Archive - January 2014

1
Do I Really Need Long-Term Care Insurance?
2
Are You Prepared for a Financial Emergency?
3
Has a Correction Started? Does it Matter?
4
February: Romance and Credit Reports
5
CPA Conference Tax Ideas: What are the Investment Implications?

Do I Really Need Long-Term Care Insurance?

Most younger people are not probably thinking of long-term care insurance.  It’s no surprise older people close to retirement or at the retirement age are thinking about long-term care insurance as they want to be prepared for the financial burden of potential extended stays in a care facility.  They fear the vulnerability of their retirement savings to the unknown and uncontrollable.  The problem is that by the time most people want to start thinking about protecting themselves, the premiums are either very high or the person cannot even get coverage due to his/her health history.

What is long-term care insurance?  …

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Are You Prepared for a Financial Emergency?

An emergency fund acts as a safety net, protecting you and your family from unforeseen circumstances where you need cash immediately.  Life can be full of unexpected obstacles; having cash at hand will help you by providing you with more options and preventing you from taking on debt at the worst time possible.   The most common needs for emergency funds are job loss, unexpected medical expenses, extensive but necessary house repairs, death in the family, and auto repairs/replacement.  Oftentimes, when it rains, it pours with unexpected issues occurring simultaneously.

You can prepare for financial emergencies which will require access to …

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Has a Correction Started? Does it Matter?

On Monday, the U.S. markets dropped roughly 1% of their value, and Europe and Asia were down by similar amounts the following day. The market (the S&P 500) then fell 2.1% on Friday in a sickening lurch. This combination was enough to cause pundits and investors to ask whether we are now in the early stages of a bear market or, indeed, if the past almost-five years should be considered an interim market rally inside of a longer-term bear market.

The answer, of course, is that nobody knows--not the brainiac Fed economists, not the fund managers and certainly not the …

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February: Romance and Credit Reports

February is the month for romance, roses and chocolate. Here’s a (slightly less) romantic suggestion for February….let it be the month to discuss your current and future financial goals with your significant other…since money can be a source of conflict and misunderstanding in a relationship. Finally, (even less romantic but very practical), let February be the month you designate each year to review your annual free annual credit reports.

Who said financial advisors aren’t romantic?!

Why bother checking your credit reports every year, you may ask? Because it can help nip identity theft at the bud. The recent large-scale theft …

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CPA Conference Tax Ideas: What are the Investment Implications?

The CPA profession held their annual financial planning conference in Las Vegas which I attended virtually. The main theme is that the new tax laws that started in 2013 have significant impact on affluent investors which will require more sophisticated planning. Further, the new higher tax rates may make some tax advantaged investments act as if they were a new asset class, although I would be careful not to leap to conclusions about something becoming a new asset class simply because of a new tax law.

For some investors the marginal federal tax on ordinary investment income (such as rent, …

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