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Will integrating your personal values into your financial plans work?
How does financial planning work with values integration? The question of personal values comes up daily. As Americans, we believe in life, liberty, and pursuit of happiness. We live by our personal values! We also encourage religious freedom. Yet somehow, when we start talking about money, the foundation of personal values goes away. It’s rarely…
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Do you have a money action plan?
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…
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Make sure you’re actually building a financial plan on a solid foundation!
Building a financial plan starts with a solid foundation – it’s true! But, could your financial plan be compromised because you lack the time to take a more comprehensive look? In trying to compensate for your lack of time are you not questioning key assumptions? If so, your plan may be built on faulty facts.…
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DIY or Chartered Retirement Planning Counselor or hire a similar retirement planning professional?
Many retirement do-it-yourselfers (DIY) are unaware that they might be better off hiring a retirement planning professional like a Chartered Retirement Planning Counselor SM. Retirement planning has evolved over the years. My father and mother have enjoyed a lifetime of company pensions. With a stream of lifetime income plus Social Security at the core of…
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How tax refunds can harm your retirement
Getting a tax refund is exciting — who doesn’t love extra cash? But that check from the government can actually be harmful to your financial health. In fact, a refund is often a sign that something is amiss in your financial plan. The fallacy of the benefit of a fat tax refund You may hope…
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Behavioral Finance-mind Over Money
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…
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Can a Budget Turn Dreams into Reality?
If you’re like many you hate the idea of a budget. I’ve heard many people find it to be constraining. However are you on track to reaching your long-term goals? Do you find yourself making resolutions that never seem to materialize? Then a budget may just be the right thing. My budget lesson A few…
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How to Take Emotion Out of Investing
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…
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10 Investment Excuses Other People Make
Other people have an astounding facility for self-deception when it comes to their own investment decision-making. (If only if they were like us, wink wink). They tend to rationalize their own fears. So instead of just recognizing how they feel and reflecting on the thoughts that creates, they cut out the middle man and construct…
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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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