Archive - July 27, 2015

1
Are There Any Disadvantages Associated With Paying off a Mortgage Early?
2
Handling Your Credit Cards
3
How to Interview Your (Potential) Financial Adviser
4
The Behavior Gap: Finding Your Financial Balance

Are There Any Disadvantages Associated With Paying off a Mortgage Early?

I’m often asked if it makes sense to pay off a mortgage early or invest the cash in the markets. As is often the case in personal finance, the answer is, wait for it…..it depends.

The disadvantages, if any, may stem from the financial trade-offs that a mortgage holder needs to make when paying off the mortgage. Paying it off typically requires a cash outlay equal to the amount of the principal. If the principal is sizeable, this payment could potentially jeopardize a middle-income family’s ability to save for retirement, invest for college, maintain an emergency fund, and take care …

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Handling Your Credit Cards

Most people have credit cards. Your credit score matters, so don’t take it for granted. And if it is low, here are ways to give it a turbo boost. The most commonly used credit score is from FICO, and it … Continue reading Read More

How to Interview Your (Potential) Financial Adviser

As individuals need help with their finances and investments they will likely turn to the help of a qualified professional. Their future financial adviser may come via referral from a trusted friend or family member, or through an extensive Internet search. The following is a list of questions (and answers to look for) that individuals can ask their potential adviser to see if he or she is likely to be a good fit and more importantly, act in the client’s best interest.

  1. Are you a fiduciary?

If yes, move to question 2. If no, thank them for their time and …

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The Behavior Gap: Finding Your Financial Balance

Recently, I read The Behavior Gap written by Carl Richards, a financial planner and The New York Times columnist. Richards is best known for communicating complex financial concepts using simple back-of-the-napkin sketches.

I enjoyed his winsome way of leaning against the emotional reactions we all have to volatile markets. His self-deprecating approach worked well to communicate some very non-intuitive wealth management principles. Here is an excerpt from  the book:

Finding Your Financial Balance

Planning for your financial future is about making trade-offs. It’s largely a question of dealing with the constant tension between living for today and saving for some

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