Magazine Archive
Magazine Archive
Facing Your Financial Fears Can Be Empowering
What do people 50 and older fear most about aging?
Their biggest concerns, according to recent research by AARP, is that their physical health and cognitive ability might deteriorate. They might lose their independence or have to rely on others.
Money Can’t Buy You Happiness. But Financial Planning Helps.
The so-called “Harvard Happiness Study” is the world’s longest-running research on how humans develop throughout adulthood. Its recent findings are getting a lot of attention.
Cultivating Financial Wellness
2024 can be the year that you feel better about your finances! As most of us are getting our tax returns ready, this time of year can be a great time to make or renew commitments to your overall financial well-being. Financial wellness is a measure of not just how well a person manages their money, but also how a person feels about their financial life. Improving financial wellness can be achieved through practicing better money habits, including setting goals and taking the necessary steps to realize them. The process also requires building financial literacy, an important piece of feeling more empowered in your relationship with money. Above all, it measures the ability to meet both your current financial obligations as well as achieve your goals and dreams.
Married with Kids? Now, Not So Much
As her parents listened from the other room, five-year-old Nancy chattered to her family of dolls: Mommy and Daddy, little Clara, and Clara’s younger brother David.
Several decades later, they hear something quite different from their daughter. Nancy, 35, has lived happily with her boyfriend of 5 years. Neither wants to tie the knot. Now she mentions that they don’t want kids. So much for Clara and David.
When we launched our financial planning firm in 2002, few of our clients had stories like this. They hoped for a comfortable retirement, for family support they could count on in old age, and to someday pass on what remained of their wealth to the next generation.
Preparation is a Small Price to Pay
The couple wanted desperately to buy a house in the Valley. They were tired of renting. Or perhaps they wanted to move closer to their parents, or to better schools for their kids.
But like many prospective buyers, they were priced out of the Valley’s housing market, with its sky-rocketing prices, limited inventory, and rising interest rates. They couldn’t come up with a down payment and they wondered whether they could afford the monthly mortgage. And so they decided to give up the dream of home-ownership, at least for the time being.
Money Talks
Inheritance is the third rail in financial planning. No one wants to go there. Yet when you think about your future financial circumstances, you need to estimate any wealth you might inherit. Without it, you’re flying blind when you consider these questions.
Are you a Solo?
The short answer: It’s complicated.
Strictly speaking, Solos are defined as adults 65 or older who have neither a spouse/partner or adult children to support them as they age. But the complexities of real life, real people, and real families also come into play. In the real world of serving financial planning clients, we’ve worked with many people who don’t qualify as Solos – technically speaking. Yet in actuality, now or in the foreseeable future, they will be aging pretty much on their own.
Do you have a Financial Planner?
“Do you have an accountant to do your taxes?” You can probably answer with a definite yes or no. There’s nothing ambiguous about the question. Everyone knows what an accountant is and everyone’s familiar with filing taxes.