All in Financial Planning
Join me this summer as I teach a course on Planning for Financial Independence at Cuesta College.
About the class:
We will cover the fundamentals of sound personal financial planning. We will help you chart a course for financial independence according to your values, goals, and targets. We will teach cash flow planning, risk management, investment management, college education savings, retirement planning, and estate planning basics.
In this week's personal financial newsletter installment, I have a couple articles to highlight from my reading -- Home Ownership vs. The Stock Market and An Under Appreciated Way to Save Big Money -- Your Car(s)
In this 3 Part Series I will cover, what I believe to be, the three main elements of a properly built personal financial plan.
The 1st element of a well written personal financial plan is: Your Purpose and Your Values.
As a business owner, you have invested a great deal of time and effort into building your company over the years. You know the amount of planning needed to maintain daily operations and grow your business. Now, you may be ready for retirement. But, the planning does not end. What you do next, and how you navigate potential tax issues and regulatory pitfalls, can make a big difference in the long-term success of your retirement.
The belief that you, or a particularly talented financial manager, can foresee the direction of the stock market is a seductive one. Some investors are confident that, with proper research, they can make money by snapping up equities when prices are low, and shifting their investments into cash or bonds when the market hits its peak. Even worse, they believe they can pay someone else can do it for them. But longitudinal studies have shown time and time again that no one can consistently predict the direction of the market in the short run.
My mission is to help 80 households be more generous over their lifetime. And that’s it.
What’s a household? Partly it’s a way for me to measure how many people I’m helping. So it’s a family, a unit, it could be a husband and wife and their kids. Or, it could be an individual whose committed to the process of working together to make wise financial decisions.
Why just 80 clients?
With the stock market’s historic growth that began in early 2009, many believe a 10% pullback may be a healthy thing. Such a drop is not horribly painful, by historical standards, and smart investors can cushion such a fall. Why is a market correction healthy and beneficial?
Over the past year, investors have been receiving notifications about the U.S. Department of Labor’s fiduciary rule that would have impacted financial advisors and their clients. Simply stated, the DOL’s new “fiduciary duty” standard would have required financial professionals who receive compensation for transactions to act in their client’s “best interest.”
#2 How to deal with the Imposter Syndrome
#3 What is Fee-Only Financial Planning?
