Imagine you’re about to set out on a road trip. You would absolutely need to have an idea of where you wanted to go – north, south, east, or west. You would have to work within the confines of how much time you had for this trip – that would determine how far you could go. Your financial goals are no different than that road trip; failing to plan means planning to fail. Even if you haven’t given retirement much thought, in terms of what it looks like and feels like, chances are you have an idea of when you would like to have the freedom to walk away. For those of you bemoaning that you will need to work until you die, it’s time to see if that is really true or simply your worst fear taking over and freezing you in your tracks. But, you have to set your goals. You have to make this a priority. The trouble is, unlike the mortgage payment or electric bill, there are no immediate ramifications if you don’t take the time to do this. It is important, but it is not Read on...
Why the “F” Word is so important for Women Investors
Ladies, it’s time to take charge of your money. You know you need to; you know you want to. So what’s holding you back? According to a 2015 Money Fit Women Study conducted by Fidelity Investments, 92% of women want to learn more about financial planning, and yet only 47% feel comfortable discussing money with a planner on their own. What is the cause for this insecurity? Trust. They don't trust their own knowledge and they are not sure what professional they can trust. Here’s the “F” word that can change all that: fiduciary. Here’s another “F” word – fee-only. Put them together and you have someone who is looking out for your best interests (fiduciary), who will only receive compensation from you, their client, and not from mutual fund companies, insurance companies, and other financial institutions for selling products. This keeps their advice conflict-free, since the only criteria for investment selection is what is in your best interest (as opposed to which investment Read on...
A Plan for Easing Your Worries
It's great to be aware of what is going on in the world, but if you find yourself so pre-occupied with the markets that you are wringing your hands and stressed out, it is time to meet with your financial professional, make sure you are on board with the strategy and then stop watching the day-to-day market fluctuations. Not sure what to ask? Here are some points to raise with your financial professional: What is my overall risk relative to the S&P 500? In other words, if the S&P loses 1 point, will I lose more, less or the same as that? What is my overall portfolio allocation? What percentage is in stocks, bonds, cash and what are the specific types of securities within these categories? Are there any categories that should be included in the portfolio to help hedge against market fluctuations? What is the strategy going forward, if the market continues to be volatile? What types of holdings would be sold? What types would be bought? And, is the portfolio Read on...
Survival of the Fittest
As hard as we try to control our environment, the reality is that things are always changing; things that are beyond our control. Adaptability becomes the great separator between surviving well, getting by, and being destroyed. How we choose to move forward, and how well we anticipate and adjust to circumstances makes all the difference to the outcome. Those things we do control. Survival mode isn’t a bad thing; it actually forces us to be more creative and look at our challenges with urgency (and perhaps, a fresh eye). Consider examining your worries and see what creative solutions you can come up with. Be an active participant in your life, and don’t wait for the ceiling to come crashing in before acting. Anticipate well and make your move before you need to, in order to strengthen your chances for success. Here are some actions you can take now: Increase Job Security. One of the greatest fears in a weak job market is being laid-off. In addition, there are jobs that are Read on...