At some point in your life you may have the good fortune to inherit money. Otherwise you may have a different type of windfall and “come into some money”. It could be a severance payment, lottery win or an IPO that explodes the value of your stock options. Making the wrong moves when you receive a large amount of money in a single transaction can lead to regret, stress and financial ruin.
I have been fascinated by the Golden State Warriors and their meteoric rise to the top of the basketball world in one season. Without making major changes they have secured the best record in basketball, led the league in both offense and defense, and set many franchise “bests” in a whole range of categories (Wins, consecutive wins, point differential, three point shooting, etc…..). The way they play has brought me back to enjoying NBA basketball for the first time in years.
Golden State Warriors are a Blueprint for Success Read More »
For years, I have been hearing folks refer to “my Financial Advisor”. When I ask them what that person does for them, they usually say something to the effect: “they take care of my investments”. I will then ask if they provide any other services and the usual answer is no. I would not call these folks financial advisors, but Investment Advisors or Wealth Managers.
You may have heard this week that Chris Borland retired. Why is this important and what can we learn from his decision? Well first, you need to know who he is. Chris Borland is 24 years old, which may seem a bit young to retire. He retired from the San Francisco 49ers football team. He cited concern over long term negative health effects from playing professional football.
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.
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.
Our industry spends a lot of time producing spreadsheets and other numerical financial reports that are presented in a very somber manner. It is almost as if the numbers are some sort of religious text filled with great meaning. I understand the numbers are important, but the spreadsheet approach to producing them ignores the real world. The next time someone in financial services presents you with a spreadsheet, listen to the words they use when showing you the numbers.
30 years ago, when I started out as a broker, I thought the key to financial security was investing well and getting a big rate of return. After all, I read many of the pundits telling me that I need to invest well. Growth Stocks, Commodities, Real Estate, etc. were the road to great wealth and financial security. Over the years, I have come to realize that Wall Street wants our focus there so that we won’t see what is really happening.