tag:blogger.com,1999:blog-56881970978832525352024-03-13T04:24:20.393-07:00Advice Only MusingsThoughts, ideas, suggestions and education from financial adviser Jim Ludwick, Founder of MainStreet Financial Planning, Inc. of Odenton, MD; Washington, DC; New York City, and Santa Barbara, CAAnonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-5688197097883252535.post-11211002855177223172014-08-15T05:47:00.000-07:002014-08-15T05:47:18.330-07:00Trends I Don't Like<div align="center" class="MsoNormal" style="text-align: center;">
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By Jim Ludwick<o:p></o:p></div>
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Now you might recall, I’ve labeled myself as the Andy Rooney
of financial blogging.<span style="mso-spacerun: yes;"> </span>So here’s another
piece in that particular style.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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I’m uncomfortable about a number of issues that affect
financial consumers.<span style="mso-spacerun: yes;"> </span>Here’s some and
here’s why.<o:p></o:p></div>
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<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Target
Date funds being used for the wrong reason</b>.<span style="mso-spacerun: yes;">
</span>These fund of funds that automatically become less stock and more fixed
income as time progresses are supposed to be an easy and sometimes are a
default for 401k/403b retirement accounts.<span style="mso-spacerun: yes;">
</span>What’s wrong you ask?<span style="mso-spacerun: yes;"> </span>Investors
(yes, if you have a 401k plan, you are an investor) in many cases don’t look at
the underlying asset allocation (stock to bond ratio) to see how volatile it
might be, especially in a down market.<span style="mso-spacerun: yes;">
</span>I would argue that the ratio is more important than the target date,
which can be quite arbitrary.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;">More
online investment managers using cookie cutter portfolios.<span style="mso-spacerun: yes;"> </span></b>Venture capitalists are funding these
efforts left and right.<span style="mso-spacerun: yes;"> </span>I participate in
two of them for research purposes so I can know what I’m talking about and am
prepared with a response when I’m asked about them.<span style="mso-spacerun: yes;"> </span>When the VC boys and girls are throwing money
at things, they smell profit.<span style="mso-spacerun: yes;"> </span>At who’s
expense, you might ask?<span style="mso-spacerun: yes;"> </span>So far the jury
is out and these investment programs may have a place, but I don’t see how they
can manage an individual or family investment strategy when they only manage a
portion.<span style="mso-spacerun: yes;"> </span>Too easy for overlap or
concentrations. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;">SEC
fails to hold brokers to a higher standard.</b><span style="mso-spacerun: yes;">
</span>For awhile I thought the consumer was going to reap the benefit of
Dodd-Frank insisting that the financial services industry put the customer
first, before profit.<span style="mso-spacerun: yes;"> </span>It’s not working
out that way so their still buyers beware.<span style="mso-spacerun: yes;">
</span>Just Google: “Favorite Brokerage Company Name followed by the word
Fines.”<span style="mso-spacerun: yes;"> </span>Have fun; the best customers
seem to get the worst treatment.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;">Online
statements being pushed. <span style="mso-spacerun: yes;"> </span></b>It’s easier
to neglect to review transactions, fees and other details when it’s not in a
paper format.<span style="mso-spacerun: yes;"> </span>It’s that smaller typeface
and bunching together that facilitate the difficulty of review. That’s what
we’re seeing and it’s a worrying pattern.<span style="mso-spacerun: yes;">
</span>There are benefits to online statements, don’t get me wrong, but it’s
not helping detect problems like it was when clients had paper statements. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;">Discount
brokers selling more stuff to customers.</b><span style="mso-spacerun: yes;">
</span>Yes, it’s the good old-fashioned competition gig.<span style="mso-spacerun: yes;"> </span>“Once we get you in the door, what else can
we sell you?”<span style="mso-spacerun: yes;"> </span>Amazon has this down
pat.<span style="mso-spacerun: yes;"> </span>Now discount brokers are selling
money management, financial plans, annuities, and all kinds of insurance.<span style="mso-spacerun: yes;"> </span>The do-it-yourselfers are under attack with
every phone call.<span style="mso-spacerun: yes;"> </span>How do I know? I have
accounts at most of the discount brokers and experience it personally. <span style="mso-spacerun: yes;"> </span>It’s not all bad, but one stop shopping has
its downsides.<span style="mso-spacerun: yes;"> </span>You may not be getting
the best deal or even need that deal. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<div class="MsoNormal">
There are more trends out there I don’t like, but that’s my
current top five.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>How about you? I’d like to hear your views on
these or other non-consumer friendly trends.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-29634738209016485992014-08-01T06:12:00.002-07:002014-08-01T06:12:12.423-07:00Doom on the Horizon<div class="MsoNormal">
The correction is coming, the correction is coming.<span style="mso-spacerun: yes;"> </span>Do I sound like Paul Revere announcing the
British?<span style="mso-spacerun: yes;"> </span>Well, yes, that’s my intention.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now I could have written this piece six months or even two
years ago.<span style="mso-spacerun: yes;"> </span>I would be saying the same
thing:<o:p></o:p></div>
<div class="MsoNormal">
<span style="mso-tab-count: 1;"> </span><o:p></o:p></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Stay diversified<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Have enough cash on hand to wait out 2 to 3
years of a down market<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Buy low, or lower as the markets go down if you
have extra cash<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Don’t pay too much attention to day-to-day
movements<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Look to rebalance two to four times a year.<span style="mso-spacerun: yes;"> </span>The calendar is not sacred, but percentages
should be.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I have often remembered and repeated Warren Buffet’s advice:
“Be fearful when others are greedy; and be greedy when others are
fearful.”<span style="mso-spacerun: yes;"> </span>The last big downturn 2008-to
early 2009 gave me the opportunity to put this strategy into action.<span style="mso-spacerun: yes;"> </span>My partner Anna will attest, I was buying on
really bad days.<span style="mso-spacerun: yes;"> </span>It served me well. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Last year I cut back my asset allocation from 90/10 stocks
to bonds to a more realistic 60/40 given I have five years or a little bit less
until I plan to start spending some of that money after long years of saving
and investing.<span style="mso-spacerun: yes;"> </span>I also have about two
years of cash on hand for down market investing or spending without touching
investment monies.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">It’s all drama.</b><span style="mso-spacerun: yes;"> </span>That’s my summary of day-to-day financial
news.<span style="mso-spacerun: yes;"> </span>The bolder or more dramatic the
headline, or the scrolling BREAKING NEWS tag running across the screen, the
more I want to turn off the TV, computer, or fold up the newspaper and magazine
and throw them away.<span style="mso-spacerun: yes;"> </span>Six months later it
usually was no big deal. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So why this post?<span style="mso-spacerun: yes;"> </span>I
want my family, friends, clients, prospects and other allied advisors to be
prepared.<span style="mso-spacerun: yes;"> </span>You’re the reason I’m doing
this.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Don’t get caught up in the day-to-day dramatic
news<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Get out that checklist on an annual basis to
cover all your bases (If you don’t know what they are, or don’t have a
checklist, email me)<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Reaffirm your life priorities, not just your
financial goals<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Enjoy the rest of summer.<span style="mso-spacerun: yes;"> </span>It’s looking good.<o:p></o:p></div>
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Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-73938213126946598172014-06-17T04:21:00.003-07:002014-06-17T04:21:53.680-07:00Have a Digital Control Plan<div class="MsoNormal">
My best friend died two years ago this month.<span style="mso-spacerun: yes;"> </span>I still miss him.<span style="mso-spacerun: yes;"> </span>But we had a mutual pact: a digital control
plan.<span style="mso-spacerun: yes;"> </span>A digital control plan is invoked
when someone is incapacitated or dies.<span style="mso-spacerun: yes;"> </span>A
surrogate takes over control of that person’s digital accounts, websites, blogs
and files.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I had a sealed envelope and an encrypted hard drive located
in my friend’s gun safe eight miles away from my home office.<span style="mso-spacerun: yes;"> </span>He had a sealed envelope located in my safe
in our garage.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
I went to the safe the day after he died, sad as all get
out, and retrieved his envelope to hand over to his only child, a 40 year old son
I had known since age six.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
My friend grew up with computers and the internet.<span style="mso-spacerun: yes;"> </span>He worked in Air Force intelligence and later
at the National Security Agency.<span style="mso-spacerun: yes;"> </span>He
taught me everything I know about computers and the internet up until the time
of this death.<span style="mso-spacerun: yes;"> </span>He helped me put together
my first computer from a Heath kit by instructing me over the telephone. <span style="mso-spacerun: yes;"> </span>He was very smart and talented in those
electronic ways. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
So how can you benefit from best friend’s advice?<o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Think about who will be your digital surrogate
and also have a backup digital surrogate.<span style="mso-spacerun: yes;">
</span>Implement a joint plan.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Confirm that the storage is secure and has very
limited access.<span style="mso-spacerun: yes;"> </span>Provide the same for
your surrogate.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Ascertain a safe distance away from each
other.<span style="mso-spacerun: yes;"> </span>We thought eight miles was enough
distance since weather, fire, utility outage and civil disruption were not
major factors, in our opinion.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Learn how to encrypt an external hard drive and use it<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Use a tamper revealing envelope<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Don’t forget to update your envelope contents as
often as you change master password(s) and you create/update the external hard
