Unless you’ve been in a cave for the last several months, you have probably been bombarded with news about the coronavirus (COVID-19) pandemic. The disease, which began in Wuhan, China, has spread to over 120 countries and has infected upwards of 150,000 people, leading to over 5,000 deaths. With a mortality rate of roughly 3.4%, COVID-19 has made the world take notice. The threat of COVID-19 has caused businesses from Disney World to Urban Outfitters to shut down and canceled many events from music festivals to the NCAA’s March Madness basketball tournament. With so many closures and cancellations, COVID-19 impacts the financial market in a major way. But what does that mean for you?
If you enjoy roller coasters, then perhaps you’ve enjoyed the last twelve months of the stock market. On the other hand, if you’re like many others, then watching the seesaw of events affect your portfolio could be causing you some sleepless nights. With the 2018 Christmas Eve drop and the after Christmas rebound of the market, now may be a great time to check your risk tolerance. Read more
One of the most joyful life-changing games and events 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. Read more
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 becomes fitting you into one as best they can. Whether they have ten clients or a thousand, each will be fit into one of these models, one way or another.
At Heritage Investors, we refuse to shoehorn our clients into cookie-cutter investor models. It would be a disservice to our clients, and it doesn’t work.
Let’s say you are a married couple living next door to your married friends. You are all in your early to mid–40s, reasonably healthy, working decent jobs, and looking to retire in a couple of decades. Let’s say further that you both go to a financial advisor who drops you into the same “perfect” predetermined investment portfolio.
What happens when your life takes an unexpected turn? Life happens. You or your spouse—or both of you—may fall ill or be forced into long-term unemployment. All of a sudden your retirement 20 years in the future takes a backseat to making ends meet today. Or one of you is diagnosed with a terminal illness, and you realize you probably won’t be around in 20 years. At that point, your focus may be meeting expenses and providing for your survivors.
The point isn’t just for tragedies, either. Your calculations will also change with good fortune. Let’s say you come into an unexpected inheritance or some other windfall. Good for you! While you’re celebrating, though, you should also start thinking about how your new situation has changed your plans for the future.
As CERTIFIED FINANCIAL PLANNERS™, we at Heritage Investors pride ourselves on treating each individual or family situation as unique. That’s the way we like it, and that’s the way our clients like it as well. If you think that, you too, may like this approach, please get in touch.
When it comes to your health finding the right doctor can be a daunting task. You’d obviously prefer an MD to someone that’s taken few medical classes in college. You want to make the best choice possible to ensure you stay in good condition, so why should the health of your finances be any different? It shouldn’t, which is why it’s so important to understand what the driving force behind the financial expert you’re turning to for advice can really offer you. Here are four common “experts” most people approach when seeking financial recommendations. Read more