*Originally posted on andefrazier.com* The first step to finding a great money team is to recognize that ultimately you are 100% responsible for your financial decisions. This includes making sure you are educated and knowledgeable about not only “the what” of your plan, but “the why” as well. When finding great people to give you advice, they should have not only technical expertise but also behavioral competencies. Here are some great tips to help guide you as you build
As year end approaches, various holidays have most people running around preparing for guests, buying gifts and doubling-down on the craziness already controlling most people’s lives. But this is also a time of year when thankfulness begins to pervade our consciousness. We find ourselves reflecting upon the people, opportunities and blessings that surround us. Of course, most people’s first thoughts focus on family. Then, we also find concerns uniquely important to us, fro
*Originally posted on ruston.agentadvisors.com* Q: I had a really bad experience with a so-called financial professional several years ago. Since then I’ve kept my affairs pretty simple and done everything I could for myself. Because of that man I really don’t trust anyone anymore. The problem is that things are getting complicated enough where I do need some help. What’s the balance between being gullible and getting the help I need. A: The word you are searching for is trus
Debt. Such a scary word. Let’s start with what I believe is an accurate definition. Debt is when you owe a dollar and do not have a dollar. Leveraging, on the other hand, is when you owe a dollar but chose to use that dollar to do something better with it than pay off the debt. For example, you may choose to try to earn a higher rate of return in an investment than the interest cost you owe on the debt. For some, just the mention of the word “debt” creates anxiety and fear
You’ve heard that tune on the piano. In fact, if you’re like most, you even learned how to play it as a kid. Maybe an older sibling or a friend taught you. It’s so easy, almost anyone can do it. Listen if you like. You played just a phrase or two and it seemed impressive at first because it included some basic rhythm and harmony. You played more than one note at a time and it didn’t take too long to make it to the end. You made it and you were proud of yourself. But le
Major life events can be happy, joyful, stressful, sad and many things in between. The one thing they have in common is that as each new event happens, it marks a new chapter in your life. Whether it’s a marriage, a birth, a death, a retirement, or a graduation - all of these events provide an opportunity to re-evaluate your current financial situation. The more you’re proactive in your addressing these important events, the better off your bank account and your peace of min
Have you ever felt like no matter how hard you try, you just can’t get ahead? “Financial rules” can seem to be set up so that they only benefit those who have made them. When planning for your financial future, it’s important that we understand these rules and how they can affect our success. Just like any game, you need to really understand the rules in order to win.
So, how can we become better equipped to play the game? If we are not careful when planning for our financ
Let’s talk about Millennials. Everyone tries to tell Millennials what they should be doing with their money. Save! Save! Save! - that’s pretty much the bottom line of all the articles out there about how you should become financially successful. Budget, save for retirement, know what you’re spending your money on, think about investing, be sure to start paying those student loans and oh, did I mention budget? This so called “ beginner's guide to money” can quickly start to se
Getting your financial life in order can seem overwhelming. And when we do think we have it together, it’s because we’ve set up a lot of “automatic” things that we think are keeping our financial future intact. Just because you are opting into things like a 401k, life insurance through work, or even if you have a financial professional, it doesn’t mean it’s handled. It’s not just set it and forget it. One of the biggest problems you could face when heading towards retirement
Women are basically ruling the American economy right now, holding more than 52% of management and professional related jobs in the US. And now 40% of women are the household breadwinners. The biggest kicker is that women are controlling 51% of personal wealth in the US and are expected to control $22 trillion by 2020! These are not numbers to be ignored. So with women killing it at pretty much everything we do, why are we still afraid of planning for our financial futures?
As financial professionals, we deal with many types of clients and each one usually has some preconceived notions about financial planning and what it should entail. Recently, I was having a conversation with Norman Barden, Financial Representative and Director of Operations for the Rome, Georgia Office of 21st Century Financial. I asked him to tell me about the types of people he interacts with and their perceptions about working with a financial professional.
In the world of personal finance, there is no shortage of information available, so how do you know what is right for you? If the advice you are getting doesn’t consider both facts and all the “what if’s”, you could potentially be putting yourself at risk for financial failure. So how can you spot the difference between bad advice and sound advice?
There are 2 ways people make decisions: deductive reasoning and inductive reasoning. Deductive reasoning, which is common in
People make dumb mistakes all the time, like taking bad advice from a friend or forgetting you had that dentist appointment that you’ve missed for the 4th time. A lot of times a dumb mistake is just that, a dumb mistake. But when it comes to your personal finances, a dumb mistake can really impact your financial future. These 3 money mistakes are ones that you definitely don’t want to make.
Borrowing from 401(k).
If you need money, borrowing from your 401(k) is not the ans
In the last few years, we have seen the world of financial planning evolve and change. With the emergence of technology, robo advisers, and more information available to provide education, the choices people have with which to plan for their financial future is more diverse than ever before. But when it comes to taking action on your financial decisions, are you really getting what you need to make smart and effective choices for you and your family?
The practice of an
Everybody, everywhere sets goals. At work, at home, with money, with weight, with success, with projects - you name it, someone has a goal for it. But, is setting goals doing more harm than good?
Now, no one is going to say that setting goals is a bad idea, but maybe they’re not as motivating as you think they are. Evidence suggests that goal setting can be counterproductive, especially when goals aren’t matched up with specific action plans and behavior modification. Des
For the most part, the retirement conversation is all around save, save, save. This makes sense considering the average 50 year old has only $42,797 saved for retirement, but there are many more decisions that have to be made. There are many different factors that impact your ability to have a successful and happy retirement. So, what is missing? Let’s look at just a few of the important issues to consider: Legal Documents - Get your legal documents in order. This starts
Did you know that women age 50 and older control a net worth of $19 trillion and own more than 3/4 of the nation’s financial wealth? That’s no small number. And it’s growing every day. In today’s world, many women are holding the power positions in their family. More and more women are working full time, and making more money than their male counterparts. These statistics go to show you how powerful women are in the American workforce, homes, and consumerism.
With women c
Divorce. Yep, I said it. The “D” word. The sad reality is thousands of people file for divorce every year. Let’s be honest. Divorce isn’t easy. In many cases, the reason for divorce is related to money troubles. 24% of people divorce due to financial priorities or spending patterns. And finances are the leading cause of stress in a relationship. To make matters worse, getting a divorce can be the catalyst for bad financial decisions. Divorce is emotional and impactf
How can you recognize good advice and sound information? First, understand that every financial product has advantages and disadvantages. No one product can do it all, and no one product has all positive features. When working with a financial professional, make sure they are providing you with the transparency you deserve so you can maximize your wealth potential.
After all, what good is it to have a financial plan that doesn’t compensate for the disadvantages of the f
Understanding the financial traps and pitfalls that are all around you is paramount to building financial wealth. Unfortunately these pitfalls are not always obvious, therefore they can have devastating effects on your wealth building potential. What is even more troubling is that many financial professionals don’t explain these financial traps, which leaves you vulnerable. The good news is that once you have these eroding factors explained to you and understand their destr