Archive - 2019

1
Cost of Credit Card Debt Calculator
2
Xennials and Retirement Planning
3
The Equity-Indexed Annuity
4
Do You Have Investing FOMO?
5
Financial Planning for the Young and Non-Affluent

Cost of Credit Card Debt Calculator

Credit card debt is terrible. To a financial planner, credit card debt is like having a cluster of thousands of baby spiders crawling on your body and under your clothes: You cannot act fast enough and there is no amount of modesty worth leaving the situation unresolved. Recently, I spoke with someone who did not pay off their credit card debt every month even though they easily could have. Their negligence was due solely to the effort it took to pay each month. What they did not realize was that when you fail to pay off your credit card each… Read More

Xennials and Retirement Planning

You’ve heard of Millennials but have you heard of Xennials? And if you are a Xennial, does this label make a difference in your retirement planning? It might. You could scoff at these terms a marketing ploys or just conversation starters but it does help to know something about the specific obstacles people in your generation may face. We all need to save and prepare for retirement and recognizing the economic factors that affect our earnings can alleviate guilt about not saving enough and motivate us to do more. Business Insider defines Xennials as a ““microgeneration” born between 1977 Read More

The Equity-Indexed Annuity

If you’re anywhere near retirement age, or if you’re in retirement, chances are you’ve had an Equity-Indexed Annuity (EIA) pitched to you.

Now, if for some reason you’ve missed out on these pitches (Maybe you’ve been out the country? Don’t have a phone? Don’t read your mail?) here’s the gist:  Insurance salesman tells you about this wonderful product that allows you to participate in the stock market’s upside, while not experiencing any of the market downside.  In today’s stock market climate, sounds pretty good, huh?

A couple of things come into play that the salesguy doesn’t highlight for you:

First,

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Do You Have Investing FOMO?

You get it: you need to invest wisely in order to grow your wealth.

You understand the importance of getting your money into the market, and you’ve been diligently contributing to retirement accounts and maybe even a brokerage account for years now.

But you can’t help but wonder… are you investing in the best possible way? Are you potentially missing out on a better investment someone else is using that you don’t know about?

It’s reasonable to feel this fear of missing out on something great — or having a little investing FOMO. It’s when you act on this fear that

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Financial Planning for the Young and Non-Affluent

James B. Cloonan is the founder and chairman of the American Associate of Indivdiual Investors (AAII). Last year he wrote an article for the AAII Journal in which he reflected on the financial services industry and his career in running a financial education non-profit as he approached retirement. At the end of the article he mentioned some of his regrets, writing:

I wish AAII could reach a wider range of investors. We are serving mostly fairly affluent investors who already have a basic or advanced knowledge of investing. Even though our membership fees are low and we have tried programs

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