tag:blogger.com,1999:blog-67805916542587915832024-03-13T06:56:18.902-07:00Greensboro Financial InformationThe Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.comBlogger25125tag:blogger.com,1999:blog-6780591654258791583.post-68421233266726265832017-04-08T13:08:00.002-07:002017-04-08T13:08:23.524-07:00Why Retired Women Are at a Greater Risk for Financial CatastrophesWhen planning for retirement, various challenges and hurdles can get in the way. These obstacles can often be different for men and woman, and may leave women at a greater risk for financial crisis during retirement. It is no secret that unfortunately women earn a lower salary than men in many cases. Plus, according to the recent 17th Annual Transamerica Retirement Survey, women are paying higher medical costs (approximately $600 more than men annually). This leaves less money to work with when it comes time to put funds into retirement savings.
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In addition, women most often take on caregiving roles, either raising children or taking care of aging parents. This can play into a decrease in retirement savings as it can lead to fewer working years, less money to be added to a 401(k) savings account, and can lower a woman’s Social Security retirement amount. And, with the Social Security Administration data showing women are living longer than men – 86.6 vs. 84.3 years of age - and more female patients living in retirement homes and assisted living centers, women need to take action when it comes to saving properly for retirement.
The recent survey also concluded that only 55 percent of women are secure in their retirement savings as compared to almost 70 percent of men. Jeanette Bajalia, a retirement income planner and author of “Retirement Done Right” and “Wise Up Women” believes women “deserve better” when it comes to retirement savings. She shares deeper insight into three areas that can cause women to fall deeper into financial disaster once retirement is upon them:
Lifespan – While the average lifespan for both men and women continues to increase, in many cases women are outliving men. While living longer is obviously a plus, women have to plan for the possibility that retirement may stretch upwards of three decades. And with the average private nursing home room costing $90,000 per year (according to Debra Whitman, Chief Public Policy Officer for AARP), retirement savings needs to become a priority. Because many women are living longer, and pay more for health care, it is imperative that women take care of their health and take steps early on when a health issues arises. For women, retirement savings should take into account long-term care, preventative health care costs and also routine health care costs.
Getting Divorced – Getting divorced can pull the rug out from under some women when it comes to financial security and stability. Not only can divorce be emotionally wrenching, but devastating as well on finances. Beware of mutual debt, hire a financial advisor, understand how the divorce will affect your social security benefits, and gather all financial and retirement-related documents before signing on the dotted line.
Being Widowed – Going back to the reality that most women will outlive their male companion, widowhood can eventually come into play. If both you and your husband receive Social Security, understand one of those benefits checks will stop being issued. In some cases, depending on the company, pension checks your husband was receiving could be decreased or stopped altogether. Be sure you know where all investment and financial documents are stored, and review assets together regularly so you aren’t dealing with financial confusion in addition to mourning the loss of your spouse.
While the idea of retirement savings and planning could seem overwhelming, the key is having a great team of advisors and supporters on your side. Find professional and experienced individuals in the area of financial planning, tax planning, estate planning and health care in order to properly prepare yourself for retirement. One of the best ways to enjoy and get the most out of retirement is to have your ducks in a row when it comes to finances, and physical and emotional wellbeing.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-51985299186634668892017-02-21T13:27:00.000-08:002017-02-21T13:27:03.012-08:00<b>Can Investment Fears Put You at Risk of Dying Broke?</b>
<i>Matt K. Logan CFP®</i>
Financial experts are seeing a direct correlation between the increasing number of Americans who die broke and today’s emotionally driven approach to savings and investing. Significant sociological dynamics throughout the years that affect baby boomers (people born between 1946 and 1950) and the Generation X population (people born between 1965 and 1984) has been recognized as a having a major influence on the relationship these individuals and their children have with money and the narrowing of stock market investments.
Based on a recent study by MIT (Massachusetts Institute of Technology), Dartmouth and Harvard University economics professors; at least one in two Americans has zero financial assets or less than $10,000 when they die. And, many people surveyed revealed that the increasing frequency of calamitous events in our modern world create the uncertainties that fuel fears of putting savings into the stock market. A look at global events as these generations merged into adulthood may also help to explain some of the investment fear inducers and hindrances to saving such as:
a) The economic meltdown of 2008 that initially derailed the entire financial sector of the United States before spreading to markets overseas. Large and small companies as well as people who relied heavily on credit were deeply affected.<br>
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b) The burst in the real-estate bubble delivered a direct hit to the emotional and financial security of many with new home loans or people coming close to paying off mortgage loans. Fears about losing their homes and the actual loss of housing triggered by this meltdown literally wiped-out life-savings. This also resulted in the accumulation of new debt to meet financial obligations such as relocation, car loans and health issues among others. These setbacks naturally shifted the focus from concerns about solvency in the retirement years to meeting the demand of daily living. This also curtailed rather than spurred saving and investment decisions.
c) Staggering increases in educational costs pushed many parents and their college age children into debt. Federal Reserve Bank of New York economist Meta Brown reported that at least 29% of baby boomers admitted that they took out education loans and double that number of new college graduates said their education was mostly financed by student loans. The effect of this spike in student loan debt also created a significant shift in attention from savings and investment to debt reduction and survival.
d) Vilification of wall-street through negative media coverage has also been attributed to creating deep-seated mistrust of the stock market and stock market investment resistance. Surveys indicate that more than 1,400 millennials reportedly consider the stock market to be “risky”. This lack of confidence has caused even those with the ability to make long term investments for their future shy away from exploring these opportunities. Also, more people saw stock market investment as a short-term financial option of five years or less rather than as a long-term investment strategy. Unfortunately, this view usually subject short term investors to higher volatility rates.
Overall, the accumulation of down turns in the economy, civilian unemployment, spikes in cost of living and fears about changes in the political arena has diminished interest in stock market investments. The following debt to balance graph from the Federal Bank of New York highlight these changes that influence fears about investing in the stock market.<br>
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The bottom line is that a bent on avoiding risk leave many people dependent on meager savings, CDs and money market accounts which alone; may not be sufficient to provide sustainable long term income. As such, financial experts are concerned that the effect of fear can turn out to be disastrous for people as they age. They suggest doing a retirement evaluation to get an idea of how long it will take before you run out of money based on current savings, projected inflation and current investment strategies.
Historically, stocks have been a major producer of long-term gains that provide above average financial security for investors. In fact, large stock investments have returned an average of 10% annual returns since 1926. Cumulative financial data that track investment outcomes also suggest that long term stock investments provide the best chance to survive inflation and an edge over short-term investments or low returns from savings accounts.
Learn more about the benefits and potential risks of long and short term investments, annuities that are designed to pass some risks onto insurance companies, surrender periods, participation rates and annualization. A good understanding of the pros and cons of investing in the stock market may help to reduce fears and provide more options for greater financial security during the retirement years.
Matt Logan is a Representative with Matt Logan Inc., and Summit Brokerage and may be reached at www.mattloganinc.com, 336-540-9700 or matt@mattloganinc.com.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.
