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July: 3 Simple Tasks to Improve Your Financial Life [VIDEO]

· June 29, 2016 · Financial Planning, Investing, Retirement, Video · No Comments

TASK #1: Run a Retirement Plan Projection

Run a retirement plan projection so that you know where you are and what you need to do to get closer to YOUR goals. You should do this once a year to see if you are heading in the right direction. Use our free Retirement Check-Up Wizard here to get a general idea of where you stand with your retirement plans. If you want a more thorough calculation you should work with a CERTIFIED FINANCIAL PLANNER™. They’ll have access to more sophisticated software and will look at your entire financial life. If you are working with a CERTIFIED FINANCIAL PLANNER™ you will want to revisit their projections at your annual review to account for changes in your financial life.

TASK #2: Increase Your 401(k) Plan Contributions

For most people, setting a goal to max out your 401(k) or 403(b) plan contributions should be key. If you’re saving in a 401(k) or 403(b) and aren’t already on track to max it out, increase your contributions by 1%. Re-evaluate in 6 months and increase your contributions by another 1% until you ultimately max it out.

TASK #3: Review Your Investment Strategy

Has anything changed over the last 6 months that would cause you to have to make changes? Births? deaths? New goals? If so, review your plan or speak to your CERTIFIED FINANCIAL PLANNER™ to help you make smart choices

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

Sources:

  1. http://www.learnvest.com/knowledge-center/your-january-2016-financial-to-dos/
  2. http://money.usnews.com/money/personal-finance/articles/2014/12/02/your-end-of-year-financial-checklist
  3. http://www.forbes.com/sites/learnvest/2013/01/04/your-financial-to-dos-for-every-month-in-2013/#14fe6d3d41d4

 

The 3 Most Important Questions to Answer When Investing [VIDEO]

· June 22, 2016 · Investing, Video · No Comments

Every investment decision involves both risk and reward. You invest your money with the hope that you’ll be rewarded with a profitable return over time. But, the fact is there are few guarantees in life. Most Investments are exposed to risk, which is the potential for loss of assets. To reduce risk, most smart investors diversify their portfolio. It’s a strategy to help reduce vulnerability to market changes in one investment category.

Most Investments are exposed to risk, which is the potential for loss of assets.

3 Questions to Answer

An efficient diversification strategy for you depends on:

  1. What are you saving for?
  2. How much time do you have?
  3. How do you feel about handling risk?

An investment approach to pay for a child’s college education may be different than saving for your retirement. The difference in your time horizon often affects your investment decisions and how you feel about assuming risk. To find your risk tolerance profile you can use our free tool here.

How Do You Feel About Risk?

Some investors are risk-averse and prefer a conservative approach while others are willing to invest aggressively to reach their objectives. Over time your investments will grow or decrease along with market conditions.

The Importance of Rebalancing

A portfolio may need to be rebalanced to maintain diversification or adjusted to reflect the change of your investment goals. Your portfolio might have assets spread across a number of investment types matching your risk tolerance and your time horizon. Regardless, your portfolio should be monitored and adjusted along the way. You should create an investment roadmap to help you achieve your personal goals. Feel free to reach out if you need assistance creating a portfolio appropriate for you.

Your portfolio should be monitored and adjusted along the way.

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

3 Helpful Financial Tips For June [VIDEO]

· June 13, 2016 · Financial Planning, Video · , · No Comments

#1 Finish Your FAFSA

If you have kids going to college in September your FAFSA is due by the end of the month. You Should have submitted it already (particularly if you watched the financial planning To-Do’s for March), but if you’ve waited until the last minute make sure you get it in soon.

#2 Meet With Your Planner

Schedule a meeting with your certified financial planner if you didn’t meet at the beginning of the year. The halfway point is a great time to check in and see how you are doing and if your planner has any advice on how to make improvements. If you are going to meet with someone for the first time make sure you meet with a CERTIFIED FINANCIAL PLANNER™. The CERTIFIED FINANCIAL PLANNER™ (CFP®) designation is a professional certification mark for financial planners granted by the Certified Financial Planner Board of Standards (CFP Board). To receive authorization to use the designation, the candidate must meet education, examination, experience and ethics requirements.

#3 Check Your Budget

Time to check in on your budget! It’s been a little over six months since the start of the year. How are you doing? Do you need to make any adjustments?

Tools like First Step Cash Management can help you proactively plan and monitor your cash flow.

