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Posted by on Nov 15, 2019

Financial Planning and Management Services   Retirement Counseling: How much is enough? Are you maximizing your benefits? Maintaining flexibility? What are you retiring to? Investment Analysis: Does your portfolio match your risk profile? Is it balanced? Are there any underperforming investments? Cash-Flow Management: Do you have a spending plan? What are your goals for college or retirement? Are you concerned about out-living your money? Financial Planning: What is the big picture? How can you blend your life goals? Insurance Review: What are your employer benefits? What happens when you...

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Financial Resolutions

Posted by on Jan 8, 2018

Financial resolutions are one of the top 3 new year resolutions (NYR) people make. What financial resolution should you make? It depends – – on what your money personality style is. Olivia Mellan describes 5 basic money personalities in her book Money Harmony. Most people are predominantly one style with some traits of a secondary style. Which style are you? Take this quiz to find out > Financial Personality Quiz . There isn’t one style that is better than another. Each has good qualities and short comings. The key is to keep your style in balance.   Hoarders love managing their...

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Rules of Thumb

Posted by on Jun 11, 2015

I frequently am asked how much should be allocated on different budget items.  I see so many variances in people and their likes and dislikes.  Some people have 3 closets of clothes, others take extravagant vacations and some have great collections of art or coins or books.  I think you need to make room for your own personality or you won’t keep a budget/spending plan. There is a general rule of thumb to follow.  Put 10% of gross income away for long term goals like retirement and college.  Put 20% away for debt reduction and cash reserves.  And use 70% for monthly living expenses including...

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Budgeting Made Simple

Posted by on Jun 4, 2015

I learned budgeting in my college days.  My dad required me to do a 6 month cash flow projection before I got my ‘student loan’.  I am sure I was the only student who had to do that.  After 20 plus years of working with people and their money, I think every college student should be required to create and live by their cash flow projections. My years as a financial advisor, I have learned a few things that makes creating and keeping a budget easier.  I have found the biggest stumbling block in keeping a budget is the non-monthly expenses.  Things like Christmas and gifts, vacations, medical...

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Financial Goals

Posted by on May 21, 2015

The S.M.A.R.T.  guidelines work well for financial goal setting.  Some common financial goals people have are sending kids to college, retirement and large purchases such as a house or a car. Applying S.M.A.R.T.  to these goals would looking something like this: Specific:  Being specific would be setting a dollar amount on the goal.  How much do you want to pay for your child’s college education?  That will depend on the college the child attends and what percentage of cost you as a parent plan to pay.  Use a college funding calculator found on many websites to help you determine the amount...

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