drive for offsite storage.<span style="mso-spacerun: yes;"> </span>Remember, the
bad guys force us to change our passwords a lot more frequently these days.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
R.I.P. MSgt. Robert Lloyd, USAF Ret., 1944-2012<o:p></o:p></div>
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<br /></div>
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Added: <o:p></o:p></div>
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<br /></div>
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<div class="MsoNormal">
Don’t forget about cloud storage.<span style="mso-spacerun: yes;"> </span>I use SugarSync, and Box.com.<span style="mso-spacerun: yes;"> </span>Don’t be stuck with one provider.<span style="mso-spacerun: yes;"> </span>What happens if your sole provider goes down?<span style="mso-spacerun: yes;"> </span>Always have a backup.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com1tag:blogger.com,1999:blog-5688197097883252535.post-19874069988709418862014-03-05T06:05:00.001-08:002014-03-05T09:53:27.452-08:00Did I Make a Big Mistake With Your Portfolio?<div class="MsoNormal">
Watching PBS’s National Business Report
recently, I saw an interview with Warren Buffet. Now that kind of interview always gets my
attention. I stopped multi-tasking to
pay rapt attention to what he had to say.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Mr. Buffett, the most recognized and successful
investor of our times, discussed some of the provisions in his will in his latest
letter to clients.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>“My
money, I should add, is where my mouth is: What I advise here is essentially
identical to certain instructions I've laid out in my will. One bequest
provides that cash will be delivered to a trustee for my wife's benefit. (I
have to use cash for individual bequests, because all of my Berkshire Hathaway
shares will be fully distributed to certain philanthropic organizations over
the 10 years following the closing of my estate.) My advice to the trustee
could not be more simple: <strong><span style="font-family: "Cambria","serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Put 10% of
the cash in short-term government bonds and 90% in a very low-cost S&P 500
index fund. (I suggest Vanguard's.)</span></strong> I believe the trust's
long-term results from this policy will be superior to those attained by most
investors -- whether pension funds, institutions, or individuals -- who employ
high-fee managers.”<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Should I treat some retired clients
like Warren Buffet is going to treat his widow?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As I pondered this very, very
simplistic strategy, I recalled the advice of Rick Ferri, William Bernstein,
Charles Ellis, and Larry Swedroe whose wisdom I have followed for more than a
decade as an hourly financial advisor. Maybe I was being too complex for some
of my clients in the withdrawal phase?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now, what is too complex, you ask? Well for starters, we deal with lots of
retirees, both single and married, who don’t want to manage their own
investments, but also don’t want to pay a manager one percent or more for this
task. They want to pay us an hourly fee
instead.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As a caveat, just like Mr. Buffett’s
widow, the portfolio is probably not the sole source of income, but still a
major generator of cash to live on beyond social security and perhaps a small
pension.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We usually offer a recommendation of three
to eight index funds or exchange traded funds tied to indexes as part of a
withdrawal strategy that includes three years of federally insured cash (think
CDs and high yield savings accounts) for
short term withdrawal. That way, our
clients don’t have to worry day to day about the stock and bond markets. (Think Ukraine and its impact on the markets
lately.)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, to my conclusion, I think maybe I’m
going to recommend reducing the number of holdings for some retirees who fit
the situation described by Mr. Buffett.
Recently, Dr. Jim Dahle in his blog The White Coat Investor reported on
a physician couple who had only invested in an S&P 500 index fund for the
past 10 years and have done extremely well.
Now that might not work for all of our retirees, but it did give me more
information to digest and encouraged me to surface this strategy with some of
our clientele.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
So what do you think we should do? I look forward to your comments.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com3tag:blogger.com,1999:blog-5688197097883252535.post-43439902245952804282014-02-20T05:40:00.000-08:002014-02-20T05:40:52.122-08:00Personal Finance Book For Dr's Tops Best Seller List<div class="MsoNormal">
“The White Coat Investor – A Doctor’s Guide to Finance and
Investing” by Jim Dahle, MD, should make many wirehouse brokers and life
insurance agents shake in their boots.<span style="mso-spacerun: yes;">
</span>You can quote me on that. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If there was ever a book that needed to be provided to every
physician, dentist, veterinarian and other highly paid professional right out
of expensive postgraduate school, this is the one. <span style="mso-spacerun: yes;"> </span>The author, an Emergency Room physician, can
be faulted for quoting some fly by night financial advisor, “This is the book
I’d like to force feed physicians and other ‘white coats’” by that would be me
so I will refrain from dissing the endorsements that are made on the inside
flyleaf or back cover, but they are impressive, in my humble opinion.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The foreword is by William Bernstein, MD, author of “The
Four Pillars of Investing” -the book I have most recommended to clients for
over ten years.<span style="mso-spacerun: yes;"> </span>This book by Jim Dahle ignites
my enthusiasm to recommend it any potential high-income professional to read at
the beginning of their career just as much as I have done with Bernstein’s
book.<span style="mso-spacerun: yes;"> </span>And then the author goes on to
thank Rick Ferri, my favorite financial author, for providing him advice and
approval. <span style="mso-spacerun: yes;"> </span>I knew it was a must read even
before I started. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you’re not a medical student or physician in your
residency, you can lightly pass over a couple of the 16 chapters, but don’t be
too blasé about the topics of student loans, getting into medical school or
budgeting.<span style="mso-spacerun: yes;"> </span>These topics are close enough
for many would-be professionals who have to borrow for their education that it makes
these chapters worth reading. <span style="mso-spacerun: yes;"> </span>The
chapters are short, so a 4-hour read for the whole book is a possibility. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why do you think this physician spent the time and money to
write this book?<span style="mso-spacerun: yes;"> </span>It’s self-published
after all, so you know he put his own money on the line. I’ll tell you why, in
my opinion.<span style="mso-spacerun: yes;"> </span>Doctor Dahle observed the
racket that likes to separate the hard earned money from the postgraduate
school trained investor/saver by appealing to their ego and fear or greed. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most purveyors of financial products and many money managers
use techniques honed after decades of trial and error to capture their
prey.<span style="mso-spacerun: yes;"> </span>They know about human behavior and
use it to their advantage, and the author lays that out in clear detail. Now,
don’t get me wrong. This ER doc doesn’t lambast all of these so called
financial advisors, only the most outrageous.<span style="mso-spacerun: yes;">
</span>His examples, and stories from other doctors, detail experiences and how
to live the good life without falling victim to high priced products and
services that make more money for the sellers than the buyers.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Spoiler alert.<span style="mso-spacerun: yes;"> </span>Early
in the book Dahle tells his readers to “live beneath your means”.<span style="mso-spacerun: yes;"> </span>He goes on to outline how graduate level
living and paying off debt and saving early for significant goals are the keys
to success.<span style="mso-spacerun: yes;"> </span>I couldn’t have said it
better or clearer.<span style="mso-spacerun: yes;"> </span>The charts and graphs
that are included do a good job of reinforcing the understanding of key
concepts. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This book not only covers investing but taxes, loans,
getting into medical school, estate planning and asset protection.<span style="mso-spacerun: yes;"> </span>I will be buying copies of this book in bulk,
not only to save money, but also to save my clients money and you can quote me
on that, too.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It’s a short read as personal finance books go and contains
notes and links to his blog and works by others on germane topics at the end of
each chapter.<span style="mso-spacerun: yes;"> </span>I’m going to highlight
several well-written blogs of his when I pass out this book.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Thank you, Doctor Dahle.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com1tag:blogger.com,1999:blog-5688197097883252535.post-77132969796082861372014-02-06T14:32:00.000-08:002014-02-06T14:32:29.811-08:00BREAKING NEWS: MAINSTREET SOLD TO NEXT GEN. PLANNER<div class="MsoNormal">
Dear Clients, Friends and Colleagues: <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
For several years, you’ve probably known that Anna Sergunina
was my exit strategy.<span style="mso-spacerun: yes;"> </span>In 2008, we
developed a plan to transition to the next generation slowly or, worst case
scenario, immediately in a crisis.<span style="mso-spacerun: yes;"> </span>Well,
the crisis has not happened (thank you very much), but phase two is being
implemented slowly, but not too slowly.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
On January 1<sup>st</sup> Anna purchased all the remaining
95% of the shares in our corporation that she did not own and is now the owner
of the business.<span style="mso-spacerun: yes;"> </span>I’m the only employee. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
We outsourced some of our detail work to registered
paraplanner Kathy Watkins in Chicago and some of the administration, including
initial client contact, appointment setting and follow-up to The Intelligent
Office (IO) in Washington, DC.<span style="mso-spacerun: yes;"> </span>Karen and
Kyna are the two most common contacts you are dealing with at IO.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Anna is actively searching for CFP® planners to join us both
here on the east and west coasts.<span style="mso-spacerun: yes;"> </span>I will
be the trainer.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
My plans are to work full time for the next few years, but
at some point I will stop taking on new clients and just help the new planners
with their new clients.<span style="mso-spacerun: yes;"> </span>I will continue
to service existing clients as long as they have confidence in my skills and
I’m able to provide answers to their questions and help them make good
financial decisions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I will continue my blog and my radio show and my tweets.
