Creating Financial Plans

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Getting Professional Advice

Submitted by Jeff Rose on Thursday, October 30, 2014 - 3:00pm

We’ve all been there: whenever you have a question, you Google it. But when it comes to your finances, don’t rely on the Internet. There’s so much going on in a person’s life that is unique to him or her. The advice that applies to others doesn’t apply to you.

Consider this question a woman asked me:

Invest Like a Girl

Submitted by Maureen Crimmins on Monday, October 27, 2014 - 3:00pm

Patience is a virtue. When it comes to investing, that’s why women often do better than men.

My household is filled with girls. When raising them, my husband and I always tell them that their gender does not limit them. They can do anything they choose; that means playing softball and soccer, dancing, shoveling in the winter and landscaping in the spring. If you still think doing something “like a girl” is a bad thing, watch this latest ad by Always.

Money Lessons From Baseball

Submitted by Gary Brooks on Thursday, October 16, 2014 - 9:00am

As you cheer your team in this year’s World Series, consider that America’s favorite pastime can teach you a lot about America’s main preoccupation: money.

How does baseball resemble your investing or financial decisions?

1.      Probability of outcomes matters, whether concerning stolen bases or investment returns and financial goals.

2.      Separating a manager’s skill and luck takes a long time.

3.      A quality process matters more than immediate or short-term outcomes.

Stewardship and Your Money

Submitted by Eric Ross on Monday, October 20, 2014 - 12:00pm

What traits of the wealthy make them good at managing money? That question assumes a direct correlation between your wealth and your skill at managing that wealth. Wrong idea.

Better to ask, “What are the traits of someone who is a good steward of wealth?”

Getting Free Advisor Help

Submitted by Cherice Chen on Thursday, October 2, 2014 - 3:00pm

Financial advisors are not just for the wealthy. If anything, the financially insecure need advisors more. If you can’t afford one, the good news is, free advisory services exist to help you stand on your feet.

“We do tons of planning for people with very limited assets,” said Anthony Canale, president of the Financial Planning Association, New York Chapter, during a panel discussion.

The Rich and Their Advisors

Submitted by Cherice Chen on Tuesday, September 30, 2014 - 3:00pm

Rich people have different problems. For the more affluent, the financial planning process is more complicated. That’s why this clientele often turns to a team of professionals.

But there typically is one central advisors to play quarterback, coordinating the efforts of such experts as accountants, real estate attorneys, estate planning attorneys, said Stephen Stabile, senior vice president and wealth management advisor at Merrill Lynch, in an advisor panel.

Planning Beyond Investing

Submitted by Jeff Stimpson on Wednesday, September 24, 2014 - 3:00pm

Financial advisors can reach far beyond a portfolio and investments. Most people have no idea that advisors can assist with matters as diverse as estate plans and insurance, to ensuring you invest with your head and not always your heart.

“Emotions will overcome economic considerations every time,” said Tim Maurer, wealth advisor with Buckingham Asset Management and director of personal finance for the BAM ALLIANCE, speaking on a recent advisory panel.

$ To-Do List for Rest of 2014

Submitted by Roger Wohlner on Wednesday, October 1, 2014 - 12:00pm

With most of this year suddenly behind us, plenty of financial chores remain for you in 2014. Here are eight to-do items for your list.

1. Review your 401(k). With the Standard & Poor’s 500 and other market indexes at or near all-time highs, revisit your 401(k) asset allocation and, if needed, rebalance. Why not take this chance to activate the auto-rebalance feature if your plan offers one?