Financial planner – Hledam http://hledam.biz/ Fri, 08 Oct 2021 21:22:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://hledam.biz/wp-content/uploads/2021/06/icon-2021-07-01T003219.761-150x150.png Financial planner – Hledam http://hledam.biz/ 32 32 FPA launches community to support neurodivergent financial planners https://hledam.biz/fpa-launches-community-to-support-neurodivergent-financial-planners/ https://hledam.biz/fpa-launches-community-to-support-neurodivergent-financial-planners/#respond Fri, 08 Oct 2021 20:48:40 +0000 https://hledam.biz/fpa-launches-community-to-support-neurodivergent-financial-planners/ DENVER – To welcome and support the learning and thinking differences of neurodiverse financial planners, the Financial Planning Association has announced the launch of a new community specifically for neurodivergent financial planners. The FPA Neurodivergent Planner Knowledge Circle will provide a community for neurodiverse planners, those who hire or supervise neurodiverse individuals, and those who […]]]>


DENVER – To welcome and support the learning and thinking differences of neurodiverse financial planners, the Financial Planning Association has announced the launch of a new community specifically for neurodivergent financial planners. The FPA Neurodivergent Planner Knowledge Circle will provide a community for neurodiverse planners, those who hire or supervise neurodiverse individuals, and those who serve neurodiverse individuals to share resources, ideas and best practices.

“FPA is proud to embrace the wonderful diversity of our profession, which makes our community strong and vibrant,” said Patrick D. Mahoney, CEO of FPA. “I am pleased that FPA is helping lead the way in supporting this underserved community of planners to advance the diversity of thought, talent and new approaches to financial planning in the profession. “

Member of the FPA Diversity & Inclusion Committee Andrew Komarow, MSFS, CFP®, AEP® AIF® BFA ™ CAP® CASL® CHFC® ChSNC® CLU® FSCP® REBC® RHU® RICP® WMCP®, leads the FPA Neurodivergent Planners Knowledge Circle. Knowledge Circle participants will explore the needs of neurodivergent financial planners who may have variations in thinking or learning, including autism, ADHD, dyslexia, dyscalculia, dyspraxia and Tourette’s syndrome. Planned Knowledge Circle discussions will focus on reframing employment, benefits, and accommodations to better meet the unique needs of people with neurodiverse. The community will explore other educational initiatives and content over the coming months.

Participation in the Knowledge Circle is open to all FPA members, including those who do not identify as neurodivergent but are interested in learning more about this community or how to support neurodivergent clients.

“Neurodivergent individuals think differently, not less. Hiring Neurodiverse is not charity work, we hire the best people for the job, and many happen to be neurodiverse. With one in five people in the country being neurodivergent, it stands to reason that many counselors and clients are neurodivergent, whether they know it or disclose it, ”said Komarow, who was recently appointed by InvestmentNews like a Recipient of the 2021 Excellence in Diversity, Equity and Inclusion Award.

FPA Knowledge Circles, comprised of 15 online community groups, encourages finance professionals to come together around common interests and connect globally with their peers.

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5 questions to ask your financial advisor https://hledam.biz/5-questions-to-ask-your-financial-advisor/ https://hledam.biz/5-questions-to-ask-your-financial-advisor/#respond Thu, 07 Oct 2021 10:29:55 +0000 https://hledam.biz/5-questions-to-ask-your-financial-advisor/ It’s Financial Planning Week this week, a great time to meet with your financial advisor and review your financial situation. To help you prepare, Jaco Prinsloo, Certified Financial Planner at Alexander Forbes, has a few questions to ask: 1. Am I sufficiently covered? Just like insuring your car against loss or damage, you also need […]]]>

It’s Financial Planning Week this week, a great time to meet with your financial advisor and review your financial situation. To help you prepare, Jaco Prinsloo, Certified Financial Planner at Alexander Forbes, has a few questions to ask:

1. Am I sufficiently covered?

Just like insuring your car against loss or damage, you also need to insure your life and your ability to generate income. Your financial planner can help you set up a personal insurance policy to protect you against loss of income or loss of life. You can use the proceeds of the policy to replace your income or take care of loved ones when you are no longer there to support them. A good financial advisor will also warn you if you are overinsured, as this leads to unnecessary premiums that could be better used elsewhere.

2. Am I invested according to my risk profile and my objectives?

Knowing your risk profile will help you determine your risk appetite to meet your investment goals. You might like the safety and security of money market funds, but saving for retirement using money market funds means your money won’t grow fast enough. You trade the risk that your money will fluctuate with the market, with the risk that you may not be able to retire due to insufficient savings. Your financial advisor can help you strike a balance between your comfort level and your investment goals to ensure you get a good night’s sleep while being able to retire one day.

3. Am I on track with my investment goals?

Your returns on investment should be secondary to your goals. Ask your financial advisor to give you a projection of future cash flows for your goal to see if you’re on the right track. While the projection is only a guess, it will give you a target to aim for. Plus, if you need to make any adjustments, your financial advisor can help you find a cost-effective, tax-efficient solution to meet your investment goals.

