Although some 65 million Americans have financial advisors, too few know what these counselors do. Many clients tend to focus on unimportant details like: He’s a friendly guy. Or she’s good-looking. Or he has a killer golf handicap. Or my father likes him, so he must be OK. Those superficial assessments don’t serve you well.
You’re in the middle of reviewing your finances with your advisor when you say you’ve got a chance to get in on the ground floor of a great new investment. Your advisor suddenly seems to cringe. How can an advisor best tell you that you have a lousy idea?
If you’re like most people who think about retirement, you probably imagine traveling in your golden years. Before you browse Acapulco websites and whip out the credit card to buy your ticket, make sure your finances can handle your trip.
When a financial genius invests in you, that’s usually a good sign. This seemed to be the case recently when George Soros invested $500 million with Bill Gross at the latter’s new firm. The Soros money went into a separate account that follows Gross’ new Janus Global Unconstrained fund.
Emotions involved with caring for the elderly can seem almost as overwhelming as the finances. As your loved ones age, what topics must you be ready to discuss? Beyond money, you need to talk about independence and basic preferences for the way individuals want to live or die.
Now more than ever you must explore every detail of potential income for your golden years. Sometimes that takes a little legwork, the right questions and a willingness to admit that you don’t know the answers.
Falling prices are a good thing for the cash-strapped American consumer, whose income on average has fallen to where it was in 1994, as we’ve reported. But behind every silver lining, there’s a black cloud. We are risking a plunge into the abyss known as deflation.
Winter is a good time to improve your financial life, making good moves for the rest of the year. Here is a trio of things to get done.
After last Christmas, millions of people – including maybe you – returned gifts you didn’t want and either exchanged or just pocketed a refund. The process only increased the pressure that exhausts everyone, especially parents: Rush and spend to the limit of your credit, often to help your kids. Your kids are watching, though, and for their own good you must teach realities about money.
The dollar serves as an excellent prognosticator for the U.S. economy. Its remarkable strengthening lately serves as very positive signal. With the help of low interest rates and an improving economy, the dollar’s dominance should continue for a good while.