And now for the bonus round - a few multiple choice questions about Americans and retirement.
And now for the bonus round - a few multiple choice questions about Americans and retirement.
Thanks to my friend and client Eddie Mac for passing on this excellent article about raising your kids with a good set of values around money.
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.
Imagine for a second you and your life mate are headed out on a 30+ year journey, one that you had been planning to take for as long as you both can remember. You’ve dreamed about all the places you’re going to visit and the people and friends you’re going to meet along the way.
You know given your age, this will likely be the last, yet greatest adventure of your life with memories and experiences you’ll cherish forever. And vital to the success of this journey will be the confidence and knowing that the hard earned money you saved your entire working life will last the duration of your great adventure called retirement. You also know that once you set sail for the great unknown, there will be no chance for a do-over 10-15 years from now if you failed to properly plan.
There’s really no easy way to define the experience of waking up your first Monday morning after a lifetime of work, and realizing you’re retired and financially independent. You made it! You don’t have to go to your cube/office/practice/business again - EVER.
For some, this first Monday morning is a Zen experience, transformational in essence, very spiritual and very powerful. For others, it’s one of the most terrifying days of their life.
When was the last time you dreamed about the life you imagine yourself living, the career or business you see yourself owning, the soul mate you see yourself marrying and loving, the abundance you see yourself manifesting?
Although not news to me – you might find it shocking and certainly disturbing to discover that some financial advisors will sometimes work against their clients best interests if – guess what? If the advisor can pocket more money in fees.
According to a new study, done by Cambridge Mass. based National Bureau of Economic Research, (NBER) many advisors will encourage chasing high returns and press clients toward funds with higher fees. This was discovered after NBER sent out auditors, posing as clients, to almost 300 financial advisors in the Boston area.