4. What fees do I have to pay?

Some investors believe that they pay no fees or that there is no cost associated with their investments. However, reinvesting dividends, issuing statements, and buying and selling stocks all come at a cost. Ask your financial advisor what your effective annual cost (ACE) is. This will show you the total cost of managing your investment. If you’re paying above the industry average, ask your financial advisor to help you explore alternatives. With investments, you get what you pay for. So don’t always look for the cheapest option – look for the option where you think you can get the best bang for your buck.

5. How are you?

Since you will be sharing personal information about your finances, it is important to establish a relationship of trust with your financial advisor. To ensure you receive up-to-date, up-to-date advice, stay abreast of industry changes and don’t be afraid to ask your financial advisor about these developments and the potential impact on yourself. An informed decision will give you the confidence to act on the advice provided by your financial advisor because you know it’s best for you.

Our emotions and feelings are often our worst enemy when it comes to personal finance. Your financial advisor can’t pick the next hot stock or make your debt go away. But they can keep you from making emotional decisions and provide you with the support you need to achieve your goals. Schedule that meeting with your financial advisor – and if you haven’t already, now is the time.

PERSONAL FINANCES

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FPA launches community of support for neurodivergent financial planners https://hledam.biz/fpa-launches-community-of-support-for-neurodivergent-financial-planners/ https://hledam.biz/fpa-launches-community-of-support-for-neurodivergent-financial-planners/#respond Wed, 06 Oct 2021 18:39:06 +0000 https://hledam.biz/fpa-launches-community-of-support-for-neurodivergent-financial-planners/ What would you like to know The Neurodivergent Planner Knowledge Circle will explore the needs of planners with autism, ADHD, dyscalculia, dyslexia, Gilles de la Tourette syndrome and other learning variants. Andrew Komarow heads the Knowledge Circle, which is made up of 15 online community groups, according to the announcement. Planned discussions will focus on […]]]>

What would you like to know

  • The Neurodivergent Planner Knowledge Circle will explore the needs of planners with autism, ADHD, dyscalculia, dyslexia, Gilles de la Tourette syndrome and other learning variants.
  • Andrew Komarow heads the Knowledge Circle, which is made up of 15 online community groups, according to the announcement.
  • Planned discussions will focus on reframing employment, benefits, and accommodations to better meet the needs of people with neurodiversion.

The Financial Planning Association announced Wednesday the deployment of a new community specifically for neurodivergent financial planners.

Participants in the FPA Neurodivergent Planners Knowledge Circle explore the needs of financial planners who may have variations in thinking or learning, including autism, Attention deficit hyperactivity disorder, dyslexia, dyscalculia, dyspraxia and Gilles de la Tourette syndrome.

The Knowledge Circle provide a community for these planners, those who hire or supervise neurodiverse people and those who serve them to share resources, ideas and best practices.

“FPA is proud to embrace the wonderful diversity of our profession, which makes our community strong and vibrant” Patrick mahoneythe FPA chief executive said in a statement. “I am pleased that FPA is helping lead the way in supporting this underserved community of planners to advance the diversity of thought, talent and new approaches to financial planning in the profession. “

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4 big retirement mistakes (and how to avoid them) https://hledam.biz/4-big-retirement-mistakes-and-how-to-avoid-them/ https://hledam.biz/4-big-retirement-mistakes-and-how-to-avoid-them/#respond Wed, 06 Oct 2021 08:30:07 +0000 https://hledam.biz/4-big-retirement-mistakes-and-how-to-avoid-them/ Despite the chatter you’ve probably heard over the years – at work, at family reunions, or at neighborhood barbecues – few people know as much about retirement planning as they think. Of course, your friend might know a thing or two about stocks and bonds, or the pros and cons of annuities. And your sister-in-law […]]]>

Despite the chatter you’ve probably heard over the years – at work, at family reunions, or at neighborhood barbecues – few people know as much about retirement planning as they think.

Of course, your friend might know a thing or two about stocks and bonds, or the pros and cons of annuities. And your sister-in-law may have done extensive research to get the most out of Medicare.

I don’t want to belittle their diligence. But the advice they offer you is probably not enough. For one thing, what worked for them might not be the right thing for you. And – just as important – they undoubtedly skip over some really important stuff.

How can I be so sure? Because in my nearly three decades as a financial planner, I’ve seen people make the same costly mistakes over and over again when it comes to planning for retirement. They didn’t know what they didn’t know, so they never saw the big risks coming.

The point is, you can avoid these common mistakes – or at least prepare for them. Here are the four I see most often:

1 of 4

Gaffe n ° 1: not respecting social security enough

Social security is one of the most important sources of income for many retirees. According to the Social Security Administration (SSA), among older people on Social Security, 50% of married couples and 70% of single people receive 50% or more of their income from Social Security.

Yet retirees often don’t put much effort into deciding when to file their much-needed benefits.

In a 2019 report from the Michigan Retirement and Disability Research Center at the University of Michigan, 22% of retirees in the sample said they regretted claiming their Social Security benefits when they did. (with 20% of them saying they should have claimed them later).

