Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
Catch up on some of the latest posts with this week's roundup:
When Emotion Is the Enemy
by Patrick Quinn, Hat Tip Wealth Management
It is possible to accumulate much more than a million dollars – which may or may not be a goal for you. What strikes me about this song is the use of the word “if” and the casual, oh well approach to somehow getting a million dollars. It captures how we all sometimes feel about being wealthy, like when the lottery jackpot balloons and we get caught up in the emotion, buy some tickets, and dream about all of the things we would do with that money. Don’t you love it when people say, “yeah, but you’ll have to pay 50% of that in taxes”? OK, you just won $400 million – I think you’ll be fine with $200 million after the government gets their share!
Dealing with the emotional aspects of financial planning and investment management continues to be one of the most important aspects of the work I do with my clients. We’ve been talking a lot lately about the recovery in the stock market since the heavy losses we suffered in late summer. Looking back on that period, the most important advice I remember giving was emotional advice. It was helping clients find clarity when we were bombarded with market volatility, sudden losses in stocks, and negative financial news.
Remember some of these headlines?
Money Moves to Make Before December 31
by Mary Beth Storjohann, Workable Wealth
It may seem unbelievable, but the end of the year is quickly approaching. But before we say goodbye to 2015, know that there’s still time to make most of this year — especially in your financial life! You can start by making these money moves before the clock strikes midnight on December 31.
The following actions will help you maximize your savings, take advantage of tax breaks, and prepare yourself for 2016. You can start the new year off on a the right financial footing, and give yourself a little boost on any money-related resolutions you might want to keep next year.
Why Being a Gen-Xer Sucks, Sometimes...
by Brent Dickerson, Trinity Wealth Management
It isn't easy having grown up when we did. Mostly because we grew up during an American golden age. In the 1980s Reagan's economic plans brought us out of the malaise of the Carter era funk, and then the world economic boom of the 1990s led us to believe in a false sense of prosperity and exuberance should last forever. We didn't know anything other than good times for most of our lives.
If you're like me, born in 1977 and graduated high school in 1995, then you grew up knowing good economic times, mostly. We experienced a slight downturn in the early 90s, but for the most part the economy grew and grew and grew during our formative years. Then the internet boom took off and peeked about the time we all started getting jobs and wanted to be a part of the stock market investing club where everyone was making a fortune. Unfortunately for many Gen Xers, me included, we got it at the worst possible time. I, for one, invested in a lot of things that deflated when the bubble burst, and I'm sure I'm not alone.
Talking About Money with Your Spouse
by Katie Brewer, Your Richest Life
Relationships don’t survive without honest talks about money. Money conversations can be tough, even when you’re happily married.
It’s an incredible gift to your marriage to know how to handle your money in a productive, drama-free way with your spouse. Some researchers estimate that couples who work together to manage their money can double their wealth as compared to their single counterparts. It’s much easier to make progress towards a happy, financially stable financial future when both you and your spouse are working as a team.