Financial Planning Articles

You've probably heard the sage advice to rollover your 401(k) into an IRA once you've separated from service with your employer.  What many people don't know is they don't always have to stop working for their employer to qualify for a 401(k) rollover.

There are four principles that are foundational to teach our children before they leave the home as it relates to money and money management. 

If you own any of your own investments, you may have asked yourself if it would be better to manage them yourself or to hire a professional to do so on your behalf.

This article does not address whether or not you should purchase long term care insurance.  I will assume for my purposes that you've already decided this in the affirmative.

Also, I will assume that you have decided that paying ongoing premiums for the insurance is the best fit for you.  If you would like to learn about an alternative to regular ongoing long term care insurance premiums, you can read the Long Term Care Insurance Without Ongoing Premiums article.

Once you've made the decision to purchase long term care insurance using ongoing premiums, the next major decision to make is when to seek out a policy.

Managing the potential financial risk to your income and assets is an integral part of smart financial planning.  With increased life expectancies and the rising cost of health care, many people are asking the question, "should I buy long term care insurance?".

It is rare to find an American family without consumer debt.  Whether it is credit cards, student loans, home equity lines of credit, or auto notes, debt has crept into the fabric of our everyday financial life.

I heard a story some time ago about an elementary school whose playground was near a busy street.  The children would not play anywhere near the street because of the danger.  Instead they congregated close to the school building.

Later on, the school decided to build a fence along the length of the street to separate it from the playground.

Interestingly, after this boundary was placed, the kids moved their play far beyond their original location and closer to the street itself.  In fact, they would play right up to the fence boundary without fear.  How interesting that a boundary actually decreased fear and tension rather than increased it.

If you have ever been involved in a financial transaction with a broker, adviser, or planner, the following questions may have crossed your mind...

"Is this product in my best interest, or in their best interest?"

"How will my adviser be compensated in this transaction?"

"Is there anything that might be influencing their recommendation toward this particular product or service?"

If so, you are not alone.  The financial services industry and its compensation system is not as clearly understood as other industries.  By knowing the “hows” and” whys” underneath the products and services offered, you may be in a better position to make smart choices with your money.

It goes without saying that each adviser deserves to be compensated in some way for the service and products that they provide consumers.  Very few of us are naive enough to believe that they work on a pro-bono basis.

Understanding how advisers and agents are compensated can give you, the consumer, a better basis for understanding what may be right for you, or what could be a product recommended in self-interest.

As a financial advisor, you would think it strange if I thought that most people could or should do their own planning.

From my perspective, the issue is not so much one of competence to do it yourself, but the value of your time and the role of accountability in the overall process.

For many individuals, the 401k, 403b, and 457 has been the "no-brainer" way to invest for retirement.  

In this post, I want to discuss 3 creative alternatives for the management of your current 401k, 403b, or 457 balance, even if you are still working for your company.