On a regular basis, people come to me and say some version of: “Do I really need disability insurance? I mean, I have a desk job, and as long as I have my mind, I can always do my work, right? Besides, wouldn’t my employer’s workers’ compensation insurance take care of my basic needs if […]
The Truth About Disability Insurance Read More »
It sounds too good to be true: You give an insurance company a sum of money, and they promise to give you a check for as long as you live. This is what’s called a “single premium immediate annuity” (SPIA). It’s essentially a form of insurance. To the recipient, it works like an employer pension
The Pros and Cons of Income Annuities Read More »
Tim Berry wishes he had discussed long-term care insurance with his parents. When Tim’s dad had open heart surgery, the family was told there was only a 3% chance of anything going wrong. But in the days following the procedure, Mr. Berry suffered a stroke. “His mind was wiped out,” Tim told the Asset Protection
Long-Term Care Insurance: Waste or Wise Move? Read More »
How do you know if your investment manager is doing a good job? (Especially when the markets are so volatile.) Before we answer that question, let’s remember what an investment manager is and isn’t. A good investment manager is not… 1. An Economic Alchemist. In ancient times, alchemists were individuals who claimed the ability to
What an Investment Manager Is (and Isn’t) Read More »
“I’m unhappy with my financial advisor,” a man told me. “Not only have I lost money, but I don’t feel like he knows I’m alive! Is it too much to expect that my advisor would take care of me and my money?” This man is surely not alone in his thinking. Maybe you feel the
The 3 Most Common Financial Advisor Mistakes Read More »
A man once said to me, “My friends are always talking about their financial plans, but the idea that I could create such a thing feels impossible. I’m terrible with money!” I told him, “I understand that feeling. But the truth is you could create a smart financial plan. It really is possible.” (That’s a
How to Do Anything You Can Do Read More »
Someone told me they have two primary emotions whenever they think about their financial situation: “It seems like I’m either frustrated or mad. Is that weird? Should money always make me so upset?” This admission reminds me of a book written more than 50 years ago by Elizabeth Kubler-Ross in which she discussed five distinct
Money Grief … and How to Leave It Behind Read More »
A client recently asked this question: I’ve got some money I’d like to leave to my grandkids. I want it to grow, but I’m not comfortable putting it at risk in the market. Meanwhile, safer investments like CDs seem like they’re barely keeping up with inflation. Do you have any suggestions? It’s a classic case
A Question About Safe Money Read More »
A client told me: “I grew up poor. I was the first in my family to attend college. Now I have a comfortable income. But because of my background, I tend to be cautious with my money. Sometimes I wonder if I’m too cautious.” Hearing that, I thought of an interview with Erin Botsford in
What Bad Financial Experiences Do To (or For) Us Read More »
In my line of work, I hear comments like this frequently: “Despite what some are saying, I don’t think our economic hard times are over. In fact, some are saying online that the ‘experts’ are hiding how big our problems really are. Some think the whole world is on the brink of bankruptcy. If that’s
On the Verge of Economic Collapse? Read More »
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