Sources:
http://www.huffingtonpost.com/2012/08/06/americans-die-without-money_n_1746862.html
https://www.quora.com/Why-are-so-many-people-afraid-to-invest-in-the-stock-market
http://www.usatoday.com/story/money/personalfinance/2016/11/26/invest-save-interest-rates-retire-stocks-risk/93798458/
http://money.cnn.com/retirement/guide/investing_stocks.moneymag/index4.htmThe Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-82074509953854606212017-02-17T08:02:00.001-08:002017-02-17T08:02:49.271-08:00DOW 20,000- What About DOW 100,000?<a href="http://www.mattloganinc.com/blog/dow-20000-what-about-dow-100000#.WKcemzvFcy8.blogger">DOW 20,000- What About DOW 100,000?</a>: The Dow 20000, The Dow 100000, Compounding, The eighth wonder of the world, the rule of 72, long term investing.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-41035903470695483102017-02-16T16:52:00.001-08:002017-02-16T16:52:07.887-08:00Greensboro Retirement Planning - Starting Young (336) 540-9700 Matt Logan Inc<div style="width: 480px; height: 270px; overflow: hidden; position: relative;"><iframe frameborder="0" scrolling="no" seamless="seamless" webkitallowfullscreen="webkitAllowFullScreen" mozallowfullscreen="mozallowfullscreen" allowfullscreen="allowfullscreen" id="okplayer" width="480" height="270" src="http://youtube.com/embed/E8LcvgH-KVo" style="position: absolute; top: 0px; left: 0px; width: 480px; height: 270px;" name="okplayer"></iframe></div>
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The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-70475886156926002392017-02-16T14:44:00.000-08:002017-02-16T14:44:20.487-08:00<b>Greensboro Wealth Management Can Begin Early</b>
Learning to invest at an early age can really set teenagers on the right path financially and it doesn't have to be boring!
Financial planner Matt Logan shares a few fun ideas to get teens into investing!
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The first step is picking the type of account. If your teen is old enough to work, one option is a ROTH IRA.
Logan says this account lets them put up to $5,500 dollars per year or however much they earn, whichever one is smaller in the account. It lets them put money away tax deferred. And if they take out the money at 59-and-a-half years-old, the money would not be taxed.
Another option is a traditional stock account. Logan says this account gives your teen access to the money and they don't have to worry about retirement age specifications.
And if you're looking to open a smaller type of account, consider an online brokerage account. Logan says you can start by putting in a low minimum amount of money. And transactions are going to be much lower than if you go with a traditional brokerage account with a firm.
Logan also says you don't want to have too many options. Keep it down to two or three companies to invest in.
Matt Logan is a Representative with Matt Logan Inc., and Summit Brokerage and may be reached at 336-540-9700, matt@mattloganinc.com, or http://www.mattloganinc.com The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-67914213496307554872017-02-11T12:47:00.001-08:002017-02-11T12:47:33.185-08:00Retirement Planning Greensboro (336) 540-9700 Matt Logan Inc<div style="width: 480px; height: 270px; overflow: hidden; position: relative;"><iframe frameborder="0" scrolling="no" seamless="seamless" webkitallowfullscreen="webkitAllowFullScreen" mozallowfullscreen="mozallowfullscreen" allowfullscreen="allowfullscreen" id="okplayer" width="480" height="270" src="http://youtube.com/embed/_VJUs_09oF8" style="position: absolute; top: 0px; left: 0px; width: 480px; height: 270px;" name="okplayer"></iframe></div>
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The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-85996438219614433052017-02-05T18:50:00.002-08:002017-02-05T18:50:59.665-08:00<b>Implementing the “SMART” Plan to Help Achieve Financial Goals</b>
The approach of a new year always brings with it the hope for change. Money rather than good intentions is at the heart of most objectives and what it takes to achieve goals. Whether it is to get out of debt, improve your health, go back to school, retire early, travel, buy a home or start a family, it is necessary to implement a <a href="http://www.mattloganinc.com">financial strategy</a> that also align with your dreams. The challenge is to create an actionable plan that will transform hope for change into reality.
Since it is clear that money is the critical component to take dreams from the realm of wishful thinking into reality, it may be helpful to consider utilizing the “SMART” method to get you on the right fiscal track for your new year’s resolutions.
The “SMART” concept was designed as a management tool to help businesses set and achieve their corporate objectives. This simple yet logical framework has become widely accepted and adapted for <a href="http://www.mattloganinc.com">personal financial goal setting</a>. It involves some straight forward strategies that work cohesively to help achieve success for even the most challenged goal setters.
<b>Implementing the “SMART” System</b>
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<b>Specific –</b> Being specific about your goals means reviewing your spending habits to see where you need to plug up damaging financial leaks. Conversely, having only a vague or generalized idea of what you want to achieve and how much money you need to achieve it, is a recipe for failure. Take a good look at your checkbook register, receipts and bank statements to get a realistic picture of your past spending habits and how it has impacted your ability to save or meet other personal goals. With a clear picture of where your money is going and a specific idea of what it will take to get and stay on track, the better your odds will be of reaching your goal.
<b>Measurable –</b> Now that you know exactly what you need to do and have from a financial standpoint to realize your goals, it is time to make it measurable. Being able to see the progression towards the goal can inspire you to keep moving forward. For instance; planning to save half of the down-payment for that new car in a reasonable amount of time that is based on the specifics of your income and daily obligations will help you to see the progress toward that first small step. Measurable goals can be tracked and allows for adjustments to accommodate unexpected events that may impact the target dates without completely derailing the primary objective.
<b>Achievable –</b> The goal will only be successful if it is achievable. Don’t expect to save $1000 a month for a down-payment on a house if your monthly bills and expenses only leave you with $500 in disposable income from which you plan to save. Make it achievable by consistently socking away $300.00 every month and adjusting the time frame and the amount you are able to save if your financial picture improves. While it may take you longer to reach your goal, you are less likely to experience the level of frustration that cause most people to abandon their dreams.
<b>Relevant –</b> A goal that is relevant to you and your life aligns with your financial realty and your personal values. To be relevant, the goal needs to matter or have significance to the goal setter or it will be easily discarded. Relevant goals are also realistic and attainable within the constraints of available resources.
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Timely – </b> Break down the steps you need to take into specific time frames and numbers. Once the goals have been set in motion with realistic timeframes you are then able to launch progressive actionable steps that can help you to move towards the goal methodically.
Matt Logan is a Representative with Matt Logan Inc., and Summit Brokerage and may be reached at <a href="http://www.mattloganinc.com">www.mattloganinc.com</a>, 336-540-9700 or matt@mattloganinc.com.
The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-77142450188849364142017-02-04T11:25:00.001-08:002017-02-04T11:25:41.374-08:00Greensboro Retirement Planning (336) 540-9700 Matt Logan Inc<div style="width: 480px; height: 270px; overflow: hidden; position: relative;"><iframe frameborder="0" scrolling="no" seamless="seamless" webkitallowfullscreen="webkitAllowFullScreen" mozallowfullscreen="mozallowfullscreen" allowfullscreen="allowfullscreen" id="okplayer" width="480" height="270" src="http://youtube.com/embed/h8a_6Roslwc" style="position: absolute; top: 0px; left: 0px; width: 480px; height: 270px;" name="okplayer"></iframe></div>
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The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-1209493549461124902017-02-04T10:39:00.002-08:002017-02-04T10:39:39.380-08:00<b>Retirement Planning Tips: Things to Consider
</b>
Retirement planning is about closing the gap between the life we want to live today and how we expect to live in the future. Not surprisingly, anxiety is a common denominator for most individuals who are unsure of how they will pay for their retirement. One way to avoid the uncertainty of retirement is to discuss your fears and hopes with a credible, certified financial planner. Early retirement planning provides an anchor that can stabilize economic dips and enable you to segue from a career status into retirement with minimum effort. However, retirement planning at any stage of the game is an essential first step.
