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?...
Paul Fain
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...
How to Determine When It’s Time to Sell Investments
We have quite a bit of deferred maintenance due at our home (painting, replacing windows, carpentry, etc.). To get some projects going, should we borrow the money, use some of our cash reserves, or sell an investment? I really do not want to take on debt, so that...
Financial Folly or Just Bad Luck?
Let’s face it, we all make mistakes. What are some common financial planning mistakes? To name a few: Overspending. Underestimating life expectancy. Neglecting to develop an eldercare plan. Underestimating the impact of inflation. Buying annuities without...
What Is an Investment Anyway?
According to Investopedia, “An investment is an asset or item acquired with the goal of generating income or appreciation.” You can invest in a business, stocks, bonds, real estate, oil, cash, crops and more. Fundamental investments are oriented around ownership...
The Landscape of Retirement is Shifting
Life expectancy continues to rise, yet the COVID-19 pandemic accelerated many early retirements. The median retirement age is 62, but it is projected that two-thirds of people born today will live past age 80. Are we ready for a long retirement? The mind says “Yes!”...
Spending Plans Get ‘Loud’ Thanks to Social Media
A friend’s 25-year-old daughter recently asked me if I had heard of “loud budgeting.” I confessed unfamiliarity with the term but discovered it has been drawing a lot of attention on social media. According to CNET Money’s website, “Loud budgeting is a financial...
Forecasting Failed Investors in 2023
"We've long felt that the only value of stock forecasters is to make fortune tellers look good," said the world’s most famous long-term investor, Warren Buffett. To his point, last year, the forecasters from banks, brokerage firms, mutual fund companies, and the...