As a CERTIFIED FINANCIAL PLANNER™ I’m constantly communicating with investors who develop ideas and opinions about the stock market. I truly understand their angst. I too struggle to make the best decisions with my personal funds, which is why I hired a financial planner for myself! With all the uncertainty that surrounds the market, we decided to put together a list of 24 of the most interesting investing statistics we think you need to know before diving in.
Today we’re going to have an epic financial battle – Dave Ramsey vs Robert Kiyosaki. Dave Ramsey is famous for his Financial Peace series and Robert Kiyosaki is known for his book Rich Dad Poor Dad. Which strategy is right for you? Is one person right and the other wrong? They have completely opposing views when it comes to some aspects of finances. Well, this Certified Financial Planner is going to take a look at their top seven financial strategies and dissect them.
In a recent meeting with some long-term clients, we began updating their comprehensive wealth plan. I vividly remember their specific goal. They wanted to reach retirement with an annual income of $100,000. Years ago when their journey to their financial independence began, this number was out of reach. Now, due to their hard work and persistence, this goal is actually becoming a reality. If you’re asking yourself this question, “Can I retire with $100,000 per year in income?”, then let’s take a look at how you get there.
Finance is a multifaceted subject. It cuts across various aspects of our lives and at certain times knocks the wind right out of us. For instance, today as I met with a client, we considered how to calculate liquid net worth. Yeah, I know Liquid Net Worth doesn’t garner the attention that Net Worth alone does. However, both calculations have their place in your finances. So talk about why liquid net worth matters and how you can figure yours out.
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? Is gold a good investment? 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.
The thought of being debt free sounds like a dream come true for most of us. Many folks are wrapped up in credit card debt, car payments, mortgage payments, etc. However, there’s one debt freeing yourself from could do more harm than good, from a mathematical standpoint. That is your mortgage debt. Honestly, it’s often not a good idea to pay it off or even pay extra on it before age 50.
It never fails—when I have new clients coming in, they say they want all of the upside but none of the downside. Basically, they want their investment cake and to eat it too. However, the truth is you can’t invest without taking some risks. You need to understand the types of risk in investing that warrant concern and the types that are best left to the experts to worry about. Let’s discuss the types of investment risk and their causes.
Choosing a financial advisor can seem overwhelming when you first start…especially if you’ve never delved into the financial world yourself. It can be tough knowing what to look for. However, there are some strategies that you can utilize to find the advisor that gels with your needs the most and will help you reach your ultimate goal. Making use of these three questions will undoubtedly help you assess and ultimately hire a financial advisor that can help you trek down the path you desire.
It is hard to believe one of the most important aspects pertaining to our kids’ future is often overlooked: learning about finances! Since these life-changing concepts are not adequately covered in schools (in my opinion), that job falls on us parents! One great (and fun) way is by playing financial games for kids. These games will expose them to the rules they will encounter during banking and managing money as they grow up. The best part—when playing these money-related games, they can take financial risks without being penalized. Spring and summer trips are a great time to snatch up one or more and get your kids’ financially simple education started!
It’s great that you are getting a summer job! But when you’re anticipating getting that first paycheck you might be wondering to yourself “do I have to pay taxes at a summer job?” Even a part-timer like you is expected to pay the US Government their due. Yes, life is not always as Financially Simple as we would like. Here is some helpful info to help you deal with taxes at your summer job: