It’s only the second month of 2014 and already most Americans have abandoned their New Year’s resolutions. Lose weight, get organized, sleep more – the euphoria of creating a “new you” has passed, and now all that remains is hard work and discipline. Whether you keep that gym membership or not, there’s one resolution which is highly worth the effort: getting your financial affairs in order. A great way to start is to look at the five critical components of your finances over the past year.
Q. After losing half of my retirement portfolio in 2008, my financial advisor recommended a product which is guaranteed not to lose money when the market goes down but also goes up when the market goes up. Why would anyone not invest in this?
Sometimes relocating for a new job means buying a new house at precisely the wrong time. Here are a few strategies I learned the hard way for buying a home when the market is against you.
Back in 2005 I bought my first house. It’s the only house I’ve ever
owned. After 8 years, my family and I decided to relocate due to my
wife’s job promotion. The problem was that her company wanted her to
move quickly. Since I’ve never sold a house before and with the huge
housing market downfall, I was a bit nervous.
Q: I’m 55 years old and I’ve been practicing emergency medicine for
20 years, but I don’t have much to show for it. My retirement portfolio
is about $500,000. I’m getting tired of working nights and weekends, and
I feel like I’ll never be able to walk away. What should I do?
You’ve heard that taxes are going to increase and you’re waiting for the
hammer to drop. We break down the new tax brackets and regulations that
will impact you in the coming year.
If you’d invested your funds in 2012 based on doom and gloom newspaper headlines, you would have missed out on a great opportunity. Think about the lessons of the past before jumping ship on your current wealth management plans.
A few weeks ago I took my family to our annual vacation spot – Las
Vegas. It’s a place that defies the law of averages. Normal people stay
awake 16 hours a day. In Vegas, it’s 20+ hours a day. At home, one bowl
of cereal and a banana completes my breakfast. In Vegas my stomach’s
capacity expands to fit five plates at the wall-to-wall buffet.
What I’m about to tell you is unorthodox and unconventional and your
first thought might be “This doesn’t apply to me” or “There’s no way I
can do that!” But I can assure you from personal experience that acting
on even one of these strategies can have a powerful impact on your
Rather than attempting to randomly pick successful funds from a massive
list, have your group’s financial advisor create model portfolios for
you to select from, which display options based on risk profile.