Thank you for a wonderful 12 years as the founder and owner of MainStreet
Financial Planning. I couldn’t have done it without Anna, and now she can’t do
it without me (or at least that’s what I’m telling myself).<o:p></o:p></div>
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<!--EndFragment--><br />
<div class="MsoNormal">
Sincerely, Jim Ludwick </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Watch Anna's video announcement: <a href="http://goo.gl/KXby0E">http://goo.gl/KXby0E</a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Press Release: <a href="http://t.co/KJKn61TrPV">http://t.co/KJKn61TrPV</a></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-71017649038752030572014-01-22T11:56:00.000-08:002014-01-22T11:56:11.269-08:00Why didn't I do that good? Investors want to know...It's a new year and all the investment results are in. I keep seeing
30+ percentage point increases for several assets classes and mutual
funds for the year just past. You probably do too. Now everyone is
wondering why their accounts didn't go up 30 percent and why some of the
funds, namely bond funds, went down in value.<br />
<br />
Attention: An account or total holdings is NOT an asset class. That's
all your eggs in one basket. Today's big winner is liable to become a
big loser in a correction mode.<br />
<br />
Bonds and bond funds got repriced lower by the market last year just
like houses did a few years ago. Everyday, custodians must mark
securities as if they were sold at the end of the day, what price would
they fetch.<br />
<br />
When interest rates rise, then the value of the bond or bond funds
currently held are not worth as much to a buyer since new bonds just
being issued pay more that the bonds or bond funds you hold that feature
a lower interest rate. I know that's a long sentence. Sorry.<br />
<br />
The same holds true for other asset classes or mutual funds that weren't
as popular last year. Gold funds, mining funds, energy funds didn't do
as well and were sometimes worth less at the end of the year.<br />
<br />
My old boss, Ken Fisher, said it best: If investors want more of a stock
(mutual fund) then the price goes up. If they want less of a stock or
mutual fund, then the price goes down. Investors have alternatives to
where their money is currently deployed.<br />
<br />
Remember the sage adage, "Buy low, sell high"? Well now might be the
time to implement by re-balancing. I know its hard to sell last year's
winner since we assume it will continue to go up, and buy last year's
loser assuming it will go down some more. Both opinions could be
correct.<br />
<br />
However, over time, it appears that the market is self correcting and
usually does it at some surprise point no one can predict in advance.
Re-balancing to a target percentage has proved to be soundest strategy
over longer periods of time, say five to ten years.<br />
<br />
If you'd like to read up more on this philosophy, then we recommend
Charles Ellis' "Winning the Loser's Game" 6th edition, and William
Bernstein's "The Four Pillars of Investing" second edition.<br />
<br />
So be happy that a lot of your holdings went way up last year and that
you are ahead of your target percentages for the past five years. Don't
dwell on the losers so much that you miss an opportunity to dollar cost
average a bargain if it still is a viable asset class.<br />
<br />
Good luck. We all will need it this year.<br />
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-15351178390505319432013-11-18T04:23:00.003-08:002013-11-18T04:23:51.073-08:00Plan Ahead. Did I say plan ahead?<div class="MsoNormal">
October 15<sup>th</sup> has come and gone.<span style="mso-spacerun: yes;"> </span>If that wasn’t an important date for you this
year - congratulations.<span style="mso-spacerun: yes;"> </span>Your lack of
focus on October 15<sup>th</sup> probably means your 2012 taxes were not filed
at the last minute deadline this year.<span style="mso-spacerun: yes;">
</span>But look out.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Next year could be different.<span style="mso-spacerun: yes;"> </span>That wonderfully misnamed “Taxpayer RELIEF
Act of 2012”, actually passed and signed into law January 2, 2013, is waiting
to surprise you.<span style="mso-spacerun: yes;"> </span>A previous tome ridiculed
the 1984ish naming of things (double speak) to mean something other than what
it really is, but we can’t help ourselves from<o:p></o:p></div>
<div class="MsoNormal">
pointing it out once again.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The point of this message is that now is the time to start
learning and calculating your tax consequences for this year while you can
still do something about them.<span style="mso-spacerun: yes;"> </span>I hope
you desire to reduce your taxes to the lowest allowed by law.<span style="mso-spacerun: yes;"> </span>That’s going to take some work this year as a
lot of rules and limits have changed. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So what can you do between now and the end of the year to
lower your 2013 tax bite?<span style="mso-spacerun: yes;"> </span>Here’s my
three simple suggestions:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Take your tax preparer out for breakfast or lunch.<span style="mso-spacerun: yes;"> </span>Tell him or her you’d really like to pay the
lowest amount possible this year and that you’d appreciate any
suggestions.<span style="mso-spacerun: yes;"> </span>If you don’t ask, you don’t
get, my father frequently reminded me.<span style="mso-spacerun: yes;">
</span>It applies here.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Look at your taxable securities investments and
see what your gain/loss position is at the moment.<span style="mso-spacerun: yes;"> </span>Do you have any “carryover” losses from last
year?<span style="mso-spacerun: yes;"> </span>Could you sell something now at a
loss and buy it back 31 days later to offset some gain you might recognize if
you sold one of your big winners and then bought it back again.<span style="mso-spacerun: yes;"> </span>This is a technique we call raising your
basis, or increasing the number that you have to report to the IRS as your
purchase price.<span style="mso-spacerun: yes;"> </span>Sound confusing? Well, a
short reminder that your author gives advice by the hour on this particular
topic.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Charitable gifts.<span style="mso-spacerun: yes;"> </span>How about gifting some stock or mutal funds
to your church or other favorite charity?<span style="mso-spacerun: yes;">
</span>Instead of giving cash, giving appreciated stock helps you avoid the capital
gains tax and moves your tax bill slightly lower versus gifting cash and then
claiming a deduction. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So there you go.<span style="mso-spacerun: yes;"> </span>Wake
up and take some action today.<span style="mso-spacerun: yes;"> </span>It will
be 2014 before you know it and one of these ideas takes you 31 days or longer
to fully implement. Get moving.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
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Are you planning ahead this year? Comments?<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-9741156556037156982013-11-12T11:17:00.001-08:002013-11-12T14:43:07.269-08:00United WiFi: First Report: #Fail<div class="MsoNormal">
FIRST REPORT – United WiFi<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
In a word: SLOW<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Came on at 24,000 feet, not 10,000 feet as advertised.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sign up pretty easy, just slow.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Browsers: Works ok in Safari, Firefox and Chrome<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Too slow to download files from SugarSync or use Morningstar’s
Advisor WorkStation (analysis tool for investments if you’re not in the
business)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
OK for Gmail chat when it’s working<o:p></o:p><br />
<br />
Twitter: blocked</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Favorite error phrases I saw again and again in the first 90
minutes while trying to use email:<o:p></o:p></div>
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<br /></div>
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<span style="font-family: Helvetica;">not connected<o:p></o:p></span></div>
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<span style="font-family: Helvetica;">still working<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica;">unable to reach<o:p></o:p></span></div>
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<span style="font-family: Helvetica;">trying<o:p></o:p></span></div>
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<span style="font-family: Helvetica;">Oops... a server error occurred and your email
was not sent. (#1)<o:p></o:p></span></div>
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<span style="font-family: Helvetica;">Unable to reach MainStreet Financial Planning,
Inc. Mail. Please check your internet connection or company's network settings.
<a href="http://support.google.com/chat/bin/answer.py?hl=en&answer=151568"><span style="color: #0000e9;">Help</span></a><o:p></o:p></span></div>
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<span style="font-family: Helvetica;">Oops…the system encountered a problem (#502)<o:p></o:p></span></div>
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<span style="font-family: Helvetica;">Loading....</span><br />
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<span style="border: 1pt none windowtext; font-family: Helvetica; padding: 0in;">An error occurred while trying to save or publish your post.
