In my financial planning practice, I meet with a lot of “Type A” entrepreneurs. Their number one question? “Couldn’t I be doing better with my money?” I always have to smile. These driven individuals are used to optimizing everything they touch—or at least trying to. If they have three rental properties today, they want to […]
What Airplanes Can Teach Us About Money Read More »
Though he was past traditional retirement age, he was living every businessperson’s dream. A healthy company. A strong management team. The freedom to come and go. “Maybe it’s time,” he told me. “Time to pass on my business to my adult children—even though they’re not actually in the business. I’m thinking that if they’d just
Four Components of a Good Succession Plan Read More »
It was a 10k race, but at the 9k mark, I was gasping for air. My lungs were on fire. My legs were screaming at me to quit. Except that I had only one more hill to go. If I could climb it—honestly, it looked like Everest—I’d be close to the final turn where the
When the Finish Line Gets Moved Read More »
In my last column we looked at the difference between affluence and wealth. My simple definition of affluence is “your income relative to everyone else’s.” If you make $36,000, you qualify as an average Joe – you’re right in the middle of the income numbers for the rest of the country. However, someone making $36,000
6 Essentials for a Life of Wealth Read More »
“We’re gonna be rich!” Don bellowed as he beat his fist against the steering wheel. He drove a white Lincoln Continental with burgundy leather interior. It was longer than most living rooms and at that moment was lumbering down I-55 from St. Louis to Jackson, MS. The windows were down and his heart was full.
Who is Really Rich – the Affluent or the Wealthy? Read More »
You want to leave your estate to certain people. But suppose they die first. What then? Ideally, you’ve spelled out your wishes—and contingency plans for scenarios like this—in a written will. If not—and assuming you never get around to writing a will—Louisiana (assuming you live here) will use its “laws of intestacy” to essentially create
What If You Outlive Your Heir? Read More »
We’ve all got them. People in our lives who live in a chronic state of financial mess. When it comes to money, they habitually make poor choices. There’s the friend who overspends. Despite his big salary, he’s got even bigger debt. There’s the parent who under-saves. The sibling who comes to you annually for “just
About that Financially Irresponsible Person in Your Life Read More »
What exactly do you want out of retirement? (I ask because when it comes to this topic most folks focus mostly on tools—pensions, 401(k) plans, Social Security, etc. Only a few think about goals.) Many answer by saying they want be able to sleep till 10 or not have to dress up every day. I
Goldilocks and the Three Retirements Read More »
Long-term care is expensive. And sometimes it costs a lot of money too. There may not be a great deal of cash changing hands as a result of someone’s gradually increasing need for long-term care, but that doesn’t mean a steep price is not paid. And often, that price is paid by the healthy spouse.
The Many Expenses of Long-Term Care Read More »
Ask a friend. That’s what we typically do when we’re trying to make decisions in life. Need a new doctor? Ask a friend. Better accountant? Ask a friend. Romantic vacation spot? Ask a friend. New school for the kids? Ask a friend. Why do we do this? Do we honestly think our assorted friends are
That’s What Friends Are For Read More »
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