A little more than two months before my due date, panic set in. Though I had much experience as an aunt and babysitter, and in spite of my life-long fantasies of motherhood, the moment was quickly approaching where my life would change forever. Change, even joyous change, can be terrifying. In my case, a difficult twin pregnancy kept very dire possibilities hanging in the balance. My husband was eerily calm; if I didn't know better I would have thought he was medicated. I spoke to my sister-in-law, whose support was always there for me like a welcoming smile. "Were you scared that you wouldn't be able to do it?" I asked. "Childbirth?" she laughed. "No. I can't even think about that! What if I can't do this job?" I was near tears. Every twin book I read described delirium to the point of doubling up on feeding one baby, while accidentally starving the other. Was this really something I would do? She laughed and gave me the best advice I have ever received, 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...
Politics, Investing and Propaganda
I used to look forward to voting when I was younger as I was certain of what I was doing. My lack of sophistication and naiveté made me see things in very simple terms and it was easier to choose between the “right” candidates and the “wrong” candidates. Now, I am jaded, and I realize that everyone has an agenda and some have better propaganda machines. An advertising budget can do wonders in painting either a shiny, albeit inaccurate picture; or a scathing and unfair one. Many investors fall prey to such manipulation, as well, as their “friendly financial consultant” portrays competence, polish and compassion – often times they are simply charismatic and not much else. I know this from experience. In a past life, I worked near these types; and, in my current life, I get to unravel the damage they have done at the hands of their once trusting (and now former) clients. While not all brokers are incompetent or misleading, the truth is that their business model is. As long as they act Read on...
Skin in the Game
Today I had the pleasure of meeting with the students at Setauket Elementary School. I am always impressed with how quickly they can grasp the concept of handling money responsibly, if they are shown the way. The trouble is, as parents, we are pulled in many directions (as are our children) and there is always something more fun, exciting or urgent for us to do rather than have a "money lesson." But the lessons are all around us, every single day. If we spend a few minutes to point out some things to our children, they will be the wiser for it. I proposed to the children that learning about money is like learning to ride a bike. You can read about it in a book, but ultimately you need to just do it. In my opinion, the most important step in learning about money is earning it. At first, the students were a little confused by my opinion, but slowly it dawned on them that money earned is treated differently because a sacrifice of time is involved. As I pointed out, losing $50 Read on...