Does investing strike “fear” in you? We once heard somebody say the word “fear” stands for “False Evidence Appearing Real.” That seems to apply to investing. Here’s why. The stock market makes some people nervous. This can be especially true for young people who grew up during the Great Recession. Not only did these folks see market volatility at its worst, but they also came away with negative impressions about the financial markets in general. The truth is that the market is neither a … [Read more...]
Giving: How To Do The Most Good Without Disrupting Your Financial Plan
Many studies have shown that charitable giving provides greater happiness than buying more stuff. Eventually, you get used to your fancy new car, and the enjoyment it provides goes down. But giving forges feelings of connectedness and community that don’t fade away. Incorporating charitable giving into your financial plan is a great way to make sure that your generosity is aligned with the things that are most important to you. Some forethought about these key issues will also make sure that … [Read more...]
Spending: What to Do When You and Your Spouse are NOT on the Same Page?
Most married couples take a “divide and conquer” approach to household tasks and chores. One spouse might handle weekly shopping, the other might handle garbage and recycling. One spouse might handle laundry and cleaning, the other might handle yardwork and maintenance. One spouse might drive the kids to school, the other might handle pickup and extracurricular activities. But household spending and budgeting is one of those responsibilities that’s best tackled together. Money issues are one … [Read more...]
Savings: Does Your Desire to Save Match Your Reality?
“The only money that’s really yours is the money you spend. Everything else goes to somebody else." -Teddy Chafolious That piggy bank we remember from childhood wasn’t just a place to store our birthday money and spare change: it was a lesson, a way our parents encouraged us to get into the habit of saving. Many parents even go so far as to deposit half of any monetary gifts their children receive directly into a savings account, just to drive the point home. Adults who took that lesson … [Read more...]
Are You Financially and Emotionally Prepared for Life’s Big Transitions?
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...]
