Estate and Legacy Planning
Moving can be costly, so make sure you’re prepared with these tips when getting ready to sell your house
There is no one asset diversification strategy that fits all; personal circumstances matter. This month on LetsMakeaPlan.org, the CFP Board tackles not only the “why” of diversification, but also suggests the questions you should be asking when diversifying your assets:
If you want to be wealthier, brush up on your math skills.
A forthcoming study in the Journal of Economic Psychology found that, after screening for differences including education, risk tolerance and financial knowledge, people who are better with numbers tended to be wealthier and accumulate wealth over time. The study tracked 1,000 Dutch adults over a five-year period.
Recently I wrote about managing sudden wealth – namely, an inheritance. While not everyone will be the heir to a sizable estate or be lucky enough to hit the lottery, many ARE planning to leave THEIR estate behind for loved ones. Many of my clients want to leave money to their kids.
Financial plans tend to change when a client receives an inheritance. For some, they knew the passing of a loved one would mean an influx of wealth. For others, they were pleasantly surprised to know that they were the heir to an estate.
Hiring a financial advisor is like selecting the right mechanic for your car. Although the stakes are not the same, you wouldn't trust your vehicle to someone who is going to suggest unnecessary repairs and upgrades just to line their pocket with more money. You should put the same effort into finding the right financial advisor.
“Who is John Galt?” asks Ayn Rand’s average American, rhetorically, in her 1957 masterpiece Atlas Shrugged. In Rand’s futuristic world, this often-repeated line symbolizes a malaise that has befallen the country, a result of decades of punishing success in the name of society as a whole.
Spring is arriving a little early to Minneapolis this year, bringing fun and optimism as we start to embrace spending more time outside. We were fortunate to have a relatively short and mild winter this year but we have now officially entered the time of year for bike rides, walks, and re-connecting with neighbors. The changing of the seasons is a friendly reminder to take stock of a lot of things in life, happily (for me at least) saying farewell to winter while welcoming what's next. It's also an opportunity for the traditional Spring Cleaning which I seem to look forward to more than my kids who would almost prefer to do extra homework than try on summer clothes to see if anything from last year still fits their growing bodies. Spring is a great time of year to review your finances and prepare for the year ahead. It has also become an exciting time for our team as we prepare to celebrate the 2nd Anniversary of founding Flourish Wealth Management on April 16th. In honor of the mixed themes of renewal and reflection, we are presenting a series of articles that should provide some additional perspective to the investment and planning process.
We all struggle to some extent with the daily balance between mental, physical, social, and financial health. There are a variety of ways we can embrace this balancing act with a proactive and healthy approach. Our goal at Flourish Wealth Management is to help clients achieve their long-term planning goals, and the strategies outlined in this issue of Flourish Insights provide information that is complementary to the dollars and cents we tend to focus on during meetings.