Financial Advisor Tips for Retirement
Take a snapshot of your current financial picture. Recognize that at any point an unforeseen life event could plunge you into retirement that is outside of your timeline. Ask the hard questions such as…
What would life look like if you were forced to retire in the next year or two?
How would compulsory retirement impact you and your dependents?
If you have savings, how long would it take to be depleted if unemployment lasted for more than six months or a year.
Commit to a retirement saving plan. Spending and saving rules apply to everyone whether you are considering retirement or not. But let’s face it, spending is a necessary part of life before and during retirement. I agree with Wade Pfau, Ph.D., columnist for Advisor Perspectives, on this subject; the goal is to figure out which sort of variable spending strategy will be most appropriate for your personal situation. This will determine how much you can reasonably expect to save for your retirement. How much you are able to save will ultimately impact how you spend your retirement years.
The following data from Employee Benefits Research Institute (EBRI) provided by Market Watch reveals retirement saving trends based on household income.
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As the EBRI survey indicated, having a saving plan was a confidence booster even among lower income earners. Income earners who had access to a 401(k) or another type of workplace saving plan were more confident about their retirement even if they were not maximizing the plan’s saving potential.
Plan for a retirement punctuated by work intermissions. To make subsidizing an uncertain retirement fund more feasible, advisors suggest exploring ways to expand your skill base beyond your current employment.
According to a survey conducted by McKensey Global Institute, 60% of boomers expect to continue working after retirement. That is the only way most believe they will be able to maintain their current lifestyle or even to make ends meet. Unfortunately, there’s a significant gap between expectation and reality. Among actual retirees, more than 70% were not able to find employment during retirement. Of the 27% who found employment, some were part-timers who earned minimum wage or below their usual income bracket. Adequate preparation to remain marketable is therefore an essential criterion if working to offset the financial uncertainties of retirement is part of the plan.
<b>Keep your retirement plans realistic.</b> Deciding how much income will be required to maintain your current lifestyle after retirement is a common problem faced by many people when discussing retirement. Unrealistic notions about retirement needs can lead to significant problems if addressed after the fact.
Consult a <a href="http://matt@mattloganinc.com">Greensboro financial advisor</a> to explore your options and create a retirement action plan. A financial advisor will calculate a list of interconnected factors such as general household spending costs, taxes, and the economics of investments, retirement accounts, special expenditures, pensions, Social Security benefits and the potential for employment after retirement among others.
Spikes in living expenses and inflated medical cost coupled with flat income streams and extended life spans can derail the best retirement expectations. The reality is that the average individual has approximately thirty-five working years to support daily life and secure sufficient savings and investments to sustain life for another thirty years or more of retirement. To be effective, retirement plans today must consider these innumerable variables in order to be strategic and progressive.
Since corporations have eliminated pension plans and social security benefits are no longer adequate to offset cost of living, every individual is responsible to save and plan for a gratifying and secure retirement. Speak with a certified financial planner to help you create a feasible retirement plan that is tailored based on your personal needs as well as current and future living requirements.
Feel free to visit my website at www.mattloganinc.com or email me at <a href="http://matt@mattloganinc.com">matt@mattloganinc.com</a> if I can be of any assistance.
DISCLAIMER:
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at <a href="http://matt@mattloganinc.com">www.mattloganinc.com</a>, 336-540-9700 or matt@mattloganinc.com.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-73689218449717285342017-02-03T10:55:00.001-08:002017-02-03T10:55:50.932-08:00Greensboro Life Insurance Answers (336) 540-9700 Matt Logan Inc<div style="width: 480px; height: 270px; overflow: hidden; position: relative;"><iframe frameborder="0" scrolling="no" seamless="seamless" webkitallowfullscreen="webkitAllowFullScreen" mozallowfullscreen="mozallowfullscreen" allowfullscreen="allowfullscreen" id="okplayer" width="480" height="270" src="http://youtube.com/embed/UUn8_WwIx4M" style="position: absolute; top: 0px; left: 0px; width: 480px; height: 270px;" name="okplayer"></iframe></div>
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The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-91485353970204905262017-02-03T09:30:00.000-08:002017-02-03T09:30:17.162-08:00With the New Year under way, now is the time when many people take inventory of different areas of life and determine where improvements can be made. Crafting a list of New Year’s resolutions isn’t new or uncommon. In fact, Forbes estimates as many as 40 percent of Americans make these resolutions annually. Common declarations include getting healthier, being more organized, spending less and saving more money. And speaking of money, there are many resolutions you can make to help you improve your financial status in 2017.
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As with any resolution, the goal is to continue improving in the specific area you chose well after January has passed. To triumph, focus on simple, achievable goals, creating realistic milestones, and celebrating your successes. Here is a list of five goals that can help you start 2017 off on the right foot when it comes to finances:
Review and Monitor Your Credit Score and Report – It sounds simple enough, yet many people do not review or monitor their credit score and report throughout the year. Your credit report and score is key to getting a loan, protecting yourself from identity theft, and gaining employment in some cases. And while many companies and organizations offer a free credit scores nowadays, your score is only the tip of the iceberg.
Reviewing your full credit report can give you clarity and insight into the full content of your credit history, transactions and more. And, with as many as one out of every four people having errors in their report, according to the Federal Trade Commission, and over 17 million American the victims of identity theft, it is crucial to be aware of your status. Consider reviewing your full report at the beginning of each year and signing up for a credit monitoring which will alert you whenever your report is updated or flagged.
Calculate Your Net Worth – What better way to prioritize your current saving and spending patterns, and get a clear idea of what you are worth financially than by calculating your net worth. Getting into the habit of doing this at the beginning of each year can give you a well-defined picture of how to reach your financial goals and can offer insight into where you might be making costly financial moves. If you have never calculated your net worth, try Investopedia’s free calculation tool here.
Review Last Year’s Finances – Any solid and successful financial plan begins by reviewing your previous financial patterns and decisions. Evaluate last year’s finances and determine if you saved more or less, earned more or less, paid down debt, owe more or less, etc. If you set goals for yourself last year and accomplished them, treat yourself. If you find yourself somewhere you don’t want to be financially, commit to speaking to a financial counselor and setting some achievable finance goals for 2017.
Simplify Your Finances – Almost every banking institution offers online, automatic bill pay. If you don’t already use this feature, set a few hours aside at the beginning of the New Year and sign up for online banking. By automatically paying recurring bills such as your cell phone, mortgage, insurance, utilities, car payments, and more and correlating them to pay days, you are less likely to forget to pay a bill, pay a bill late, and/or incur a late fee. You will also be pleasantly surprised at how much time you save each month by having all of your bills automated.
Plan for Emergencies – If you don’t have a rainy day fund, the New Year is a great time to start compiling one. Emergencies have a way of financially pulling someone off course if he or she isn’t prepared. Think of your emergency fund as a safety net and keep it completely separate from all other bank accounts. In fact, try to forget it even exists and do not calculate it into your long-term savings program.
