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Category: Planning

  • When Should you Hire an Investment Advisor?

    As strange as it might sound coming from an Investment Advisor, not every investor needs to hire an advisor.  Others might not need an advisor yet, but will need one eventually.  Here are some points to consider if you are trying to decide if or when you need an advisor. 1. Have you saved more…

  • Being a Millionaire has Become a Requirement

    When I was growing up in the 1970s and 1980s, being a millionaire sounded like a lofty goal, let alone having more than $1,000,000 in investments on top of non-income producing assets like your house, cars, jewelry and art.  These days, I understand that saving $1,000,000 is a minimum requirement for anyone who wants to live a…

  • Setting Retirement Goals

    Setting a monetary goal for retirement is not just about how big your nest egg can be.  The goal should focus on the size of your expenses in relation to your nest egg.  A retiree, let’s call him Henry, can have $2 million set aside, but if he is spending $140,000 a year, his money…

  • What is Compound Interest?

    Compound interest is interest that adds onto the principal and the previous interest earned.  Simple interest only accrues on the principal and not previous interest payments.  Compound interest grows much faster than simple interest because it is earned (or paid) on a rising balance.  The more frequent the interest is compounded, the quicker the balance grows. When…

  • 10 Ways to Save Money

    Think about why you are saving money.  If your reason for saving is so you can buy a lot of “stuff”, this information will not speak to you.  If your goal is a financially secure future, these 10 steps are for you.  The key to being able to retire without financial worries is building a…

  • What is Disposable Income?

    The term “disposable income” has a wide variety of meanings to many people.  Dictionaries generally define disposable income as the income left over for savings after taxes and required expenses are deducted.  The trouble with this definition is that it considers savings a discretionary item.  Anyone who plans to retire one day (and does not…

  • College Savings Options

    The cost of attending college has been rising faster than the rate of inflation for years and is expected to continue on this pace for years to come.  Parents who are interested in planning for their children’s higher education need to consider which option(s) best meets their needs.  Some options allow for tax-deferred savings while…

  • Is Now the Best Time to Refinance a Home Mortgage?

    Every time mortgage rates start falling home owners wonder if they should refinance their home mortgage.  The biggest questions to answer are how long you plan to stay in your house and how much can you save each month after refinancing.  By knowing your monthly savings you can figure out how quickly you can make…