Creating Financial Plans

What good is wealth without health? Too many people don’t realize that taking care of themselves physically leads to better financial tomorrows.

Planning for retirement should start in your early twenties, if not before. Why? Because you develop good health habits early and health governs the quality of life long before retirement, and certainly after.

When H. Robert Bradley and his partners founded NorthLanding Financial Partners, an independent registered investment advisory firm in Rochester, N.Y., they chose the name of the firm very carefully. The last thing they wanted to do was to call their firm a “wealth manager.”

Stocks are breaking historic records quite frequently lately. We don’t know whether this rally really has legs, or if this is a replay of past booms and busts. As someone saving for retirement, what should you do? Rebalance your portfolio, retool your financial plan and respect downside risk.

Under the influence of romance, it is easy to be distracted from practical concerns, but couples that can’t agree on money issues don’t last. It’s important to address these problems early on with an advisor to keep your relationship intact.

Most people think sudden money only occurs infrequently. But a windfall occurs far more frequently than we think. Unfortunately, we often don’t see it coming or plan for it before it’s too late.

When I tell people I specialize in helping people who suddenly come into a substantial amount of money, the often say sarcastically, “Great! Expect a call when I win the lottery.”

The lottery win is only one exceedingly rare example of a sudden money event. Real ones can happen any time someone receives an amount of money that dramatically alters their financial future.

There is no skill more important than learning to stop wasting time. Using time wisely isn’t just about being more productive at work. It’s also about living life to the fullest. What good is creating wealth or getting out of debt if you squander the fruits of those triumphs playing BioShock Infinite all day?

Here are five steps to kick bad habits and make sure you don’t waste a precious moment going forward.

An inheritance can improve your financial future, but too many people fail to plan adequately, reject the advice of professionals and make tragic mistakes.

If you plan appropriately for your inheritance, you can ensure that you maximize its value and honor the intentions of the loved one who left it to you.

Here are four things to think about if you expect or recently received a bequest from a loved one. The right planning can bring peace of mind and freedom from regret about your financial choices and make a lasting impact on future generations.

Money empowers you to act on your desires, but also tempts you to spend on frivolous items and questionable goals. Figuring out your goal gets out of the cycle of aimless spending.

The financial services industry is unquestionably male dominated, and often stereotypes women as innocent wanderers. This is a mistake, and it’s one that all advisors and investors should realize.

Just last year, an old friend and new client told me that her prior advisors always “talked down to her” and “made me feel like an outsider.”  She said, “They always ignored me when I was with my husband, and treated me like an infant when I was alone.”

Blair Hodgson DuQuesnay disproves a well-circulated myth: that financial planning is the exclusive province of gray-headed advisors who cater to middle-aged and elderly clients with fat wallets.

The 31-year-old advisor just founded her own independent registered investment advisor business that caters to young professionals in New Orleans. She believes that advisors neglect to harness the power of the Web and ignore younger investors at their own peril. Clients in Generation X and Y are tomorrow’s well-heeled set.