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Retired clients often wonder how they will generate income in retirement. Beyond Social Security, pension payments, and other forms of guaranteed income how does their investment portfolio actually produce the money they will need to keep up with inflation and pay the bills?
Two ways in which your investments can support you in retirement are “yield” and “total return”. In this post I will share how they are different and what role they play in your long-term retirement income plan.
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CFP, CPA, CLU? What do the letters behind your financial advisor’s name mean and which type of advisor is right for you?
The Financial Industry Regulatory Authority (aka FINRA) lists over 183 professional designations on their website. Knowing what each one is can help you choose a financial advisor that may have specialized training and expertise to help meet your needs.
The short video below explains what the most common designations mean and the type of financial professional most likely to use each one.
FINRA does not endorse any professional designation or credential. In fact, many financial designations are total #&@^%$!, and are often banned by reputable broker-dealers and others in the industry.
Of course, even the most highly regarded credentials don’t guarantee success. As you would with any professional, do your homework, ask questions and do a quick background check before sharing your data or making any serious commitments.
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Cory Wessman is an estate planning attorney with the law firm, Erickson & Wessman. His office is in the Broadway Place West building in NE Minneapolis where I work.
He sent the following letter to his clients and I thought it would make a great guest post.
You can find out more about Cory and his services at his website, www.cericksonlaw.com.
Below, he offers great advice for “spring cleaning” your estate plan. If you need help creating and updating your “Master List of Accounts”, let me know. We have this information for all our financial planning clients and are happy to provide it to you in a secure way.
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Every year I do college planning workshops for parents of college bound high school students. These workshops are held at local high schools and parents often contact me afterwards for an overview of their situation. Often, I can help them make more well-informed decisions about how to pay for college and educate them how their college goals affect retirement.
One of my strongest recommendations is to be careful about the school your student chooses to attend. How much you pay for college ultimately comes down to the school your student chooses to attend.
A while back I met with Jennifer and her husband, Michael, to discuss their situation. Earlier this fall Jen sent me the email below. Jen and Mike’s son is exceptional. Their story isn’t necessarily a reflection of what you might experience when shopping for colleges. However, it’s a great example of how one family was able to leverage their student’s unique talents to their advantage.
After the email, I share some of the key takeaways below.
Names and other identifying information have been changed, and I edited the email for length.
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It’s that time of year…. March Madness! Time to get your game on sports fans!
At least, that’s what I have heard.
Truth is, I know next to nothing about men’s college basketball. In fact, I probably couldn’t even name four of the 68 men’s college basketball teams participating in the tournament, much less try to predict which teams will make the Final Four.
Apparently, however, it’s a thing.
According to the American Gaming Association, over 40 million Americans will test their sanity as they fill out their brackets and place their bets as to who will win the coveted NCAA men’s basketball tournament. Over $10 billion in bets will be placed on this year’s event before the month is over. Odds of completing a perfect bracket (whatever that means): 1 in 9.2 quintillion. Good luck.
Something I do know. College tuition is insanely expensive.
If you have kids going to college next fall, the real madness begins when you get your college admissions letters and schools tell you how much you will need to fork over to attend their school.