Author - Tom Orecchio, CFA, CFP®

1
Preventing Identity Theft
2
New Year- New Decisions to Make
3
Do I Really Need Long-Term Care Insurance?
4
Are You Prepared for a Financial Emergency?
5
How Do You Raise Financially Competent Children? (Part 1 of 2)

Preventing Identity Theft

According to a Bureau of Justice Statistics report, 16.6 million people experienced identify theft in 2012 with financial losses totaling $24.7 billion.

Being a victim of identity theft can have severe financial consequences.  We often find that most people don’t realize they are a victim of identity theft until they are making a large purchase like a house or a car and issues show up on their credit report.  When someone steals your personal information and uses it, it can cause havoc with your finances, reputation, and credit history.  Resolving it can take a lot of time and money.

Here …

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New Year- New Decisions to Make

“I don’t really need wealth management services.”

We find that some people are uncertain what wealth management services actually encompass.  Some think of advisors as purely investment focused.  Others think advisors simply throw clients into cookie cutter asset allocations.  We focus on educating our clients and prospective clients on the benefits of integrating comprehensive financial planning with customized portfolio management in an all-encompassing service to seek to accomplish the long-term financial goals of high net worth individuals and their families, charitable foundations, and trusts.  We find the following questions help provide a better picture of what comprehensive financial planning encompasses.…

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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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How Do You Raise Financially Competent Children? (Part 1 of 2)

Wealth can easily distort a child’s view of money and possessions.  Without parental guidance and the appropriate education on money management, it can leave a child unprepared for living as an independent, productive, and responsible adult.  How does one instill healthy attitudes towards money and help these young children develop skills for managing it wisely, especially as these children may not be witness to the harsh realities of the less fortunate?  The goal should be that your child leaves home as a young adult with the tools to make financially sound decisions and possess the accurate understanding of the value …

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