As we fall back into financial fitness this month, we’re focusing on ways to get (or stay) on track financially for the rest of the year. This week, we’re going to layout a basic 5-step financial checklist that we believe everyone should use to guide their financial life. If you can’t check them all off, then let’s get to work!
When it comes to paying for college, we generally see three distinct points of view from our client families. Some come in and say, “Hey, I paid for my college by working and saving, so my kids should do the same.” Others take a similar approach but offer a reward of some kind, whether help with a down payment on a home or assistance paying for graduate school, once the child has worked his or her way through school. The third approach we see are the parents and grandparents who want to pay for all aspects of their children’s college, either because their parents didn’t or couldn’t pay for theirs and they remember how tough that was, or because their parents did and they want to do the same thing for their kids.
Well, the kids are back in school, and I don’t know about you, but as far as I’m concerned, they can stay in school forever. There. I said it. One thing I’ve learned in just the last week since school started is that I love being back in a structured environment. I love being back in my office and not having children call me to ask me when I’m coming home, what’s for lunch, could I drive them over to a friend’s house – none of that is going on anymore.
One question I am asked often in this business is, what makes a good client for Family Financial Partners? Last week, we talked about common assumptions people make about working with a financial advisor. Today, I want to take a look at what makes a good client, and some of the misconceptions we hear about this as well.
After two decades in this business, one of the most common questions I hear is, why should someone hire a financial advisor? Why should someone pay for this service that my team provides? These questions frequently come from DIY investors who work part-time as their own advisor, whether or not that’s something they’re trained for (it never is).
Before I start on my comments about what’s been going on, I want you to know that I’ve been working on what to say for the last 30 days. Now that we’re a month into the year, I can add some color to what we’re seeing.
For many of you, the word “retirement” probably seems far off and foreign, if not downright scary. As company pensions have disappeared in recent years, the gauntlet of saving for retirement has fallen solely on the individual employees. That means we are hearing more and more people answer the simple question of how long they plan to keep working with, “I’m going to work forever – or until I can’t.”
There’s a question I’m frequently asked by clients who are reaching a certain age, and I’m hearing it now especially from folks who aren’t sure about heading back into an office post-pandemic: How much longer should I work? Many folks are thinking differently about their daily working life after a year of working from home, or perhaps having to change jobs into something less fulfilling.
Spring has arrived and brought with it the second quarter of 2021, and as usual we’ll be communicating our thoughts this month to those of you who are in our Envestnet portfolios. Look for that soon. If you’re not an Envestnet client and you’d like my take on the state of things right now, click here to let me know and we’ll chat soon.
As you make plans for vacations, lake days, family get-togethers, camps and other warm-weather fun, take the opportunity to talk to your kids a little bit about money. Even kids as young as 4 or 5 can start learning valuable money lessons. Plus, keeping their brains busy learning new skills between school years is always a good thing. Here are 3 money lessons for kids:
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