Why do people so consistently underestimate their lifespan? Their thinking is influenced by the money scripts, financial circumstances, stories, and emotions that drive a person’s cognitive biases, or mental shortcuts.
A planner using a fee-offset model sets an annual fixed fee for their services. Then any commissions earned from the sale of products, usually insurance products, are credited back to the client, offsetting and reducing the annual fee by the amount of the commission.
What’s the best age to start taking Social Security? That is a frequently asked question for financial advisors. It’s also, as any financial advisor will admit, completely unanswerable without significantly more information. Social Security is too inherently complex for one-size-fits-most recommendations.
The goal that was so theoretical in my 20’s had become a reality in my 60’s. I had become financially independent by investing in real estate.
How much do you pay every month for invisible stuff you don’t use? I’m referring to subscriptions or memberships for things like music streaming, movies, software, magazines, gyms, shopping clubs, and other services or online resources you may have forgotten about.
When each of my children was born, I had their application for a 529 college fund filled out, mailed, and funded with the first $100 before they were released from the hospital.
What do Americans receive in return for our considerable spending?
Senior discounts aren't just about age; they're about a lifetime of work and contributions and a way of giving back to you. They also allow you to stretch your income and enjoy more experiences. You’ve earned the right to enjoy them.
News reports announced the deregulation of real estate brokerage fees would slash commissions by 25% to 50%. How would that happen?
A recent series of articles explored the intricate, expensive, and often confusing web of the long-term care industry.
Here are some reasons couples should sign a formal prenuptial agreement.
It is essential to have open and honest pre-wedding conversations about both partners’ personal finances and attitudes about money.
The more strongly people buy into the rhetoric of their political parties, the more difficult it is to be pragmatic about their investments.
How much of your income should you spend on rent or a house payment?
There is power and freedom in acknowledging our financial mistakes rather than shaming ourselves for them.
Millions of people in the U.S. have a great offense when it comes to earning money that could provide them financial security. Yet it does not, because their defense in protecting and creating that security is gravely underperforming.
Let’s look at some of the important financial professional designations. I’m informally putting them into three categories based on the level of training and time commitment they require.
Calling bitcoin an investment is like calling a lottery ticket a financial strategy.
Given the interplay of economic data, cognitive biases, and political agendas, it’s no wonder that our views on inflation are complex and may not reflect economic reality.
What denomination of coin will you spend two seconds to pick up?
Understanding the spectrum from financial dysfunction to financial wellness can help you find a more holistic approach and give you a clearer, more balanced perspective as you navigate your journey toward financial wellbeing.
This week we’ll look at five Ps that define wellbeing, along with their negative counterparts.
While overall economic inflation has slowed over the past 18 months, health insurance costs keep going up.
Are you a Grinch?
Spending on essential intangibles that support health, happiness, family connection, and relationships is the wisest way to turn wealth into wellbeing.
Last week’s article helped you determine if your clients would benefit from consulting a financial therapist. But how do you find one?
What is a financial therapist, and how do you know when you need one?
Let’s go back four decades and consider a few key indicators of wellbeing.
Welcome to the world of anchoring, where your serenity takes a back seat to anxiety.
“I guarantee to make you an investment genius in six months. Send me $199, and I will reveal my secret.”
Being left solely responsible for wealth through divorce or widowhood later in life comes with its own set of responsibilities, opportunities, and challenges. As with so many financial life events, it is often the emotional challenges that are the hardest.
Recently, a newly divorced woman in her 50s asked me if I knew of any good books for middle-aged, single woman of wealth.
Is the work you do to make a living a job, a career, or a calling? Recognizing the difference will pay great dividends in many ways.
If you're concerned about the downside of leaving real estate to heirs, there are several alternatives.
The reasons people choose to live in high-cost-of-living locations are clearly emotional.
As with so many other financial matters, the varying opinions around student loan debt forgiveness are more about emotions than dollars.
An essential component of planning for retirement and old age is building financial resources to pay for LTC. Yet having enough money is not a guarantee of getting the best care you need when you need it.
Rising interest rates are giving sellers an opportunity to broaden their opportunity set.
The illusion is that people come to financial planners for financial advice.
The cumulative increase in college tuition has been much higher than inflation over the past 40 years.
Recently, I came across an example of something worse than having no will…
At the height of the pandemic recession, a prominent economist proclaimed that the dollar would plunge 35% and lose its status as the reserve currency. Why was he so wrong?
Some couples may have what can be termed "faux" financial intimacy, where there is no tension or conflict because they avoid talking about money.
Here is a tale of two families who were alike in many ways, including political and religious beliefs, income, and net worth. But they were drastically different in how they approached aging.
If you answer “yes” to any of the following questions, you might be caught up in toxic positivity.
Deciding whether to pay a family member for in-home care is highly personal and dependent on individual circumstances.
According to reasonable and trustworthy data, we are not in a recession.
Our money scripts have an impact on the way we think about final expenses for our loved ones and ourselves.
While much information is available about the technical aspects of avoiding bankruptcy and steps to take when filing for it, there isn’t much written about the emotional costs.
When you travel abroad, get travel insurance. I needed to use mine on three international trips this year.