How and when to start collecting your benefits is a critical decision, even for high earners. Do your research. If you’re married, consider how your choices might one day affect your surviving spouse. And if you still don’t know what to do, get some advice.

Friendly people in your local SSA office are not allowed to make complaint recommendations. And not all finance professionals are experts on this subject. But I think you will find it worthwhile to find an advisor who is.

2 of 4

Mistake # 2: ignoring the risk of the return streak

A red stock arrow points down.

If you are considering using the money invested in the market as a source of retirement income, this is the monster in the closet. Most people I talk to have never heard of return sequence risk, even if they work with an investment advisor or broker.

Here’s what it is and why it’s important: When you retire, you don’t add more money to your retirement account. Instead, you start making withdrawals. If your money is in the market, these market returns become essential to maintaining a reliable retirement income stream. If stocks are at their lowest due to a big correction or crash, you are withdrawing money from declining accounts, which could dramatically reduce the longevity of your plan.

When this correction or accident occurs at the start of retirement, or just before you arrive, it can seriously derail your plans. On the one hand, this is usually when you have the largest balances in your accounts, hence the greatest exposure to a major loss. And even when the market recovers, you might not get over it.

Fortunately, there are ways to minimize the sequence of damage that the risk of return can cause. You might find, for example, that it makes sense to reduce your exposure to volatility with a more conservative portfolio composition. A well thought out and prudent retirement income plan should provide flexibility when the markets are up.

Whatever you do, don’t take this threat lightly.

3 out of 4

Mistake # 3: Not having a plan for future long-term health care costs

A grandfather has an open-hearted conversation with his grandson.

According to the US Department of Health and Human Services, a person who is 65 today has about a 70% chance of needing some type of long-term care and support service later on. Most married couples believe they will provide this care, but it is not always possible – and it can devastate the health of a caregiver who is not physically or emotionally equipped to cope with the needs of a child. to be expensive.

Unfortunately, calling on outside help is getting more and more expensive. The same goes for traditional long-term care insurance, which can help cover many of these costs. (These types of policies are also increasingly difficult to find.)

The good news is that there are several new solutions for those on a fixed budget, including fixed indexed annuities and retirement life insurance plans that offer long term care and / or death benefits. accelerated. I know: annuities tend to get a bad rap. And many retirees think they don’t need life insurance once they reach a certain age. But there are benefits to be had if you can work with someone you trust to choose the right products for your needs.

4 out of 4

Mistake # 4: Leaving the IRA Money to the Heirs

The hands hold a handful of money.

Individual retirement accounts (IRAs) are, by their very nature, meant to be depleted during the life of the account owner. Indeed, the IRS encourages it. Even if you don’t want or need to withdraw the money during your retirement, you must receive the Minimum Required Distributions (RMD) each year starting at age 72.

But what if you don’t empty the account and instead leave the money for your children?

Due to recent changes in tax laws, your kids will only have 10 years to empty the account – and they’ll pay taxes based on their tax bracket when they make those withdrawals, not your income bracket. ‘taxation. If they’re in their prime paying years (which they often are), a lot of the money your kids would have benefited from could end up going to the IRS.

If you’ve put the bulk of your savings into a tax-deferred account (a 401 (k), 403 (b), traditional IRA, etc.), you’re not stuck. During your lifetime, there are ways to change taxable dollars into non-taxable dollars, such as a Roth IRA conversion.

Yes, the amount you transfer will be taxed to you as regular income, but done correctly you may be able to minimize the amount you pay now. and make things easier for your kids in the future. Once in the untaxed account, this money can pass tax-free to your heirs. And it will also be available to you tax free, if you need it for your own needs. Some advanced strategies, such as charitable residual trusts, can allow you to significantly reduce or avoid income taxes altogether. A qualified financial planner, along with an estate planning lawyer and CPA, can help you determine the strategies that are right for your family.

Chasing your retirement dreams is hard enough without making these common blunders. As you listen to the tips and stories of others, keep in mind that real knowledge is power. Don’t hesitate to seek professional advice when designing your retirement income and tax retirement plans.

Kim Franke-Folstad contributed to this article.

Investment advisory services offered by Virtue Capital Management LLC (VCM), a registered investment adviser. VCM and Xexis Private Wealth LLC are independent of each other.
For a full description of investment risks, fees and services, see the Virtue Capital Management Company Brochure (ADV Part 2A), available from your investment advisor or by contacting Virtue Capital Management. The information provided is not intended as tax or legal advice and should not be relied on as such. We encourage you to seek independent tax or legal advice.
Dan Brooks and / or Xexis Private Wealth LLC are not affiliated with or endorsed by the Social Security Administration or any other government agency.
Insurance and annuity products are not sold through Virtue Capital Management LLC (“VCM”). VCM does not endorse any annuity or insurance product or guarantee the performance of any annuity or insurance product.

President and Founder, Xexis Private Wealth

As President and Founder of Xexis Private Wealth (www.xexiswealth.com), Dan Brooks has been helping Central Floridians prepare for retirement for over 15 years. Originally from Iowa and a veteran of the Navy, Dan moved to Florida in 1998. After completing the CERTIFIED FINANCIAL PLANNER ™ (CFP®) program in 2004, he opened a registered investment advisor company in 2005.

