moneytips
Financial advisors offer invaluable guidance. Their fees can, however, eat into your hard-earned savings. Typically, financial advisors charge between 0.25% and 1% of assets managed. However, fees vary according to the level of service provided and the firm. For example, some advisors may charge between $200 and $500 per hour or a retainer of $7,000 or more per year. In other cases, sliding scale fees are used, with higher asset levels qualifying for lower fees. There may be a flat fee of $7,500, while there may be an hourly rate of $120 to $300. Keeping advisory costs low is crucial whether y...
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Like it or not, digital technology permeates nearly every financial activity we perform today. The economic landscape—which includes financial services and banking—is shifting to the digital space at an accelerated pace, and things will only move faster in the coming years. Deloitte predicts that by 2025, finance will be highly automated and will double down on fields like financial information and business insights. Future transactions will increasingly become touchless as technologies like blockchain merge into operations. Cycles will also move in real-time. Periodic reporting will no longer...
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The world of investment is a complex labyrinth filled with myriad opportunities and pitfalls. One of the most common misconceptions is the belief in the ability to time the market perfectly. However, an old Wall Street adage states, “The stock market timing hall of fame has zero members.” This statement underscores the futility of predicting market movements with absolute certainty. A compelling case against market timing was presented in a Bloomberg article published 19 months ago. The article reported a survey of 112 professional economists, all predicting a recession within the next 12 mont...
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Fewer than half of all Americans are “very satisfied” with how life is going in their personal lives, for just the third time in two decades, according to Gallup. Here’s the thing, though. You don’t need a substantial bank account to live a fulfilling life. This is especially true since the cost of living is rising, and many people are switching to a frugal lifestyle. However, living cheaply does not mean you have to sacrifice happiness. In reality, it’s about prioritizing what matters most and determining what’s truly important. To that end, this blog post explores various ways to maximize yo...
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The investment landscape is a dynamic and ever-changing field, with various asset classes vying for the title of the most lucrative investment. For a long time, the adage “cash is king” has been a guiding principle for many investors. However, recent trends and market dynamics suggest that this might be changing. With a record six trillion dollars in money markets, investors have been asserting that cash is, indeed, king. But is this about to change? Let’s delve into this question and explore the potential of bonds as an alternative investment. The reign of cashCash has traditionally been view...
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Life is a journey, a rollercoaster ride filled with a myriad of experiences, emotions, and events. It takes us through high peaks of joy and deep valleys of despair. This article aims to provide an in-depth understanding of how to navigate through life’s ups and downs, focusing on both the hard days that go sideways and the good ones too. Understanding the hard daysLife is not always a bed of roses. There are days when everything seems to go wrong, the world seems to be against us, and we feel like we are walking against the wind. These are the hard days that go sideways. They are the days whe...
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The financial world is a vast landscape teeming with a multitude of investment options. Each one comes with unique advantages and disadvantages, making navigating challenging. Two such options often emerge under the microscope: the 401k retirement plan and Indexed Universal Life Insurance (IUL). This article aims to illuminate these two financial instruments, highlighting their benefits and drawbacks. The goal? To help you make an informed decision that aligns with your financial goals. Unpacking the 401k retirement planA 401k is a retirement savings plan sponsored by an employer. It’s a nifty...
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GameStop, the renowned American video game, consumer electronics, and gaming merchandise retailer, is once again stealing the limelight, causing quite a stir in the financial world. The company, often likened to the Blockbuster business model of the 90s, has witnessed its stock price skyrocket by a staggering 200% in a mere two days. This remarkable resurgence is largely credited to the power of social media, specifically the Reddit community, and the involvement of high-profile investors like Dave Portnoy. Despite some critics labeling GameStop’s business model as outdated, the company’s rece...
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The alarm bells are ringing, and it’s time for American workers to pay attention. As a certified financial planner, I’m here to share a critical warning that comes directly from the government’s social security website. The government has stated that starting in 2034, it can only afford to pay out 80% of the promised social security benefits. This 20% reduction will significantly impact the financial stability of American households, particularly those over the age of 65. The cornerstone of retirement planningSocial security has long been a cornerstone of retirement planning in the United Stat...
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One topic that often surfaces in the world of personal development is the power of self-affirmation. This concept centered around the idea that positive self-talk can significantly influence our mindset, behaviors, and overall life outcomes — is fascinating. In this article, we’ll explore the essence of self-affirmation, its impact on personal accountability, how it can be a tool for personal growth and transformation, and how speaking differently to yourself can blast through your defenses that don’t let your messages in. Understanding the power of self-affirmationSelf-affirmation is a psycho...
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