Archive - October 5, 2010

1
Improve Your Financial Health By Ignoring Conventional Wisdom
2
Two Words to Ask Your Financial Adviser About
3
What happens with my state income taxes when I move?
4
23 Fun Questions and Facts to Test Your Financial and Investing Knowledge
5
Boosting Returns in a Stagnant Economy

Improve Your Financial Health By Ignoring Conventional Wisdom

Oct 05 2010
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Bonnie A. Hughes, CFP® All posts from Bonnie A. Hughes, CFP®
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Taking the easy way out – it is so overwhelmingly tempting it’s a surprise that we ever agree to do something that we’ve accepted gets us where we need to be but that is going to be tedious, difficult, ignored by others, or worse, scoffed at.  The practice of self discipline can be life changing once mastered.

This is true in the pursuit of good health.  Having the discipline to eat good things in small amounts, working your body through exercise, resting your mind and your body, getting involved in things, people and organizations you genuinely care about.  It is …

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Two Words to Ask Your Financial Adviser About

Oct 05 2010
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Tom Alf, CFA, CFP® All posts from Tom Alf, CFA, CFP®
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If you care about you or your family’s financial future, you should care. Doesn’t sound like much of a big deal, but these two words, fiduciary and suitability, are critical to determining the type of care you receive from your “trusted” financial advisor.  Unfortunately most of the public is not aware that a minority of advisors are held to a fiduciary standard while the vast majority of advisors are held to a much lower, suitability standard of care.

Who is held to a Fiduciary standard of care and who to a Suitability standard of care?

Currently, only independent Registered Investment …

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What happens with my state income taxes when I move?

Oct 05 2010
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Ken Weingarten, MBA, CFP® All posts from Ken Weingarten, MBA, CFP®
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There are many factors in determining whether or not you will need to file a tax return in any particular state. Where you maintain your permanent residence, or domicile, is just one of those factors. In a year in which you move from one state to another you need to understand how state taxing authorities determine your domicile.

Most states look at where you maintain a domicile or permanent residence in order to determine residency for state income tax purposes.  A taxpayer may only have one domicile, but have more than one home.  Domicile is based on many factors, including …

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23 Fun Questions and Facts to Test Your Financial and Investing Knowledge

Oct 05 2010
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Patrick Bourbon, CFA

Patrick Bourbon, CFA, is the Founder of Bourbon Financial Management, LLC. Patrick is an established investor with over 15 years of successful experience in global wealth management. His experience includes 10 years as an analyst and portfolio manager at UBS Global Asset Management, one of the largest asset managers in the world. He is an adjunct faculty member at the Illinois Institute of Technology. He is a talented and dedicated investment professional, with a client-centered focus, who wishes to share his investment passion and experience in an ethical manner. Patrick is constantly striving for excellence. His unique combination of international experience and strong educational background give him a significant edge when it comes to analytical depth as well as optimizing your wealth. He graduated top of his class, earning his Master of Science in Engineering (EPF Ecole d'Ingenieurs-Paris). In 1999, he relocated to Chicago to work again for Euronext/NYSE, and started to manage a second fund of funds (in US Dollars this time). He also earned a Master of Science in Finance (Illinois Institute of Technology - graduated Beta Gamma Sigma). Patrick also earned the Chartered Financial Analyst designation in 2003. He is also actively involved in the Chicago community. In 2006, Patrick was elected President of UFEC (Union des Français de l’Etranger de Chicago) Chicago's largest, most active, and oldest volunteer Francophone organization. Patrick is also actively involved in the French-American Chamber of Commerce and the CFA Society of Chicago. Patrick is a board member of Stuart Investments at the Illinois Institute of Technology, and Chair of the Finance committee of the South Drill Team.

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Test your financial IQ and knowledge with the 23 fun facts and questions below.  Post your score at the end and compare financial knowledge with others.

Question: How much will $100,000 grow to in 30 years at a 5 and 8% annual return?

In 30 years, $100,000 will become $432,194 if invested at 5% but $1,006,266 if invested at 8%. That is 132% more. Your investment choices make a big difference!

Question: How much did the average investor earn between 1988 – 2008?

• While the S&P 500 Index earned an average annual return of 8.4% during 1988-2008 ($1 would

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Boosting Returns in a Stagnant Economy

Oct 05 2010
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Jane M. Young, CFP®, EA, MBA, CDFA

Jane M. Young is a Certified Financial Planner and co-owner of Pinnacle Financial Concepts, Inc. and Divorce Solutions, Inc. She has been a financial planner since 1996. She is also enrolled to practice before the Internal Revenue Service. Prior to becoming a financial planner Jane held several management positions at Digital Equipment Corporation and Quantum Corporation, where she worked for 14 years. Jane holds a Bachelor of Science degree in Business Administration from the University of Colorado and an MBA from the University of Colorado. She has also completed the two year Certified Financial Planner Professional Education Program with the College for Financial Planning.

Jane is very active in the community. She is the immediate past president of the Rotary Club of Colorado Springs and a past president of Leadership Pikes Peak. She is a graduate of the Leadership Pikes Peak class of 2004. She is a past president of the Financial Planning Association of Southern Colorado and a past president of the Pikes Peak Chapter of the National Association of Women Business Owners. Jane is also a member of the University of Colorado at Colorado Springs, College of Business, Alumni Leadership Team. Jane is a graduate of the Leadership Program of the Rockies class of 2009 and a graduate the Colorado Springs Leadership Institute class of 2011. She is also a member of the Estate Planning Council and Artemis. Jane was selected as a 2010 Woman of Influence by the Colorado Spring Business Journal.

As a fee-only financial planner Jane is a member of the National Association of Personal Financial Advisors, the Financial Planning Association, the National Association of Tax Professionals and the Alliance of Cambridge Advisors. She has been quoted in several local and national publications including The Wall Street Journal, US News and World Report, Consumer Reports, Investment News, MSN Money, Kiplinger Magazine, Financial Advisor Magazine, Bankrate.com and the Colorado Springs Business Journal. She also works as a volunteer instructor to new advisors with the Alliance of Cambridge Advisors and has worked as an adjunct instructor at the University of Colorado at Colorado Springs.

Jane is from St. Louis, but grew up in Colorado Springs. She enjoys skiing, golfing, traveling, hiking, painting and learning to speak French.

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Article in Summary:

  • Many Savings accounts and CDs are paying less than 1% annual return.
  • Consider short or mid-term bonds for higher returns (but with more risk).
  • Investors are best served by investing in a combination of CDs, high quality short term bonds, and some high quality intermediate term bond funds

It is important for us to stay diversified and keep a prudent amount of our portfolio in fixed income investments – but where? We can avoid interest rate risk and default risk with CDs; however, we may sacrifice on return. Currently most short term CDs are paying less than …

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