So how much should you plan to save? According to WellsFargo, the general rule of thumb is saving between three and six months worth of money to cover all of your living expenses. This will be a different amount for everyone, and may change for you throughout different seasons of your life. Place the money in an interest earning account, and set small milestones for saving this amount of money. For example, reward yourself for every two or four weeks of emergency fund money you are able to put away.
Setting up financial goals can be simple and achievable, just remember to keep goals realistic and reward yourself for your success. As we all experience changing seasons of life, it is wise to reassess your financial picture and goals at the beginning of each New Year. This gives you an opportunity to set new milestones such as retirement funds, college tuition savings, nest eggs, vacation funds and more. If you aren’t seeing the success you hoped for when reassessing your finances, consider speaking with a financial advisor or counselor who can help you create achievable objectives and goals.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-22536372834382329582017-02-02T15:30:00.000-08:002017-02-02T15:30:09.999-08:00Strategies to Help Newly Wed’s Merge Their Money
Matt K. Logan CFP®
Blending finances is not a fun activity that most modern couples are rushing to do today. In fact, with so much talk about pre-nuptials and spikes in divorce rate within the first two years of marriage, it’s understandable that some newly-weds are reluctant about pooling their funds. Nevertheless, while money talk may trigger anxiety in one spouse, resistance to merge may be a deal breaker for another.
The reality is that financial disparities and disputes such as whether or not to combine incomes have been known to cause major problems leading to separation and divorce in otherwise healthy relationships. Conversely, the idea of merging your money with a spouse that has clearly demonstrated poor money management skills can be off-putting. Even so, failure to establish a mutual money management arrangement at the onset may be fundamentally undermining to a new marriage.
Whether you are determined to maintain complete financial independence or you and your spouse have agreed to merge finances, its important to recognize that the right decision is the one that works for you and your partner. And so, as a newly married couple, it is beneficial to get on the right fiscal track early in the game by developing some cohesive ground rules for handling money in your marriage. Finance experts suggest the following strategies to help newly-weds merge their money.
The first step is to open dialogue with your spouse about money. Keep in mind that when it comes to money management, honesty and communication are key components that will enable you to implement strategies that are fluid enough to accommodate spousal differences. Although this discussion should preferably occur before you tie the knot, if you didn’t don’t despair. Let the first conversation be easy and casual to create a comfort level going forward when talking about money. Initially, this conversation should explore each other’s emotional relationships with money, how much, if any, debt each person is carrying into the marriage and individual fears or notions about combining finances.
Explore the pros and cons of filling Joint verses separate tax returns. Once you are married, you have the option to file jointly or separately. IRS offer several benefits for filing jointly such as higher income thresholds, extensions, separate exemptions and multiple tax credits among others. In addition to consequences such as fewer tax consideration and a higher tax rate, couples who file separately are automatically disqualified from some of these deductions and credits. For instance, couples who filed jointly in 2016 received a $12,600 standard deduction compared to deduction of $6,300 for married couples filing separately.
It may be a good idea to sit down with a financial adviser who can help you to explore the advantages and disadvantages of both options. However, if you are financially savvy, another way to determine which option will be right for you is to prepare the tax returns jointly as well as separately. Then, based on the net refund or balance due from each calculation it will help you to decide which works out to be more beneficial for you as a couple.
Set some financial goals. A highly beneficial goal for newly married couples is to create a budget and make a commitment to stick to it. Keep these ideas in mind while establishing the budget…
List all sources of income for you and your spouse
Be transparent about debt.
Create a joint account to pool funds for non-discretionary spending.
Review non-negotiable recurring bills such as rent or mortgage payments, car payments, grocery, phone bills, utilities and insurance premiums.
Decide on a realistic buffer for variables in recurring bills like grocery and utilities by reviewing the expenditures for the last six months.
Incorporate contributions for savings and retirement accounts.
Leave some wiggle room for discretionary spending, such as for dining out and other nonessential expenses that you share as a couple in the budget.
Plan to track your budget to ensure that you are spending within financial allotments.
The following chart highlight basic categories typically included in a budget.
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Since life can derail even the best intentions, plan to reevaluate the budget every three to six months; especially in the event of any major setbacks such as loss of income or an unexpected expenditure.
If you opt for a hybrid system, remember to be flexible about personal spending for each spouse. Keep in mind that individual goals and dreams may not always align perfectly or even closely. That’s fine as long as both partners work together for the main objectives and the disparity between compromises are reasonable.
Although there are pluses and minuses to keeping finances separate, opening a joint bank account to handle the budget and other shared expenses can greatly simplify a couple’s finances as well as establish a level of spending accountability and ultimately build trust in the marriage.
Building an emergency fund is critical to peace of mind for every couple. This requires setting aside a predetermined amount regularly as a cushion for major issues such as car repairs, illness, replacement of an important appliance or changes in income stream to name a few. It is best if this is incorporated into the budget and treated as a priority.
Make a plan to get out of debt. Young couples trying to live up to their parent’s standards of living in the first year of marriage often get bogged down into heavy debt for expensive furniture, high rent and car payments. Beginning with a strong intention of eliminating debt rather than creating it by working out a feasible plan with your spouse and a wise financial planner can put you on a stable fiscal track that will be super beneficial when little ones create unavoidable demands on finances.
There are many financial planning associations that can help newly married couples to create a strategy for merging their money that will be tailored to their specific needs and circumstances. Making the right decisions early about money management issues such as whether or not to merge, what to save, budget needs, taxes, insurance, debt cancellation, retirement plans and saving for future investments can add a layer of protection against economic discordance in the home.
Matt Logan is a Representative with Matt Logan Inc., and Summit Brokerage and may be reached at <a href="http://www.mattloganinc.com">www.mattloganinc.com</a>, 336-540-9700 or matt@mattloganinc.com.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-48684310939895343692017-02-02T12:15:00.001-08:002017-02-02T12:15:05.917-08:00<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSGpEDaVk9_tnR2byqOgNZgC4pkrKWpboYaKUi62dw1tCaEb6b24yS_DWuk994KPMs78OYD2WRkVUaEMQ-7bCkpXm79vEaMTVph44rdZOkdfzkl2Wfn0ndEEBFAHL0EctjTH9x_DSXIDg/s1600/c2a68ca5-c7d5-463b-bddd-47203f2d9ae0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSGpEDaVk9_tnR2byqOgNZgC4pkrKWpboYaKUi62dw1tCaEb6b24yS_DWuk994KPMs78OYD2WRkVUaEMQ-7bCkpXm79vEaMTVph44rdZOkdfzkl2Wfn0ndEEBFAHL0EctjTH9x_DSXIDg/s640/c2a68ca5-c7d5-463b-bddd-47203f2d9ae0.jpg" width="640" height="359" /></a></div>The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-47311060210345430822017-02-02T12:12:00.001-08:002017-02-02T12:12:21.781-08:00Student Debt (336) 540-9700 Greensboro Wealth Management<div style="width: 480px; height: 270px; overflow: hidden; position: relative;"><iframe frameborder="0" scrolling="no" seamless="seamless" webkitallowfullscreen="webkitAllowFullScreen" mozallowfullscreen="mozallowfullscreen" allowfullscreen="allowfullscreen" id="okplayer" width="480" height="270" src="http://youtube.com/embed/zIheCRCfa-8" style="position: absolute; top: 0px; left: 0px; width: 480px; height: 270px;" name="okplayer"></iframe></div>
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The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-68690128904459252902017-02-02T11:54:00.001-08:002017-02-02T11:54:40.551-08:00DOW 20,000- What About DOW 100,000?
