If retiring early is a goal you hope to achieve, you are not alone. The FIRE (financial independence/retire early) movement is growing at a rapid pace; and why not with markets hitting all-time highs? However, have you really examined whether retiring at or near the peak of a bull market is the wisest decision? What will it mean for your portfolio if the market crashes? Maybe not as much as you would think with some expert planning. Let’s take John Doe and his family for example. John is a frugal guy and has been actively planning to retire by age 45. With the markets hitting all-time highs, he knows a… Read More
Continue ReadingFive Essential Money Moves for First Time Parents
One of the most joyful life-changing game and event for a couple’s financial plan is the birth of their very first child. However, you will learn quickly that “kids ain’t cheap!” In this article, we will give you my suggestions for great money moves for first-time parents like yourselves. Saving and Budgeting First, when starting to prepare for your baby expenses which certainly are inevitable, you’ll need to evaluate what your monthly budget looks like as at now. You need to perform what we call cash flow analysis which helps you break down your monthly income, your fixed and variable expenses and your monthly savings. You need to identify some… Read More
Continue ReadingWhy Timing the Market a Terrible Idea
Recently, one particular client was looking for someone to help them reach their goals before retirement. With a seven-figure portfolio, he has done quite well for himself. But he was now interviewing for help, and a few brokers in town and us. They decided to go with another firm. Now, let’s fast forward about eight months. I receive a phone call early January of this year, and now the person said, “Hey Justin, I need to sit down and talk with you because I made a mistake”. Well, that’s not something you hear from a prospect. I said, “In what way did you make a mistake?” He said, “Well I went… Read More
Continue ReadingWhen Should I Start Drawing Social Security?
You may be eligible to start drawing Social Security as soon as you turn 62, but this doesn’t mean you necessarily should. By waiting a few years, you will get a higher monthly payment and potentially more total income. So how do you decide? If you need Social Security to get by, then the decision is easy: take it when you can. If you’re in the much happier situation where your family is earning good money without Social Security benefits (say your spouse is working a well-compensated job), then the decision is also fairly easy. Your Social Security, in this case, is going to be pretty heavily taxed, so don’t take… Read More
Continue ReadingYou Are Not a Financial Stereotype – Are You Treated Like One?
Who do you suppose you are to your financial advisor? Chances are you are less a person than a “type”. Maybe you’re the corporate manager who takes risks. Maybe you’re the single parent struggling to build a college fund. Maybe you’re the middle-aged couple who must take care of ailing parents. Whatever the details, what you are not is a unique individual. It has been my experience, that many financial advisors rely on a handful of investment models to cover the life circumstances their clients find themselves in. They have created six, or eight, or ten portfolios intended to encompass a broad range of circumstances and personality types, and their job… Read More
Continue ReadingBitcoin 101 – What is It and Should I Invest in It?
The word virtual is defined as “being such in essence or effect though not formally recognized or admitted.” Each and every day the world we live in, especially in this rapidly changing digital age, seems to move further and further away from the concrete and closer to the virtual. The recent surge in Bitcoin is, even more, evidence of the movement. If you’re like so many others and ready to jump on the Bitcoin bandwagon, make sure you understand it before you dive right in. Bitcoin is a cryptocurrency—virtual money—that is traded with no physical backing. There is no actual currency to be handled. Despite the picture you see as… Read More
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