James Brewer
The Power of Compound Interest One of the most compelling reasons to start investing early is the power of compound interest. Compound interest is the interest earned on the initial investment as well as on the accumulated interest. In other words, when you invest, your money can grow exponentially over time. To illustrate this point,…
James Brewer
I was recently asked to help some independent contractors with their retirement savings needs. Many people try to use some preset thought process of how to save for retirement. Often it is based on getting a matching contribution or some rule of thumb such as saving 10% of their income. If you are an independent contractor…
James Brewer
Few people refer to their 401(k) as a “defined contribution plan.” In fact, many people appear to perceive a 401(k) or for that matter a 403(b) plan as an “investment plan.” Many employers view their 401(k) plan as an optional, take-it-or-leave-it employee benefit. Historically, people who went into teaching and other public sector careers received…
James Brewer
What’s your definition of having greater financial independence? I believe we should retire the word retirement and use financial independence instead. When you hear retirement, do you think of things like not working, receiving Social Security, and the like? You aren’t alone. Some people believe financial independence means a money windfall, like winning the lottery.…
James Brewer
When would you like to achieve money independence? When would you like to retire? Are these two “goal dates” the same? Let’s examine these two questions. Money independence vs. not having to work Do you ever have days when you feel like you just want to quit your job? What holds you back (on being…
James Brewer
As a financial advisor to an 86-year-old mother, whom I helped deal with her older sister’s affairs in 2015, I’m acutely aware of the women’s retirement crisis. I remember listening to Sallie Krawcheck on Morning Joe, in April of that year. Sally highlighted that the face of nursing homes was decidedly female. I saw this…
James Brewer
When you hear the term money action plan, what does it make you think? Hopefully, it conjures thoughts of executing a plan. In our busy lives, we often have more time to think about a plan, than time to execute a plan. What’s your money action plan for your financial plan? Unfortunately, not having a…
James Brewer
Do you have a spending plan based on maintaining your lifestyle? How long can you sustain your current lifestyle? Have you stopped to envision what retirement lifestyle you want to enjoy? Is it visiting grandchildren, taking trips around the world are taking time for some hobbies the corporate rat race didn’t allow for? No matter…
James Brewer
The term financial plan gets thrown around casually these days. The term financial advisor is, believe it or not, equally applied to insurance agents, stockbrokers, investment adviser representatives, and those with advanced designations such as the Certified Financial Professional (CFP®). That said, some financial planners will deliver, what I call, “an assessment that does not…
James Brewer
Most people I talk to, don’t have a spending plan and feel financial independence is a pipe dream. True financial independence means having enough wealth to live on without working. For you, it may mean living a certain lifestyle. However, most of the people I talk to don’t have a budget. Dictionary.com is instructive with…
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