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Financial Planning: Slavery or Financial Freedom?
Retirement Vision: Financial Freedom or Halt Working? What comes to mind when you hear the word- retirement? For many, those images are not positive. It means past bad decisions and continuing to live in the slavery of a job that one hates, but pays the bills. For others it means not working. Not working doesn’t…
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How to avoid Bernie Madoff-style investment advice
In March 2009, Bernie Madoff pled guilty to running a massive Ponzi scheme while billing himself as an investment advisor to his clients. The story is full of lessons for anyone looking for a financial advisor. These questions can help you spot red flags. Do you know your advisors credentials? It’s clear that anyone who…
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7 Ways to Damage Your Retirement Planning
Check out these seven ways to damage your retirement planning: 1. Not enough retirement savings. Most Americans have never attempted to calculate how much they need to save for retirement. Pensions hire actuaries to do these calculations. No matter what your investment returns, if you don’t save enough you won’t have enough. 2. Retirement saving…
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Sudden Wealth Lottery- Financial Plan or Money Down the Drain?
Every so often the opportunity to win not just a million but hundreds of millions of dollars in the lottery comes along. Many people have their dream book filled out with the places they would go and the toys they would buy. Speculation or investment plan? Is it a good investment? No. My statistics professor…
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Your guide to pensions
If you’re like me, you hate decisions that you can’t change. They invite way too much second-guessing. Unfortunately, what you do with your employee pension is one such decision. Companies sometimes ask employees to consider a pension buyout. This usually entitles a lump sum payment now in lieu of monthly payments for life. So if…
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What is a 401(k) in-service withdrawal?
Simply put, an in-service withdrawal feature lets you turn your 401(k) into retirement income. It occurs when employees withdraw funds from an employer-sponsored plan while still working at the company. Essentially, an in-service withdrawal lets you shift a portion of your money away from retirement accumulation to retirement income. Let’s say you look at the…
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Sudden Wealth Inheritance- Mo’ Money or Mo’ Problems
You may have been the beneficiary of a life insurance policy or been given a large inheritance. Are you ready? You may be thinking of making someone the beneficiary. Will they be ready to handle sudden wealth? Sudden Wealth- What’s the financial plan? In the parable of the talents, the owner gives servants money, expecting…
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One path to retirement income and personal pension planning
You may assume that small savings won’t make a difference to generating retirement income. As a 50-year-old, I am aware of the good old days of company pensions. My mother and father both benefited from one. They knew nothing of how much to save or how to invest. They never stopped to think that the…
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Investment lessons from the Bible
The Bible is full of life lessons, and that includes investment lessons. Let’s look at one lesson in particular in the New Testament and what it can teach us about wealth management. In the Parable of the Bags of Gold (Matthew 25:14-30), a man goes on a journey and entrusts his wealth to several servants.…
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Save more or risk more? Your path to a confident retirement
The demands of your work and personal life are many. You spend your working hours focused on increasing your expertise in the field of work you enjoy. When it comes to other fields, such as retirement planning you don’t have the tools or time to gain the knowledge to be an expert. Will a team…
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