to paying off your credit card debt: 1) Payoff your highest interest rate first; 2) When a card balance is paid in full, apply its monthly payment to the card with the next highest interest rate. See how these principles can be applied to your debt to become debt-free.

Is my debt load too high for my income? Am I in financial trouble?
Find out how much you’re paying each month and whether your ratio of debt to income puts you at risk.

Do I have a spending problem?
The ideal spender saves money off the top, covers basic needs, stays out of debt, gives generously to charity and gets real pleasure from planned, prudent purchases. The Savvy Spending Quiz is designed to get you thinking about how you spend money and, perhaps, to bring you closer to the ideal.

What is my credit score?
See your potential credit score range by answering this credit survey.

What is my estimated range of FICO scores?
Answer these ten easy questions and they’ll give you a free estimated range for your three FICO® scores.

How do I find a credit card deal based on the criteria I care about most?
Try the Credit Card Analyzer.

Which is better for me: rebate card or low rate card?

How might a consolidated loan increase my investment balance?
Getting a consolidation loan can do more than payoff your debt. Use this Consolidation Loan Investment Calculator to see the results of paying off your debt and investing your payment savings.

How long will it take to pay off my credit cards if I only make the minimum payments?
Use the Credit Card Minimum Payment Calculator to calculate your debt pay off date.


Should I prepare my own will?
This quiz will help you assess your estate planning knowledge so you will have an idea of how much help you need to make sure what actually happens at your death is what you want to happen.

What is my life expectancy?
Your life expectancy is influenced by a number of factors including family history and your personal lifestyle.

What is my estimated estate tax liability?
Estimate your estate tax liability and project the value of your estate, and the associated estate tax, for the next ten years.


What goal is most important to me?
The Prioritizer helps you rank a series of goals or options which are most attractive to you.

What will it take to reach my savings goal?
Find out when you’ll reach your goal.

What will it take to save one million dollars?
Find out when your savings plan will make you a millionaire!


Should I prepay my mortgage? Or should I invest instead?
Compare what would happen if you took one of two choices with some extra cash you have — prepaying your mortgage each month, or investing it instead.

How much home equity will I have?
Estimate your current and future home equity by subtracting the balance on your mortgage from the projected value of your home.

Should I rent or should I buy a home?
Weed through the fees, taxes, monthly payments, home appreciation rates, inflation, future sales commissions, dues and maintenance costs to help you make a wise financial decision. (Note: I calculate 1.5% of the total home value, divide it by 12, and add it to the maintenance field.)

Am I paying too much for rent? Am I charging too little for rent?
Your rent is compared to comparable rental listings by proximity.

Should I be a landlord?
Buying a house or duplex to rent isn’t at all like investing in stocks or mutual funds. This is hands-on work that starts with finding a property capable of generating enough rental income to make the transaction pay off. See if the numbers work.

How much mortgage can I qualify for?
This calculator steps you through the process of finding out how much you can borrow.

What type of mortgage loan is best for me?
Compare mortgage payments and other monthly costs for different mortgage loan types. Get an estimate of the potential tax credit if you itemize and deduct interest on the loan.

Which mortgage loan is the best value?
Use this Loan Comparison Calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you.

How do I generate an amortization schedule for my current mortgage?
The Mortgage Loan Calculator calculates your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.

What happens when my adjustable rate mortgage adjusts?
This calculator will help you find your new payment.

Should I refinance my mortgage?
Determine when you would break-even with a mortgage refinance.

Should I pay discount points for a lower interest rate?
You may decide to “buy down the interest rate” by paying extra money up front in the form of discount points. Determine if this might make sense for you.

What is my home’s rate of return?

What is the return on my real estate investment?
Purchase price, loan terms, appreciation rate, taxes, expenses and other factors are considerations when evaluating a real estate investment. Determine your potential IRR (internal rate of return) on a property.


Do I have the right kind of insurance?
The Insurance Planner evaluates you and your auto, home, health, life and career to make a personalized assessment of your insurance needs.

How much life insurance should I have?
Try the Life Insurance Needs Estimator to find out.

What are my disability insurance needs?
One of the most common causes of income loss is through a disability. While most disabilities cause only temporary loss of income, any income loss can be devastating if you are not financially prepared.


How Much Risk Can I Handle?
This quiz gets you thinking about your attitude toward, and capacity for, risk. It suggests typical investment portfolios based on your answers.

How should I mix stocks, bonds and cash in my investment portfolio?
The Asset Allocator is designed to help you create a balanced portfolio of investments using your age, ability to tolerate risk, and several other factors.

How much will my investment return?
Meeting your long-term investment goal is dependent on your investment capital, rate of return, inflation, taxes and your time horizon. Sort through these factors to determine your bottom line.

