As we embark on a new year, there's no better time to take control of your financial future by thoroughly reviewing your cash flow. If having a vision and establishing goals is the touchstone for a financial plan, this essential financial practice sets the foundation for achieving your goals and ensuring long-term financial stability.
Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
May is a great time to step back and take stock of your personal finances. The rhythm of tax season is behind you, and there's still plenty of time left in the year to make strategic adjustments. Whether working toward long-term goals or simply staying organized, a thoughtful financial check-in can help ensure you're on track and making the most of your resources.
As a financial advisor, one of the most important conversations I have with clients is not just about saving for retirement—it's about evolving their strategy over time. Individuals often treat retirement planning as a "set it and forget it" exercise. Your savings strategy should be dynamic, adapting to reflect the inevitable shifts in your life and the broader financial landscape.
As the end of the year approaches, it’s time for one of the most critical financial planning opportunities for employees: open enrollment. Whether you’re re-evaluating your benefits or making selections for the first time, open enrollment is a golden opportunity to make choices that align with your financial goals and needs.
As a dental practice owner, planning for your retirement is essential—not just for your future but for your practice's long-term success and your team's well-being. Choosing the right retirement plan can be overwhelming, with options like SEP IRA, Simple IRA, 401(k), and Defined Benefit Cash Balance Plans. Each of these plans offers unique benefits and challenges, so it's crucial to understand which option best aligns with your financial goals and practice needs.
As a financial advisor, I often hear clients express concern over the Federal Reserve's interest rate decisions and how these might impact their long-term investments. While it's natural to be attentive to such economic indicators, focusing solely on interest rate changes when planning your long-term investment strategy can be a misstep. Here’s why it’s important to maintain a broader perspective.
As a business owner, planning for retirement is crucial not only for securing your future but also for attracting and retaining top talent. With various retirement plan options available, it can be challenging to determine which one best suits your needs and the needs of your employees. In this article, we'll explore four popular retirement plans, SEP IRA, SIMPLE IRA, 401(k), and Defined Benefit Cash Balance Plans, to help you make an informed decision.
As Wealth Advisors with extensive experience guiding high net-worth families through the intricacies of planning for their transition to retirement, we have witnessed firsthand the evolving dynamics of what it means to retire well. Traditionally, the focus has been on ensuring financial security through wealth accumulation, aiming to cover the expanses of one's lifespan. The traditional definition of "Retirement Planning".
The decision between a Roth 401(k) and a Pre-tax 401(k) can significantly impact your financial future. While both accounts offer unique advantages, certain scenarios may make a Roth 401(k) a more attractive option. This article delves into the top five reasons you might consider a Roth 401(k) over its Pre-tax counterpart.
A Roth conversion is a financial maneuver where you convert funds from a traditional Individual Retirement Account (IRA) or 401(k) into a Roth IRA. This process involves paying taxes on the converted amount, as traditional IRA/401(k) contributions are typically made with pre-tax dollars, and Roth IRA contributions are made with after-tax dollars.
I often asked this question in high school – it usually involved someone walking away without me finding out.
And now that I have your attention…
In September 2008, the financial services company ING launched a marketing campaign called “Your Number”. You may remember these commercials – they showed busy people going about their day with large six or seven-figure numbers floating over their heads.
Following a significant life event, such as divorce or the loss of a spouse, people face a common question: How will being newly independent affect my family's lifestyle? During this financially delicate period, a decrease in household income, the ability to remain in the family home, and the long-term impact on a person's retirement plan are all top of mind.
The new year has begun, and with it come changes to monthly benefits and costs for Social Security and Medicare. On the positive side, Social Security recipients will see a 5.9% cost-of-living increase in their benefits, the largest since Ronald Reagan was President. Unfortunately, due to various factors, Medicare is also experiencing the most significant increase in Part B and D premiums in the program’s history.
In Part 1 of F.I.R.E., we explored the meaning behind the movement and the different variations, while Part 2 of F.I.R.E. provided some context on common misconceptions. With that backdrop, we are going to outline how to quantify your definition of F.I.R.E.