Please try again.</span><span style="font-family: Helvetica;"> </span><span style="font-family: Helvetica;"><a href="file://localhost/javascript/%3B"><span style="border: none windowtext 1.0pt; color: windowtext; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in; text-decoration: none; text-underline: none;">Dismiss</span></a></span><span style="border: 1pt none windowtext; font-family: Helvetica; padding: 0in;"> (Blogger post)<u><o:p></o:p></u></span></div>
<div class="MsoNormal" style="vertical-align: baseline;">
<span style="border: 1pt none windowtext; font-family: Helvetica; padding: 0in;">This webpage not available<o:p></o:p></span></div>
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<span style="border: 1pt none windowtext; font-family: Helvetica; padding: 0in;">There was a problem completing this action, try again (Google+
post)</span><span style="border: none windowtext 1.0pt; font-family: "inherit","serif"; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.0pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;"><o:p></o:p></span></div>
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<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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<span style="font-family: Helvetica;">Yes, emails will come in and I’ll face 100 upon
landing, but the frustration at this early stage is just not worth it. Dial up was better.<span style="font-size: 13pt;"><o:p></o:p></span></span></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-62238115588599394792013-11-03T15:20:00.000-08:002013-11-03T15:20:03.457-08:00Answer to a frequent question that invokes market timing<b>Jim: Should we stop contributing to our retirement accounts for a couple of years since the market is so high and save for a car instead?</b><br />
<br />
This is a version of a question we frequently receive intimating the writer thinks the market is about ready to take a big dump and they want to miss it. Notice they didn't say sell everything and go to cash but it's close to the same question.<br />
<br />
<b>My answer:</b><br />
<br />
<div>
<div>
<div>
<div>
One' person's too high is another person's
opportunity. It's all supply and demand. If people want to own more
companies the market prices go up. If people want to own less companies
the market prices go down. No one, and I repeat no one, including
Warren Buffet can time the market. WB has done the best of any widely
known person in America and he says "be fearful when others are greedy
and be greedy when others are fearful". </div>
My former boss Ken Fisher, said the market climbs a wall of
worry. Seems to me we're in a time period like he describes. Who would
have thought the market would go up with the government shutdown and
fiscal cliff happening at the same time? Not me. I did change my asset
allocation a few weeks ago as I get nearer to retirement and announced
that in last month's tweet summary going from 90/10 to 60/40 in my
pension plan to reflect that change. Anna Sergunina, my partner, remains at 90/10. Anna is 30 years old.</div>
As for your specific question, unless you are changing your
time for retirement, you'll most likely have to save more after the car
diversion is over. Then again, you might find a great deal at 0%
financing like others, and regret saving into cash for a couple of years
making nothing. If the market goes down like it did in late
2008-early 2009, you can say I told you so. Only congress could drive us
there. OMG, it could be bad in January and February!</div>
Frankly, I have no idea what the market will do in the next
two years, but moving some of your savings from Bucket 3 (long term) to Bucket 1 (short term) for a car purchase in less than two years, and continuing to dollar cost
average into your retirement savings, will help you in a market turn
down to recover quicker. Otherwise, you'll just have to wait a longer
time period for your long term savings to recover. That's what retired
people have to do because they've stopped dollar cost averaging.</div>
Hopefully, you've read the book we recommend, "Winning the
Loser's Game" by Charles Ellis, 6th edition and follow Rick Ferri on his
blog, along with The White Coat Investor. Those resources will
reinforce my comments today.<br />
<br />
<b>That's my position and I'm sticking to it. Comments?</b>Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com1tag:blogger.com,1999:blog-5688197097883252535.post-39972688824951346442013-10-03T20:17:00.000-07:002013-10-03T20:32:21.714-07:00Market Timing or Recognition of Change in Timeline?<!--[if gte mso 9]><xml>
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The US stock market high in mid September prompted a
discussion with my partner Anna Sergunina the following day. “So what does that mean to us? “, I asked as the
topic came up.<o:p></o:p></div>
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“Nothing to me”, replied my younger partner. “Well, I was just thinking my timeline to
retirement is less than ten years. Maybe
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The next day I changed my early 2009 set asset allocation
(90/10 stocks to bonds) to the more timeline and age appropriate 60/40. Why? Was this market timing? No, it was a time
horizon re-setting to a mix more reflective of my situation and prepares my
investment portfolio for distributions in the not too distant future (think 8
or 9 years).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you’ve known me as a client or colleague you probably
know, or should know, I’m a big fan of Rick Ferri’s book, “All About Asset Allocation”. It is my second most recommended book next to
Charles Ellis’ “Winning the Losers Game”.
I routinely show clients the appropriate page from Rick’s book. The one I’m now following is the Pre-Retiree
asset allocation. Thank you Rick.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The reason for financial planning is to have a roadmap and then
follow that road map. Eleven years ago I
developed my own financial plan. I
submitted it to the National Association of Personal Financial Advisors (NAPFA)
as part of the requirements to become a NAPFA member and demonstrate my
proficiency in this field. I didn’t have
to submit my own plan but I figured any comments or suggestions by the reviewer
would help me and my family is a great way.
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That plan, subject to a few comments by my reviewer and subsequent
changes, is in effect today. Every
January 1<sup>st</sup> I review my progress and look over my plan
elements. I share it with Carol, my life
partner of 40 years. If she’s happy, I’m
happy. Note: We are happy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Bottom line: Each of us needs to have a plan, review our
plan, and adjust our plan as our goals or timelines change. Please don’t join or remain in the “Woulda,
Coulda, Shoulda Club”. To again quote
Nike, “Just do it”.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<!--EndFragment-->Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-81859267233788710972013-09-22T05:06:00.004-07:002013-09-22T05:06:56.281-07:00Why did summer end so fast?<div class="MsoNormal">
Why did summer end so fast?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In the old days, summer seemed to last a lot longer. I think it was only weeks ago that we were
celebrating Memorial Day and then the Fourth of July. Now Labor Day has come and gone and my </div>
<div class="MsoNormal">
“To Do”
list didn’t shrink much.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
“To Do” lists always seem like a good idea so we can see
progress in accomplishing tasks and preparing for events. My mother made us kids create a “To Do” list,
but it was mostly chores. Maybe that’s
where I learned to rebel at “the list”. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In my Air Force days, we lived and slept with checklists -one
to do list for work, one to do list for home, and two dozen Air Force
checklists for critical tasks so we experienced “Zero Defects”. It was the making of many nightmares for me
since lives were at stake. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So what does have to do with financial planning, now that
summer is over? A lot. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now is the time to plan on re-balancing your portfolio since
the stock market, especially the US stock market, has been going up for the
last four and a half years since March 2009.
Now is the time to take some losses, if you have any, to offset some of those
gains embedded in your taxable accounts that you can take lower your future
taxable amounts. Now is the time to see
if you’re on track to save enough this year.
Kick it up a notch and increase your regular savings if you need
it. Now is the time to reduce long term
bond funds what will shrink when interest rates go up. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is still time. However, don’t put it on your “To Do”
list. Put it on your calendar for a specific
date and time you will do this. This is how I do things these days when I can
see the value in accomplishing certain tasks.
Think of how much an hour you’re making when you save $500 or $1,000 on
your taxes. And it doesn’t take an hour
folks. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Still want to put these critical tasks on a “To Do” list? Well, it’s time to burst your bubble with a
Harvard Business Review article that says they don’t work: <a href="http://goo.gl/wGd2m6">http://goo.gl/wGd2m6</a><o:p></o:p></div>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Nike is right. Just do it.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-41472596584380597212013-08-11T16:31:00.000-07:002013-08-11T16:31:32.040-07:00Umbrella Liability Policy: NOT<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Umbrella Liability Policy: NOT<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Why
doesn’t anyone ever tell you NOT to buy an umbrella liability policy? Hold on
for just a minute while I get prepared to answer this question. But first this
discussion:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Now we’re
in the business of helping people make good financial decisions. That includes looking at what kind of protection
you need for what you’ve accumulated over the years or are about to accumulate.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">To those
ends, an umbrella liability policy adds another layer of insurance protection to
your home and auto liability coverage.
It usually comes in increments of one million dollars and it doesn’t
cost too much, maybe $200 or so dollars a year for the first million, less for
additional millions.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Now if
you’re like most middle class folks you might have $100,000 equity in a home,
$100,000 in retirement accounts and $25,000 in savings.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">If your
auto and home liability coverage is $300,000 or more, then why would you need
this additional coverage? In many cases you wouldn’t need this protection under
the condition I just outlined. First of
all, most retirement accounts offer creditor protection (think of OJ Simpson
avoiding the Goldman family lawsuit awarding them $30 million, but not
collecting anything since OJ’s money was in the NFL pension plan). So now you
only need protection for your $125,000 of equity and savings, right?</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Well
maybe. That’s where the rub comes in. In doing my research for this missive, I
saw the scare tactic of gigantic lawsuits that award the plaintiff millions of
dollars, leaving you or some other defendant destitute. If you don’t have
enough assets they can get to, they might GARNISH your wages. Oh heavens! But
it’s only 25% (federal), or even less in some states, that they can take away
your from you wage income through further court action.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">So, what
does an umbrella liability policy cover?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Bodily Injury Liability</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> – covers the cost of damages to another person's body.
