During a conversation with a client last week, she mentioned her latest project, adding a “legacy letter” to her estate plan. A “legacy letter”, or an “ethical will”, is a document created to communicate your values, experiences and accumulated wisdom to your family. While it’s not a legal document, and shouldn’t instruct any distribution of… Read more »
As explained in Morgan Housel’s book, “The Psychology of Money,” the most important word in building personal wealth is having “enough.” Being content with your standard of living allows you to focus on how you want to spend your time, rather than chasing more dollars. Having “enough” doesn’t mean you don’t have aspirations. It creates… Read more »
One of the benefits of having a couple of days off a week is that it affords me the opportunity to read more. I came across an article in the Journal of Financial Planning August 2021 issue entitled “How Life Changes Affect Client Behavior,” that confirmed my belief that our clients are increasingly relying on us not… Read more »
Spending what they don’t have works for politicians at the national level (who don’t need to balance a budget). Cutting taxes and/or increasing spending brings home the bacon and provides job security. History is instructive in this regard. Ronald Reagan increased the national debt by 186% while in office, percentage wise higher than debt… Read more »
During your working years, financial incentives tend to make decisions for you. As you age toward retirement, you’re able to make decisions allowing your money to serve you, rather than continuing to be a servant for the money. Just as an unhealthy relationship may string you along with false promises and expectations, many employers… Read more »
Sports can be a great way to teach life skills such as the value of teamwork or the relationship of hard work to excellence. They can also offer insights for people considering retirement. Let’s take football as an example. Scoring is accomplished within a fixed timeframe, typically 15 minute quarters, with the exception of… Read more »
It’s no secret the housing market is hot and low rates are part of what’s fueling the fire. According to Bankrate, the average 30-year fixed mortgage rate is currently at 3.33%, while the average 30-year fixed mortgage refinance rate is just behind that at 3.35%. Before rushing into a new loan, here are a few… Read more »
The term “overview effect” was coined in 1987 by author Frank White to describe the intense awe astronauts feel when viewing the earth from space. Astronauts report viewing the earth as incredibly “fragile” and have been documented to see the earth (and life itself) differently upon their return, wanting to protect the earth (and all… Read more »
Preparing your family for what will happen upon your passing is a crucial and often overlooked part of the estate planning process. Along with drafting your estate plan, you may have neglected an important part of the process- communicating your plans. It’s important to communicate your intentions to the implementers of your documents. Typically… Read more »