The appearances in Kiplinger were obtained through a public relations program. The columnist received assistance from a public relations firm to prepare this article for submission to Kiplinger.com. Kiplinger received no compensation.

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Fifth annual World Financial Planning Day promotes financial wellness for all on October 6 https://hledam.biz/fifth-annual-world-financial-planning-day-promotes-financial-wellness-for-all-on-october-6/ https://hledam.biz/fifth-annual-world-financial-planning-day-promotes-financial-wellness-for-all-on-october-6/#respond Tue, 05 Oct 2021 19:31:00 +0000 https://hledam.biz/fifth-annual-world-financial-planning-day-promotes-financial-wellness-for-all-on-october-6/ Wednesday October 6, 2021, 8:31 amPress release: Joint press release Financial Advice New Zealand Joins Financial Planning Standards Board and IOSCO to Promote the Value of Financial Planning Globally Financial Advice New Zealand will join the Financial Planning Standards Board (FPSB) to host the fifth World Financial Planning Day (WFPD) this Wednesday, October 6. The […]]]>

Financial Advice New Zealand Joins Financial Planning Standards Board and IOSCO to Promote the Value of Financial Planning Globally

Financial Advice New Zealand will join the Financial Planning Standards Board (FPSB) to host the fifth World Financial Planning Day (WFPD) this Wednesday, October 6.

The WFPD is part of the International Organization of Securities Commissions (IOSCO) World Investor Week to raise awareness of the value of financial planning, having a financial plan and working with a knowledgeable and ethical financial planner.

Financial Advice NZ is part of the FPSB network, which represents more than 192,000 certified financial planning professionals in 27 countries.

Financial Advice NZ CEO Katrina Shank said her organization believes people who have access to quality financial advisers are better off than those who don’t.

“We also believe that quality financial advice leads to long-term increases in people’s financial health, wealth and well-being, which is why we are right behind World Financial Planning Day.”

“Now more than ever, the public needs to understand their financial situation and options, and how having a financial plan and working with a financial planner that puts clients’ best interests first can help individuals and families live their lives. today and plan for their future, ”said FPSB CEO Noel Maye.

“The FPSB is delighted to work again with its networked organizations and IOSCO to promote the financial well-being of all and to help the public position investment decisions in the context of their overall financial and life goals. .

For the fifth year, the FPSB and its network organizations have partnered with IOSCO to host the WFPD during Global Investor Week, a global campaign designed to raise awareness of the importance of financial literacy and educating investors.

Financial Advice New Zealand is a professional organization for advisers working in all areas of financial advice, including mortgages, insurance, investments and financial planning. We represent the interests of the public and our members, and we strive to help New Zealanders, and the country as a whole, improve financially. To find out more visit financial advice.nz

© Scoop Media

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7 tips for building your emergency fund at home https://hledam.biz/7-tips-for-building-your-emergency-fund-at-home/ https://hledam.biz/7-tips-for-building-your-emergency-fund-at-home/#respond Mon, 04 Oct 2021 21:35:14 +0000 https://hledam.biz/7-tips-for-building-your-emergency-fund-at-home/ iStock / Getty Images Your fridge doesn’t freeze, your car doesn’t run, you don’t suddenly work. It can be difficult to manage a single costly event, let alone several at once. Yet things like this happen every day. Life can be difficult, but much easier if you have a reserve of cash to cover unforeseen […]]]>


Your fridge doesn’t freeze, your car doesn’t run, you don’t suddenly work. It can be difficult to manage a single costly event, let alone several at once. Yet things like this happen every day. Life can be difficult, but much easier if you have a reserve of cash to cover unforeseen expenses.

“Emergency funds are extremely important because they prevent people from getting into debt on their credit cards or withdrawing money from their retirement accounts to pay for things, which can be devastating to your finances,” explains Matt Stephens, a Certified Financial Planner (CFP) at AdvicePoint LLC in Wilmington, NC.

During what he called “the year everything broke”, one of his clients had to repair or replace his lawn mower, irrigation system, garage door, washing machine. , its garbage disposal, microwave and refrigerator. The client’s wife also underwent major surgery, with personal expenses of over $ 10,000. “Fortunately, they had a fully funded emergency fund, so they were annoyed, but not devastated.”

“It’s not about whether something will go wrong, but when,” said Thomas Scanlon, CFP at Raymond James in Manchester, Connecticut. “But if you know you have money in the bank, you won’t be up all night worrying.”

Lessons from the pandemic

The effects of COVID-19, fires in the west and hurricanes in the east have further underscored the need for a cash reserve. According to a June 2020 US Census Bureau survey, most adults who received a stimulus check from the federal government say they have used it, or intend to use most of it, for basic household expenses. household items such as food, rent, mortgage payments and utilities.

Plus, an emergency fund can help people stay the course when markets fall sharply, as they did in the spring of 2020, says Bradley Lineberger, CFP at Seaside Wealth Management in Carlsbad, Calif.: “Au Instead of selling your wonderful investments at rock-bottom prices during bear markets, you can tap into your reserves to get by. You can let your equity investments pick up and continue to grow.