Organize&OptimizeCoverFor more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

Sources:
1. http://www.learnvest.com/knowledge-center/your-january-2016-financial-to-dos/
2. http://money.usnews.com/money/personal-finance/articles/2014/12/02/your-end-of-year-financial-checklist
3. http://www.forbes.com/sites/learnvest/2013/01/04/your-financial-to-dos-for-every-month-in-2013/#14fe6d3d41d4

3 Things to Know About Paying For College [VIDEO]

· June 8, 2016 · College Planning, Video · · No Comments

There’s 73 million children Living in America today and the choices they make will impact the future of your family. Unfortunately, there’s no single formula for success. However, there is one proven path that provides lifelong advantages, the path of higher education.

3 Advantages of Having a College Degree:

  1. College graduates have lifetime earnings 84% greater than those without a degree.
  2. College graduates tend to live healthier Lifestyles.
  3. College graduates have increased job satisfaction and stability.

Difficulties Paying for College:

Today most American families face growing problems paying for college. Over the last 30 years College tuition has increased nearly three times the rate of inflation. Access to Grants and scholarships is on the decline and student loan debt has ballooned over 500% in the past 10 years. In fact, student loan debt is now approaching one trillion dollars.

Over the last 30 years College tuition has increased nearly three times the rate of inflation.

While some can fund their children’s entire education most families rely on multiple sources to pay for their college expenses. Still, over 60% of families don’t have a college saving strategy.

3 Things You Need to Know:

  1. How Much Will College Cost?

  2. What Do You Need to Save?

  3. Where to Invest?

It’s never too early to start planning for your children’s education but it can be too late. Learn how much College will cost and what you need to save so you can put your children on the right path to success.

If you need help creating a college savings strategy feel free to send me an email at sweiss@weiss-financial.com.

 

How Trusts Can Help You Control Who Gets What [VIDEO]

· May 18, 2016 · Financial Planning, Video · , · No Comments

A lot of people think trusts are only for the super-wealthy which is not entirely true. A trust can benefit anyone who wants to manage how they leave their money to their family. The trust can give you control over who gets what and when, how they get it, and why.

A trust can benefit anyone who wants to manage how they leave their money to their family.

Create Containers for Your Assets

Trusts are like containers you can put things into. You the grantor can place assets like your house, life insurance policies, investments and other possessions into a trust. These assets become property of the trust and are managed by your trustee.

Pick Someone You Can Trust

You appoint a trustee to ensure your wishes are carried out. As grantor, you decide who receives the assets inside your trust. Typically, your spouse, your children, grandchildren and charities of your choice are the beneficiaries who receive the assets held in trust.

Some trusts are designed to manage who receives your assets and others may offer tax planning benefits

Decide Where Your Money Will Go

When you create a trust you determine how the funds inside your trust will be used and when they will be dispersed. For example, you may want to use assets in your trust to jump-start your children’s careers when they are 25 or supplement their retirement when they turn 60. You may want to pay college tuition expenses for your grandchildren or provide annual scholarships to your Alma Mater. Your appointed trustee ensures everything is managed according to your instructions.

There Are Many Kinds of Trusts

It’s important to know there are different kinds of trust for different purposes. Some are designed to manage who receives your assets and others may offer tax planning benefits.

Here are some examples:

  • Living Trust
  • Special Needs Trust
  • Marital Trust
  • Credit Shelter Trust
  • Irrevocable Life Insurance Trust
  • Charitable Remainder Trust
  • Qualified Personal Residential Trust

Make sure you work with financial experts so that your trust is properly structured to carry out your specific intentions. A trust can offer you and your family many financial advantages. You’ll want to talk with  an estate planning attorney find out how you can create a lasting legacy for those you love the most.

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

Why You Need a Will and How to Create One [VIDEO]

· May 11, 2016 · Financial Planning, Video · , , · No Comments

Many people are not sure if they need a will because they don’t think they actually have an estate or they simply procrastinate in getting the document drafted. If you are wondering whether you have an estate or not, you most likely do. Simply put, if you own anything you have an estate. So, if you have any assets held outside qualified accounts (i.e. savings accounts, a house, cars, etc.) or have people you care about and/or rely on you (i.e. children, a spouse, etc.), you should have a will. The problem is most adults in America do not have a will. In fact, 58% of American adults don’t have one! So, here’s what you need to do to avoid being part of the 58%.

58% of adults in America do not have a will!

What is a Will?

A will is a legal document that defines who is going to take care of your children and outlines what to do with your assets when you’re gone. If you die without a will the state will decide who will inherit your assets. Having a will allows you, not the government, to control your assets after your death.

What is Involved in Creating a Will?

To do it right, I suggest working with a lawyer to make sure your will is structured properly so that it is valid and enforceable.

Here is a checklist of things to address:

• Name A Guardian: If your children are minors make sure you name a guardian for your kids.

• List of Assets Make a list of all your assets and where they are.

• Determine Values: Determine the values of your real estate, insurance policies, investments, business ownership, personal possessions and anything else that has economic or sentimental value to you or your family.

• Who Will Get Your Stuff?: Decide who will receive these assets and when (Typically your surviving spouse will be your primary beneficiary).

• Provide Instructions: Provide instructions on how and when to distribute assets to your children, grandchildren, and the Charities of your choice.

• Executor or trustee: Name an executor or trustee to oversee and carry out your instructions.

• Power of Attorney/Medical Directive: Grant the power of attorney to someone you trust to make health care and financial decisions if you are not able to make these decisions yourself.

• Update Regularly: Update your will every three years to make sure it fits your present situation and conforms to current state laws. This way you know your family, your loved ones, and your assets are all protected.

TIP: Update your will every 3 years to make sure it fits your present situation and conforms to current state laws.

When you have people who you care about and who count on you it’s best to prepare for the unexpected. So, if you don’t have a will in place now is the time to get going. If you do have a will but haven’t reviewed it in some time you may need to make updates.

Get Organized!

Getting all your stuff in order is one of the first steps you’ll need to take in order to prepare your will. The video below shows the online system we use to help our clients get organized. It helps gather the information you need to give your attorney so they can create your will. As a thank you for reading this post, I am offering free access to this great system to help you get started. Simply send me your email request at sweiss@weiss-financial.com and I’ll get you up and running quickly.

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

7 Tips to a Financially Secure Retirement

· April 27, 2016 · Financial Planning, Investing, Living Your Best Financial Life, Retirement, Spending & Saving, Video · , , , , , , · No Comments

If you haven’t retired already, at some point you’ll probably want to. Financial security in retirement doesn’t just happen. It takes planning, commitment and money. You’ll need enough money to potentially live on for at least 20 years, probably more. With the average life expectancy in the U.S. at nearly 80 and growing (1), you’ll want to be sure you can maintain the lifestyle you envision throughout your retirement years.

To help you focus on what you should be doing to succeed, here are 7 planning tips:

1. Make Saving a Habit

If you are already saving every month, awesome! Keep going! If you’re not, start now. The sooner you start the more time your money has to grow.

2. Know Your Retirement Expenses

This is much easier to do the closer you get to retirement. A twenty or thirty year old may have no idea what those numbers will eventually be. If that is you, concentrate more on the other tips. For those of you with retirement in your sightline, figure you will need AT LEAST 70% of your pre-retirement income to live comfortably. Knowing what you need is the key to getting what you need. The key to a secure retirement is to have a clearly defined goal.

3. Participate in your 401(k) or 403(b)

If your employer offers a 401(k) plan or 403(b) plan sign up and aim to contribute to the maximum. Over time, compound interest and tax deferrals can make a huge difference in the amount you accumulate for retirement.

4. Invest Wisely

Diversify your savings to reduce risk (i.e. don’t put it all on black!). In a nutshell, risk simply means how much money could you potentially lose with your investments. To check your current tolerance for risk use our free tool. It will give you something called your Risk Number™ which is a great starting place to see how much risk you can emotionally handle. You can then compare that to the Risk Number™ of your current portfolio and see if they match up or if you potentially need to make changes. Keep in mind, your investment mix may need to change over time due to age, goals, and circumstances, so it’s always a good idea to monitor your risk tolerance and portfolio allocation. Remember, financial knowledge and financial security go hand in hand.

5. Check Your Social Security Benefits

Social Security benefits provide supplemental income to you and your spouse during retirement. If you are counting on social security to bail you out, think again. Social Security provides enough for you to live around the poverty line. Check the Social Security website to see how much the government will pay you every month.

6. Ask Questions

The more you know, the better your chances of enjoying financial security in your retirement years. Talk with your accountant or financial advisor. Better yet, book a meeting with me right now! Ask questions and get good advice. Build a plan, and stick with it.

7. Make Planning for Your Retirement a Priority

Use our retirement check-up tool to find out if you are on the right track. It’s never too early or too late to start saving for your future. However, the longer you wait or leave things to chance, the less likely you will live a financially secure retirement.

“Planning is bringing the future into the present so that you can do something about it now.” -Alan Lakein

If you know anyone that could benefit from this advice, feel free to share this video with them. Good luck on your journey toward a financially secure retirement.

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

How To Pay For College: 6 Smart Tips

· April 13, 2016 · College Planning, Video · , , , , , , , , · No Comments

It’s no secret that college is expensive. In fact, many colleges now cost over $50,000 a year when you include tuition, room and board, and other expenses. Now, we all want the best for our kids but how exactly can the average person afford to pay over $200,000 for a 4 year degree? The key is to start saving early and know your funding options. Here are 6 smart tips to help you pay for that dream college:

1. Use a 529 Plan

529 Plans are a great way to save for college. The contributions grow tax deferred and withdrawals are tax free if used for education expenses. For New York State residents looking to open a 529 Plan check out New York State’s 529 College Savings Program.

