It might be odd to hear that a Financial Advisor doesn’t budget. Kind of like hearing that the butcher doesn’t eat meat. It makes you pause for a second. Do they really believe what they say? Do they eat their own cooking? And it’s true, I don’t budget. At least not in the traditional sense of the term. I used to have complex spreadsheets in Excel that tracked everything that I spent. And I looked at it every month to…
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Make The Most Of These Employees Benefits
Whenever we talk about our compensation at work, it’s really easy to focus on our income. But that income comprises only 70% of your total benefits. The remaining 30% comes from other types of benefits that your employer offers. And some of these benefits aren’t automatically given to you. Instead, they require you to know that they actually exist, and then sign up for them. Sadly, too many people aren’t aware and taking action to ensure they get the…
Which is better: Lump Sum or Gradual Investing?
What is the better way to invest a large amount of money: Lump Sum or Gradual Investing? While working with widows, I’ve noticed there are some unique issues they face. One of them is what to do with a large amount of money that they’ve suddenly received (often through life insurance proceeds, and also through the sale of the deceased spouse’s business). Many of us are accustomed to receiving money on a regular basis through our income. But most of us…
Do You Have Too Much Cash?
Are you a diligent saver? Always looking for good deals? And constantly making sure that your expenses are in check? If so, there’s a pretty good chance that your bank account keeps growing every month. And soon enough, you’ll stockpile a decent amount of cash. But do you have too much cash? I know what some of you are thinking: “Scott, I can never have enough cash!” I get what you’re saying. Having too much cash is a good problem…
Benefits of Delaying Social Security
One of the most important considerations in retiring is determining what to do with your social security benefits. Given the various options available, it can be a little overwhelming to figure out what to do. Yet there is growing research that shows the benefits of delaying social security. Many of us are already familiar with the large role that social security plays in a retirees life. If you aren’t familiar, here’s a quick refresher: For households over the age…
What I’ve Learned Losing A Loved One
A year ago, my father died. His passing was quick and sudden to us all. He had always lived a happy, vibrant, joyful life. And that was just as true on the day before he got sick. It was Memorial Day last year, which he spent with family grilling steaks and salmon. If you had seen him, you wouldn’t have known anything was wrong. No one did. But the next day, he had a stroke. Followed by 12 days in…
Why Do You Need A Financial Plan?
There is a popular belief today that all financial advisors do is focus on investing people’s money. This is understandable given that for many decades, that was the main (or sole) focus of many Financial Advisors. But thankfully, that has been changing in recent years. Instead of just focusing on the stocks and bonds a client has, a Financial Advisor today is able to create, along with their clients, a financial plan on issues ranging from retirement, education, taxes, estate,…
What I Learned Losing $1000
Have you ever made a really bad financial decision? Something that cost you a lot of money? If you answered no to those questions, no need for you to read on, you are all set! But if you answered yes, let me share what I learned losing $1,000. Years ago I was working at a company that produced research on stocks. We had recently published some optimistic research on a small biotechnology company that had huge upside. I was so…
How Do You Know You’re Ready to Retire? (Part 2)
When you’re approaching retirement, you have to navigate an array of issues and choices. And each one plays a part in making sure that you’re fully ready to retire. In this post, I will help you answer the question of how do you know you’re ready to retire? This is part 2 in answering that question. If you haven’t already please go back and read part 1 here. Here Are Four More Things To Consider Before You’re Ready To Retire…
How Do You Know You’re Ready to Retire? (Part 1)
It’s one of the most important financial events of our lives. After decades of hard work and wisely saving, we finally get to the point in our lives when we’re ready to retire. But even though you may be approaching retirement age, how do you know you’re ready to retire? Here are four things to do to make sure you’ve got a good retirement plan in place: 1. Review accounts, goals and investments Are your accounts all over the place?…