Examples include the cost of medical bills and/or liability claims as a result
of:<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">injuries to other parties due to a serious auto
accident where you are at fault,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">harm caused to others as a result of your dog (yeah,
you probably should have taken him to obedience school),<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">injuries sustained by a guest in your home due to a
fall, or<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">injuries sustained by a neighbor's child who falls
while playing in your yard.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Property Damage Liability</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> – covers the cost of damage or loss to another person's
tangible property. Examples include the cost associated with:<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">damage to vehicles and other property as a result of an
auto accident where you are at fault,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">damage claims incurred when your pet rips a friend's
priceless oriental rug to shreds, or<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">accidental damage to school property caused by your
child (hey, you can't disown them).<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Owners of Rental Units</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> – helps protect against liability that you may face as a
landlord. Examples include the cost of liability claims as a result of:<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">someone tripping over a crack in the sidewalk of your
rental property and suing you for damages, or<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">your tenant's dog biting someone and you being held
responsible for the injuries.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Coverage is also provided should you
be sued for:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">slander – injurious spoken statement,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">libel – injurious written statement,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">false arrest, detention, or imprisonment,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">malicious prosecution,<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">shock/mental anguish, and<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">other personal liability situations.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="margin-left: 0.5in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Source:
GEICO<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Ok. So here’s my answer. Now that
you know many of the facts, you can make an informed decision about whether you
need an umbrella liability policy. In many cases you are better protected by
having one. Remember, I didn’t tell you
NOT to get one. That will make lawyer happy, but not that happy. <o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-11049324890945939832013-07-14T09:43:00.002-07:002013-07-14T09:43:48.741-07:00Ups and Downs<div class="MsoNormal">
Why does the stock market go up and down every business day?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Answer: I don’t know.<span style="mso-spacerun: yes;">
</span>I guess you can stop reading here unless you think we will have a
surprise ending.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It’s a 24/7 world and the real stock markets never
close.<span style="mso-spacerun: yes;"> </span>When I was with Bank of America
in the old days (before the purchase by Nations Bank of Charlotte, NC) we had
stock trading centers around the world.<span style="mso-spacerun: yes;">
</span>We were always ready to buy and sell in large quantities to make money
and protect our clients if we could.<span style="mso-spacerun: yes;">
</span>Notice making money for the bank came first.<span style="mso-spacerun: yes;"> </span>It still does.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Professional traders make money by buying, selling,
borrowing, loaning, leveraging and creating securities.<span style="mso-spacerun: yes;"> </span>Some of these securities represent ownership
of companies, but more and more securities these days seem to be created to
take advantage of some situation where an artificial ownership of some element
is devised to “hedge” or “leverage” some potential or actual situation in the
markets.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Confused? Me too. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All I know is that these traders (small and large) make
millions in what is characterized as “providing liquidity and efficiency” in
the marketplaces.<span style="mso-spacerun: yes;"> </span>Taking advantage of
mispriced securities in one market over another market is just one example I
understand.<span style="mso-spacerun: yes;"> </span>Lawyers and Accountants help
traders structure and execute transactions to take advantage of situations.<span style="mso-spacerun: yes;"> </span>Everybody wins.<span style="mso-spacerun: yes;"> </span>Or so they say.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For you and me, the individual investor, whether we’re
active or passive, the deck is stacked against us.<span style="mso-spacerun: yes;"> </span>We’re losers.<span style="mso-spacerun: yes;">
</span>Hard to beat the big boys and girls.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
First they play mind games with us.<span style="mso-spacerun: yes;"> </span>They mislabel, misrepresent, and hype
whatever is the popular fear or greed, but more often fear. They predict the
future.<span style="mso-spacerun: yes;"> </span>They tell us where these markets
are headed next.<span style="mso-spacerun: yes;"> </span>They tell us what new
securities to buy to protect us from that event or make money from that event. They
are usually wrong, but they get good press unless they are really wrong.<span style="mso-spacerun: yes;"> </span>Think of Meredith Whitney’s now famous
prediction of a muni bond meltdown in 2011.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How do she get good press? Well, once in awhile they get it
right and the press features them frequently thereafter.<span style="mso-spacerun: yes;"> </span>Ms. Whitney was a good case in point since
she is acknowledged to have predicted the 2008-9-credit crunch.<span style="mso-spacerun: yes;"> </span>Think broken clock is right twice a
day.<span style="mso-spacerun: yes;"> </span>There are hundreds of stories like
this one.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So how we win this loser’s game with the deck stacked
against us?<span style="mso-spacerun: yes;"> </span>Is there an easy
answer?<span style="mso-spacerun: yes;"> </span>No. <span style="mso-spacerun: yes;"> </span>But I’m a planner, not a money manager or a
trader.<span style="mso-spacerun: yes;"> </span>I’m also a reader.<span style="mso-spacerun: yes;"> </span>Over the years I’m read some really good
books and recommended several to help ordinary investors to understand what is
going on and do as well as they can given the game we’re required to play.<span style="mso-spacerun: yes;"> </span>We don’t make the rules.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you’re interested in my reading list designed to educate
clients, just send me an email.<span style="mso-spacerun: yes;"> </span>I’d be
happy to send you a copy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now for the big surprise ending that contains the answer to
the question as told to me by Ken Fisher, Forbes columnist, money manager, and
my former boss:<span style="mso-spacerun: yes;"> </span>More sellers than buyers
the market goes down.<span style="mso-spacerun: yes;"> </span>More buyers than
sellers, the market goes up.<span style="mso-spacerun: yes;"> </span>“It’s all
supply and demand.”<span style="mso-spacerun: yes;"> </span>And now you know the
answer.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-10051737856983503792013-06-16T07:08:00.002-07:002013-06-16T07:08:41.330-07:00Why Don't People Take My Advice?<div class="MsoNormal">
Why don’t some people take my advice especially when it
comes to making a will?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Frequently I’m asked, or offer advice on my own initiative,
about do-it-yourself wills and other estate planning documents.<span style="mso-spacerun: yes;"> </span>Estate planning documents can mean a durable power
of attorney (durable means it is still valid during incapacity or physical
absence), advance health care directive (medical power of attorney), living
will (how you want to be treated), revocable trust (living trust) and
memorandum to your executor about your personal effects and funeral/burial
arrangements.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
OK, that’s a mouthful in the previous paragraph.<span style="mso-spacerun: yes;"> </span>What’s my gripe this time, you ask?<o:p></o:p></div>
<div class="MsoNormal">
You didn’t ask?<span style="mso-spacerun: yes;"> </span>Well,
here it is anyway.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When I worked in two different bank trust departments we
loved it when people died without a will and left things in a mess because of
it.<span style="mso-spacerun: yes;"> </span>It was even better with lots of
property or accounts without beneficiaries or unreachable beneficiaries. That
meant our fees got paid (we didn’t take on cases where we couldn’t get our
fees).<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Judges frequently sent this work our way because we were
good at getting resolution no matter how long it took, or how much it
cost.<span style="mso-spacerun: yes;"> </span>Notice the bank was interested in
how much it might cost the estate and where the money was to come from for our
fees.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How bad can things be when someone dies without a will or
maybe an advance health care directive and is incapacited?<span style="mso-spacerun: yes;"> </span>Think Terry Schiavo of Florida.<span style="mso-spacerun: yes;"> </span>Remember her plight?<span style="mso-spacerun: yes;"> </span>Google her name to get the story in full, but
I’ll tell you she went into a coma without much chance of recovery and her
husband and her parents fought a battle (15 years) whether to pull the plug, or
not.<span style="mso-spacerun: yes;"> </span>Messy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Attorneys make the rules and attorneys reap the rewards when
people don’t follow the rules.<span style="mso-spacerun: yes;"> </span>They like
battling heirs.<span style="mso-spacerun: yes;"> </span>Everyone makes money
here except the heirs.<span style="mso-spacerun: yes;"> </span>Why? No written
instructions (will) or proper title (joint tenants with rights of survivorship,
for example) or an identifiable beneficiary are typical ways to end up in court
where the judge decides.<span style="mso-spacerun: yes;"> </span>Everyone is
sure what the decedent (dead person) intended, but never got around to
completing in a written form.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So now we get to Do-It-Yourself.<span style="mso-spacerun: yes;"> </span>I have several articles I hand out that make
the case for or against this method of doing it on your own without an
attorney. <span style="mso-spacerun: yes;"> </span>My premise is just <u>do
something</u>.<span style="mso-spacerun: yes;"> </span>Don’t end up in the
“Would, Coulda, Shoulda” category. It is a mess that you leave behind.<span style="mso-spacerun: yes;"> </span>No one knows when our number is up. Think of
your family or friends or organizations that will have to deal with the
consequences of your inaction.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Not motivated? Then think about the attorneys who might get
a new boat because of your reluctance to put it in writing.<span style="mso-spacerun: yes;"> </span>Now that should get you going.<o:p></o:p></div>
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Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-15841287752767315192013-05-13T06:43:00.002-07:002013-05-13T06:43:58.159-07:00Where's the "Relief"?<br />
<div class="MsoNormal">
Why do they call it the “Taxpayer Relief Act of 2012” when
it increases everybody’s income taxes and it was passed and signed into law in
2013?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In mimicking the Wendy’s ad of decades ago, “Where’s the
beef?” our friends in Washington DC have decided to label a tax increase bill
as relief. OK, where’s the relief? Surely, they jest.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This past week I sat in several hours of live presentations
on federal income and estate taxes.
There was some good news on the federal estate tax side in that changes
in the law were labeled “permanent” unlike previous changes that were subject
to sunset provisions and therefore requiring frequent visits to attorneys by
lots of taxpayers.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Well, guess what?
