Why I Hired a Financial Planner One of my favorite Warren Buffet quotes is, “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 there are two major factors to achieving success. The first is time. The other is allocation. Both of which are on your side. And considering his successes, mimicking his investing style probably isn’t a bad idea.
In my business, I work with all different types of people. They run the gamut. Some are employers, while others are the employees. Some tell me they want to retire early. To that, I then ask them what retiring early means to them. Are we talking late 50s, early 60s, perhaps even early 40s? The key to helping them reach that goal is to know the age that goal needs to be achieved by. Retiring early constitutes walking away from making income, living solely off our assets and whatever income they produce. For our example, let’s say the person wanting to retire early and is looking to do so between 55 and 60. The very first thing to consider is how much is this person going to live off of each of retirement? There’s a calculation that needs to be made on your budgetary requirements based on what you are currently living off of each year. Then we must factor in inflation. We know the cost of living will go up, so it’s vitally necessary to prepare for that when quantifying these numbers for retirement. So if someone is retiring at 50 and they typical spend $50k a year for […]
How a True Wealth Manager Views Your Life Hey, guys! Justin with Financially Simple here to help you understand how a wealth manager views your financial life. Most people think a wealth manager is just someone who invests money, but that’s not really the case if they are a setting up a comprehensive plan. Investing money is just one aspect of what we do. For example, think of your life as a box. Everything in the box is something you can control. We can either google to learn more, ask friends and family for advice or even hire professionals to help us build the custom life we want to have. Those areas are cash flow, risk management, investments, and distribution. What You Can Control Cash flow is how much money do we make and how do we make it. So few people know exactly where their money is spent. It happens far too often. This is why I stress budgets. They’re important for both the home and business. Risk Management is everything that has the word insurance on it and the legal documents we use to protect it. Many people don’t plan their insurance packages, rather they buy it on […]
Laying a Good Wealth Building Foundation in your 20s and 30s Laying a Good Wealth Building Foundation in your 20s and 30s Hey guys! It’s Justin Goodbread from Financially Simple. Here are some tips for laying a good wealth building foundation early on. If you catch on to these you undoubtedly increase chances of success when it comes to your finances. 1. Work/Life Balance 2. Invest in Yourself 3.Plan Not Save 4. Set Short Term Goals 5. Spend Less than You Make 6. Build a Budget 7. Learn Money 8. Take Risks 9. NEVER Borrow Money for Non-Assets 10. Take Advantage of “Free” Money