For financial decisions, knowing beats guessing
“I’d rather be vaguely right than precisely wrong.” — Keynes
You’re considering a mortgage refi that will free up 100 bucks a month. You are in the process of purchasing some life insurance (finally) and wonder how much to buy. After all, you don’t want to be worth more dead than alive (a common and annoying phrase often heard in my line of work). You want to retire or go “work optional” at some point. Are you on track to have enough savings?
These are super-common questions that virtually everyone faces at one time…
Politics has been screaming at all of us for the better part of 6 months, and we naturally tend to give attention to what screams the loudest. I caught myself last weekend constantly thinking about politics, which is only to be expected when we’re deluged by political news and discussions wherever we turn.
As a way of changing my internal channel, I CHOSE to go for a very cold run down by the river, akin to taking a cold plunge. Doing sprints in the freezing air does something transformational to your lungs. …
The pivots these leading business women describe may have come about as a response to an immediate threat, but they represent more than mere crisis management.
By Meredith Moore
It isn’t the year any of us expected as we entered 2020. The pandemic has disrupted so many aspects of our lives that it’s hard at times to remember what “normal” looked like. …
You say it’s your birthday…happy birthday to you! If you’re old enough to have read those words to the tune of a popular Beatles song, you should be aware of key birthday milestones that hold financial significance.
Even if the words didn’t recall a familiar tune, listen up because some birthdays (and half-birthdays) represent financial opportunities and responsibilities — and a few give you only one opportunity to get it right. Miss the moment and the oversight could cost you in terms of financial penalties as well as missed opportunities.
Key age milestones in your financial life
Times they are a-changing…or maybe not. We aren’t still living in a trite 1960’s TV show that is rerun on Nickelodeon, and yet that’s almost what it seems like when it comes to gender and money.
With almost two decades of clients as case studies to draw on, I’ve had plenty of opportunities to observe through a critical lens how the people that come through my door for financial planning assistance view money. There are definite psychological trends based on gender, income level, and education. …
Time is passing and our largest population demographic, the Baby Boomers (born from 1946–1964), is aging at a rapid rate. This group is stress-testing our current Social Security system. Their financial advisors are also being tested, as the cohort retires and begins to find out whether their portfolios were truly built to stand someone living to 90 or beyond. This aging group is requiring long-term health care by the thousands and is ill-prepared to handle the financial costs of this care, unbeknownst to their high-income earning Gen X kids.
After all, it’s uncomfortable and borderline inappropriate to talk to your…
“Oh, I already have a financial advisor,” she says. I politely smile and ask the seemingly flippant question, “So, what do you define as a financial advisor?”
This question is heavily debated within my industry, and for good reason. There are thousands of advisers out there, so how do you know what the different business models are and which one fits best with your situation? If all you know is chocolate ice cream, who is to say that mint chocolate chip ice cream doesn’t taste better?
Most people tell me that their financial advisor handles their investments — and retirement…
If I have heard it once, I’ve heard it a hundred times. The conversations tend to go something like this:
Financially prepared Baby Boomer client: “In retirement, I want to spend my last penny the day I die. If nothing is left for my kids, so be it. I helped pay for their college education.”
Financially unprepared Gen Xer (aka kid of aforementioned boomer): “Are you serious? That’s what they think?”
This repeated conversation tells me a few things about current culture (good, bad or indifferent).
1) Mom and dad aren’t talking to their grown kids about their estate planning…
I believe that as individuals we have an obligation to ourselves and our “maker” to be the best we can be. Ironically, I find that while people may acknowledge this as just another motivational article, this is a call to action on your part.
You were born to be your very best and in doing so, your job is to “produce” more. What does produce more mean? Everyone’s goals are different, so producing more can mean multiple things for multiple people.
In producing more, consider these options:
Produce more income, give more to philanthropic causes, read more books, improve your…
About half the time that I have an initial consult with a potential client, I get a sheepish look, a guilty tone and a comment to the effect of, “I know I’m not where I should be.” Inevitably, their reasons ensue.
The reality is that, like a physician, the advisor isn’t going to be too concerned about the “why” of where the client is financially and just wants to understand the fact pattern and determine how or if they can help. There will be no rush to judgment, although clients often fear this is the case.
Some people perceive an…
Tireless worker. Financial Advisor Guru. Speaker. Writer. Leader. Personal Growth Junkie.