Thursday, May 11, 2017 12:00 AM
May is the month of college graduations, and I talk with lots of young professionals who are starting out. For some, switching from the student lifestyle to a career is a financial challenge. With regular income, they face many choices when it comes to allocating their resources – travel, housing, a comfortable lifestyle. They have an understandable eagerness to reap the benefits of their years of preparation.
Many young workers want to achieve the financial independence to pursue lifestyle goals that may include alternative work or early retirement. My advice is always the same. I stress the long-term benefits of early saving and personal financial planning.
Thursday, May 4, 2017 12:00 AM
Everyone knows the importance of the credit score. This FICO number, ranging from 300-850, determines your credit rating and can affect your ability to purchase a house or car, secure a credit card or other loan, or even get a job sometimes. A high score makes it easier for you to be approved for loans and receive favorable rates.
But what if your credit score is low? You may pay higher rates on loans and insurance or not be able to get the credit or loans you need. Even though the negative information can be reported for seven years, there are ways you can begin to fix your credit score problems.
Thursday, April 27, 2017 12:00 AM
Financial advisors help clients make decisions on how best to save, invest, and grow their money. Some may specialize in retirement or estate planning, while some others consult on a range of financial matters.
I’ve talked with some people who think it’s crazy to pay someone else to manage their assets and investments. They prefer to go it alone. But, for most people, mastering personal finance is not easy. Financial advisors can save you time and help you maintain the discipline required for long-term security and wealth building.
Thursday, April 20, 2017 12:00 AM
April is Financial Literacy Month. I think about how important money management is, not only to financial health but also to general happiness and well-being. Marriages are ruined by careless and selfish spending; credit scores lowered by unpaid debt; college graduates struggle to make loan payments after credit-fueled spending sprees. One explanation for these behaviors is that these people suffer from “financial illiteracy.”
Financial illiteracy is simply a lack of familiarity with the principles of money management and finances in general. We live in a culture of spending. Even if we don’t have the cash, there are always credit cards to fall back on. Taking charge of your finances is not difficult. Here are some steps you can take to get started:
Thursday, April 13, 2017 12:00 AM
As an independent financial advisor, I talk with people – clients, friends, family – about financial goals. Now and then I find someone who thinks that achieving success with their investments is a matter of luck or timing – like “hitting the jackpot.”
I am very careful to dispel the notion that choosing the hottest stocks is the secret to long-term financial security. It’s kind of like attributing your success in a 5K race to your selection of shoes rather than all the time and conditioning required.
The truth is that the success of your investment usually depends on the quality of your asset allocation.
Thursday, April 6, 2017 12:00 AM
Tax season tends to bring out a lot of regrets. It’s the moment when many of us wish that we had saved more, invested more and budgeted more wisely during the past year. In fact, I see clients in mid-life who worry that they won’t have enough assets to support their retirement. And, to be honest, many of them don’t.
In a perfect world, you would have made some wise investments when you were in your 20s. Then, you could build on those investments and have a vast portfolio well before you hit 50. The world isn’t perfect, though, and the financial mistakes of the past can be overcome with savvy financial planning and analysis.
Thursday, March 30, 2017 12:15 PM
I frequently talk with clients who want to prepare for a comfortable future – usually looking ahead to retirement. Lots of people are concerned about their ability to maintain a lifestyle when they no longer earn a regular income.
Unfortunately, too many individuals focus on their present day earning power and neglect the development of assets. Just because you have a high-income today doesn't mean that you are accumulating sufficient assets for the future. Long-term investment and saving plans are what you will rely on to support a comfortable lifestyle in retirement.
Thursday, March 23, 2017 12:00 PM
When I give investment advice to my clients I tell them that financial risk is inherent in the field of investment. We all want to see our money grow. Unfortunately, there are times when instead of optimized returns we experience losses or slow growth.
My experience is that every investor should be acutely aware of the relationship between financial risk and monetary return. Risk isn’t something to avoid, but it should be controlled. Managed risk allows us to prepare for unpredictable events that can wreak havoc with our finances.
Thursday, March 16, 2017 12:00 AM
I tell my clients that personal financial planning is the most basic building block for acquiring wealth. Too many individuals focus on their earning power and neglect the development of assets. Long-term investment and saving plans are what you will rely on to support a comfortable lifestyle in retirement.
Whatever your age or circumstances, the first time you step on to the financial planning playing field, you may feel a bit unsure about the process. I understand. However, with a little bit of insight into how financial planning works, you’ll be able to make the entire process a productive one.
Thursday, March 9, 2017 12:00 AM
If you are a young adult in your 20’s, retirement probably seems like a lifetime away, and there are so many demands on your money right now. Reports indicate that a majority of millennials do not have long-term savings or retirement plans.
As a financial advisor in DC, I urge young workers to consider this: the financial independence that comes with retirement planning allows you to control when you retire and the quality of lifestyle you can support. Saving for retirement is an investment in your future that can be done while still maintaining a healthy work-play balance.