It was one of my father’s favorite adages: “Turn a lemon into lemonade.” When markets turn sour, most investors feel the sting. But here is a perspective shift: Downturns do not have to be disasters – they can be opportunities in disguise. There are several ways to...
financial planning
Don’t Let Fear and Uncertainty Cause You To Make Poor Financial Decisions
In personal financial planning, fear is not your friend. Anxiety and worry cloud our judgment and compel us to make poor decisions. If a world of worry is the new status quo, what is the road less traveled? Identify your fears, accept the worries beyond your control,...
An Effective Financial Plan Is More Than Just Numbers
When people think about financial planning, they often picture spreadsheets, investment portfolios, and retirement projections. While these are important, they tell only part of the story. A truly effective financial plan is about more than just numbers – it is about...
Financial Soothsayers’ Forecasts Fell Short For 2024
Let’s have a little fun at someone else’s expense. What do fortune-tellers, tea leaves, and Ouija boards have in common? Their predictions are more accurate than Wall Street forecasts. As one financial writer puts it, “Annual stock market forecasts are a sad, legacy...
Year-end Economic Review Presents No Immediate Causes for Concern
In the year-end retrospective, our stockings were stuffed with a combination of oranges, walnuts and coal. In other words, life sometimes brings us a lump of coal, but we usually can find simple blessings to be grateful for. For instance, we avoided a much-anticipated...
How to Go On the Defense Against Financial Scams
Knoxville estate attorney Lisa Gammeltoft is on a mission to raise awareness about financial scams. The holidays are a peak season for fraud. I recently attended one of her presentations, “From Catfishing to Pig Butchering: Scammers Are Stalking Your Clients.” “People...
Financial Resilience Requires Planning
With approximately nine weeks remaining in the year, it is an opportune time to review your personal financial plan. I encourage you to take a “financial resilience” self-audit. Is your financial plan ready for the unexpected? Are you prepared for future shocks?...
For Effective Planning, Learn Your Retirement Income Style
It is a critical question affecting one-third of your lifespan: What is your retirement income style? There is not a “right” way to generate a retirement income. The key is knowing your preferences. For example, do you prefer the stability of a guaranteed income or...
Following These Steps Can Lead You to Financial Freedom
What is financial freedom? The answer is a slightly different picture for everyone. But there are some common characteristics. According to Dr. Brad Klontz, Psy.D., CFP and an expert in financial psychology, “What we want to focus on is that financial freedom where...
How to Adjust Financial Plans In a Time of Challenges
“Sell crazy someplace else. We’re all stocked up here.” (Jack Nicholson in the movie “As Good as It Gets”). I decided to watch a recording of the recent presidential debate. It got crazy! Especially when two very grown men, vying for leadership of the most powerful...