Looks like we’re finishing up 2017 with stocks roaring to record highs… why fix what’s not broken? As stocks rise (or fall), our portfolios have an increased likelihood of getting out of whack. Thus, tip #1 as we head into the new year is to review your asset allocation. As an example, you may have started the year with an 80% stock/20% bonds portfolio and as stocks have risen you may now be even more aggressively imbalanced at 90% stocks.
How often do you imagine a no strings attached friend with benefits? Sounds great, huh!
Well, not everyone finds themselves in that perfect situation..but many of us find ourselves in a ‘work damn hard for a living’ situation. So, let’s look at some voluptuous benefits that just might be dangling right in front of our face.
Specifically, if you have the opportunity for an employer 401k/retirement match, then make sure you’re taking advantage of this free money. Here is how your 5% company match might really be worth $1,000,000… Read more
What’s your retirement number? $1 million…$2…$3…$4… maybe $5 million?
It’s time to paint your retirement picture. How does it look? Consider your income needs:
- House payment
- Car payment
- Routine daily living expenses
It’s time to think about your retirement goals because your daily actions TODAY will impact your future lifestyle and flexibility. I’m talking RETIREMENT money, not Walmart greeter money.
So, let’s say you answered $1 million. Did you know that inflation impacts the value of our future dollars? Over time, inflation increases the price levels for goods and services. This means that if you have $1,000,000 today, it’ll actually be worth close to $550,000 in 30 years when you’re closer to retirement (assuming 2% inflation). Read more
It’s finally FOOTBALL SEASON!
tons of college games today…
and the NFL season starts tomorrow for most teams!!!
That means it’s time for a checklist…
-BIG SCREEN TV
-Chips and salsa
-Burgers and hotdogs
Just like you have a checklist for the big game, you should have a checklist for your life [& financial life!]. To help find your zen and use your relaxation time to actually relax…try adding more organization to help keep your life in order! Checklists / to-do lists can have soooo many benefits.
I’m not saying you have to cross every item off your checklist…but hey, start by actually making a checklist. Once you have a checklist, you can add detail to the list by setting some time-frames and scheduling them into your calendar.
NFL kickoff is my zen! It’ll feel much better watching the games with an organized to-do list to help keep me smooth sailing. Use whatever works best for you… maybe a phone, notepad, or a calendar. And remember, a short pencil often works better than a long memory. Move that weight from your mind and shoulders to a piece of paper, add timelines, and conquer!
Why is life insurance important? Great question! Life insurance is important because it covers our assets and our asses. Life insurance protects you and your family from unforeseen death, loss of income, etc.
Life insurance should be applied uniquely to individuals based on their current income and needs, while also accounting for future goals. The #1 problem to avoid with life insurance is imperfect fit: buying too much, too little, or the wrong type.
Remember: the CORRECT life insurance policy is BOUGHT, not SOLD. Don’t make a costly mistake… here’s what you should know before you go:
Heck yeah I spend money on fantasy football, sports equipment, travel, desserts, and gifts – you should too! Fun money is just as important as any other budgeted money category, right? Right!
Fun money helps to keep your life balanced. Your fun money could be used for anything that your heart desires…
Are you using yours wisely?!
Asset Allocation Definition (Investopedia): Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories such as cash, bonds, stocks, real estate and derivatives. Each asset class has different levels of return and risk, so each will behave differently over time.
5th Grader Definition: Investing diversely so that your investments grow and you can one day retire! Investing in a manner which fits your goals, investment timeline, and risk tolerance. A.K.A. avoiding 100% bonds or cash; 100% of just about anything is usually the wrong long-term answer.
5 Problems To Avoid… Read more
- When is the last time you sanitized your Facebook or Twitter?
- When is the last time you updated your LinkedIn page?
- When is the last time you updated your resume?
