5 Tips for Loving Life in Tough Economic Times
Many of us hold onto the belief that more money would make us happy. Research shows that there is a correlation between money and happiness. However this is only true up to a certain level of income. Poverty, with all of its profound stressors, is clearly a cause for unhappiness. However, when a household income rises above $75,000 per year, there is no real connection between money and happiness.....
Nurturing a Child’s Relationship with Money
My six year old son asks me a lot of questions about money. How much do we have? How much does that cost? Why can’t we buy this? It would seem he is a little obsessed. Maybe some of that comes with being a son of a Financial Advisor, but I think it is just a part of growing up and inserting values on what we see around us. Like it or not, money is integrated into a lot of our day-to-day decisions and even our relationships.
Charitable Giving: Beyond the Basics
We all love to give. It feels great to give to others, whether it is your favorite charity, or as a demonstration of love and support of friends and family members. However, just like any expense, giving should be budgeted, tracked, and done with intention. It is not healthy to give beyond one’s means. It is not wise to support financial dependence in others, or to give out of a sense of guilt or shame. Time spent in support of people and causes you love can be just as valuable, as a financial gesture.
Are Investors Their Own Worst Enemy?
We like to think that we are logical, rational beings. We want to believe that we weigh the pros and cons of each decision and choose the most effective course of action before we act. However, when it comes to money, our brains haven't evolved much beyond those of our furry animal friends.
Is a financial Planner Really Worth their Planning and Investment Advisory Fee?
A recent survey indicates that an increasing number of high net worth investors are willing to pay for solid, unbiased, fee-only investment advice and financial planning. This is not really surprising considering the challenges of today’s markets and the economic environment. What is surprising is that there are still some investors who would rather go it alone. They think either that they can do better on their own, or that investment advice is not worth the cost, or both. With the average fee charged by an investment advisor around 1 percent, some investors are asking themselves if it is worth it.
Financial Win-Win: Give to Charity and Avoid the Income Taxes on $100k
The tax code, with all of its hundreds of pages of regulations, stipulations, and loopholes always leave something be learned. Not only is the U.S. Internal Revenue Code massive, different write-offs and deductions occur at different stages in life, so it’s unsurprising if you don’t know the details of the IRA (Individual Retirement Account) charitable rollover. What is this magical option that allows you to give to your favorite charities without having to count the distributions as taxable income?