Yet, according to a Bankrate.com poll released in July, only 44% of Americans have enough savings to cover three months or more of expenses. Additionally, 25% say they have no emergency fund at all, up from 21% in 2020. And 51% of people polled by Personal Capital, a financial website, say having a rainy day fund is a big deal. higher priority than it was before the pandemic.

Yet with multiple demands on your income, you might be wondering how to create a cushion or add to the one you have. Good question. The AARP asked financial planners across the country for their tips and best advice on raising money.

1. How much do you need?

If your job offers a stable and consistent salary, “six months of living expenses may be enough for an emergency fund,” says Ashley Folkes, CFP at Bridgeworth “Wealth Management in Birmingham, Alabama. “If your salary fluctuates, we recommend nine months.”

It’s the worst-case scenario: you’ve lost your job and have to rely on your savings to pay for basic expenses. In some cases, a smaller fund will do. Mark Ziety, CFP at WisMed Financial in Madison, Wisconsin, says the size of the fund should also be determined by the potential for an emergency. For example, a retired couple renting an apartment in a retirement community has social security and retirement income. They will not have any job losses or home repairs. “Health care expenses may be their biggest financial concern, so an emergency fund that covers their potential costs may be sufficient,” he says.

2. Start with direct deposits, adding “money found”

Don’t you have that much cash? “Don’t worry,” Scanlon said. “Slowly add to this fund over time.” Set a reasonable goal first, maybe $ 1,000, that would cover a wide range of expensive but annoying emergencies – new tires, a dishwasher, some health insurance costs. Create a separate savings account and start making direct and regular deposits, however small. Add in the overtime, bonuses, and tax refunds you receive, suggests Scanlon.

3. Cut expenses, reduce debts, find a side job

Then rework your budget and reduce your bills as much as possible. Use cash, not credit, and pay off your credit cards. Take a list to the grocery store to avoid impulse buying, and cook at home rather than eating out. Cancel subscriptions and automatic purchases you don’t need. Lower your cable bill by cutting back on premium channels and switching to free TV and movie deals. Find a side job that you will enjoy. Folkes also suggests looking for things to sell. “If you’re like me, you accumulate a lot. The internet has made selling easy and you can use the proceeds to build your fund. »Use the many applications available for this purpose.


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What to consider before investing in cryptocurrencies https://hledam.biz/what-to-consider-before-investing-in-cryptocurrencies/ https://hledam.biz/what-to-consider-before-investing-in-cryptocurrencies/#respond Mon, 04 Oct 2021 04:31:25 +0000 https://hledam.biz/what-to-consider-before-investing-in-cryptocurrencies/ Investing in cryptocurrency can be as easy as a few taps on your phone, and with the asset class all over the news and in conversations with friends, it’s tempting to dive straight in. However, depending on your financial situation and your appetite for investment risk, cryptocurrency may not be a suitable investment for you […]]]>

Investing in cryptocurrency can be as easy as a few taps on your phone, and with the asset class all over the news and in conversations with friends, it’s tempting to dive straight in. However, depending on your financial situation and your appetite for investment risk, cryptocurrency may not be a suitable investment for you right now – or never.

“I’m the biggest crypto hippie you’ve been talking to for a very long time,” said Tyrone Ross, Managing Director of Onramp Invest, a crypto-asset platform for registered investment advisers. And yet, he cautions against this. “I don’t think the general public should invest in crypto.”

Imagine your finances as an ice cream cup, with crypto as the icing on the cake. It is only a small proportion of the overall sundae, and not everyone wants it. And before you fish that cherry out of the jar, you need to assemble the rest of your dessert. In other than ice cream terms, it means building a solid financial foundation and learning all you can about cryptocurrency before investing real money in it.

Set up financial guarantees

First and foremost, you need to prepare for those times when things don’t go as planned.

Over the past year, workers who have lost income due to the Covid-19 pandemic have had to dip into their savings or go into debt to pay their bills. This time was a stark reminder of the importance of having an emergency fund.

“When you’re young you may feel like Superman or Superwoman, but when the bubble bursts you could easily find yourself out of a job for nine to 12 months,” says Theresa Morrison, a financial planner in Tucson, Arizona. “Don’t underestimate the systemic shocks in the market.”

Ms. Morrison recommends saving six months of living expenses if you’re single, or about three months if you’re sharing expenses with a spouse or working partner. But setting aside even a few hundred dollars can come in handy when you’re faced with an unexpected expense. And if you have high interest debt, like credit card debt, paying it off can further strengthen your financial situation.

Also review your insurance coverage, as these policies can provide much needed cash during tough times. Life insurance can be especially important if you have dependents.

Don’t underestimate systemic shocks in the market

Theresa Morrison, Financial Planner

Save and invest for future projects

Once you’ve put money aside for emergencies, start thinking about your short, medium, and long-term financial goals. Retirement is, of course, a great thing to save, so contribute to retirement accounts (especially if you have access to a plan with an equal employer). But set specific savings goals for other milestones in life.