Looks like many of you will have to go back to your attorney and change
your trusts again (or even create them) or at least make sure your old living
trusts (may be called revocable) don’t need changing. It’s all a matter of A, B and C, our speaker
stated. Sounded more to me like a
continuation of the estate planning attorney full employment act. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Oh, by the way, the greatest laugh was from the audience
when the speaker said the estate law changes were permanent, as permanent as any
law that can be changed by a subsequent congress. As a note, the President has already
presented a budget that proposes to lower the limit of tax-free assets passing
to other than a spouse. Permanent, my
foot.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now to income taxes.
More Alternative Minimum Tax for the upper middle class is what I heard
in the lecture I attended. The congress
took away more deductions and exemptions that you think you’re getting under
the regular tax code and added a “permanent” fix to inflation creep that was
frequently labeled a “patch” to protect middle class taxpayers. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That creep began decades ago when 150 very rrhigh-income
people didn’t pay any income tax. Now
AMT affect 5 million taxpayers. Thanks
congress.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So here’s my takeaway from meetings this week on income
taxes. The congress gives tax breaks in
the regular tax code and takes them away in AMT. You should see the chart I now have to look
at to try and figure out how much clients might owe. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Oh, by the way, we just ordered a thousand dollars worth of
software to deal with “Relief”. Bye, bye
Turbo Tax. What a relief.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
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<br /></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-37300959435783476672013-04-27T07:54:00.000-07:002013-04-27T07:54:46.435-07:00Why are Soc. Sec. retirement benefits so confusing?<br />
Why are social security retirement benefits so confusing? Don't say
it's so financial advisors, financial journalists, financial educators
and former Social Security Administration officials can write and sell
books. You could say it's so I can write a blog. There, now we're even.<br />
<br />
Now
selling books, doing book signings, writing blogs, doing interviews,
and giving speeches certainly sets you up as an "expert" in some
circles. Just check out social security retirement benefits on
amazon.com to find out that it appears to be a growing book category
probably because all of us baby boomers are staring retirement in the
face.<br />
<br />
The other day I was reading a question and answer on Fox
Business News' website concerning ex-spouse benefits. I'm assuming if
you're reading this blog you know about ex-spouse benefits. I'd venture
to say in my practice, more that half of eligible ex-spouses have no
clue they might be entitled to this kind of benefit.<br />
I was led
to this story by Google Alerts "Social Security", which every couple of
days sends me a summary of stories on social security. It's a great
help to someone like me who is busy giving advice and needs help to find
all the stuff that's out there on a particular topic.<br />
<br />
Anyway,
I'm fusing about the answer which first focuses on the confusing rules
that say before full retirement age you don't really get any choices
when it comes to social security retirement benefits. I can't imagine
most readers giving up after about the second paragraph of the response
to the question. I would have answered the question differently.<br />
<br />
Taking
social security benefits whether on your own work record or your
ex-spouse's (or even your current spouse's work record) is a bad
decision if you plan to continue working at a modest income or higher
job which is a fact stated in the question. I would have started out
answering the question by saying you stated you are continuing to work
until age 66 your full retirement age. Then forget about any kind of
spousal benefits and figure out how your son can do things on his own.
Then I would have laid out the rules and the readers could fall asleep
before the got to the end of my response.<br />
<br />
I know that sounds
harsh and cruel to answer the question this way, but social security is
an insurance program to partially support needs in retirement and is
structured to accomplish just that. The writer of the question wasn't
retiring, she was looking for money as a single parent to support what
appears to be an able bodied adult child who is unemployed and is going
to college.<br />
<br />
My opinion is not going to change how social
security is structured. I leave that up to the congress. Ok, stop
laughing, but that's how we got to this point in the first place. What I
can argue for, is more direct answers to these kinds of questions.
Secondly, all of us in this arena of educating and giving advice need to
do a better job and drop the ignorance and misunderstanding factor much
lower that it currently appears.<br />
<br />Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-27235600035763683002013-03-26T07:15:00.000-07:002013-03-26T07:15:11.763-07:00Why Don't Some Retiring Feds Get It?
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<div class="MsoNormal">
Why don’t some federal workers nearing retirement in today’s
interest rate environment, get it? It’s
all about the G Fund and bond allocation in a time period approaching increases
(ok, I have no crystal ball) in interest rates after having been kept
artificially low by the Federal Reserve in an effort to simulate the
economy. This is called interest rate
risk.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Recently I was counseling a newly retired federal worker as
he approached his 70<sup>th</sup> birthday and faced his first required minimum
distribution, having received an announcement from TSP officials of his need to
make some decisions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Versus an IRA, the TSP is much more limited in taking
withdrawals in retirement. You can take
up to two partial withdrawals and you can take a fixed amount monthly or
annually or just your Required Minimum Distribution (RMD) of about 3.6% of last
year’s balance. IRAs are a lot more
flexible and give retirees a lot of options beyond the same percentage
withdrawal requirement beginning at age 70.5.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But let’s stick with our retired federal worker for the
moment. Faced with blunt demands from
TSP, most workers opt for a rollover to a traditional IRA. Folks who sell products (mutual funds,
stocks, bonds, annuities) like this.
It’s an opportunity to make some money, sometimes at the consumer’s
expense (another story).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We frequently encourage our clients to take a partial
withdrawal from the TSP and leave the remainder in the G Fund. Why?
Because its magic. How is it
magic, you ask? Well, it doesn’t go down in value like normal bond funds when
interest rates rise. Why not?<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
The G Fund, for federal workers and the military, is
special. It’s based upon an index of
various maturities of Treasuries and that is what depositors in the G Fund
receive each year. It is not subject to
the supply/demand fluctuations like other securities in the rest of the TSP and
in the real world of securities transactions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most retirees become more conservative in the allocation to
stocks (equities) as they grow older for two reasons: 1) they don’t want so
much volatility opportunities and 2) they want more assured income that bonds
or cash instruments like CDs or immediate annuities offer to depositors or
owners.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
With that assured income stream comes the risk of early
redemption. The market re-prices bonds
and bond funds just like appraisers re-price houses based on previous
sales. CDs suffer an interest penalty
for early withdrawal. So if interest rates have risen since you purchased your
bond or bond fund, then those higher paying bonds are more attractive to new
purchasers. Your bond or bond fund will
have to sell at a discount (read: loss) to meet the same income stream for a
potential purchaser.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The G Fund does not operate the way we just described. It never goes down due to supply/demand. It’s not publically traded. It is a true fixed (annually) income stream.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So Federal workers, after you’ve determined your comfort
level and/or need of exposure to equities, consider using your TSP as your
“fixed income-holding bank” up to the percentage of fixed income you need in
your family asset allocation. If you’ve
been a diligent TSP saver, you’ll have more than enough in your TSP to have
your bond percentage in the G Fund and either retain the rest in equities, or
for more flexibility send the equities to a rollover IRA.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now this is just a general discussion and not investment
advice. For that you have to pay me.
This concept, however, comes to you courtesy of the TSP. Don’t forget after you bail out of the TSP as
a retiree, you can’t get back in.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Jim Ludwick is the President and founder of MainStreet
Financial Planning, Inc., an hourly fee-only provider of advice on many
financial issues. This is just an educational
story and not individual advice, says my attorney.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<!--EndFragment-->Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-42737229933855298272013-03-19T06:28:00.002-07:002013-03-19T06:28:22.951-07:00Andy Made Me Do It
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<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You have probably enjoyed listening to and watching Andy
Rooney. Me too. I’ve read a couple of
his books. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Andy didn’t always understand what was going on, and neither
did I. His introductory sentence, “How
come….” always got my attention. I sensed a fuss was coming. Andy was a person I could identify with as I
ended watching an hour of investigative reporting on 60 minutes. Yes, I miss him.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In my daily life, mostly involving financial services, I
come across a fair amount of products and actions that I just don’t
understand. Human behavior probably fits
in this category too; in fact it either is producing some consequence or is a
reaction to some event or product pitch.
You know what I mean.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I find myself frequently asking myself the question in my
mind, “Why would they do that?” It could
be about someone’s purchase of a financial product or a news report about an
SEC investigation. I suspect others like
me have a similar reaction because of your personal observation or reading the
financial news.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So I’ve decided to change the direction of my blog, Advice
Only Musings, in a fussing sort of direction, much in the style that Andy
Rooney might have done if he was a financial advisor/observer. You may now switch the dial if this does not
appeal to you. However, you do this at
your own risk of missing some important and useful fussing.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I’m not going to fuss in this first edition other than
announce the change of focus as I observe the comings and goings of products,
promotions, styles, and behaviors as reported in the press or other medium
including my personal observation.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you too ponder these seemingly strange occurrences in our
daily financial lives, I’d appreciate your input and feedback. I appreciate the interaction with clients,
colleagues, acquaintances, and general correspondents as we travel this road of
making our dreams come true, or seeing them dashed on occasion. Maybe a fuss or two will help you avoid the
later.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Until our next engagement, here’s to greater understanding,
as Andy would have it.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Jim <o:p></o:p></div>
<!--EndFragment-->Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-16286879902175017892012-12-28T04:14:00.003-08:002012-12-28T04:14:41.895-08:00Overcoming Obstacles to Achieving Financial Goals
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<br />
<br />
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We are in the goal business. Helping people define, refine
and achieve their financial goals.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What does it take to achieve and surpass financial goals?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It takes willpower. Remember the “protestant work ethic” of
delayed gratification? Starting early
and staying with a plan is a key component to attaining financial success.<o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]-->2.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It takes resources. Income in excess of expenses is the primary
means of developing resources to put towards goals like retirement, housing,
education and travel.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]-->3.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It takes knowledge of knowing where you’re going
and if you’re on track to get there.