Matt K. Logan CFP(r)
As the DOW hits another big round number or 20,000 and people once again say that it will never go higher, I would like to present the idea of the DOW 100,000. Before you call for me to be institutionalized, let me explain a few things and dig a little deeper. You may believe in it after all.
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What Is The Dow?
The Dow Jones Industrial Average, or DOW, is an index that tracks the value of 30 large stocks. The index was started in 1896 and has been a way that we help track the overall health of the stock market. There are many indexes now tracking various industries, sizes of companies, countries or regions. The DOW was the first and is definitely the most well-known. Currently, the DOW is made up of the companies in the chart below.
Source: http://smartfinancemag.com/the-dow-jones-industrial-average-index-and-the-future-contracts-to-make-things-easier/
Let’s Start With A History Lesson
Some of you remember the day the DOW hit 1000 back in November of 1972. Many people claimed that it could not go higher and that everyone should just take their profits and go home. The stock market did in fact decline and not pass the 1000 level again until November when Reagan was elected. The bear market during that time saw the Dow drop 40% with issues with Oil being one of the main factors.
More of you remember when the DOW hit 10,000. This was back in March of 1999. This was a big moment as the DOW added a new digit. Once again, a retreat was seen with the tech bubble bursting.
The Eighth Wonder Of The World- Compounding
Albert Einstein Famously stated “Compounding is the eighth wonder of the world.” I agree with him.
Source: http://markettrackingfunds.org/the-8th-wonder-of-the-world-compound-interest-2/
The Rule Of 72
I want to remind you of a trick that I use all the time to get your heads around this eighth wonder of the world. I like to use a trick called “The Rule of 72” that most of you likely learned in middle school and promptly forgot. The graphic below shows how it works. You take the number 72, divide it by the annual rate of return (as an example, if it is 9%, you would divide it by 9) and you get the number of years it would take for your money to double (in the example, it would take 8 years for your money to double if you were to have a return of 9%).
72÷ Annual Rate of Return
=
Number of Years To Double Investment
The DOW 100,000
If you have been calculating as we have gone through you probably already have come to the conclusion that the DOW reaching 100,000 is a distinct reality. While there are no guarantees with the stock market and it definitely does not follow a straight line, we can look at the past returns to see what could happen. I looked at the average percentage of growth over the past 30 years from January 1, 1987 when the DOW closed at 2158.04 to January 1, 2017 when the DOW closed at 19826.77. Taking those numbers, the DOW has returned a compounded annual rate of return of 7.67%. If we take that number and use that as a hypothetical return over the next 30 years using the rule of 72, we could see the DOW crossing the 100,000 mark in the year 2039. Now this is all hypothetical and not investment advice, more an exercise in understanding where we have been with the DOW and the wonder of compounding interest.
Next time your friend tells you that the DOW will never go higher, you can help teach them the power of compounding and blow their minds with this simple exercise. You can also use it with your own financial situation.
You can also go to my website <a href="http://www.mattloganinc.com">www.mattloganinc.com</a> for more information on financial topics you may find helpful.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at www.mattloganinc.com, 336-540-9700 or matt@mattloganinc.com.
Disclosure: DOW is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-55501151308733486642017-02-02T11:49:00.000-08:002017-02-02T11:49:36.412-08:00<b>5 Ways a Solo 401(k) Can Help you Save For Retirement
</b>
ith the New Year upon us, now is one of the best times to focus on your financial goals and decisions for 2017. While general savings and paying down debt are typically two of the most popular finance-related New Year’s resolutions, saving for retirement isn’t far behind. There are many ways one can save for his or her retirement, and retirement savings accounts are considered one of your top options. The question is, with so many different types of retirement savings accounts available, which one would work best for you?
For starters, if you are one of the 15 million self-employed individuals in the United States, it may be time to consider setting up an individual or Solo 401(k). Are you worried your freelance or small business is not large enough for an Individual or Solo 401(k)? Fear not, as today there are simple plans for just about everyone who is self-employed, and with many reputable providers online, setting up your own plan is stress-free.
In addition to helping you step in right direction as far as saving for retirement and helping you reduce your tax bill for this year, a Solo 401(k) offers a variety of additional benefits. Let’s take a closer look at five ways this type of retirement savings account can help you:
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You can make substantial tax-deferred contributions: With an Individual 401(k), you the sole proprietor can set it up and begin making contributions as both the employer and the employee. Contribution limits vary depending on your age, but for the 2017 tax year the limits are a total of $54,000 if you are under 50 years old and $60,000 if over 50. With these figures, you could potentially dip downwards in tax brackets and begin putting away meaningful retirement funds. Plus, with these contribution limits, you are able to save more money than other types of retirement savings accounts. For example, Traditional and Roth IRA’s only allow someone to save $5,500 - $6,500 annually. If you have kept saving for retirement on the back burner, a Solo 401(k) could be your best option in playing catch up.
You escape government testing: A typical employer-based 401(k) is subject to testing to ensure it meets government requirements confirming the plan benefits all employees in the same way. This testing safeguards the 401(k) from offering any additional benefits to a specific group of people or someone who is well compensated. When those who are self-employed set up a Solo 401(k) there is not a conflict of interest and therefore government testing is negated.
You can add a spouse or owner to your Individual 401(k): Do you own a business with your spouse or multiple owners? If so, an Individual 401(k) could work for you and your partners as tax deferral benefits are accessible to spouses and multiple owners. Keep in mind however, your company’s Individual 401(k) will convert to a typical employee-based 401(k) if you begin to hire employees who don’t have ownership in the company.
Work as an employee? A Solo 401(k) may still be an option: If you work as an employee and pay into an employee-based 401(k) plan, but have a small business on the side, you could potentially be eligible to open a Solo 401(k). Speak to your financial advisor to see if you qualify.
Potentially borrow money from your plan: Depending on who is the administrator of your plan, inquire if you are able to borrow any money from the account if necessary. Some Solo 401(k) plans allow you to borrow up to 50 percent, although money typically has to be paid back in a certain amount of time.
With so many benefits to a Solo 401(k), now may be the time to research plan providers. Reach out to a financial advisor today to learn how this type of savings accounts can help you fund your retirement goals and reduce your tax bill.
