The much talked about Fiduciary Ruling expected from the Department of Labor has been delayed until July 1st, 2019. Now, I understand some of the reason for the delay. I even have a client who is an attorney for a major insurance company, and this person is leading the task for the company in dealing with DOL alternatives. Obviously, there are some issues when it comes to this ruling. After all, we have FINRA, the SEC, and now the DOL already involved. So when you add the 50 states with various interpretations of the rules of all three different regulatory bodies, what we really have is a mess. Here’s why I’m on a rant about it though.
We’ve all heard and seen the “buy gold” advertisements on radio and television. Usually, a paid celebrity will talk about how “bad” the markets can be and then pitch a gold product. The question is, how much attention should we give to these ads? Will gold be a good investment in 2018? They tell us if the stock market crashes, this is one investment that won’t go belly up. However, gold is always compared to stocks, not fixed incomes like bonds.
Job interviews can be one of the most nerve-racking experiences anyone faces. It is like playing 20 questions with someone you barely know. Obviously, the point is to get to know them thoroughly and find out if they will be a good fit for a company. The same process goes into hiring a CERTIFIED FINANCIAL PLANNER™. Each prospective client we talk with typically brings a myriad of questions for us to answer. Being a CERTIFIED FINANCIAL PLANNER™ in Knoxville, TN doesn’t mean I just get interviewed by local individuals. I actually have clients all over the country, and one question that is almost always asked is this: “Justin, would you invest your money the way you are going to invest mine?” While that seems to be a fair question on the surface, it really is not. Here’s why. I completely understand where the inquiry is coming from. They want to know if I, in fact, take my own advice when it comes to investing. Am I using investments, planning strategies, or a product mix that will offer me a better return than what I will provide them? They want to know if I’m doing what’s in their best interest or […]
One of my biggest pet peeves as a financial planner is debt. Debt is something I deal with on a consistent basis when it comes to my clients. The question that I get the most concerning debt many times is this: Should I pay off my debt before I start investing? I’m a huge proponent of paying off all your debts with the exception of your house and maybe a business loan before you actually begin investing and here is why. Most of the time, people are talking about car loans, boat loans or TV loans. I have even seen loans for washing machines! We are indebted people. Debt sucks plain and simple!! There’s no other way I can put it. So when you should start investing? 1. Pay off your basic consumer loans first. When you look at the amount of interest people pay on credit cards or car loans, it’s just ridiculous. That amount of money could be invested and putting money in your own pocket. Yet you’re paying it out to make someone else’s wallet fatter. With I’ve seen credit cards charge anywhere from 10% to 20%. That’s just mind-boggling to me. That’s more money than the […]