That’s called feedback. You need
a mechanism to keep you informed of your progress and to alert you to altering
your actions to stay on track or ahead of schedule.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now what are the most frequent obstacles we see that prevent
goal achievement?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->Procrastination.
Lower priorities take over disposable income and not enough resources
are directed to higher priority, but longer-term goals. Parties, video games, you name it. In our
society it’s easy to become diverted by slick marketing, peer pressure, and
poor habits.<o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]-->2.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->Lack of resources. Decisions that affect expenses whether they are
day-to-day living expense decisions or long term debt decisions like student loans
lead to an inability to save adequately for long term financial goals.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]-->3.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->No goals in the first place. We call this the “seat of the pants”
plan. Without a roadmap any highway will
take you there. The majority of baby
boomers might fit into this category.
For most of them it’s too late and they are going to work many more
years and retire at a much lower standard of living than they otherwise might
of because they never planned ahead.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So what can we take away from this discussion?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It’s never too late to plan although the longer
you wait the harder it is.<o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]-->2.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It takes discipline and a denial of other
counterproductive opportunities.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]-->3.<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span><!--[endif]-->It takes a feedback mechanism, including
coaching in some cases, to stay on track and know when to hold ‘em and when to
fold them (thanks to Kenny Rogers).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As this year comes to an end. We want you to be thinking of goals and what
you will be doing next year to achieve them.
Good Luck.<o:p></o:p></div>
<!--EndFragment-->Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-9875864887916558672012-11-23T14:18:00.001-08:002012-11-23T14:18:21.637-08:00Why I Fired My Bank
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<br /></div>
<div class="MsoNormal">
Seems like a catchy title doesn’t it?<span style="mso-spacerun: yes;"> </span>Well let’s see if you think I did the right
thing by the time you get to the end of my story.</div>
<div class="MsoNormal">
My personal bank is USAA Federal Savings Bank. This story is
not about them.<span style="mso-spacerun: yes;"> </span>I love USAA’s one and
only San Antonio, Texas branch which I have never visited, but they always seem
to be the top rated bank in the United States.<span style="mso-spacerun: yes;">
</span>I know why.<span style="mso-spacerun: yes;"> </span>Whenever I have a
question, need, or problem, I just pick up the phone or email them and ….BINGO,
I get a resolution. </div>
<div class="MsoNormal">
Several years ago USAA started letting us drop our deposits
off at the local UPS store.<span style="mso-spacerun: yes;"> </span>Then they
let us scan checks at home and deposit them over the internet.<span style="mso-spacerun: yes;"> </span>Then came their iPhone app and I was in
heaven. <span style="mso-spacerun: yes;"> </span>Wish I could do this with my
business account.</div>
<div class="MsoNormal">
Now I run a small business and USAA doesn’t have business
accounts.<span style="mso-spacerun: yes;"> </span>I asked the owner of the local
UPS store where I should open my new business account ten years ago.<span style="mso-spacerun: yes;"> </span>He pointed me to the local bank just down the
street.<span style="mso-spacerun: yes;"> </span>Nice manager, friendly staff and
good hours especially for drive in deposits. </div>
<div class="MsoNormal">
Several years later our local bank got bought out by the
regional bank from New York State.<span style="mso-spacerun: yes;"> </span>Not
much changed except the manager got promoted and the teller staff retired or
moved on.<span style="mso-spacerun: yes;"> </span>Things seemed to be working ok
but going to the bank every day to make deposits became a chore for my
assistant or my wife, but it was usually either done on the way home or during
errand time at the beginning or ending of the work day.</div>
<div class="MsoNormal">
A couple of years ago the big bank (P**) bought out the
regional bank. You know where I’m going, don’t you? <span style="mso-spacerun: yes;"> </span>More staff turnover. Everyone was a part timer
or so it seemed. They all wished me a nice day, but when anything went wrong I
had to find it, no one ever called to tell me there might be a problem. </div>
<div class="MsoNormal">
Now banks make a lot of money on the deposit float.<span style="mso-spacerun: yes;"> </span>I should know, I’ve worked for two of them.
Our business has a nice five figure float where we don’t make a dime, but P**
bank does. </div>
<div class="MsoNormal">
Last year I noticed that the big bank was letting people
make deposits with their iPhone but they had a limit.<span style="mso-spacerun: yes;"> </span>We have five offices around the country and
really enjoy making deposits on the iPhone since we travel for business. I
found out the monthly limit was very low for our kind of business and for our
average deposit. So I went in the see the branch manager - the new branch
manager. I observed they had cut back the lobby hours and the drive in
hours.<span style="mso-spacerun: yes;"> </span>No early or late drive in
business at all.<span style="mso-spacerun: yes;"> </span>(Our local grocery
story bank branch is open seven days a week!)</div>
<div class="MsoNormal">
I explained to the new manager my needs. He listened, but it
was obvious he had no power to amend the low limits even though our float was
ten to fifteen times larger than any conceivable check we might deposit and
then bounce.<span style="mso-spacerun: yes;"> </span>We asked him to elevate the
issue and have P** make an exception.<span style="mso-spacerun: yes;"> </span>A
week later the “business banker” called.<span style="mso-spacerun: yes;">
</span>He listened to my story.<span style="mso-spacerun: yes;"> </span>He said
couldn’t change anything, but would call my first branch manager (from 10 years
ago) who was now in some elevated position in the bank and address the issue
with her.</div>
<div class="MsoNormal">
A week or so later my voice mail message told me sorry, no
change in their limits. Guess how I felt? Guess what I did?<span style="mso-spacerun: yes;"> </span>Right, I went to Google “business banks that
let their customers bank remotely and use their smartphones to make deposits”. </div>
<div class="MsoNormal">
BINGO. EverBank is now our bank. The monthly limit for
smartphone deposits is 2.5 times our normal amount of deposits. FedEx delivers
the paperwork the next day.<span style="mso-spacerun: yes;"> </span>New checks
come in a week along with the debit card.<span style="mso-spacerun: yes;">
</span>They call to see how we’re doing.<span style="mso-spacerun: yes;">
</span>A month later they call again to check on us. </div>
<div class="MsoNormal">
We are winding down our relationship (sic?) with P**. <span style="mso-spacerun: yes;"> </span>Somehow the auto payment for the Amex bill
didn’t get changed in time so we are overdrawn.<span style="mso-spacerun: yes;">
</span>Does the big bank call, email, text us to let us know they’re charging
us $25 for the overdraft and $7 a day for a beginning $141 negative balance?
You can guess the answer.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
Today I paid the big bank $231 in cash and they said they
would close the account in a few days.<span style="mso-spacerun: yes;">
</span>Can’t even close an account on the same day!!<span style="mso-spacerun: yes;"> </span>Well, goodbye big bank.<span style="mso-spacerun: yes;"> </span>We admit we should have done this sooner, but
it’s a pain to switch banks.</div>
<div class="MsoNormal">
Sure do miss all the old employees from the local bank. In ten
years, they were the only ones who seemed to really care about our business. </div>
<div class="MsoNormal">
Conclusion: Every three years or so look around and
comparison shop your vendors. There are companies out there that really want to
listen to your needs and will do what it takes to exceed your expectations.</div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-72337638662748016922012-11-03T17:25:00.000-07:002012-11-03T17:25:46.824-07:00It's Never Too Late: But Get Going Now!
