James Brewer
(Last updated August 10, 2023) When we think about what it means to be rich, we often think about both income and wealth. High-earners like doctors and lawyers might be considered rich. But so are people with a lot of money in the bank or a big house. But when it comes to financial planning,…
James Brewer
No small business owner I have talked to knows their 401k plan fees or their effective tax rate. One of the questions on the Envision Wealth Structural Assessment is “Do you know your effective federal income tax rate? I have yet to find anyone who actually knows this answer. Most people just take their receipts…
For most of us, saving for retirement is done via some kind of employer-sponsored 401(k). We may also have an individual retirement account (IRA) of some kind. Traditionally, these are both tax deferred accounts, meaning you contribute the money income-tax free, and then pay taxes later when you withdraw it. Let’s take a closer look…
Understanding the gap in what we know we should do and why we don’t do it is essentially known as behavioral finance. Having had many economics classes I have been puzzled at what some people call what a rational person would do. And who is this rational person? Harry Markowitz a Nobel prize-winning economist didn’t…
James Brewer
Are these on your fitness list? See dentist Schedule physical Interview personal trainer Get a financial review You may have dental check-ups and physicals on your fitness list, but do you include a financial review? Many chronic conditions like high blood pressure are related to stress. One of the big stresses is financial stress. The…
James Brewer
Most people I talk to haven’t taken a class on retirement planning, much less 401(k) investments like a QDIA. A QDIA — qualified default investment alternative — is where a 401(k) puts your money if you don’t select investments. Yet most employees don’t remember reading about QDIAs in whatever packet the HR department gave them…
There’s a rule of thumb in financial media that you need a million dollars to retire. For some clients though, the idea of saving up a million dollars or more to retire sounds daunting. In my opinion, not everyone needs a million-dollar balance, and the sacrifices it would take to get there might not be…
James Brewer
One of the biggest mistakes investors can make is to invest using emotion instead of intellect. An investment policy statement can help take emotion out of the picture. In fact, it may be better named an emotional policy statement. While finance and economics are often considered logical disciplines, there’s a new way of thinking that…
James Brewer
When you hear SAT you typically think of college entrance and not retirement. But there’s an SAT score for retirement, too: Savings, Allocation and Time. Here’s how you can use these three criteria (your SAT score) to see if you’re on track to retire comfortably. Saving: are you saving enough? How much do you need…
When you hear the phrase financial independence, what comes to mind? When you hear the word retirement do the same images come to mind? This isn’t your grandfather’s financial independence The word retirement conjures up thoughts and emotions. Many of those thoughts and emotions are negative. Doing nothing. Having no purpose. Death. Retirement for many…
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