How do you visualize your retirement? Is it the end of your working career or the beginning of being your own boss? Will you spend your retirement enjoying the fruits of years of hard work, or will you constantly worry about outliving your savings?
If you plan properly, retirement can be a time to look forward to rather than a time of dread…. Read more
Personal Finance
Are You Too Healthy to Retire?
In times gone by many people had physically taxing jobs that made retiring mandatory when their body aged and their strength diminished. But in today’s world of office cubicles, often the most physically demanding work that one must do is walk to the water cooler. Therefore, the question being asked in financial planning circles is,… Read more
Four Things to Do After Receiving an Inheritance
Receiving an inheritance is an emotionally wrought event. However, don’t let your emotions get in the way of making fiscally sound decisions.
Some folks expect to receive an inheritance, and they even factor it into their financial plan. If you are reasonably certain that you’ll receive an inheritance in the future,… Read more
Give a Check…and Some Knowledge
The advice to take care of yourself first is not selfish. All too often, I meet with people who have who gifted away their own financial security…all in the name of helping their adult children. Remember, you are not responsible for paying your adult children’s bills.
The right way to gift
The best gifts are those that come with thought behind them…. Read more
Are Your Pensions Safe?
The “three-legged stool” approach to retirement – a traditional pension, social security, and individual savings plans – is not necessarily stable anymore. Instead of depending on an increasingly cash-strapped government or pension plans with portfolio managers whose actual investment results may fall short of your anticipated benefits, perhaps it’s time to look inward…. Read more
Does Your Financial Plan Include a Visit to the Mechanic?
Financial planning, and its emphasis on long-term cash flow and preparing for the unknown, extends beyond the realm of your bank account and investment portfolio. It’s a mindset, a way of looking at the world.
For instance, the backseat locks of my car haven’t been working properly. … Read more
Why You Should Keep Your Receipts
Recently one of our guests was on her way to toss her used bus ticket into the garbage can when Yosef, my pre-teen son, politely suggested that she keep her receipts. “Why?” she asked. “So this way you’ll know how much you spend on the important things and you’ll know how much you have left to spend on the fun things,” he answered. … Read more
Marrying Off Your Children
Congratulations on the big news: your child has announced his or her engagement. Perhaps you’d like to use the following letter to express some thoughts on money and financial security to the blissful young couple:
Dear ______ and fiancé/e,
We are thrilled that you have found someone to live with happily ever after…. Read more
It’s Never Too Early
As the medical adage goes, “an ounce of prevention is better than a pound of cure.” This expression rings true when it comes to personal finances, too. As any financial professional might tell you, people who are deep in debt due to bad spending habits find their bad fiscal habits extremely difficult to change…. Read more
Don’t Gamble Unless You Can Afford to Lose
How much risk can you comfortably afford to take with your investment portfolio?
The answer depends on three things:
The size of your safety zone.
Zvi Bodie, a finance professor at Boston University, says the assets that cover your needs (as opposed to your wants) should be a “safety zone” and invested more conservatively than the rest of your portfolio…. Read more