Making Cents: Divorce and Money
It’s no secret that many couples end up airing their grievances in court. About 50% of our married population ends up in divorce, with second marriages showing a higher rate of divorce at around 65%. Rarely looked back upon with fond memories, the battling and legal costs associated with divorce brings anguish. Almost as rare…
Making Cents: Real World Finance for your College Graduate
As another college graduating class enters the real world, please use this opportunity to give them the only formal lesson they likely didn’t get in college. That lesson is real world finance 101 and how to live fiscally responsibly and within your means. There are many new grads looking for work related to their newly…
Making Cents: Planning for Children with Special Needs or Dependency Issues
Between what appears to be a larger percentage of children born with special needs and the recent epidemic of opioid addiction and dependency, many parents need specialized guidance in order to best assist these children and ultimately, protect their assets from the issues that can easily drain any estate. The core issue is the child’s…
Making Cents: Price Inflation may be Higher than you Think it is
Calculating the rate of inflation seems rather simple. If you pay $10 for something today and one year later that item costs $11, you would think that the item has inflated by $1 or 10% over the past year. But when it comes to the rate of inflation, there is yet another variable to factor…
Making Cents : Game Changing Life Transitions that need Attention
Most people approach their financial planning on a piecemeal basis. They look at their portfolio every now and then. They talk to an estate planner every 10 or 20 years, even though it should be more frequent. They buy their life insurance in a vacuum and never look at it again. They buy and sell…
Avoiding Battles about Money
According to a 2012 Harris Interactive poll, about 36% of all couples aged 55 – 64 argue about money. That’s the highest percentage amongst any age group and significant because people in that age bracket are either retired early or thinking about the day that they may stop working. Most life and financial transitions are…
Myths About Financial Advice
When it comes to choosing a new financial advisor or evaluating your current advisor, there are some very basic elements that you need to consider. To get you in the right frame of mind, consider these myths and new realities. Myth number one is about competence and success. Believe it or not, the most successful advisors…
Busting Myths of Financial Service Firm Independence
Most financial services firms tout their independence and how they are always looking to do what is in the best interests of their clients. But the truth, of course, isn’t so simple. Let’s start by busting a few myths about adviser independence. First may be the myth that because someone practices as a fee-only adviser…
How Competent Is Your Advisory Team?
Most people have a cadre of professionals that surround them. These professionals typically include an accountant, attorney, investment person, insurance person, banker and whomever else is needed to service your personal financial issues. What continues to shock me is the tolerance that people have for professionals who are either incompetent or lackadaisical about serving their…
Year End Tax Moves To Consider
In a famous tax court case from 1934, Judge Learned Hand spouted what is now a famous quote amongst us tax nerds. Justice Hand said that “anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury;…