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Expert advice for all walks of life

As a Fee-Only advisor my fiduciary duty is to you alone.
Professional, practical, achievable solutions for your peace of mind

Expert advice for all walks of life

As a Fee-Only advisor my fiduciary duty is to you alone.
Professional, practical, achievable solutions for your peace of mind

Expert advice for all walks of life

As a Fee-Only advisor my fiduciary duty is to you alone.
Professional, practical, achievable solutions for your peace of mind

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Financial Planning Fundamentals

Your Covid or Retirement Risk Tolerance—Which is Higher?

Submitted by Concierge Financial Planning, LLC on December 23rd, 2020

 

“I’m not comfortable even eating outdoors at restaurants,” said my husband, Peter, right after returning from a Home Depot Trip. As we have all noticed, everyone has a different Covid risk tolerance, and it’s frequently inconsistent. It’s much the same with risk tolerance when considering investments and asset allocation. In both, personal comfort isn’t all that matters and often an expert opinion, as well as historical research, can save someone from themselves.

Tags:
  • Behavioral Finance
  • Current Events
  • Financial Planning Fundamentals
  • Investing
  • Retirement
  • Read more

5 Retirement Planning Lessons from New Orleans

Submitted by Concierge Financial Planning, LLC on October 11th, 2020

 

 pexels-visualsbysade-1042177.jpg

“Don’t worry, Mom,” my daughter Judy chimed as I expressed concern about the wind and rain in New Orleans generated by Hurricane Laura. “Tulane says we don’t need to evacuate.” I am visiting my college freshman in the Crescent City and this is my first experience with a tropical storm of such magnitude. Having recently watched the Spike Lee series, When the Levees Broke about Hurricane Katrina, I am a little nervous.

Tags:
  • Behavioral Finance
  • Financial Planning Fundamentals
  • Lifestyle
  • Retirement
  • Read more

Do Nothing

Submitted by Concierge Financial Planning, LLC on April 23rd, 2020

 

“Ann, you’d be so proud of me!” exclaimed Fred. “I haven’t done a thing with my investments—absolutely nothing!” In fact, I was impressed. Fred is a client with a history of losing his nerve during market declines and making poor emotionally-driven investment decisions. Over the past 10 weeks, Covid-19 has made it impossible for anyone, regardless of their risk tolerance, to hold on tight and not question the markets. The fact that Fred internalized my advice and was not panic selling was remarkable.

Tags:
  • Behavioral Finance
  • Current Events
  • Financial Planning Fundamentals
  • Investing
  • Retirement
  • Read more

The Sweet Spot for Roth Conversions

Submitted by Concierge Financial Planning, LLC on February 17th, 2020

 

 

“Should I be converting to a Roth IRA?” asked John recently during our Getting Acquainted Meeting. His is the second most frequently asked question I’ve had over the past six months from both existing and potential clients, so I wasn’t surprised. The media has been focusing on the Roth conversion over the past year and everyone is wondering how they can take advantage of the opportunity.

Tags:
  • Financial Planning Fundamentals
  • Investing
  • IRA/401K/403B
  • Retirement
  • Saving
  • Tax
  • Read more

3 Lessons in Budgeting from a Shoestring (chappal-strap?) Trip Through India

Submitted by Concierge Financial Planning, LLC on October 3rd, 2019

 

“Ek chai, bhaiya” I say to the chaiwalla. He hands me a tiny cup of milky tea and in return I hand him a ten rupee note. As I turn to watch the havoc unfold on the street beside me, tea in hand, I take out my phone and enter INR 10 into my budgeting app under the “chai” category. Displayed beneath the rupee amount is the expenditure in my native currency, “0.14 USD”. 

Tags:
  • Budgeting
  • Financial Planning Fundamentals
  • Read more

$5 Million isn’t what it used to be!

Submitted by Concierge Financial Planning, LLC on August 22nd, 2019

 

“Honey, 5 million dollars isn’t what it used to be, I really need 10 million.” My husband and I leaned back in our chairs to eaves drop on the conversation going on at the table behind us. We could hardly believe our ears—or, as it turns out, our good fortune in being entertained by a real-life high-end soap opera episode. My husband has always been keenly interested in the conversations of fellow diners, but this time we were both craning our necks for more. We were celebrating our 30th wedding anniversary in Lake Como, Italy and, on this early evening, were having cocktails at the famous Villa d’Este—a more stunning, upscale location I have never seen.

Tags:
  • Financial Planning Fundamentals
  • Lifestyle
  • Retirement
  • Read more

My sixteen-year-old has $82,000 in retirement savings

Submitted by Concierge Financial Planning, LLC on July 8th, 2019

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My sixteen-year-old daughter is off to a great start in her retirement savings and she has only been working for two summers. No, she isn’t a child TV star or fashion model—Judy is a lifeguard and swim instructor at a day camp. Due to her earned income, she is eligible to contribute to a Roth IRA which she did to the tune of $1,000 last summer and $2,000 this year. Her contributions are invested 100% in a diversified equity mutual fund. Assuming no other contributions to her Roth IRA and a 7% annual average rate of return on her investments, she will have approximately $82,0000 when she retires at age 65.

 

Tags:
  • Financial Planning Fundamentals
  • Investing
  • IRA/401K/403B
  • Retirement
  • Saving
  • Read more

Eat your peas and carrots: two ingredients to financial health

Submitted by Concierge Financial Planning, LLC on May 2nd, 2019

 

"Ann, I did everything laid out in my plan and I’m not as far ahead as I would like," lamented my client Ross the other day. This contrasted completely with my meeting with Sylvia earlier in the week where it was I that was aggrieved, "Sylvia, you didn't do anything that I laid out in your plan last year!" To which she retorted accurately, "Yes—that’s true, but I did great financially anyway."

Tags:
  • Behavioral Finance
  • Financial Planning Fundamentals
  • Tax
  • Read more

What I Learned Getting Stiffed by Sears

Submitted by Concierge Financial Planning, LLC on February 25th, 2019

 

“Well, that’s fitting as everything is always 50% off at Sears” dead-panned my husband when I told him that I sold my Sears bond for half of its face value.

I had been holding an unsecured note for three years, long before Sears filed for bankruptcy.  Unbeknownst to me, my bond had moved into default status and so I decided to sell it straight away rather than wait to see how much I would eventually get for it. Estimates ranged from 30-60 cents for each dollar of face-value, so I feel lucky to have received 50% without waiting.

Tags:
  • Current Events
  • Financial Planning Fundamentals
  • Investing
  • Read more

Your Financial Advisor is No Genius

Submitted by Concierge Financial Planning, LLC on October 2nd, 2018

 

“Ann, it's great to see you!” exclaimed Sally as she burst into my office for her annual review. Like many of my clients Sally enthusiastically gives me credit for the past year's financial markets performance. I first did Sally’s plan 9 years ago and she has been this effusive whenever we have our check-in meetings. Although I’d like to take personal credit for the financial markets performance since 2009, I usually spend the first 30 minutes of our time together explaining to her why I’m no genius.

 

Tags:
  • Behavioral Finance
  • Financial Planning Fundamentals
  • Investing
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