7 Mistakes People Make When Choosing a Financial Advisor

Helping people make smart financial decisions

Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come.   A 2020 Northwestern Mutual study found that 71% of U.S adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor. 1

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could up end up with about 15% more money to spend in retirement.2

3 Ways to Recession Proof Your Retirement

by Adam McFadden  April 13, 2023

Stay the course. Don’t overreact. Think long-term.

Following this advice during times of economic uncertainty can do wonders for your retirement plan. But don’t mistake it as an invitation to sit back and do nothing!  There are moves you can make now while things are volatile that can pay off significantly down the road.

Let’s look at a few:

Money Expert Jaspreet Singh Says ‘Becoming Wealthy Is Surprisingly Simple’ — Here’s Why

Cameron Diiorio  Tue, May 23, 2023

Jaspreet Singh, known as “Minority Mindset” on YouTube, is an attorney and entrepreneur with a goal to spread financial education. The Minority Mindset brand has grown into a number of companies including Market Briefs, a free financial newsletter, and Market Insiders, an investing education app. His brand has helped countless people get out of debt and start investing.

As one of GOBankingRates’ Top Money Experts, Singh speaks here about creating a plan for building wealth.

Does Beneficiary Designation Overrule a Will?

Ashley Kilroy   Mon, May 22, 2023

Some financial products like life insurance or tax-advantaged retirement accounts require you to name one or more beneficiaries. However, that’s not the case with many assets. For instance, you can buy a house or set up a savings account without designating who should receive it when you pass away.

While beneficiary designations for specific financial products are necessary, they are not sufficient by themselves for creating a comprehensive estate plan. A financial advisor can help ensure that you have a holistic estate plan.

How to Make a Retirement Plan When You Don’t Have Kids

 By Kara

I don’t want to have kids. So I hear often: who’s going to take care of you when you get old? And while I don’t love that question, it’s an important one to ask yourself. Today we’re going to talk about how you can set up a financial plan now and later in life to make sure that you have a plan for care.

First, let’s be clear that kids are not a retirement plan in general, and having kids just so that you have someone to take care of you later in life is a really bad idea. It’s also absolutely no guarantee of care.

Personal Representative vs. Trustee: What’s the Difference?

A reader writes in, asking:

“I’ve read your book twice, and FINALLY got my wife to face the reality that I’m likely to die before her (I’m 82, she’s 76)!

I love the simplicity of the book, however there is one topic I think needs some fleshing out: the text seems to use the terms Personal Representative and Trustee interchangeably. The functional roles seem a bit fuzzy.

How Much Cash To Have Stashed at Home at All Times

Jordan Rosenfeld   Sun, May 21, 2023

Digital payment platforms like Venmo, PayPal and CashApp have changed the way we use and keep physical cash on hand. Most people rarely keep cash on their person, much less at home. However, there are always unexpected events that can lead to a necessity for having a bit of cash on hand, particularly emergencies ranging from catastrophic weather (hurricanes, wildfire), to power outages. If you can’t access your digital currency or your banking systems are down, having cash can allow you to get gas, food, and medicines with ease.

However, just how much cash should you have on hand? We asked experts to weigh in and the answer is: It depends.

20 Tips To Stay Financially Healthy Without Sacrificing What You Want

Cameron Huddleston   Fri, May 19, 2023

If you're trying to live on a budget, you might not feel like you can have the things you want. But you don't have to resign yourself to living a bare-bones existence if your budget is tight -- it's possible to live on a budget and get some of the stuff you want.

Create a Budget That Prioritizes Needs

If your income is limited, make sure it covers your needs first. "Food, shelter, clothing and utilities are needs," said Donna Freedman, author of "Your Playbook For Tough Times. "The rest is just a series of wants."

Experts Explain Hyperinflation and 8 Ways to Prepare and Protect Your Money

Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day. This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.

Right now, the increasing prices of goods and services across the board have already stretched people’s budgets. That’s just called inflation. But during hyperinflation, things would get dramatically worse. While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.

48 Easy Things You Can Do To Live Better and Save Money

May 10, 2023   By Terence Loose

If it seems like the world is getting more expensive, that’s because it is.  The cost of consumer goods is rising, according to the Bureau of Labor Statistics. But there are still ways to live well and have inexpensive fun in a higher-priced world. By using these strategies, you can keep more of your paycheck for yourself.