Archive - August 13, 2009

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3 Characteristics of the NexGen Millionaire
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3 Things You Can Do In Today’s Market
3
Investing With Your Spouse
4
To Roll or Not to Roll Your 401k
5
Overcoming Underearning®: The Other Option

3 Characteristics of the NexGen Millionaire

After twelve years in the business you start to see similar characteristics of what makes up the millionaire’s mind. By millionaire I mean someone that is free from financial fear, or what everyone from Ameriprise to Merrill likes to call “financially independent”. In lay terms, this person has reached a state where money is NOT their primary concern. This puts them in a small percentage of the population.

Due to the economic downturn and decline in the stock market, a new mentality toward money is emerging. This mentality, born out of the current recession, contains characteristics similar to the mentality

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3 Things You Can Do In Today’s Market

1. PlanLet’s face it, most of these recessions are short relative to a long term time horizon. In fact, some economist are starting to call this recession over. (See http://bit.ly/jZQ9u).  By long term I mean, most people will be retired for 30 or more years. According to Jacqueline Doherty, in her Barron’s article Closer to the Bottom, she says that “the average U.S. recession lasts 10 months, and stocks hit their low about 3 months before the recession ends.” Even though this recession has lasted longer, with proper planning you will have enough money set aside for
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Investing With Your Spouse

It’s pretty common for spouses to be at different points on the risk tolerance spectrum.  If you’re one of these couples, you know that these differences can have varying effects on the relationship and your investing behavior.

Sometimes, the more conservative spouse just completely delegates investing decisions to the other spouse and just shuts their eyes when the statement comes.  This is not the ideal solution because it’s important for both spouses to be educated on your investments in case something happens to the decision-making spouse.  Lack of information can lead to stress and poor decisions with long-term consequences in …

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To Roll or Not to Roll Your 401k

I thought I’d tackle the granddaddy of all, the most frequently asked post-pink slip question: whether or not to roll over your 401k.

Keeping Track Becomes Difficult

My answer is usually “Probably yes, probably to an IRA, but don’t feel like you have to be in big hurry to make it happen.” The person who approached me with this question actually had old 401k’s from not 1, not 2, but 3 ex-employers. And that illustrates one of several reasons I usually say “Probably.” Frankly, this is just a lot to keep track of, plus a lot of extra paperwork, …

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Overcoming Underearning®: The Other Option

Increase Your EarningsQuick poll: Raise your hand if you have more money than you’ll ever need to afford all the things you want in life — for yourself, loved ones, and worthy causes. OK, there are a few hands, but most of us have the opposite problem: too many goals, too few resources. In my 5 years as a financial planner, I’ve noticed that almost everyone (planners too!) approaches this problem by trying to prioritize their goals and divert their funds to what’s most important, often leaving so-called “lesser priorities” to fall by the wayside. For sure, making conscious spending choices IS

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