There are many risks to assess in a financial plan. In my opinion, the most underappreciated risk is purchasing power risk as it often sneaks up on you overtime. Our brains view “risk” in a singular format and equate it to losing something. For example, I “lost”...
529 plans were created as a way to save for future college education costs. There are various considerations when evaluating which 529 plan best suites your needs. One option allows for selecting a prepaid tuition plan that locks in today’s college tuition costs. ...
Now is a good time to reflect on current spending as we work and live from home. Spending in some areas may be up while other discretionary spending is likely down. It’s possible more cash has accumulated in your bank accounts as non-essential spending has declined...
Every professional and family needs a safety net to protect what is important to them. This “safety net” is unique depending on who you are, what you care about, and where you are in life. Life moves quickly and it’s important to ensure your safety net is keeping...
In our prior post we covered the three tax environments in which your investments live. Tax-diversification is the act of managing these environments as you accumulate wealth today and also as you distribute income tomorrow. Problems may arise when your approach...
Tax diversification plays a key role in our conversations and planning with clients. We recognize tax considerations can change frequently and, if not properly monitored, can take a larger bite out of your income and investments than you’d like. When you invest, it...
Financial planning is a lot like baking a cake or making a batch of cookies. Most recipes will use similar ingredients such as flower, sugar, and milk. However, there is still quite a bit you can customize, substitute, or make your own. Some of this comes in the...
April is financial literacy month and it couldn’t arrive at a better time. Given our current circumstances and being hunkered-down at home, its natural for your financials to receive less attention than they deserve. There are several steps, outlined below, that may...
It’s likely your mortgage payment may be the largest essential recurring expense in your financial house. It can be surpassed temporarily by childcare expenses with a young family. The good news is that kids grow up and childcare expenses will eventually evaporate...
I love to read and I wanted to share a great book with you. In light of all the volatility we’ve seen recently, I thought some reflection may be helpful. I really enjoyed reading A History of the United States in Five Crashes: Stock Market Meltdowns that Defined a...
I’ve written a fair bit about planning, investing, and good financial behavior for mom and dad, but what about the kids? Here’s a list of ideas to share with your kids in an effort to grow their knowledge on the topic of money and investing. Pay your kids an...
We have covered the value of good financial behavior and the necessary traits that most successful investors share. The following represents action steps successful investors take to strengthen their long-term probability of success. Written Down Goals and...