What was the Compound Annual Growth Rate (Annualized Return) of the S&P 500 over various time spans?
This calculator lets you find the annualized growth rate of the S&P 500 over the date range you specify; you’ll find that the CAGR is usually about a percent or two less than the simple average.

How can different investment fees impact my investment strategy?
Even a small difference in the fees you are pay on your investments can add up over time.

What will it take to reach my investment goal?
Determine how much your investment might grow before taxes, after taxes, and after taxes and inflation. It also provides suggestions on what to change if your plan doesn’t look like it will meet your investment goal.

How might I use debt to magnify my investment returns?
This Investment Loan calculator helps illustrate the effect of using a loan to purchase an investment or appreciable asset. Using debt as leverage to purchase investments can magnify your return. The downside is that you also increase your risk. For example, if your investment were to lose all of its value you would not only have lost your investment but you would still owe the balance on the loan.

How do I estimate the tax-equivalent yield for a municipal bond?
Income generated from municipal bond coupon payments are not subject to Federal income tax. In addition, if the bond was issued in your state of residence, you can also avoid state income taxes. Use this Municipal Bond Tax Equivalent Yield calculator to determine the yield required by a fully taxable bond to earn the same after tax income as a municipal bond.

How do taxes affect investments?
This Taxable vs. Tax Advantaged Investments calculator is designed to help compare a normal taxable investment, a tax deferred investment and tax-free investment.

Should I invest? Or should I prepay my mortgage instead?
This calculator allows you to compare what would happen if you took one of two choices with some extra cash you have — prepaying your mortgage each month, or investing it instead.

Which online broker is best for me?
How do you choose an online broker? The answer comes down to your priorities and what type of investor you are.

Should I be a landlord?
Buying a house or duplex to rent isn’t at all like investing in stocks or mutual funds. This is hands-on work that starts with finding a property capable of generating enough rental income to make the transaction pay off. See if the numbers work.


How much loan can I qualify for?
Use this Loan Prequalification Calculator as your first step in determining your ability to qualify for a loan.

How much will my loan payment be?
This simple tool calculates a mortgage, car loan, or any other simple interest amortization over a fixed time with fixed monthly payments.


How much am I worth?
Your net worth is the value of all of your assets, minus the total of all of your liabilities. This calculator helps you determine your net worth and estimates how your net worth could change over the next ten years.

According to The Millionaire Next Door, how wealthy am I?
In the book titled The Millionaire Next Door by Thomas J. Stanley and William D. Danko, there is an interesting wealth calculation. See where you stand.

How does my net worth compare with others?
See where you rank based on your age and income.


How much will it take to create a secure retirement?
Use this Retirement Nestegg Calculator to help determine what size your retirement nest-egg should be.

How much should I plan to save for retirement?
The charts and calculations will change as you go along, so try a few different numbers and see how different scenarios might play out for you.

Should I convert my regular IRA into a Roth IRA? Which type of IRA is the best choice for me? How much annual income might I have at retirement?

How much retirement income will my savings produce?
Annual savings, expected rate of return and current age impact monthly income during retirement. Will you have enough?

Do I know enough to plan my retirement?
Take this quiz to determine if you’re ready to tackle the task of planning your own retirement.

How might my expenses change after retirement?
The retirement expenses calculator will help you determine how your annual living expenses are likely to change after retirement.

How much might I receive in Social Security?
Use this calculator to help you estimate your Social Security benefits.

How will retirement affect my expenses?

Which savings should be used first?
Determine which accounts you should withdraw from first for income needed during your retirement.

How much money can I save in my 401(k) plan?

401(k): Should I spend it or save it?
Depending on your age and tax bracket, making the wrong decision can cost you thousands of dollars both in taxes and lost earnings. This calculator helps illustrate the difference.

What is the maximum self-employed retirement plan contribution I can make? Determine your maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA and SEP based on the assumptions you input.


How much money should I stash for emergencies?
Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage and legal issues more manageable.

How much can I save by packing my lunch instead of dining out?
Use this calculator to see how a simple change such as bringing a bagged lunch to work can really add up.

What will it take to reach my savings goal?
Find out when you’ll reach your goal.

What will it take to save one million dollars?
Find out when your savings plan may make you a millionaire!

How much would postponing my savings plan cost me?
Waiting to begin your savings plan can have a huge impact on your results. A delay of even a few years could cost you thousands of dollars.


What is my time worth?
Most people value their work time in relation to their gross pay, but several expenses should be subtracted. You’ll need some basic information about your spending habits to complete this worksheet.

This basic financial calculator works just like a pocket financial calculator. In addition to the normal calculator arithmetic it can also calculate present value, future value, payments or number or periods.

Currency Converter