Y.O.U. are a brand. Bet you knew that the average recruiter only looks at your resume for 6 seconds…right? Bet you also knew that 80% of jobs are never posted and are only found through networking… Read more
How To Be Secure In Your Own Finances
I feel pretty financially secure… maybe it’s because I have no debt. Maybe it’s because IDGAF about what others think. Instead of paying others (debts owed), I pay myself (savings). My only phone calls are from family and friends, which is how I prefer to live! I became secure when I determined what made me happiest – with no desire to drive my money, live in my money, or show-off with my money. By definition, financial security is how much peace of mind you have that your income will cover your expenses, emergencies, and goals.
Know Thy Self
Why is happy the new rich? Well, the old saying “money doesn’t buy happiness” is a good start. Whether you’re working, enjoying hobbies, or studying for your next exam… it’s very important to understand the true purpose behind what you’re doing. How important? Pretty fuckin important if you work ~40 hours a week full-time for a good portion of your life. Studies show that happier people tend to be healthier people – of course you want to be healthy! So, you probably should be searching for happiness in your career as well as your life! We can do it by figuring out Rule #1: Know Thy Self…
Being C.E.O. of Y.O.U.R. Family – Part II
Congratulations, you’ve recently been promoted to the CEO of Y.O.U.R. Family. Let’s take another 20 year snapshot of your life. In this example, you make $75,000 per year. You are now in charge of a $1.5M, yes a 1.5 titty fucking million dollar operation.
Happy 42o – Don’t let your future go up in smoke!
Try rolling these tips into action…
Write Your Goals:
According to a Harvard MBA goal study, 84% of one of their classes had not set goals, 13% had written goals but no concrete plans, and 3% had goals and plans. 10 years later, the 13% with written goals were making 2x as much money as the 84% of the class with no goals. And, the 3% with written goals and a plan were making 10x as much as the other 97% of the class. If it isn’t already, your goal should be to set goals… Read more
Mortgages & Long-Term Investing:
*Sexy Alert: you will always save money on interest payments over the course of a 15 year mortgage versus a 30 year mortgage. Now, let’s look at the options of investing and paying down your mortgage!
Debt is a ticking time bomb!
Shit… Read more
ME-llennial Mistakes To Avoid
You don’t need a shiny crystal ball to forecast your exact future. But, you will benefit from a little planning so that you can better position yourself for flexibility to achieve your dreams while minimizing your risks.
The millennial generation is said to be self-absorbed, so start acting like it by taking care of yourself. Maximize your potential and minimize your regrets. Regrets? You know, like that one night in college when… ok we won’t go there. Read more
Student Loan Debt
You are probably close friends [or enemies] with student loans if you’ve hit that 4th year, 5th year…or maybe 6th year of college. Unlike Vegas, what happens at college often stays with you for over 10 years – not ideal.
So, what’s worse than graduating with the average student loan debt of ~$30,000? Answer: paying an additional $5,000-$10,000 of student loan interest. Here’s how you avoid this…
Double C’s (Credit Cards):
Double D’s are nice, tough argument. But, nothing gets me as excited as my cash back double C’s (credit cards). With so many credit card choices, it may be difficult to determine (1) if credit cards are right for you and (2) which one you should use!
Whether your preference is cash, points, or some mix and match… you need to know that YOU WIN when you’re in control. The CREDIT CARD COMPANY WINS most of the time, which is why they’re in business. So I’ll repeat, you must be in control. I don’t care how enticing the rewards program is, you will not benefit if you can’t consistently pay off your credit card debt on time. So…how do YOU win?!
Viagra for your credit isn’t something to be ashamed of, especially if you have trouble keeping it up. Unfortunately, your credit score impacts common loans that you may likely apply for throughout your life – think mortgages and auto loans. How would you like to save $50,000?
Making Your 401k Easier Than Your Prom Date
In today’s world, investing is a basic survival skill – if you don’t know how to work with money, then your survivability will literally be impacted. Here’s the bottom line… you probably don’t want to save 50% of your paycheck when you’re in your 50’s. Instead, we need to use the opportunity to invest in our 20’s, 30’s, and 40’s.
$10k saved at age 25 = $228,000 at age 70… Read more