“Most people want to travel every year, buy a house in 10 years, get married in 10 years. These things cost money, ”Ms. Morrison said. “Write down how much it will cost you in today’s terms and figure out how much to save on your paycheck each month. In my experience, this alone can cost $ 1,000 per month.

Learn About Cryptocurrency

You have the money and you are ready to jump on the cryptocurrency bandwagon, only you have no idea how someone is even buying the asset. Or how it will fit into your overall financial plan. Or if it’s too risky for you.

Free time. Don’t do anything with your money that you don’t understand. Take the time to learn all you can about cryptocurrency. It is important to understand the mechanics, but it is also important to learn what type of investor you are, as this also affects the types of investments that would be right for you.

“There is a process you need to follow to determine if this new asset class is right for you. What’s your plan? How old are you? What are your goals? How tech savvy are you? Do you understand what it means to own these assets and not to insure them? If something happens to you, who in your family knows about this thing to get it back? Mr. Ross said. “People don’t do their due diligence before they put money into something. I know this is the wrong answer, but it is the truth.

Start small

Once you understand how it all works, you can start thinking about allocating some of your excess money (after you’ve paid your bills and hit your monthly savings goals) to cryptocurrency. But keep your investment totals small and manageable.

Ross recommends investing up to about $ 500. That way, even if you lose everything, it’s an amount that you specifically budgeted for.

“If you invest in crypto, think of it as dead money. Money you will never get back, ”says Danny Lee, financial planner in Denver. “At the end of the day, it will be a speculative investment.”

Update: October 4, 2021, 4:30 a.m.

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Millennial Money: Do you want that sweater or are you sad? | Business https://hledam.biz/millennial-money-do-you-want-that-sweater-or-are-you-sad-business/ https://hledam.biz/millennial-money-do-you-want-that-sweater-or-are-you-sad-business/#respond Sun, 03 Oct 2021 09:00:00 +0000 https://hledam.biz/millennial-money-do-you-want-that-sweater-or-are-you-sad-business/ When was the last time you made a good decision while wiping away tears? Or trembling with fury? Or sweat from stress? Your judgment was probably wrong during these emotional times. Maybe you said something you later regretted – or got bangs. Or maybe you’ve tapped into a targeted Instagram ad for an expensive sweater, […]]]>

When was the last time you made a good decision while wiping away tears? Or trembling with fury? Or sweat from stress?

Your judgment was probably wrong during these emotional times. Maybe you said something you later regretted – or got bangs.

Or maybe you’ve tapped into a targeted Instagram ad for an expensive sweater, which you bought and never wore.

Feelings influence decisions, including whether to add to the cart.

“Emotions and decision-making are very closely linked,” says Kristy Archuleta, financial therapist and professor of financial planning at the University of Georgia in Athens. “Sometimes our emotions take precedence over our thinking process” and “flood our mind,” she adds.

To save money, please do not enter your credit card information while you are going through this flood.

TURBULENT FEELINGS, FINANCES AND TIMES

Making a logical Spock decision is difficult, especially nowadays. The ongoing pandemic is adding a “layer of stress” to our lives, Archuleta says.

As if more than 18 months of stress weren’t enough, what is it? – it’s the holiday season ringing at your doorstep. As usual, the holidays arrive earlier than expected and bring so, so much baggage.

With the holidays comes family and, again, complicated decisions about whether or not to reunite during the pandemic. Or maybe this season brings loneliness and nostalgia. It can certainly trigger financial pressure.

Holidays can “intensify” our emotions, Archuleta says, and make it especially difficult to “separate our thoughts from our feelings.”

An example from Archuleta: Maybe you’re spending too much on gifts, because you can’t wait to finally see your family or catch up on missed gatherings last year.

Or maybe you’re sick of not seeing a family – or for a number of reasons. Broken down and exhausted, you can order more and more things.

UH OH, YOU ARE EMOTIONAL SHOPPING. HERE’S WHAT TO DO.

Before buying anything, try a “body scan,” says Natasha Knox, a certified financial planner based in Vancouver, Canada and Certified Financial Behavior Specialist, who is also the director of Alaphia Financial Wellness, which offers planning, coaching and education.

Starting with your feet and working your way up, she says, check how you feel physically. Are your palms sweaty? Are your shoulders tight? Are your eyes half open when you stare at your phone?

The way your body feels on the outside can indicate feelings on the inside. For example, you might be downhearted, enraged, exhausted, or bored.

With this information Knox says, “You may be asking yourself, ‘is buying it a great solution? “”

Would buying that sweater solve your boredom, for example, or would you be scrolling again 30 seconds later? Knox also suggests giving yourself a “24 hour cool down”. Leave this item on the shelf for now. If you want to buy it tomorrow – and go back to the store – you’ll have better free space to do so.

Also stay away from online shopping, she says. Close the tab touting the perfect sweater that will solve all your problems right now. Sleep on the decision and see if you are feeling the same tomorrow.

Better yet, Archuleta adds, use some of that time to think about when, where and how you would use that purchase.

