Tag

investing

The Six “W” Questions of Retirement

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As you know, a major part of my job as a financial advisor is to help you plan and save for retirement.

That said, it’s critical to take a hard look at what you are doing to ensure that you remain on track to reaching your retirement goals. Has anything changed in your life that could effect your retirement? Has your vision of retirement changed? Do you need to change how much money you’re saving, or how you’re saving it? Are your income needs still taken care of?

To make sure that you are still on track, I recommend that you ask yourself the following questions at least once every few years. I call them:

The Six “W” Questions of Retirement Read More

Being impulsive with financial decisions can cost you.

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Ever notice how much human beings act on impulse? Advertising companies sure do! So do car dealerships, banks and your local gym. Every time you go to the checkout counter at a grocery store, the strategically-placed candy bars and tabloid magazines are practically crying out: “Buy me!”…even though, five minutes before, you neither needed nor wanted them.

Pay attention the next time you watch television, or go to a store, or even open your mail. Entire industries are built on capturing the human impulse. Most of the time these impulses are harmless enough, but the worst of them can have serious consequences. In fact, one of the greatest dangers to our financial health is the fact that we don’t always think before we act. We don’t look before we leap. And we give up things we want most for the things we only want right now.

Not surprisingly, our best defense against these dangerous impulses is simple common sense. Whenever I need to renew my stock of common sense, I turn to the legendary Aesop who explained common sense in his fable, The Fox and the Goat: Read More

J.K. Rowling and the power of self-determination

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I believe in the power of self determination.

It might seem odd to feature one of the most famous, and wealthiest authors in the world for this post, but Joanne Rowling, as she is formally known, is actually the perfect example of how anyone can be successful, regardless of their background, upbringing, or circumstances.

As you undoubtedly know, Rowling is the author of the Harry Potter novels. What is less well-known is how similar both the creator and the main character are. If you’ve never read the books, the story starts with an orphaned Harry Potter living inside a cupboard under the stairs in the home of his less-than-affectionate aunt and uncle. Rowling, meanwhile, grew up with a mother suffering with Multiple Sclerosis, and a father with whom she was not on speaking terms.

In the books, Harry learns that he is a wizard, and travels to a magical school called Hogwarts – a place very strange and unfamiliar, and where he doesn’t always fit in. As a young woman, Rowling also traveled to a strange and unfamiliar place. Needing a job, she traveled to Portugal to teach English. Here she met her first husband, but it was not a happy marriage. Read More

How to teach your kids about money

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At times I get asked, “Paul, what gift would you recommend I get my daughter or son?”As a parent and financial advisor, I can’t help but relate that question to my life. Aside from love, what’s the most meaningful gift I can give my daughter? Well, knowing what I know about money and finances, and that the reality that financial problems and stress plague 7 in 10 individuals, my gift suggestion is to teach your kids and grandkids about money. Studies have shown that parents have the greatest influence on their children’s financial habits, and now, more than ever, mothers and fathers are taking the primary role in educating kids about healthy money management.

“Most financial experts agree there is a need for financial discussions among families to avoid or soften potential future economic upheavals,” says Suzanne Poole, Executive Vice President, Retail Sales Strategy, TD Bank. “According to a recent financial literacy poll by TD Bank, only 50% of families report having weekly conversations with their children about finances, even though there are easy ways to incorporate tips about money in everyday conversation. Read More