2. Apply for financial aid

Once you have kids attending college, always fill out the Free Application for Student Federal Aid (FAFSA), even if you don’t think you’ll qualify. There are government backed low interest loans that many parents use to defer tuition costs. The deadline for submitting the FAFSA is June 31st but you’ll want to get it in as early as possible to ensure you don’t miss out on any available aid.

3. Seek national grants

Here are some options:

4. Apply to several schools

To increase your chances of getting financial aid, make sure your child applies to several schools. The more schools they are accepted to, the more chances they will have to receive financial aid.

5. Service in exchange for tuition

These organizations offer college money in exchange for a service commitment after graduation:

6. Live at home & go to community college

Don’t rule out living at home and going to a community college for the first 2 years, then transfer to a 4 year college or university for the final 2 years. You’ll save money on tuition and room and board. This is a super smart strategy and one that many more people should consider taking advantage of. The cost of community college is much less than you’d pay at a 4 year college. If you transfer to that 4 year college in year 3 and graduate you’ll still end up with the same degree but for a fraction of the cost.

No doubt college is expensive, however the benefits for your child to attend college are quite compelling.

Video:

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

 

The Golden Rule for Financial Success

· March 23, 2016 · Credit & Debt, Spending & Saving, Video · , , · No Comments

This seemingly simple task is nearly impossible for many of us to do consistently and successfully. But, if you learn the rule early and stick to it, you will be well on your way toward financial freedom. So, what is the Golden Rule? Spend less than you earn.

Spend < Earn

Many of you working with us already know the rule. However, be sure to share this essential advice with your kids and grandkids to help set them up for financial success.

If this is the first time you are hearing this advice, pay attention. Spending less than you earn is the first step toward creating a REAL financial strategy. If you spend more than you make the only place you can go is into debt. When your debt becomes unmanageable you lose your financial independence. This means you may have trouble affording to do the things in life you want to.

The Benefits

When you spend less than you earn you can have money to:

My Advice

Regularly set aside money the same way you would pay any other bill. By doing this, you carve out savings from what you earn as if it were an expense.

“Never Spend Your Money Before You Have It” -Thomas Jefferson

Think of it as the cost of purchasing your financial freedom! As a rule of thumb, aim to save at least 10% of what you make.

What to Do if You are in Debt?

If you are deep in debt, get educated about your money and create a plan to dig out. You will need to find ways to:

  • Decrease your expenses
  • Maximize your savings

Online tools like First Step Cash Management, YouNeedaBudget.com, and Mint.com can help you monitor and control your cash flow. In addition, clients of Weiss Financial Group can track their spending in their Secure Client Website. I’ve found that these online tools really help you understand where your money is going so you can make informed decisions about your spending habits.

Video:

If you know anyone that could benefit from this advice, feel free to share this video with them. Good luck on your journey toward financial independence.

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

How to Protect Your Loved One’s Financial Future

· February 8, 2016 · Financial Planning, Insurance Planning, Video · , , , · No Comments

Financial Planning Tip: February

As Valentine’s day approaches, we are thinking about the one’s we love and coming up with ways to show them we care. Once you have finished purchasing your cards, flowers and chocolates take some time this month to think about those people and whether you have appropriately planned for them. It may not be the most romantic thing to do, but now is a great time to sit down and determine if you have the proper insurance coverage to protect your loved one’s if you are not around to provide for them or if you become incapable.

To get started, ask yourself a few questions. Have your needs changed over the years? Did you get married? Did you have a child? Did you retire? Are you thinking about retirement? Have you taken on other financial responsibilities that would negatively affect the people you care about should you pass away too soon? The answers to these questions will help you figure out if you need to make some changes to your coverage. You should periodically evaluate your life insurance coverage, disability insurance coverage, and determine if long-term care insurance is appropriate. There are many resources online to help you get started. For example, to get a basic idea of how much life insurance coverage you may need, use this online calculator as a starting point. Thinking about your own demise is no fun at all, however with smart planning you will sleep better at night knowing you have taken the right steps to protect the one’s you love most.

Watch this video for even more tips:

If you would like to discuss your particular situation and how much insurance you may need to protect your family, feel free to contact me at sweiss@weiss-financial.com.

For more financial planning tips download my free report: 8 Steps to Organize & Optimize Your Financial Life. It’s packed with helpful advice, useful tips and valuable resources.

To learn what I can do for you visit www.weiss-financial.com.