Financial planning is more than just a series of savings and investments you lock away and forget about. Your money doesn’t exist in a vacuum. Your financial needs are going to fluctuate in response to the transitions that we all go through as we work, raise our families, and look ahead to retirement. Managing these transitions is one of the keys to maximizing your finances and to achieving a greater Return on Life™ (ROL). It’s Better to Prepare Than Repair When it comes to your … [Read more...]
Debt: What’s Your Story and How Do You Feel About It?
In a recent study, half of Americans said their expenses are equal to or greater than their income. 1 Revolving credit, particularly credit cards, is an increasingly significant part of the equation. According to the Federal Reserve Bank of New York’s Household Debt and Credit report data, Americans’ total credit card debt hit $905 billion in 2017 – an increase of 8% from the previous year. 2 The phrase “credit card debt” usually triggers red flags when we’re talking about long-term financial … [Read more...]
What is Your “Return on Life™?”
“Do I have enough money to ______ (fill in the blank)?” “Will I have enough money to retire?” These are two questions that people often ask themselves when they start thinking about financial planning. And that’s only natural. We expect our money to help us feel safe, especially as we grow older and start thinking about retirement. Unfortunately, if you view your savings and investments only as numbers on a page that you’re trying to nudge upwards, then there’s no such thing as … [Read more...]
Are You Using Your Money to Improve Your Life?
There’s a movement toward redefining money: instead of accumulating wealth for what it can buy, more of us want to use the money to live the best life possible with what we have––a concept known as Return on Life™ (ROL). With ROL, money becomes a tool to help you live the life you want. Accumulating as much wealth as possible is no longer the primary objective of your financial plan. The traditional path to saving and investing has been to focus on the future (retirement), and rely solely … [Read more...]
What’s Your Fiscalosophy?
Successful financial planning involves more than the balance in your portfolio. A robust financial plan represents what is important to you as an individual—in other words, your Fiscalosophy. Consider these two scenarios: Mark spends lots of money on trips and entertainment. His father was a workaholic who never took time to really enjoy what he had earned. Nancy never feels she saves enough, despite the fact she is a millionaire. She grew up in a large family that consistently struggled … [Read more...]
Solutions. Not Products
As is typical with human behavior, we have all been tempted by the allure of the “Best Stocks to Own Now” or “This Year’s Top Performing Funds.” Let’s face it - we all enjoy the sirens call of the next new thing - or perhaps we refer to it as FOMO - the fear of missing out. These headlines capture our attention. They are designed to attract the attention of our natural behavior. In this same way, certain “financial advisors” may use similar techniques to tell you that they have “a strategy to … [Read more...]
