Advisors

If you want to have a financially savvy college student, start talking to your child about money while she’s still in diapers. It’s never too early to begin talking to your kids about financial literacy, said certified financial planner Marguerita M. Cheng, CEO and co-founder of Blue Ocean Global Wealth in Gaithersburg, Maryland. “The key
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The most common way financial assets are forgotten, and then “escheated” by the state, is by not organizing your financial affairs and leaving investment accounts at multiple financial institutions. Escheat occurs when unclaimed financial assets, such as those in a bank or investment account, have been dormant for a long period of time. These assets
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Consumers can use credit cards to pay for nearly everything, everywhere these days. But just because you can doesn’t mean you necessarily should, says credit reporting agency Experian. Outstanding credit card debt recently hit its highest point ever, surpassing $1 trillion in 2017, according to the Federal Reserve. And 86 percent of Americans who have
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1. Reduce your investment expenses and fees. Just like inflation can eat into your buying power, any costs related to your investments reduce your return. The easiest way to increase what you earn is to simply reduce your costs. Especially if you’re invested in mutual funds and exchange-traded funds, you’ve probably got hidden fees. Typical
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If you know you are gambling with your investing and you enjoy it, there is nothing wrong with risk-taking and speculation. But some people fail to realize this type of behavior in not truly investing and that they are leveraging (and risking) the majority of their wealth in this practice. If you are on track
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Santaniello said, however, that those account holders won’t be left in the lurch. “People won’t be left without a means of receiving their federal benefits,” Santaniello said. “The feedback we’re getting from banks is that transitioning customers to other accounts is working well.” About 100,000 people will likely be affected by the program’s closure. When
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Women have clearly made enormous strides in the workplace. Unfortunately, when it comes time to retire, many women still do not have the savings they need. According to a 2016 study by The National Institute on Retirement Security (NIRS), women of all age groups have substantially less income for retirement than men. For women over
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Don’t expect robo-advisors to fully replace their human counterparts anytime soon. Robo-advisors give retail investors access to automated investment strategies, creating portfolios and coming up with an asset allocation that’s based on client data points, including time horizon and risk tolerance. As convenient as it may be, this technology doesn’t make human financial advisors obsolete,
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Investment management and financial planning are both important, but they’re not the same thing. Financial planning provides you with an actual human advisor who can educate and guide you to where you want to be with your money. This is an ongoing process that includes personalized attention and, importantly, accountability. It’s a long road to
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With an entire generation on the cusp of retirement, the rules governing retirement plan administration need to be modernized to make it easier for employers to offer savings programs for the men and women they employ. In particular, the Employee Retirement Income Security Act of 1974, also known as ERISA, should be updated to facilitate
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James Lauritz | Getty Images In the absence of a coherent strategy, multiple advisors may put a client into the same investment multiple times. Tax-related decisions may also suffer. In addition, this strategy may cause advisors to compete for all the assets and take undue risk to outperform the competition “People have money spread all
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If you make more money, will you be happier because you will be able to afford more things? Research shows this isn’t true. A study conducted by Daniel Kahneman and Angus Deaton analyzed data from more than 450,000 responses to the Gallup-Healthways Well-Being Index. They studied the happiness of people at different income levels. At
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