Which is better for the consumer? Commissions or fees? The quality of a financial planner’s work is independent of the method of compensation used. Basically, competence and compensation are independent of each other.Read More
“You get what you pay for” – especially when it comes to paying for professional advice. If you want good, sound professional advice, you’ll probably have to pay for it. How you pay for it will vary, according to the compensation method used by your Certified Financial Planner (CFP). Be sure the compensation method is suited to your particular needs and situation.Read More
Having a baby is one of the most exciting things we can do. It can be, and most likely will be, stressful for, among other things, the added financial burden. Along with the added financial needs there is another commodity you will find in short supply: Time.Read More
In an ideal world, your retirement would be timed perfectly. You would be ready to leave the workforce, your debt would be paid off. And your nest egg would be large enough to provide a comfortable retirement – with some left over to leave a legacy for your heirs.Read More
This is not a pleasant topic, but with over 50 percent of marriages ending in divorce, I think it is something to address. By the way, the statistics for second marriages is a divorce rate of over 75 percent so this is a topic to make yourself fully aware of and knowledgeable about.Read More
During your working years you took home a regular paycheck (weekly, bi-monthly or monthly), and you paid for everything with its proceeds, rent, mortgage, auto, food, utilities, clothes, vacation, entertainment, the kids and inverted for your retirement. Now, you are retiring and your paychecks will stop. You will switch from receiving a steady income to paying your ongoing bills.Read More
If you are within 10 years of retirement, I hop you’ve spent some time thinking about this major life change. The transition to retirement can seem a bit daunting, even overwhelming. If you find yourself wondering where to begin, the following points may help you focus.Read More
About a year ago I wrote a piece on ‘How to Choose a Qualified Financial Planner.’ We spoke of the qualifications to be a ‘financial planner’ (none) vs. a Certified Financial Planner (CFP), which is a result of a lot of education and training. And what organizations to call to check on the records on a planner.
Over the years I have seen so many people who are underinsured and even not insured at all even though they have a spouse and children to be considerate of and to protect. There are so many types of policies covering so many scenarios.
If you have any accumulated assets, such as a car, jewelry or property, and you want these assets to go to someone specific when you are no longer on this Earth, you need a will. Otherwise, your asset will go through probate court and they will decide who gets your assets. This may not be what you want, so pay attention
Someone explained it to me as: If I had $100 in singles and I had three buckets in front of me to put them in, No. 1 for equities (stocks), No. 2 fixed income (bonds, CDs) and No. 3 being cash (totally liquid), how many dollars would I put in each bucket?Read More
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. It allows you to control what happens to your property if you die or become incapacitated.Read More
If you have the assets in one of your personal investment accounts, get serious about your future retirement! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2015 ($6,500 if you are age 50 by Dec. 31, 2015).Read More
Conventional wisdom says that what goes up must come down. But, even if you view the market volatility as a normal occurrence, it can be tough to handle when your money is at stake. Though there’s no foolproof way to handle the ups and downs of the stock market, the following common-sense tips can help.Read More
I am being offered the opportunity to participate in my company’s defined contribution plan. The plans come in different forms and sizes, so you should take some time to be sure you are getting the proper plan. The defined contribution plan that you participate in depends on where you work.Read More