Spending too much? Try writing down every purchase. That simple act will make you think before buying—and cause you to spend less.
NO. 1: THE GOAL isn’t to beat the market, prove we’re clever or grow absurdly rich. Rather, the goal is to have enough to lead the life we want. We should favor the path most likely to get us there.
PONDER WHEN to claim Social Security. Start with Mike Piper's calculator. Many folks are inclined to claim benefits as soon as they retire, but often it makes sense to wait until as late as age 70. To understand why, learn more about Social Security, including the advantages of delaying and the different strategies that couples might use.
NO. 71: WE FIND strength in faith. Research has found that, on average, folks who are religious report greater happiness. This finding is especially strong among those with lower incomes or who live in less prosperous nations. Perhaps religion helps us to focus less on our own wants and struggles, and more on helping others and leading a life of purpose.
NO. 11: WE’RE BAD at math and we don’t carry around financial calculators, so we guess—and our guesses usually aren’t very good. We underestimate how much loans will cost us. We overestimate the likelihood of winning with long-shot gambles like lottery tickets and penny stocks. We underestimate the benefits of compounding.
NO. 1: THE GOAL isn’t to beat the market, prove we’re clever or grow absurdly rich. Rather, the goal is to have enough to lead the life we want. We should favor the path most likely to get us there.
IF YOU ASKED everyday Americans to define a financial plan, chances are they’ll talk about investment strategy. And for many people who call themselves financial advisors, that’s what a financial plan amounts to.
But a real plan is so much more than that.
To be sure, investment strategy will form part of a financial plan. But a strategy that isn’t moored to each individual’s goals, risk tolerance, financial situation, family circumstances and values isn’t really a strategy at all.
I WAS OFFERED a “free retirement review” by Carlson Financial a year ago. The review would—among other things—”help me answer the five biggest questions I have about retirement.” I didn’t realize I had only five questions. Still, I decided a financial review might be in order.
I then forwarded an uncomfortable amount of personal information, financial statements and tax returns to a man I’d never met. Scott seemed like a nice enough guy, but hey,
WHAT ARE PEOPLE paying for when they seek out a financial planner? Where’s the real value? The answers may surprise you.
Financial planners typically tout their advice on asset allocation, retirement planning, cash flow analysis, insurance, wealth protection, estate planning and so on. But is that really the benefit they bring to consumers?
Consider an entirely different business. When you take your car to get serviced, what are you paying for? Brake repair, transmission diagnosis,
Question: If someone has a relatively small IRA—say, around $54,000—do they need to be as diversified as someone managing a much larger retirement portfolio?
Here’s what prompted the question.
My neighbor recently lost his wife. She had taken the lead on their finances, working closely with an advisor at a national investment firm. Now he’s on his own, trying to navigate retirement decisions without much guidance.
I tried to help by simply asking questions—not giving advice.
WHEN IT COMES to communication, I’m kind of a fanatic. (My wife would say I should drop the “kind of.”) More specifically, I’m a fan of responsive communication.
Back in my working days, when I practiced criminal law, I made it a point to return phone calls and emails from clients promptly. It was rare that I didn’t do it the same day. If that meant staying late at the office until I caught up,
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Mark Crothers is a retired small business owner from the UK with a keen interest in personal finance and simple living. Married to his high school sweetheart, with daughters and grandchildren, he knows the importance of building a secure financial future. With an aversion to social media, he prefers to spend his time on his main passions: reading, scratch cooking, racket sports, and hiking.
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