December 31, 2016

17 Financial Resolutions for 2017

We all do it at the beginning of every year; make resolutions with the intention of keeping them. And while you may be ready to kiss 2016 goodbye, it doesn’t mean you’re ready to tackle 2017, especially when it comes to your finances. So we here at Financially Simple® decided to help you become happy, healthy and wealthy (to some degree) with 17 financial resolutions for 2017. 1. Start an Emergency Fund We’ve all been there. The car breaks down, while a water pipe bursts in your home and little Tommy falls out of a tree breaking his wrist. Misfortunes are in everyone’s future. No matter how you spin it, you’re likely to see an unexpected emergency with unexpected expenses this year. However, that doesn’t have to derail your financial plans IF you prepare. Don’t get caught without extra cash to spare your budget when life does happen, because we all know it will. If you don’t already have an emergency fund, start one today. We’ll help you get started here. 2. Budget! Then follow it!!! When it comes to budgeting, we Americans stink at it. Or at leas the sticking to it part. Just one in three actually take […]
September 30, 2016
March 7, 2016 ~ Weekly Update

Stock Market Highs: What you can do to keep your portfolio on track

Historical stock market highs are prompting investors to take a close look at their portfolio to maximize returns. According to CNBC through the end of July, the major averages staged a remarkable rally since the March lows. U.S. markets surpassed the highest levels of 2009 with the Dow boasting the best July returns since 1989 and the S&P 500 and NASDAQ in 1997. With the stock market up, July was the best monthly performance for the Dow since October 2002 and April 2009 for the S&P and NASDAQ. Since March the S&P turned in a performance that is up 45.96%; meanwhile, the Dow shot up 40.09%, and the NASDAQ 55.96%. So what does that mean when for your portfolio? Even though the major averages are up this year, your portfolio is still likely down. You could be showing lower return than 3-5 years ago. If that sounds like you, it may be time to rebalance your portfolio. That may lead you to find that it’s out of sync with your ultimate goals. Perhaps saving for retirement or college is a major goal you hope to accomplish with your investments; then now is definitely the time to review where you are and […]
August 27, 2016
Emergency Fund

The Importance of an Emergency Fund

One thing is true of life…expect the unexpected. That’s why any financial guru around will stress the importance of having an emergency fund. If you’re confused on what exactly an emergency fund should be used for, I can tell you it’s not for that 65” TV you’ve been eyeing at Best Buy when yours bites the dust. While that may seem like a catastrophic event to some, it’s not exactly the type of crisis that you’ll want to dip your fingers into your cash stash for. An emergency fund, also known as a rainy day fund, is the money you save for those unforeseen circumstances you run into in life. Your budget is made up of this everyday expenses like groceries, housing, cars etc. Your emergency fund is for those things you don’t anticipate in your budget. So when life happens and it will, you need to have money somewhere that you can easily access to cover those expenses. This is NOT money you tie up in an investment. You’ve got to keep it fluid and available. You don’t want to count on credit cards or debt to get you through when you car breaks down or the air conditioning […]
August 7, 2016
Why a CFP is Vital in Your Financial Plan

Why I Hired a Financial Planner

Why I Hired a Financial Planner One of my favorite Warren Buffet quotes is this, “Lethargy, bordering on sloth should remain the cornerstone of an investment style. This year we neither bought nor sold a share of five of our six major holdings.” The second richest man in the U.S. is advising us that investing should be boring. Basically he wants to remind us that the two biggest factors to achieving success, time and allocation, are both on our side. And considering his successes, mimicking his investing style probably isn’t a bad idea. For me as a CERTIFIED FINANCIAL PLANNER™, I may know the dos and don’ts of investing better than most; however, I also know the power of emotions. And when it comes to my own personal investments, I still look to others for guidance, which is why I hired a planner to handle my affairs. I sometimes need to be reminded of the goals I’ve set and am working toward achieving. So as you dive into the investing world, you want to keep in mind that when you build your portfolio, your asset allocation should match your risk tolerance and line up with your long-term goals. This is where your […]