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhofxJ_iSK-ms8g0TYSD5aXqh8ZtNpt9I6YLk1EdJxb6inqYblZ1emGY6SgWjPKJrZRGqOu2LYrhnWcrimX3qc0ezkqkaOprfMcEUxJzDE_PReDSqRFSvPFPFZvbsh80G50s3FFQD1iNMU/s1600/9383f143-afd1-48e3-8b39-45cfafdaee9a.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhofxJ_iSK-ms8g0TYSD5aXqh8ZtNpt9I6YLk1EdJxb6inqYblZ1emGY6SgWjPKJrZRGqOu2LYrhnWcrimX3qc0ezkqkaOprfMcEUxJzDE_PReDSqRFSvPFPFZvbsh80G50s3FFQD1iNMU/s400/9383f143-afd1-48e3-8b39-45cfafdaee9a.jpg" width="400" height="285" /></a></div>
<a href="http://visual.ly/important-retirement-ages-us">http://visual.ly/important-retirement-ages-us</a>
https://www.statista.com/chart/2561/americans-with-no-retirement-savings/
SunTrust Bank - https://www.suntrust.com/resourcecenter/article/infographic-the-power-of-compounding#.WHjhSbYrKRs
Resources:
FORBES - http://www.forbes.com/sites/greatspeculations/2015/12/03/business-owners-may-be-better-off-with-solo-401k-than-sep-ira/#24f440a53e28
CNBC –
http://www.forbes.com/sites/greatspeculations/2015/12/03/business-owners-may-be-better-off-with-solo-401k-than-sep-ira/#24f440a53e28
You can also go to my website <a href="http://www.mattloganinc.com">www.mattloganinc.com</a> for more information on financial topics you may find helpful.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at <a href="http://www.mattloganinc.com">www.mattloganinc.com</a>, 336-542-9700 or matt@mattloganinc.com.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-74887643241944619832017-02-02T11:44:00.000-08:002017-02-02T11:44:10.335-08:00<b>Some Ways to Treat Your Heirs Fairly</b>
Some of the most popular finance and legal questions revolve around the specifics of creating a Will and deciding how to pass assets along to family members in a fair manner. While many parents share a common goal of wanting to keep the family unified and happy when they pass, determining who gets what in your Will isn’t always an easy task. And dividing assets equally in a Will doesn’t always occur, which can trigger family tensions, emotional situations and broken relationships. So how can you treat your heirs fairly when it comes time to divide up your assets and decide who gets what? Let’s take a closer look with the following 7 tips:
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJPr2SVkyLrHLcKcWyptSnu_Z4ri5cf9Uf8RZTTZTUlURmPPwg8VW8paaPHyiVyMfI6QAkAdDtsdgzJ085IzS1N0AM5b60Hcb9q_0Pvk0Abi01YXEC380l93Bs3aLl9uWXKPMW35F6APc/s1600/dd6eaa57-84cf-4126-b27d-8efbf8f970aa.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJPr2SVkyLrHLcKcWyptSnu_Z4ri5cf9Uf8RZTTZTUlURmPPwg8VW8paaPHyiVyMfI6QAkAdDtsdgzJ085IzS1N0AM5b60Hcb9q_0Pvk0Abi01YXEC380l93Bs3aLl9uWXKPMW35F6APc/s320/dd6eaa57-84cf-4126-b27d-8efbf8f970aa.jpg" width="320" height="213" /></a></div>
Consider the Benefits of Writing a Letter – For whatever reason, if your plan is to not split your assets equally among your heirs, consider a letter. When speaking to your financial advisor and/or estate lawyer, have a conversation about your reasoning behind how assets will be divided. Have a letter drafted summarizing the conversation, and make preparations to have the letter available to any heirs who take issue after you pass.
Tackle Unique Situations Ahead of Time – Let’s say your desire is to treat every heir equally however, one child is not as financially secure or successful as another. If you help this child more while you are alive, you may want to have it in writing that the extra financial support is an advance against his or her inheritance (or on the other hand, that the financial help was a gift and not part of his or her inheritance). This could negate any hard feelings after you pass if remaining funds aren’t divided equally across the board.
Take Addiction Issues Seriously When it Comes to Assets – If you have an heir with a serious gambling or substance abuse issue, you should seriously consider putting his or her inheritance in a trust. The trust should be put under the watch of a dependable individual who is aware of the issue and cannot be easily swayed to distribute more money than what you planned ahead of time.
Contemplate the Location of Your Assets – When crafting your Will, remember tax penalties will differ depending on where your money is located, for example an IRA account vs. a stock portfolio. If keeping things fair is your goal when it comes to dividing assets, keep beneficiaries equal wherever your money is located. Nothing can set off a family feud like an heir who solely faces a major tax consequence.
Consider the Grandchildren – If you desire to leave assets to your grandchildren, ask your financial advisor about a GST Tax Exemption, which stands for generation-skipping transfer. This transfer allows assets to pass down to your grandchildren tax-free.
Take Special Needs Into Account – Perhaps you wish to divide assets equally but an heir has special needs to take into consideration. An inheritance could potentially hinder government or medical benefits, etc. In this case, consider putting the assets in a special-needs trust under the eye of a responsible manager.
Have Asset Division Conversations Early On – Whether you plan on splitting assets evenly among your heirs or if unique circumstances are involved, be sure to have the inheritance conversation early on with your family. These discussions can potentially diffuse any family fallouts in the future.
Creating a Will and dividing up assets is a delicate matter. Any decisions made today will influence the lives of your heirs down the road. Be sure to speak with your financial advisor about distributing assets, any potential tax-free exemptions that may help you, setting up trusts and more.
Here are some helpful materials and infographics to help with estate Planning:
Source: Citadel Law
Source: Odgers Law Group
RESOURCES
<a href="http://www.fiduciarytrust.com/insights/commentary?commentaryPath=templatedata/gw-content/commentary/data/en-us/en-us-ftci/trust-estate/2015-08-treating-children-fairly&commentaryType=TRUST%20&%20ESTATE%20PLANNING">http://www.fiduciarytrust.com/insights/commentary?commentaryPath=templatedata/gw-content/commentary/data/en-us/en-us-ftci/trust-estate/2015-08-treating-children-fairly&commentaryType=TRUST%20&%20ESTATE%20PLANNING</a>
<a href="http://www.kiplinger.com/article/retirement/T021-C000-S004-how-to-treat-your-heirs-fairly.html">http://www.kiplinger.com/article/retirement/T021-C000-S004-how-to-treat-your-heirs-fairly.html</a>
You can also go to my website <a href="http://www.mattloganinc.com">www.mattloganinc.com</a> for more information on financial topics you may find helpful.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at <a href="http://www.mattloganinc.com">www.mattloganinc.com</a>, 336-542-9700 or matt@mattloganinc.com.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-21196474340941210882017-02-02T11:39:00.000-08:002017-02-02T11:39:34.677-08:00<b>A Step-by-Step Guide for Accomplishing Financial Goals in 2017 </b>
Matt K. Logan CFP(r)<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz6P0pWyzdhom6wBWTUPg50ItaH5UbYHKbR7Wtn2x_NkDO7E2-VzZ3BFASW4xMuA73cawJnpqhdtFPcKbT_RcxrsAIr5npW-jBoPgJEWBEPZUOz8_EV7dbOFe0Z6C6qOr4VLl44CQmXL8/s1600/f465a066-a3e2-4b38-8411-d3d1e9d463a7.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz6P0pWyzdhom6wBWTUPg50ItaH5UbYHKbR7Wtn2x_NkDO7E2-VzZ3BFASW4xMuA73cawJnpqhdtFPcKbT_RcxrsAIr5npW-jBoPgJEWBEPZUOz8_EV7dbOFe0Z6C6qOr4VLl44CQmXL8/s320/f465a066-a3e2-4b38-8411-d3d1e9d463a7.png" width="320" height="317" /></a></div>
The power of January is that there is a collective thrust by the human race for change. People are either assessing or reassessing where they want to go in the next twelve months. Although December is the perfect time to go through this evaluation process and identify a plan that can be implemented immediately after the holidays, it typically happens in January.
