Money Matters

10 Posts in this category
Posted By: CFP&WM On: Jul 8th, 2009 In: General info Investing My soap box

If you Invest There is One Thing You Gotta Know

If you don’t know anything else about investing, the one thing that is paramount to know is the different legal safeguards and standards of care depending upon from whom you receive your financial advice.

You have three options for receiving investment advice:

1) Registered Investment Advisor (RIA). According to state and federal law anyone providing financial advice for a fee …

Posted By: CFP&WM On: Jul 8th, 2009 In: Financial planning General info My soap box

What is Financial Planning?

Financial planning is the process of helping you to obtain your goals in life by making better decisions in the management of your finances. Everyone has different goals therefore everyone’s financial plan will differ. However, the process of financial planning is always the same and will include:

1. Defining your goals both short-term and long-term

2. Gathering the necessary information

Posted By: CFP&WM On: Jun 24th, 2009 In: Beware - Horror stories General info Investing My soap box

Reasons to Avoid Financial Advice At a Bank

In the good old days a bank was a bank. It was where you deposited your paycheck, had a savings account and got a car loan. Laws were changed (due to heavy lobbying by the banks) to allow them to sell investment and insurance.

Most banks now have a subsidiary company/partner that is a Broker Dealer (BD) and the financial …

Posted By: CFP&WM On: Jun 22nd, 2009 In: Financial planning Investing My soap box Retirement planning

Do Not Stop Funding Your 401(k)!

Regardless of what’s going on in the economy and the stock market, do not stop funding your 401(k) accounts!

Most workers with 401(k) plans have viewed their retirement savings as having trickled away with the current stock market plunge.  In addition, 25% of US employers have or are planning to eliminate 401(k) matching contributions as a way to make it …

Posted By: CFP&WM On: May 28th, 2009 In: Investing Money Matters

State Farm Rejects CFP Consumer Safeguards for their Agents

Americans don’t learn about finances in school but rather from the school of “hard knocks” (experience). When it comes to finances, many turn for help. The problem is virtually anyone can be called a financial advisor, including stockbrokers and insurance salesman.

Recently, the CFP Board, put stricter standards in place by requiring Certified Financial Planning practitioner to “always place the …

Posted By: CFP&WM On: May 28th, 2009 In: Financial planning General info Investing My soap box

Bank of America is at it again!

A client recently called me and was shocked that the annual interest rate on the money market sweep account at Bank of America Investment Services is currently at 0% interest. Most other money markets are currently paying less than 1% interest.

Banks, and credit unions and mutual fund companies offer money market accounts.  These accounts consist of very short-term debt …

Posted By: CFP&WM On: May 22nd, 2009 In: Beware - Horror stories General info My soap box

Suze Orman: The Good, the Bad, But the Never Ugly

Okay, so I modified the title of a Clint Eastwood movie, but it sort of fits.

Her books are top sellers, she is often on TV, she markets “kits” to help, and she is seemingly everywhere so we all know that she is an attractive lady (certainly never ugly). 

Everyone knows Suze Orman but many do not know her background. …

Posted By: CFP&WM On: May 20th, 2009 In: Financial planning General info

10 Tips for Retirees in These Difficult Times

The recent economic changes impact everyone and particularly those who are retired. Whether it is a drop in value of your retirement account or decrease in interest rates at the banks, everyone has noticed.

The question is what can retirees do now? Some things are fairly obvious, such as delaying a vacation or just spending less on trips.  Putting off …

Posted By: CFP&WM On: May 20th, 2009 In: Estate planning General info

Seven Estate Planning Documents Tips

Your state planning documents are designed to safeguard you when incapacitated as well as to efficiently pass on your assets when you’re gone.  Unfortunately, you should not “do them once” and forget about them.  Here are some tips that can help.

1.     Review your powers of attorney and verify those agents listed represent your current ideas on who you want …

Posted By: CFP&WM On: May 20th, 2009 In: Beware - Horror stories Cash-flow budgeting My soap box Taxes

Biggest Ponzi Scheme Ever

For 39 of the past 40 years the US government was allowed deficit spending. Our federal government is providing us with more services than we are paying for. The difference (the deficit) is made up by the US selling more Government Bonds that will be paid in the future by later tax payers.

By definition A Ponzi scheme is an …