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<br />
<div class="MsoNormal">
We are in the goal business. Helping people define, refine
and achieve their financial goals. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What does it take to achieve and surpass financial goals?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It takes willpower.<span style="mso-spacerun: yes;"> </span>Remember the “protestant work ethic” of
delayed gratification?<span style="mso-spacerun: yes;"> </span>Starting early
and staying with a plan is a key component to attaining financial success.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It takes resources.<span style="mso-spacerun: yes;"> </span>Income in excess of expenses is the primary
means of developing resources to put towards goals like retirement, housing,
education and travel.</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It takes knowledge of knowing where you’re going
and if you’re on track to get there.<span style="mso-spacerun: yes;">
</span>That’s called feedback.<span style="mso-spacerun: yes;"> </span>You need
a mechanism to keep you informed of your progress and to alert you to altering
your actions to stay on track or ahead of schedule.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now what are the most frequent obstacles we see that prevent
goal achievement?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Procrastination.<span style="mso-spacerun: yes;">
</span>Lower priorities take over disposable income and not enough resources
are directed to higher priority, but longer-term goals.<span style="mso-spacerun: yes;"> </span>Parties, video games, you name it. In our
society it’s easy to become diverted by slick marketing, peer pressure, and
poor habits.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Lack of resources.<span style="mso-spacerun: yes;"> </span>Decisions that affect expenses whether they are
day-to-day living expense decisions or long term debt decisions like student loans
lead to an inability to save adequately for long term financial goals.</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>No goals in the first place.<span style="mso-spacerun: yes;"> </span>We call this the “seat of the pants”
plan.<span style="mso-spacerun: yes;"> </span>Without a roadmap any highway will
take you there.<span style="mso-spacerun: yes;"> </span>The majority of baby
boomers might fit into this category.<span style="mso-spacerun: yes;">
</span>For most of them it’s too late and they are going to work many more
years and retire at a much lower standard of living than they otherwise might
of because they never planned ahead.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So what can we take away from this discussion?</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It’s never too late to plan although the longer
you wait the harder it is.</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It takes discipline and a denial of other
counterproductive opportunities.</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-indent: -.25in;">
<span style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>It takes a feedback mechanism, including
coaching in some cases, to stay on track and know when to hold ‘em and when to
fold them (thanks to Kenny Rogers).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As this year comes to an end.<span style="mso-spacerun: yes;"> </span>We want you to be thinking of goals and what
you will be doing next year to achieve them.<span style="mso-spacerun: yes;">
</span>Good Luck.</div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-907386219114430682012-10-04T13:57:00.001-07:002012-10-05T04:08:00.227-07:00Scary time this year<br />
<div class="MsoNormal">
We are now in October, with nine months of the year behind
us. That’s a scary thought even though
Halloween isn’t here yet. The good news
first:<o:p></o:p></div>
<div class="MsoNormal">
First quarter 2012 saw the US, Europe and Emerging Markets
up big time: +13%/+11%/+14%.<o:p></o:p></div>
<div class="MsoNormal">
Second quarter 2012 saw them down: US -3%/ Europe -7%/ Emerg Mkts -9%<o:p></o:p></div>
<div class="MsoNormal">
Third quarter 2012 was good: US +6%/ Europe +9%/ Emerg Mkts +8%<o:p></o:p></div>
<div class="MsoNormal">
Cumulative Year to Date: US +16%/ Europe +16%/ Emerg Mkts +12%<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Naturally, looking in the rear view mirror is the easy part
and things are looking good. But that’s
only stock market investments. Bonds are at low historic rates. Since we
believe the stock market is forward looking, we have no idea where it will end
up on December 31<sup>st</sup>. The
signals are mixed. Staying fully
invested is still our thought for right now.
However, that’s always been our thought. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We had a do-nothing congress this year so we remain in tax
limbo until very late this year or early next year depending on how far the can
is kicked down the road.<o:p></o:p></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Capital Gains Fever<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For many taxpayers it will make sense to harvest capital
gains in 2012 to take advantage of current lower rates. If we haven’t helped you before then you
might not be familiar with this “harvest” term or technique of taking advantage
of lower tax rates or losses to offset gains.
On the other hand, if you will be passing on assets and are in the 15%
tax bracket or lower, then you might want to hold on for the stepped-up basis
upon death. We are sorry it’s so
complicated, but we will point our finger at those 535 down in Washington, DC.<o:p></o:p></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Medicare Surtax: 3.8%<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now we all have to understand where we will be on our 2013
tax return when it comes to Modified Adjusted Gross Income (MAGI) and Net
Investment Income (NII). For couples
with over $250,000 in income filing jointly; married filing separately,
$125,000; and all other taxpayers, $200,000; we will need to be open to
strategies to reduce or eliminate the impact of this additional tax on certain
income above these levels. <o:p></o:p></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Other Tax Strategies
for 2012<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If we need to see more income this year we can explore
converting some or all of an IRA to a Roth IRA.
The conversion will be taxed at today’s lower rates if we believe rates
go up in 2013. There also might be an
opportunity to unwind this conversion up until fall of 2013. We can also consider exercising non-qualified
stock options if 2012 if we’re lucky enough to have some.<o:p></o:p></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Don’t forget about Estate
Taxes<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The rules are set to lower the federal limits of individual
exemption (and some states that are tied to the federal number) from the
current $5,120,000 to $1,000,000 come January 1<sup>st</sup>, 2013 unless the
you-know-who’s do something. Fat chance. The President wants a $3,500,000 individual
limit and the opposition party wants to eliminate the tax altogether. Who knows
when and where we will end up.<o:p></o:p></div>
<div class="MsoNormal">
OK. That was the bad news.<o:p></o:p></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
<b>Good news, bad news, and now great news</b>: Jennifer Ventola has joined MainStreet as our new
Client Services Manager. You’ll be hearing a lot more from her if you’re an ongoing MainStreet client.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We sincerely thank you for using our services in the past. If you are an ongoing client we encourage you to get your statements and questionnaires to us in a timely manner
now that they are starting to show up in your mailbox or email inbox. Scary means we will be working harder for you than ever before.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All the best, Jim and Anna info@adviceonly.net goes to both of us<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-15102537715075576752012-02-11T18:30:00.000-08:002012-02-11T18:30:49.024-08:00Hybrids help solve problems<br />
<div class="MsoNormal">
I just spent two days locked up in a room (sorta) in Tampa, Florida, (in the middle of
winter!), talking about life, disability and long term care insurance. Hey, don’t tune out just yet!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Every couple of years, some of us old dogs have to learn
some new tricks. The world is changing pretty fast.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The operative word this year at our Low Load Insurance
Academy was ”hybrid”, but not the car kind.
Both annuities and life insurance policies are sprouting wings that include
coverage for long term care needs – and at a tax advantage in most cases.</div>
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If you've heard the pitch lately, you probably know
that 70% of people age 65 today will need long term care services at some point
in their lives. Wow, the number has gone
up. I remembered when it was 60%. We’re living longer and that is the
result. The second fact presented was that the national average cost of nursing
home care is up to $87,000 a year.
Another wow. I was thinking maybe
$80,000. </div>
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Now we financial planners love it when clients are predicted to “self
fund” for long term care needs. That means they’ve saved or inherited enough
money or property to see them through many years of high cost care. Remember that 70% figure?</div>
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Some people can self fund and hedge their savings by
purchasing long term care insurance with a long elimination period or self fund
and buy a short term policy to cover their needs until they can sell property
that will provide a source of funding.</div>
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If people can’t self fund for all or most of their risk of
needing long term care services, then you can buy insurance to cover that need,
but guess what? Most people people we meet don’t buy LTCi (code for Long Term Care insurance).
Why? “Because,” they tell me,
“what if I don’t need it?” The insurance
industry has heard that excuse and come up with other options. </div>
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These days, both life insurance and annuities from several highly rated
insurance companies offer long term care riders or supplements that turn them
into a multi use product. Being able to
draw out assets from a life insurance death benefit or an annuity with no
income tax implication is an attractive alternative.</div>
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So the next time you’re visiting with your financial planner
ask about hybrids. As usual, your
mileage may vary.</div>
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<br /></div>Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0tag:blogger.com,1999:blog-5688197097883252535.post-41062798106024782062011-12-14T05:20:00.001-08:002011-12-14T05:20:56.228-08:00Last Minute Tax Planning: Low Taxable Income<br />
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If your 2011 taxable income (line 43 IRS 1040) is going to
be below $69,000 married or $34,500 single then you need to look at your
taxable investment accounts and maybe sell and buy back (if prudent) to enable you
to “recognize” long term gains this year. (This is not about short term, less
than one year, gains.) <o:p></o:p></div>
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Why? No long term capital gains tax is due if your taxable
income puts you in the 10 or 15 percent tax bracket. The law changed in 2008
and expires at the end of 2012 when long term gains tax rates go back to 20%. This will increase your “basis” in the
holding and allow for fewer taxes on future gains than if you just continued
holding these securities (assets). This
does suppose they continue to go up in value.<o:p></o:p></div>
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At this time of year we advisers are looking to “harvest”
long term gains and offsetting losses to increase the “basis” of holdings. This
is good tax planning in most years. It
may not be that good this year, but for reasons not germane to this missive.
Call or write to ask about this.<o:p></o:p></div>
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For the past couple of years and for the next year (2012),
those taxpayers finding themselves in lower brackets should take advantage of
this incentive to sell long term holdings that have increased in value. If prudent, they can buy them back immediately
without a waiting period which involves selling long term capital losses
(wash-sale rule).<o:p></o:p></div>
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Your tax advisor or financial planner should always be
consulted before implementing this kind of strategy. Why? Just selling for tax
reasons, may not be the best strategic move for your portfolio. That’s why this
discussion is for education and not actual advice. “Your mileage may vary” YMMV
as they say in the text world.<o:p></o:p></div>
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A special thank you to Michael Kitces, author of the Kitces
Report, <a href="http://www.kitces.com/">www.kitces.com</a> for reminding us
planners to highlight this issue again this year.<o:p></o:p></div>Anonymoushttp://www.blogger.com/profile/04780139369115032707noreply@blogger.com0