Has this question ever crossed your mind? If not, it should. Too often, folks just move to the automatic answer to this question; they tell me, “I save in my employer’s 401(k)” or similar plan. “If deposits can come from my paycheck, so much the better”; is a response I hear a lot as well. This answer is much better than not saving at all, but the question is whether this is the best way to save for retirement.
Growing up in Chicago, every year Ernie Banks would open spring training with a slogan; “the Cubs will be great in ‘68” or “the Cubs will be fine in ‘69” to name a few. Over the last few years I have been creating a Theme for myself each year. It has great value toward accomplishing things and being a great stress reliever.
As 2014 closes and we look toward the New Year I would like to ask you; how are you feeling about your financial situation? Are you confident, confused, or concerned? I know the last few years have been tough for many and, if you are reading the news, the fiscal cliff is staring everyone in the face next week. Yet, despite the doom and gloom, many of my clients and associates are thriving. They face the future with confidence and optimism. Having the perspective of nearly 30 years in financial services and having had the pleasure of meeting and working with hundreds of folks during that time, I wanted to share some observations that may help you excel in 2015 and beyond.
I want you to take a moment and think back to the first time you played Tic-Tac-Toe. Can you see it? Who won? My guess is probably the person who showed you the game. Would you lose (other than on purpose) a game of Tic -Tac -Toe today? Why not? It’s because you now know how to play the game, you learned the rules!
What do Tic Tac Toe & Financial Success Have in Common? Read More »
It sure can seem overwhelming, putting together a plan to retire. After all, it’s a long ways away….until it isn’t! I have been assisting folks in making that transition for nearly 3 decades and have learned a lot about what that means and how to make a successful transition to “the good life”.
Every year that goes by these days seem to be shorter. Life has become so busy, hectic and crazy for most of us that time seems to accelerate. I hope you have some time over the holidays to remember all the great things in your life and to just enjoy who you are and where you are at. I know how hard it is to take the time for those things like family, friends, hobbies and ourselves. I know how “caught up” I can get, to the point where it is easy to feel overwhelmed and out of sync.
Stockbrokers and most people who call themselves financial planners or financial advisors understand the wealth building process but have a difficult time converting those assets to the new reality of a retired person. Once retired, you can’t afford to lose capital, you need to keep pace with inflation, you must have a plan for the risks to your wealth (like health care and long term care costs) and you need the peace of mind that you won’t run out of money. Only then will you be able to relax and enjoy the retirement you have worked so hard to achieve.
Their season and playoff success has been one of the great sports stories of recent memory. I have been a baseball fan my entire life, and this year’s Giants team is one of the least likely champions that I have ever seen. When I watch them play, I am struck by how unusually “normal” they are. There are no real obvious “all-stars.” Nobody is going to hit 50 home runs for this team and they only have one pitcher who even comes close to being an all-star. Most championship teams these days have at least 2 or 3 of those guys on their pitching staff and 2 or 3 in their everyday lineup. While talking with a friend of mine the other day, and trying to figure out their key to success, it occurred to me that the same things that make them successful work for my clients and their success as well.
During my career, there have been several occasions where I have seen folks so nervous and confused over their investments that they start losing sleep. Or worse, they stop paying attention! There was the client in 2001who handed me a stack of statements from his Merrill Lynch account. There were over a year’s worth and none of them had been opened! Turns out he had lost almost half of what was invested there.
Do you own bond funds? Many investors and savers have flocked to bond mutual funds in their portfolios in the last 5 or 10 years, especially after the big stock and real estate drop in 2008. With bank rates on savings accounts and cd’s so low, it seemed to make sense to move that money into bond funds. After all, bonds are “safe” and you hardly earn any interest on bank based savings these days. If you went into bond funds for safety it’s probably time to take a second look! Here are 5 things you need to know about your bond funds.