WHEN YOU’RE NOT SHOPPING, MAKE A PLAN

Think about your last impulse buys. Examine what was going on around you, Archuleta said. For example, she adds, was it a hectic morning soon after we got the kids out? Was shopping a tool to relieve this stress?

Try to identify themes in your surroundings and your feelings. Maybe you shop often at night when you’re exhausted. Or maybe you’re spending too much on things for your kids when you’re feeling guilty.

Knox also recommends taking into account retailer tactics that get you to overspend. Is it difficult to pass up a two-for-one deal, for example? Or do you usually add a few more items to your cart to qualify for free shipping?

This reflection is not meant to make you ashamed of the past. Ideally, this allows you to make more thoughtful buying decisions in the future.

For example, Knox suggests using what you’ve learned to create buying principles for yourself.

Maybe you don’t shop online after 7 p.m., for example, or you’ve been drinking. Perhaps your rule is to never click on retailer emails (which is easier to do if you unsubscribe).

Or follow Archuleta’s classic decree: always make a shopping list. If it’s not on the list, it’s not in your cart.

When setting these rules, also consider alternatives to spending to deal with your emotions in the moment. If you’re stressed out, for example, maybe calling a friend or family member could help, says Archuleta.

Knox also recommends determining why you are establishing these principles and writing those reasons down. Think about what your life would be like a year from now if you could get more control over your spending, she said, adding, “Ask yourself, ‘What’s good in this going to do? “

This article was provided to The Associated Press by the NerdWallet personal finance website. Laura McMullen is a writer at NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Liz Weston: Is the new job the right financial choice? https://hledam.biz/liz-weston-is-the-new-job-the-right-financial-choice/ https://hledam.biz/liz-weston-is-the-new-job-the-right-financial-choice/#respond Sat, 02 Oct 2021 17:40:43 +0000 https://hledam.biz/liz-weston-is-the-new-job-the-right-financial-choice/ Millions of American workers are looking for new jobs, even if they call it a “major resignation,” a “major remodel,” or simply a period of change. Salary increases aren’t always the motivation, according to labor experts. Many people want more flexibility, the ability to work remotely, or other non-economic benefits. Still, money is important, and […]]]>

Millions of American workers are looking for new jobs, even if they call it a “major resignation,” a “major remodel,” or simply a period of change. Salary increases aren’t always the motivation, according to labor experts. Many people want more flexibility, the ability to work remotely, or other non-economic benefits.

Still, money is important, and changing jobs can be a great opportunity to dramatically improve your financial outlook. In addition to the salary provided by the new job, the value of various benefits and other compensations should be considered. Once you have a clear idea of ​​what’s on offer, you may be able to negotiate a better deal.

Add up current rewards

Seth Marikin, a certified financial planner in Charlotte, NC, begins by calculating compensation for her current job or, if she’s unemployed, her recent job. In addition to salaries and bonuses, commissions, profit sharing or stock options, you must include health and life insurance premiums paid by your employer, as well as your company’s contributions to your health savings account and to your severance pay scheme. (These donations are often listed on your payslip, or you can contact the Resources Department.)

Include other perks like cell phone refunds, employee discounts, gym memberships, company daycare, and more, as well as the value of perks you can use in the 1-3 next few years, such as fertility treatments. Or help with tuition fees, suggests Mullikin.

Then think about what you could give up by leaving now. Some benefits, such as stock options, 401 (k) matches, and traditional defined benefit annuities, vest over time. This compensation may not be enough to handcuff you indefinitely to your job, but you may not want to quit large payments prematurely.

“If I leave a company that has nearly vested stock options, should I wait another year? »Said Marikin.

How are the new jobs compared?

Perform similar calculations for the work provided. Add employer contributions to the proposed salary for any perks and other perks you might use. If these benefits are not clearly stated, ask for specific details and figures.

Then see if it’s more valuable. Lazetta Rainey Braxton, CFP in Brooklyn, New York, says current wages may be lower than most other employers if they have worked for the same company for many years. She recommends using sites like Salary.com to figure out how much a similar job will pay so you can better assess your offer.

Look deeper

The benefits can take very different forms from company to company.

Some employers offer a variety of health insurance plans, but others do not. For example, if your only option is a high-value franchise plan, that’s okay for young and healthy people. Or, if you have significant medical bills and don’t have enough savings to cover your deductions, it can be a disaster. Likewise, plans with a limited network of providers can be expensive if they don’t include a doctor.

Please also inquire about the wait time. Your employer may make you wait up to 90 days for your health insurance coverage, or a year to contribute to your 401 (k). Parents and other vacation policies also have a waiting period.

Company policies regarding vacations are very different, and SMEs may be exempt from laws applicable to large companies. For example, a business with fewer than 50 employees typically does not need to comply with federal family medical leave law. The law grants eligible workers up to 12 weeks of unpaid labor protection leave for long-term care and serious health problems.

Use leverage

Economic considerations must be weighed against all other aspects of future work. Do you have the possibility to progress? Flexible work hours and location? Is the workforce diverse and the culture attractive?

