by Mitch Anthony “Never spend your money before you have it.” -- Thomas Jefferson Successful financial planning involves more than the balance in a client’s portfolio. A strong financial plan represents what is important to an individual—in other words, his or her fiscalosophy. Consider these two scenarios: Mark spends lots of money on trips and entertainment. [...]
by Mitch Anthony "Honor your father and your mother, that your days may be long in the land that the LORD your God is giving you"—Exodus 20:12. At this time of the year, we all love to celebrate—at home, at the office, and with friends and family. We give gifts to those we care about [...]
by Mitch Anthony "It is by spending oneself that one becomes rich." —Sarah Bernhardt There are only four things you can do with your money: Owe it (taxes and debt) Grow it (investing and saving) Live on it (lifestyle spending) Give it away (philanthropy) The choices you make around Owe-Grow-Live-Give (OGLG) have a direct impact on the [...]
by Mitch Anthony I have been amazed at how few advisors I interact with take their clients through a cash-flow analysis. When I ask them about it, most give one of two reasons for their inaction: Their clients really don't want to know how much they're spending, preferring to live in ignorance. Really? When an advisor [...]
by Mitch Anthony In some communities, getting into certain kindergarten programs can be as tough as getting into an Ivy League school. Since 1997, the number of kids taking the ERB (an aptitude test used by many kindergartens and private schools) has grown by about 40 percent. This translates into the pressure starting early for many [...]
by Mitch Anthony Few conversations are more fascinating than what money means in our lives. People constantly mull, study, worry, regret, scrutinize, second-guess, hope, and fantasize over money. At its best, money helps us live fulfilling lives. At its worst, money becomes an obsession. Consider the following questions: "What are you invested in?" "What do [...]
by Steve Sanduski Over the next few years, it's going to become harder and harder to maintain the 1 percent AUM fee that is common in our industry. From my perspective, there are two possible ways to address this challenge: Deliver much more value for the fee than you do today. In this scenario, you'll need [...]
Originally posted at Abqjournal , by Donna Skeels Cygan.Is Sunday evening the best part of your week? Many recent retirees tell me they savor their Sunday evenings, because they are no longer stressed about going to work on Monday morning.Today’s article covers how to prepare psychologically for retirement. Next month’s will cover how to prepare financially for [...]
If you want to rein in your spending, there's a way to make the process easier: Check your values. "For a lot of people, there's a disconnect between what they say is important and how they're spending their money," said certified financial planner Tammy Wener, co-founder of RW Financial Planning. It's a phenomenon that a [...]
by Mitch Anthony Over the past several months, we've discussed many of the concepts that can help you add value to your practice through retirement coaching. This month, we'll wrap up our discussion. Retirement coaching is a holistic process that involves working with your clients on two levels: Quantitative: This process involves focusing on the "financial" [...]