Why Is Financial Planning Important?

Recently I was asked this question, Why is financial planning important?. I am of the opinion that financial planning is critical to achieve your financial success. However, with the increase of distress of many families in the United States many are going by without a financial plan and many even question the importance of having one.

It is understandable that if you are currently in financial

Protect Your Family with Estate Planning

What would happen if you were to die five years from now? Would you be ready for such an event? Most people are not ready to face such an end, but we can at least have our financial situation protected for our family and for our loved ones.You can't tell if your estate plan works until after the fact. There are so many variables in life that makes estate planning complicated. Where I see

Simple Steps in Planning for Your Retirement

Retirement planning is an important aspect of our lives. As good stewards and responsible members of a family we must include retirement within our overall family financial planning. If you are married, you naturally should do this planning together with your spouse.

One of the areas that needs to be address in any financial planning is the behavior of the family members towards money. This most

Gold is Not an Investment

Today let's talk about a subject that seems to be touchy to some people specially those that are "investing in gold". Gold is not an investment. Now before you close the window and start sending hate mail, I suggest that you read the rest of the post. The basis of my statement is founded on the definition of an investment. An "investment” is defined as the commitment of money or capital to

THE VICTOR

Today I want to share with you a poem that I enjoy reading, specially when I feel down. Many times we need to be reminded that through difficult times what gets us through those challenges is within us. How do we handle those challenges? What is our state of mind?Right now we are all going through one of the most difficult times in recent history. What should we do about it? Blame the president?

Secrets Of Success

In order to be successful in your life you must have sound roots. Also, you must discover any unhealthy and dysfunctional "roots". Consider this as excavating a bad root of a tree. It frequently takes a lot of time and sweat, and you might have to go through some "filth" to get there. There are likewise times when this occurs really quickly and impromptu - effortlessly, almost-due to a fresh view

Ten Ways To Improve Time Management

"Time management is not a peripheral activity or skill. It is the core skill upon which everything else in life depends." - Brian Tracy

Struggling with time management? You don’t have to. Do you often do you find yourself running out of time? For many people, it seems that there is just never sufficient time in the day to get everything done and therefore time usually seems "running away"

Scary Statistics

Based on a recently released study by Transamerica Center for Retirement, more than 21 million of Americans rely on their social security for their retirement. With all of the recent conversations in Washington about the health of the Social Security Administration, it is imperative that workers fully understand their benefits and what impact any changes the government makes would have on their

Health Insurance Tax Credit

The Treasury Department proposed regulations August 12th for a Premium Tax Credit for buying health insurance. This tax credit would give millions of middle-class Americans tax benefits intended to assist them with the acquisition of health insurance as part of the Affordable Insurance Exchanges that states will set up around the country. According to the Congressional Budget Office, when the

Why Prepare a Personal Cash Flow Statement?

Controlling your financial affairs requires a budget or cash flow statement. Budgeting and tracking your expenses gives you a strong sense of where your money goes and can help you reach your financial goals, whether they are saving for a down payment on a house, starting a college or university fund for your
children, buying a new car, paying off the credit cards or planning for retirement. A

How To Address The Concern of Outliving Your Retirement Savings

One of the worst nightmares for an investor is to outlive his/her retirement savings. However, there is a solution to this concern through the purchase of a longevity insurance product. A "Longevity Insurance" provides guaranteed income typically starting after you turn 85, in exchange for an initial investment made some 20 years earlier. Payouts are fixed and cover you and your spouse for as

Warning: Check Your Beneficiary Designations

Here is something that many people do not think about; including poorly trained financial advisors. With federal tax exemption at $5 million, many are not be thinking about their estate planning at the moment. Big mistake!

How many of you have looked at your beneficiary designations in the last 3 years for your:

* bank accounts,
* brokerage firm accounts,
* retirement accounts,
* company

Estate Planning With A Christian Base

Most people avoid the subject of estate planning due to their fear to death. However, Christians avoid the subject due to taboos/misunderstandings that still exists about the subject on money and accumulation of wealth in the Christian community. However, as followers of Jesus Christ, we need a different view and understanding about estate planning with a Christian base. As Christians we must

Warning Against Financial Investment Scams

Today I want to address those of us that have chosen the advisory profession as well as those who seek professional advise. The current environment has created the perfect scenario for scammers to attack a fragile niche; the retirement market. With 10,000 baby boomers turning 65 every day it is an attractive niche for them to target. According to a recent study by Metlife, elder fraud is a

The Importance of LTC Insurance as Part of Your Wealth Development Program

Many of us take for granted the good health we are currently enjoying, that is truly a blessing. Thank you to advancements made in the medical industry we are living longer. However, as we age our health continues to deteriorate. It is a fact of nature. Therefore, as we continue to age we all should plan for our senior years and the proper care during those years so we continue to enjoy life.

How Do You Define Wealth?

When I talk to business owners and families, one to the most interesting experiences for me is when I ask them "How do you define wealth?". What comes to your mind? The answer to this simple question varies from “Wealth is an illusion", "Wealth is the root of all evil", "Wealth is hard to achieve" to "Wealth is fun and achievable". The answer is conditioned on our beliefs and experiences.One that