As a wealth advisor, I have many conversations with young and more seasoned families (not old; age is just a number) who are interested in what I do but have one major misconception about investing: You need a lot of money to start.
It’s hard to believe that we’ve made it to the end of another year. Amidst the hustle of the holidays, I want to encourage you to stay diligent about your financial plan. Here is a little end-of-year to-do list that will help set you up for continued success in 2024.
Lately, I’ve been thinking about why it is so ingrained in our human nature to worry. We’re a nervous species, fearing uncertainty, volatility, and anything that we can’t control. I’m in a business that exists primarily to take financial worry off the shoulders of our clients and manage it ourselves, but we live in a media environment that seeks to capitalize on fear without looking at the greater picture.
Please don’t ask me why, but the way providers talk about benefits can confuse many folks, especially younger employees who might be enrolling for their insurance for the first time. One recent study showed that more than half of employees choose plans that aren’t right for them, costing them money in premiums or underfunded costs.
So, what is all this tricky language, and what does it mean for you and your benefit selections? Let’s review a few of the most common terms you’ll encounter in selecting a package.
Next weekend we officially enter the fall — one of the best times of year that ushers in football, fire pits, and the beginning of the holiday season. As you watch the leaves turn brilliant red and orange and begin to blow to the ground, it’s easy to appreciate the natural beauty of the end of another life cycle before the cold winter months.
It’s much harder to appreciate nearing the end of our own life cycles. As a matter of fact, most of us probably avoid thinking about it altogether. And that’s perfectly understandable. None of us wants to consider that one day we won’t be around anymore and our loved ones will be left to pick up the pieces. Heck, I’m sorry for even bringing it up today. But it’s just the reality of the human condition.
As a financial planner, I’ve learned over the years that there is no greater asset than that of human life. I’m reminded of that whenever I see families go from tying the knot to starting a family, from becoming empty nesters to retiring, and finally to celebrating life. We’ve been blessed to walk alongside our clients’ families during each of those steps and celebrate life’s milestones, happy and sad.
Disability insurance replaces a portion of your income if you become sick, injured, pregnant or need surgery and are unable to go to work. There are two types of disability insurance: short-term and long-term. These are sometimes offered as an employee benefit from your employer but be sure you understand what you have and any plan limitations before assuming you are fully covered.
Memorial Day weekend is upon us, so that means summer is officially in full swing. Whatever you have planned, whether a beach vacation or enjoying your deck at home, don’t let the laid back days of summer make you neglect your money and financial goals. Take an evening soon to go over these money to-dos we’ve put together to help keep you on track.
Family gatherings at the dinner table have always been special to me. Some of my favorite memories happened – and some life skills were developed – around my parents’ dining room table. After church on Sundays, they’d usually host another couple or two, and after dessert and taking my dishes to the sink, I’d get my piggy bank (except mine was a duck), and make the rounds soliciting our guests for their loose change. They all obliged young Dave by dropping a coin into my duck bank, at which point I’d go get my actual piggy bank for round two! Then, I’d empty them both out and offer folks their coins back. (I wasn’t the hardened capitalist I am today!)
As we wrap our series on employee benefits, we’ve discussed that many of you have group life insurance and perhaps an additional term policy outside of work. For you, we talked about the possibility that we could save you some money if you’re over 50 and healthy. I’m sure a few of you reading this may be thinking, “Okay, I’ve done that, and there’s nothing more I need to do. I’m set. When I retire I won’t need life insurance because I’ll have saved up enough money.”
*Representatives are licensed to offer insurance and annuity products in AL, FL, GA, IL, IN, KY, MA, ME, MI, MO, NH, OH, SC, and TN and are licensed to offer investment products in AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, NC, NE, NH, NM, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.