Even if you ditched the traditional new year’s resolution path to peace and plenty; hope for a brighter financial future in 2017 inevitably lurks within. And, no matter how subliminal the desires may be or whether you are counting paychecks or royalties, you stand a better chance of improving your financial status with an actionable plan. Bear in mind that any financial program you choose will undoubtedly incorporate some basic “no-brainer” steps that never change. If the basics are ignored however, it will determine how you manage, spend, and invest your money throughout the year and ultimately influences whether your financial status regress, stagnate or improve in 2017.
The Plan
Step 1 – Identify your needs and objectives against your current financial status. When you’re trying to establish a financial goal for the future, it can be difficult if you are ignorant of your current financial picture. To know exactly where you stand, take some time in January to look at where you are relative to debt to income ratio, expenses, savings and assets. In other words, find out how much money you have, where it goes on a regular basis and how your saving and spending habits has effected your current financial status. This will give you a better idea of whether you are comfortably meeting your basic needs and what you can realistically do to achieve your objectives in 2017.
It is important not to rush through this process. The following questions can help you to get a handle on where you are today…
Do you know how much you owe? This may necessitate compiling a list of the balance, interest rates, and monthly payments you make for each of your debts.
What is your debt to income ratio? Find this by dividing the amount you owe by the amount you earn on a monthly basis.
How much do you have in savings?
Are you able to consistently contribute to your savings? If you are not; follow the money to find out why.
Would you have enough saved to cover an unexpected expense or emergency situation?
Where do you experience the greatest “unnecessary” leaks in your daily spending habits?
Determine to take all the time you need, the entire month of January if necessary, to thoroughly research and evaluate your financial situation before moving on to the next step.
Step 2 – Gather Information.
Now that you know where you are financially it is time to evaluate what you can do to reach your goal. Begin by gathering information to educate yourself about what it will take, for you personally, to get to where you want to be relative to where you are right now. It is always a good idea to have at least a basic idea of how feasible your financial goals are before taking the leap. This is one of those tedious steps that most people avoid when they decide to pursue a dream. Unfortunately, it is often a mistake simply because, if you don’t know what is entailed in achieving your objective you are more likely to make unnecessary missteps that hinder your progress or cause you to abandon the goal altogether.
As the Alliance Life chart above indicate, people are at various stages relative to their financial goals when the new year role around. The information gathering process may help you to understand for example; if you have enough income to immediately move ahead with a goal to pay down a debt faster or need to increase your income stream first. For another person who may already have a solid financial plan in place; they may recognize that they need to make some adjustments in their spending habits before they will be able to grow their retirement plan. In most cases, the information gathering process highlight the need for a financial advisor that can help you to decipher the complexities of establishing and reaching financial objectives.
Step 3 – Develop and Personalize the Plan
Up until now, the plan for financial peace and plenty may still seem vague and formless. That’s because when it comes to the financial planning process, there are no one-size-fit-all programs. While your financial plan may not look like the graph above, developing and personalizing a financial plan that is right for you is critical to the outcome. Once you have the knowledge and information about your financial status, your spending habits, your income potential, amount of debt and what you will need to get, do or be to reach your goal; formulation of a plan based on your unique set of circumstances can begin to take shape.
Unless you are fiscally savvy, arrange to sit down with a qualified financial advisor to assist with mapping out the details of your plan. This expert can help you to streamline your goals so that it is not only achievable based on all the variables of your life but also to make reaching it as effortless as possible. With the appropriate help you will be able to make a realistic list of your financial goals, create a feasible budget, estimate timelines, establish saving, and spending parameters, design a practical debt repayment plan, incorporate retirement goals, etc.
Step 4 – Implementing the Plan
Breaking the plan down into month-by-month increments can help to keep you constantly abreast of your financial temperature as the year progress. For instance, a measurable goal could be reducing the number of times you eat out from five to three times a week and socking the savings away until you have enough to increase by $10 or $20 the amount you pay on a car loan each month. This may enable you to achieve the goal to eliminate this debt in two years instead of three by simply reducing your away-from-home food budget.
Step 5 – Evaluate and Modify
It is important to monitor and periodically assess whether the plan is working for you. Let’s face it, life is messy and even the best laid plans go awry. Work with your financial advisor to incorporate a strategy that will help you to modify the plan when necessary and still keep you on track even if things change.
Step 6 – Reward System
Building rewards into your financial plan is one way to keep you motivated to reach the finish line. Transforming financial dreams into reality takes tenacity, effort and in many instances, require changes to ingrained patterns of behavior. To avoid sabotaging any success you experience as you go along, tie rewards directly to the financial goal and remember that achieving each monthly goal is a reward in itself.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at www.mattloganinc.com, 336-540-9700 or matt@mattloganinc.com.The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-62984531277295452692009-06-08T06:28:00.000-07:002009-06-08T06:32:19.287-07:00Hiring a Great Lawyer<strong>7 Tips to Hiring a Great Personal Injury Lawyer </strong><br /><br /><strong>If you suffer an injury</strong> resulting in significant damages you will need to hire a personal injury lawyer. But in any given city, there are probably over 20 pages of personal injury attorney listings in the phone book. How do you pick the right one? What do you look for? What questions should you ask? <br /><br /><strong>Here are 7 things you should know before hiring your injury lawyer... </strong><br /><br /><strong>1) The sooner </strong>you hire your lawyer the better. Begin looking for your personal injury lawyer within a week or two after your accident. If you're not physically capable you should have a friend or loved-one start looking. The sooner you start building your case the better. <br /><br /><strong>2) Hire</strong> a personal injury lawyer that specializes in your specific type of injuries. Do your homework before signing the retainer agreement. Visit the firm's website and read up on it's history and each lawyer's biographical information. Ask the lawyer for some referrences and ask how much experience they have in handling cases with similar injuries. What settlement awards did they get in those cases? <br /><br /><strong>3) Have</strong> a face-to-face meeting with your prospective lawyer. Your personal injury lawyer is going to be your closest advisor during this difficult time. You must feel comfortable and trust your lawyer. The only way you'll get a feel for the lawyer is by having a sit-down to discuss your case. Any good personal injury lawyer will give you an initial consultation free of charge. <br /><br /><strong>4) Hire</strong> a lawyer that will take your case on a contingency fee basis. This means that your lawyer won't get paid unless you get paid. He will take his fee out of the money you