If you’re a baby boomer, you most likely grew up with the notion that men are born with a natural ability to be good at managing money and investing.
If you’re a baby boomer, you most likely grew up with the notion that men are born with a natural ability to be good at managing money and investing.
When was the last time you talked, and I mean really opened up and spent some quality time, with your significant other about your dreams and aspirations for the eventual next phase of your life - retirement or early semi-retirement?
If you find yourself just about ready to say yes and commit to the development of a comprehensive financial plan but for some reason you keep getting stuck on making the final move, my guess is the thought of compiling the documents needed is your roadblock.
So imagine my joyful surprise when a new client just emailed me her very positive feedback after gathering all the info needed to design her financial plan...
Yet another study - this one telling me something I've noticed in my own financial planning practice for several years. According to Prudential Financial's latest study, The Financial Experience and Behaviors Among Women, 53% of the 1,400+ women surveyed are primary breadwinners in their households. The study polled 1,410 American women and 604 American men between the ages of 25 and 68.
Women are taking on the primary breadwinner role for several reasons; because of their partners loss of employment as a result of the financial crisis, as a result of divorce and because women are marrying later in life.
Of the many aspects involved when designing a comprehensive financial plan, probably my favorite element of all is helping clients decide on their number. The number I’m referring to is your total net-worth, but more specifically, the amount of liquid assets you’ll need to accumulate by the time you’re ready to retire or stop working for money.
The following is a guest post by my friend and colleague, Diane Williams who along with her husband became FI (financially independent) after reading the book Your Money or Your Life. Their story is both inspiring and exciting and I would encourage anyone who wants to know more about how they achieved FI at age 50 to contact Diane.
Yesterday, a slew of articles appeared in the news proclaiming Married Couples at a Record Low. I’m aware of the trend that younger people are delaying or reevaluating whether they want to make the plunge, and with over 50% of marriages still ending in divorce, I can understand the hesitancy.
So as we prepare to bid farewell to 2011 and ring in 2012, I find myself wondering, will money continue to be one of the major causes of couple’s calling it quits?
Next time you’re stuck at the airport on a business trip or sitting in traffic on the way to or from work, ask yourself this question. If given a choice between a higher quality of life vs. a higher standard of living, which option would I choose?
As we move into a global economy that moves faster and faster and becomes ever more competitive, the question of your money or your life will become ever more relevant. That’s because the financial pressures will continue to increase as will the demands on your time.
Striking a balance between work and play used to be a lot easier. Although this has traditionally been a struggle for most people, now it seems harder than ever. And with a sagging global economy and a roller coaster stock market thrown in the mix, finding time to just clear your head and think about your future is a daunting challenge.
For all the amazing benefits financial planning brings to people lives, perhaps one of the least understood yet most powerful outcomes is giving yourself the freedom and space needed to step back from your day to day routines and check in with yourself.
Although this seems like such an easy exercise to perform, with busy lives and demanding careers, it’s easier said than done. Usually a task like this gets put on that elusive to-do list, never to be seen from again. And before you know it, 10 or 20 years goes by like the blink of an eye. Yet taking the time this year or even next year to stop, slow down and assess where you are and where you’re headed can reap enormous dividends if done well and with unabashed self-honesty.