Are you worried about running out of money?

Are you worried about running out of money?

We have been asked this question many times. It’s a question that requires deep thinking to understand what you’re really asking.

Am I okay… with my family? With my health? With my career?  When we are asked this question, they mean “Are we ok financially?”  For years, our industry answered this question with dollars and percentages. “You made this amount of money last year,” or “The percent return outperformed the benchmark.”

The 4 Factor Wealth Plan: Family

The 4 Factor Wealth Plan: Family

We’ve already discussed the importance of establishing a career that’s aligned with your passion. This month we will discuss how your family can impact your financial plan.

Trying to create definite plans can be tricky here.  Sometimes having children can be difficult and sometimes they just show up.  However, I think you must have a discussion concerning your wants. 

8000 Days of Retirement: How to Navigate Loneliness

8000 Days of Retirement: How to Navigate Loneliness

Last month, we discussed the Big Decision phase of retirement. The main takeaway was to have a plan, but make it a flexible one. This is easier to do in the early days of retirement, but as we age, we face two new phases in our retirement. The first of these is the Navigating Longevity Phase, and just like every other phase in retirement, there is an emotional and an economic impact.

8000 Days of Retirement: Make the Most of the “Honeymoon” Stage

8000 Days of Retirement: Make the Most of the “Honeymoon” Stage

A research group from MIT called The AgeLab divides the average human life cycle into 4 different stages. The first three are the learning, growing, and maturing phases. Interestingly, they call the retirement stage the “exploring” stage. This stage lasts 8000 days. That means we have 8000 days of exploring ahead of us. To break things down even further, we can look at retirement in four other stages…

Financial Planning Mistakes Couples Should Avoid

Financial Planning Mistakes Couples Should Avoid

As I enter the “senior years” of life – at least that’s what I’m told – it’s great to have a partner for the last 40-some years to share the ride. It’s gotten so bad we finish each other’s sentences. It thrilled me to see a 2015 Pew study reporting that divorce rates for younger people are going down.

Unfortunately, the divorce rate for the age 50-and-older crowd is going up. In fact, the same Pew study claims the “gray” divorce rate has nearly doubled in the past 25 years.  

12 Silos of Wealth: What's your role in society?

12 Silos of Wealth: What's your role in society?

Last month we established there are two types of economics – Financial and Behavioral. There are also 12 silos of wealth - one that deals with financial economics and 11 that deal with behavioral economics. Each of these silos of wealth is important in their own respect. We discussed the first four silos last month – Financial, Health, Family, and Moral Wealth. These next four silos deal with how we interact with society.


How Many Types of Wealth are There?

How Many Types of Wealth are There?

I recently read a book called "Legacy" by Dr. Richard J. Orlando. Orlando specializes in helping families manage their wealth and its transition. According to Orlando, there are many different types of wealth and each one is important when discussing financial wealth and family matters.  This made me think about all the different people I have met, the unique abilities they possess, and how these unique abilities demonstrate our "wealth."  

How to Plan for the Unexpected

How to Plan for the Unexpected

The unforeseen events in our lives can give us uneasiness.  They come in two different packages – exciting ones and stressful ones.

The stressful ones can be:

  •      Loss of a spouse or family member

  •      Loss of a business partner or key employee

  •      Loss of a job

  •      Sickness or an injury

  •      A large, negative market correction

The exciting ones can be:

  •      A child who was not planned (this can also be stressful)

  •      A business opportunity

  •      A “dream job” opportunity 

Planning for a long, fulfilling life

Planning for a long, fulfilling life

Well, we’ve almost made it through the first quarter of 2018. Hopefully, you have spent time developing a "decision-making process” that does not go to a default button established by someone else. Rather, you’ve designed a process that will help you make good decisions moving forward in your life. Hopefully, you have also developed a few "Dreams" that can be measured in nature and economics.

I saw some interesting data recently....

Defining Your "Post-career" Goals

Defining Your "Post-career" Goals

Now that you have established your OWN “default buttons,” it is time to use them to achieve your goals. Let’s start by establishing goals. Setting very specific goals is vital.  They must be specific in nature and economics.  When you create a specific goal, your mind will take over and provide the methodology to attain it.  Adding economic goals will help bring it to reality – like when you save every month to attain it.  A wise businessman told me, “if you can’t measure it, you can’t manage it. If you can’t manage it, you can’t monetize it. If you can’t monetize it, you can’t give it momentum.”  

Always remember the 4 Ms...

Why Settle For The Default Button?

Why Settle For The Default Button?

Welcome to 2018.  One of our senior clients said, “if I knew I was going to live this long, I would have taken better care of myself.” I believe he was speaking about his physical well-being, as his financial well-being is in great health. Thomas Edison said if we do everything we are capable of doing we would amaze ourselves. Another wise man said to know and not do is not knowing. If we truly can amaze ourselves, why do we regularly hit the “default button?”