receive for your injuries. You can expect your lawyer to take about 33% of your final settlement - that's after expenses are taken off the top. Make sure you clearly understand the payment structure before you sign the retainer agreement. <br /><br /><strong>5) Beware</strong> of ambulance chasers. The goal of these lawyers is to get lots of minor personal injury cases and settle them quickly - they make their profit from high turnover. So naturally they won't put as much time and effort into each case as they should. (If you're looking for a quick settlement be prepared to accept less than what your case is really worth.) <br /><br /><strong>6) Hire</strong> a lawyer with a good Martindale-Hubbell rating. This service evaluates lawyers in the U.S. and Canada based on peer review. Their website, Martindale.com has a helpful lawyer locator service and will explain the rating system. <br /><br /><strong>7) Always </strong>be completely open and honest when discussing your case with a lawyer. Tell the lawyer as much as you can about what happened. Try to remember every detail. Any documentation and pictures you have of your injuries and treatment will be a big help when evaluating your case. <br /><br /><strong>Bonus Tip: </strong><br /><br /><strong>8) NEVER</strong> give a recorded statement to a representative from any insurance company until you've consulted a lawyer. When the rep. asks for one simply say, "I'm not prepared to give a statement at this time." A recorded statement can be used as evidence and if you're not prepared you might overlook important details. Anything you miss (or misrepresent) can be used against you in settlement negotiations and in the trial. <br /> <br /><img style="position:absolute;left:-2000px;width:1px;height:1px;"src="https://www.amazon.com/dp/0757306586?tag=httprosebowlb-20&camp=0&creative=0&linkCode=st1&creativeASIN=0757306586&adid=13DW1D92V7JTM10GGBN5"><br><center><iframe id="gadget" scrolling="no" frameborder="no" width="250" height="250" src="http://www.gmodules.com/ig/ifr?up_ad=0&url=http://echo3.net/ja/gahealth/live/250x250-ad.xml?nocache=0&&r=DrPower"></iframe></center>The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0tag:blogger.com,1999:blog-6780591654258791583.post-23354503797759919752009-06-06T09:25:00.000-07:002009-06-06T09:54:44.172-07:00Divorce Terms<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCfxfQwleomrDJWm_9vjS_1tpi29mwuuM0HcpBgju90oMB8kBPQ2hvdd0ClO8CdAaidxRy1UZjkwUWXV0QEN4kuN3Uh-muMLtLEu_BheQ6Te9vtypTPQwUvHXn2he9hbgLlM7Rod_uzOA/s1600-h/banner1.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 48px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCfxfQwleomrDJWm_9vjS_1tpi29mwuuM0HcpBgju90oMB8kBPQ2hvdd0ClO8CdAaidxRy1UZjkwUWXV0QEN4kuN3Uh-muMLtLEu_BheQ6Te9vtypTPQwUvHXn2he9hbgLlM7Rod_uzOA/s320/banner1.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5344256335159372034" /></a><br /><br><strong>Divorce lawyers and law firms</strong> can provide a great deal of divorce information and divorce advice; but sometimes, all that legal jargon can be confusing to say the least, not to mention intimidating. Getting a good, low cost divorce settlement requires planning and research. <br /><br><br /><br>So, why not start here? We have provided you with a good glossary of legal terms related to the process of getting a divorce:<br /><br><br /><br><strong>Alimony</strong><br /><br>A regular support payment by one divorced spouse to the other <br /><br><br /><br><strong>Annulment</strong><br /><br>A court declaration stating that a legal marriage never existed<br /><br><br /><br><strong>Arbitration</strong><br /><br>Having a disputed matter settled by a third party who is not a judge.<br /><br><br /><br><strong>Attachment</strong><br>A court-ordered seizure of a debtor’s property.<br /><br><br /><br><strong>Attorney at Law</strong><br>A state-licensed advocate who is hired to prepare, manage and try a case in court.<br /><br><br /><br><strong>Alternative Dispute Resolution</strong><br /><br>A process of negotiation, mediation and arbitration, in lieu of a trial, as a way to resolve issues pertaining to a judgment of divorce.<br /><br><br /><br><strong>Case Information Statement (CIS)</strong><br /><br>A financial document specifying the details of your respective incomes, expenses, assets, and debts.<br /><br><br /><br><strong>Child Support</strong><br /><br>Money paid by one ex-spouse to another toward their child’s expenses.<br /><br><br /><br><strong>Common Law Marriage</strong><br /><br>A marriage without a license or ceremony in which the couple cohabitated for a minimum number of years (varies from state to state).<br /><br><br /><br><strong>Default</strong><br /><br>Failure to do something (such as make a payment) on time.<br /><br><br /><br><strong>Discovery</strong><br>The legal procedures used to gather all the facts necessary to settle a case or to prepare the case for trial.<br /><br><br /><br><strong>Dissolution of Marriage (Divorce)</strong><br /><br>The legal separation of a married couple so that each one may be free to marry again.<br /><br><br /><br><strong>Equitable Distribution</strong><br /><br>A fair division of the assets acquired during your marriage.<br /><br><br /><br><strong>Inventory and Appraisement</strong><br /><br>A list of jointly-owned property along with the current value of each one.<br /><br><br /><br><strong>Joint Legal Custody</strong><br /><br>An agreement in which a divorced couple share the rights and responsibilities of making major decisions about their child’s life.<br /><br><br /><br><strong>Joint Physical Custody</strong><br /><br>The shared right to have a child live with one or the other parent at different times of the week or year.<br /><br><br /><br><strong>Judgement of Divorce</strong><br /><br>A legal document following a settlement or trial that grants a divorce and states the court’s decisions with regard to alimony, support, custody, visitation rights, and equitable distribution.<br /><br><br /><br><strong>Maintenance</strong><br /><br>Alimony or child support payments<br /><br><br /><br><strong>Marital Settlement Agreement</strong><br /><br>An out-of-court agreement that resolves all issues surrounding a divorce. <br /><br><br /><br><strong>Mediation</strong><br>A process by which a dispute is resolved and an agreement between two parties is reached with the assistance of a disinterested third party known as a mediator.<br /><br><br /><br><strong>Non-Marital Property </strong><br /><br>Property that belongs exclusively to either the husband or the wife and, as such, cannot be divided between the two.<br /><br><br /><br><strong>No-Fault Divorce</strong><br /><br>A divorce granted with the mutual agreement of two spouses, or when one spouse has left the marriage for a certain period of time (varies by state).<br /><br><br /><br><strong>Rehabilitative Alimony</strong><br /><br>Alimony that helps the ex-spouse to become self-reliant.<br /><br><br /><br><strong>Separation</strong><br /><br>The absence of one spouse from the household before a divorce.<br /><br><br /><br><strong>Separation Agreement</strong><br /><br>A temporary agreement with regard to support, child custody and property for the period between the onset of separation and the granting of a divorce.<br /><br><br /><br><strong>Spouse</strong><br /><br>A husband or wife<br /><br><br /><br><strong>Support</strong><br /><br>Payment due to one spouse from the other regarding housing, food, clothing, and other expenses.<br /><br><br /><br><strong>Transfer</strong><br /><br>To switch legal ownership from one person to another.<br /><br><br /><br><strong>Verification Statement</strong><br /><br>An oath declaring that the information stated in a document is true.<br /><br><br /><br><strong>Visitation</strong><br /><br>The right for a non-custodial parent to visit his or her child.<br /> <br><br /> <br><br /> <strong>About the author</strong>:<br><br /> <br /> Nathan Dawson writes for a great online source for finance information. <br><br /> <br><img style="position:absolute;left:-2000px;width:1px;height:1px;"src="https://www.amazon.com/dp/0757306586?tag=httprosebowlb-20&camp=0&creative=0&linkCode=st1&creativeASIN=0757306586&adid=13DW1D92V7JTM10GGBN5"><br /> <br><br /> <font size="-2">Circulated by <a href=http://www.allthosearticles.info>Article Emporium</a></font>The Guy who knows....http://www.blogger.com/profile/03394471517835330022noreply@blogger.com0