Risk tolerance is also important. You might be willing to accept less pay and fewer profits in exchange for stock options that can someday offer significant rewards. Or, rather than rolling the dice, you can enjoy the opportunity to save for workplace safety and the future.

If your job is attractive but you’re running out of deals, see if you can negotiate a better deal. Negotiation expert Kwame Christian, director of the American Negotiation Institute in Columbus, Ohio, may never hold more weight than you had before officially accepting the expanded proposal. I say I can’t.

Christians are encouraged to negotiate wages and other financial matters before seeking more vacations, flexible hours, or other “creative options” that do not directly cost the employer. ..

“You always want to look for money first,” explains Christian. “Because we know money never runs out, but with these creative options, they hardly ever run out.”

File- This undated file photo provided by NerdWallet shows Liz Weston, a columnist on a personal finance website. (NerdWallet via AP, file) {Pull from column 7.12.21}

This column was provided to The Associated Press from the Personal Finance website. NerdWallet .. Contact Liz Weston, a Certified Financial Planner and Columnist at Nerd Wallet. lweston@nerdwallet.com Also @lizweston..

]]> https://hledam.biz/liz-weston-is-the-new-job-the-right-financial-choice/feed/ 0 Why being a financial advisor is like being a swan on a pond https://hledam.biz/why-being-a-financial-advisor-is-like-being-a-swan-on-a-pond/ https://hledam.biz/why-being-a-financial-advisor-is-like-being-a-swan-on-a-pond/#respond Sat, 02 Oct 2021 00:20:17 +0000 https://hledam.biz/why-being-a-financial-advisor-is-like-being-a-swan-on-a-pond/ Earlier this month, our team at Willow Creek were thrilled to have been voted one of the North Bay Business Journal’s Best Places to Work in 2021. As a new member of the team, I have been very grateful to work with such seasoned advisors, especially following a decision I made a few years ago […]]]>

Earlier this month, our team at Willow Creek were thrilled to have been voted one of the North Bay Business Journal’s Best Places to Work in 2021.

As a new member of the team, I have been very grateful to work with such seasoned advisors, especially following a decision I made a few years ago to give my new direction to my team. career.

In 2019, my career path took an interesting turn that I could never have imagined.

After 20 years of working in financial services with huge institutions, I felt strongly that I wanted a more personally fulfilling career where my values ​​were aligned with my work.

It was then that I discovered the role of a wealth advisor, and I realized that what I wanted to do was bring my knowledge into working with giant institutions to help individuals and families. to better shape their financial well-being, their lives and their world.

To this end, I obtained my Chartered Financial Planner (CFP) designation and joined the Willow Creek Wealth Management team.

We sometimes joke that the role of a heritage advisor is perfectly explained by the analogy of the swan swimming in a pond.

While all you see is the graceful swan gliding effortlessly across the water, what you can’t see are the swan’s powerful paws and webbed feet propelling the bird forward. I like that metaphor when I think of expertise and excellence, that people who are great at what they do make it easy.

I think for a lot of people the value of a good wealth advisor is hidden beneath the surface, and it’s more than investment management.

What you see is the advisor making financial plans for clients or helping them build their portfolios; what you can’t see is the wealth advisor figuring out how to deal with family disagreements before they turn into arguments or helping prepare someone for the loss of their spouse.

While it is essential for a good wealth advisor to understand the markets, financial planning and the intricacies of portfolio management, it is the soft skills that can be invaluable to the client.

Every client deserves an advisor they trust. Every client deserves an advisor who understands their big dreams and goals for living a fulfilling life. And every client deserves an advisor who wants to help them build a legacy they are proud of.

Likewise, everyone deserves to have a fulfilling career, to work with people they respect and to feel supported by their employer.

After the tough few years we have all had, I want to remind everyone that life is too short to stay at a job you hate. I’m living proof that a change like this can open up your life in ways you can’t imagine.

I have spent the first half of my career learning the inner workings of financial services, and I am so grateful that I can spend the second half of my career pursuing my passions: championing women in investing, environmental sustainability. and help my clients achieve their goals, both financially and personally.

So … what kind of career do you want? What are your hopes and dreams for your professional life? When you retire one day, what will your legacy be?

These same questions, asked slightly differently, are the ones I use to help clients distill their overall values, and it’s no less important to build a vision for your career.

A few years ago, I asked myself these questions, and I discovered that I had a deep need to align my values ​​with my career. And in doing so, I have helped build a path for myself, which has led to a career that I love.

This may be my favorite part of my role as a wealth advisor, the fact that getting into what you imagine to be a straightforward discussion about finances very often allows clients to consider ways to make overall decisions. happier about their money and their life.

When I host Women’s Circles, we talk about money, sure, but the larger conversation encompasses how to build community, connection, and understanding.

When I design a sustainable investment portfolio for clients, I can help them discover our deeper shared values ​​of human well-being and environmental sustainability.

Like the swan swimming elegantly on the water, a closer examination reveals much more complex processes that will help you move forward.

This career has helped me become happier and healthier than I have ever been, and I encourage you to build a career path towards your own version of “Best Workplaces” no matter what. what that looks like for you, for 2022 and beyond.

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