McNay on Money

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Just Say "No" To Adult Children Wanting Money

Posted: 10/28/2009 - It seems like every family has one - - the Child Who Never Grew Up. They mooch off their parents well into their "adulthood." They frequently need to "borrow" money, with no intention of paying it back. They always have car problems, relationship problems, "bad luck" or other sob stories. All their problems have the same proposed solution: Money from mom and dad.

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It's Time to Teach Children About Money

Posted: 10/14/2009 - Many of my columns are about people who make bad financial decisions. People who take out payday loans and run up debts on high-interest credit cards. People who play the lottery and gamble too much at casinos.

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Small Town Values in a Big Time Lawyer

Updated: 10/12/2009 - For all my adult life, I've assisted trial attorneys with structured settlements. I've worked with big names in big cities but the best seem to come from small towns.

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Like Lottery Winners, Pro Athletes Also Blow Big Money

Posted: 10/01/2009 - Tom Leach, the voice of the University of Kentucky Wildcats, gave me a fascinating Sports Illustrated article entitled, How (and Why) Athletes Go Broke. To quote baseball legend Yogi Berra, it is “Déjà vu all over again.

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And She Never Had Dreams, So They Never Came True

Posted: 09/08/2009 - As a structured settlement consultant, I go to mediations and settlement conferences with people who anticipate receiving large sums of money. I ask every person the same question.

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Free and The Search for Economic Innovation.

Posted: 08/16/2009 - For the past decade, our leaders decided that the rules of economics didn’t apply. It got us into a financial crisis. Washington and Wall Street rewarded bad behavior instead of providing incentives for doing things right.

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Are You Cut Out To Be Self Employed?

Updated: 08/16/2009 - When people tell me they want to start their own business, I ask them if they can really live without a regular income. I tell them to talk to their families and get their honest answers. I ask them if they could stand to go weeks or months without money coming in and how they would deal with it. They need to understand they are trading their steady paycheck for an “unsteady paycheck.”

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The Simple Health Insurance Solution

Posted: 08/10/2009 - Former CIGNA insurance executive Wendell Potter was on Bill Moyers Journal a few weeks ago and cited a stunning statistic. When the Clintons were debating health care in the early 1990’s, 95 cents of every insurance premium dollar went to pay claims. Now it is slightly above 80 cents per dollar.

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Playing the Hand God Dealt to You

Updated: 07/26/2009 - My father was a professional gambler. When faced with any kind of crisis, he would say, “you have to play the hand that is dealt you.” A good philosophy. One that I have followed.

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What to Do When You Win the Lottery

Posted: 07/26/2009 - You would think that after having overcome trillion-to-one odds, the idea of running through the money would seem silly to most winners. Studies shows that 90% of people do just that within five years of winning the jackpot.

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Modern Day Dante: Nine Stages of Credit Hell

Posted: 07/23/2009 - I've watched way too many of my clients and readers fall into problems with credit cards. I use Dante's Inferno (which a lot of read in high school) to give an example of how people fall into a deeper and deeper "hell" with credit and credit cards.

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