Financial Success Isn't About Elections
Posted: November 8, 2012 at 11:44 pm
Barack Obama has been reelected as you undoubtedly know. Contrary to what to what many supporters of Mitt Romney might have been saying, the pos-election world will not come crashing down. The markets will react one or the other and certain stocks and industries might fare a little better than others.
Frankly, I had written this article yesterday afternoon while watching a segment on CNBC featuring the Obama and the Romney stock indexes. To me this was the height of a short-term thinking, and really bad television journalism. With the election hype (and all of those really bad commercials) behind us, it's time to get back to reality and focus on our personal financial situation. Here are three steps that you should consider:
If you are self-employed start and/or fund a retirement plan for yourself. There are options including a SIMPLE, a SEP-IRA, a Solo 401(k), or even a Cash Balance Pension plan. If you work with a financial or tax advisor have this conversation with them. Many of the major custodians (Schwab, Vanguard, Fidelity, and others) can also help your in determining which plan is right for you and in getting one established. Note any appropriate deadlines to establish or fund these plans. You work hard; make sure that you are setting aside something for your retirement.
Make good choices regarding your employee benefits during open enrollment season. For many employees this is the one time each year where you can change your company benefits. This year especially check out all of your options and don't just go with what you currently have in place. Many companies are making drastic changes to health insurance benefits. Make sure you choose the option that is best for you and your family. Overall your employee benefits typically amount to 30 percent or more of the value of your cash compensation. Making the right choices is worth an investment of your time.
Increase your contribution to your 401(k) at least 1 percent if you are not maxing out already. While you are thinking about your other employee benefits, this is a good time to do this. An additional 1 percent of your pay will not be missed, especially if you are expecting a raise anyway. Over time this extra percent will add up to more than you might expect towards your retirement.
This election was nasty and contentious, both at the national and local levels. Don't get caught up in the post election "noise" in the financial press. Had Romney won, I would hardly have adjusted the first couple of paragraphs because for long-term investors (which hopefully describes most of you), the occupant of the White House really doesn't matter much. Building financial security for yourself and your family is about making the right choices and executing them over the long-term. The three steps listed above will get you moving in the right direction.
Roger Wohlner, CFP, is a fee-only financial adviser at Asset Strategy Consultants based in Arlington Heights, Ill., where he provides advice to individual clients, retirement plan sponsors, foundations, and endowments. Read more about Roger here.
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18 Financial Tools to Make Your Second Marriage a Success
Posted: at 11:43 pm
Are you planning a second marriage? You've got company.
According to the 2012 U.S. Statistical Abstract, there were more than 2 million marriages in 2009. And, with one divorce for every two marriages, that means a lot of those 2 million marriages were second marriages.
Consider these components to make your second marriage's finances run smoothly:
1. Keep a personal account. If you've been single for a while, you're used to being on your own. Having a personal checking account and a debit card will allow you to transition into a financial partnership without feeling like you've disappeared.
2. Use a joint account for household expenses. To pay for things like mortgages, utilities, and food. If the house belongs to both of you so should the bills.
3. Don't keep too much separate. Having one person responsible for the water bill and the other taking care of the electricity is a recipe for trouble. Unless you have total control over incurring the expense, sooner or later you'll argue over the size of the bill.
4. Gradually blend your finances together. As time goes by, put more expenses into the "joint" category. Working together will strengthen your marriage.
5. Plan for a joint account shortage. Decide now what you'll do if there's not enough money in the joint account to cover the bills. Will you borrow the money? Will you each contribute to the shortage? Will attempts be made to reduce future bills? By knowing what your plan is, you'll focus on it instead of playing the blame game.
6. Plan for windfalls. Discuss what you would do with any windfall money. Save it? Spend it? On what?
7. Set up spending rules. Determine levels where a purchase needs to be discussed with your spouse. You'll probably have one figure for joint expenses and another higher one for your personal money.
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18 Financial Tools to Make Your Second Marriage a Success
Executive Masterclass Christmas Video – Video
Posted: at 11:42 pm
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The Executive Masterclass Collection is for business owners, directors and senior managers and bring sa selection of 8 incisive, quality and affordable workshops which will dramatically improve the performance and productivity of your business and yourself. Each Masterclass is the result of research with 100 #39;s of businesses and trial events. Each Masterclass is dynamically presented by international motivational coach, Malcolm Gallagher, a Fellow of the Chartered Institute of Marketing. Each Masterclass is just one-half day in length and is low cost, high quality. Every Masterclass has a strict limit on number of a maximum of 8 person which means you get greater gain, more interactivity and a focus on your needs. Every delegate gets over 300 of FREE follow-up support. The 8 titles across 5 UK areas means you can plan you and your senior team #39;s personal development in an affordable and time sensitive way. Titles include Persuasive Presentation Skills, Win-Win Business Negotiation, Sales Management, 90 day Plan for Growth, Personal Leadership Skills, Marketing Strategy planning, Accelerate Performance and Productivity and Understanding KPI #39;s and Balanced Scorecard. Venues in 2013 include Tyneside, Teesside, Yorkshire, Manchester, Kent and other UK areas. Download the full details PDF brochure at http://www.the-executive-boardroom.com or call 01670 518080 or email kim@bizvision.co.ukFrom:Malcolm GallagherViews:0 0ratingsTime:03:25More inEducation
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star harvest academy class – Video
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In the Meanwhile – Maria Fusani – Video
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The Youth Justice Board – Taking the Lead – Video
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