Educating Heirs on Student Debt
One of my favorite television shows is Shark Tank, which shows aspiring entrepreneurs pitching their business plans to seasoned investors, the “sharks,” in hopes of an investment. The sharks use their own money to invest, so they ask tough questions to help evaluate the business’s potential. Have they demonstrated sales? How much does it cost […]
Getting Creative with College Funding
In our previous discussions about college planning, we’ve discussed where and how much to save while acknowledging that these questions require several assumptions. Is it sensible to make saving for college a major financial goal when there’s no guarantee the child will attend? That’s a tough question for families and for this reason, we favor educating […]
Retirement Saving Myths and Misconceptions
We are fortunate to have a very educated and knowledgeable client base, but we are consistently surprised by the myths and misconceptions clients and prospects bring to the conversation. Below I have listed my Top 7 Myths and Misconceptions About Retirement Savings; it is by no means a complete list but highlights the most common […]
The Forgotten Costs of Car Ownership
Key Takeaways: As we continue to discuss cash flow topics in our Ballast Atheneum, we considered it relevant to discuss car related payments. Among the more common things we find that tends to break a budget are the often-forgotten costs of car ownership. It’s easy to remember the monthly loan or lease payments, insurance premiums, […]
Cash Flow – The “B” Word
For many individuals, families, and even companies, the infamous “B” word causes undo stress, and anxiety, and at times, can even lead to arguments. As we look at our financial goals, many lists reference this “B” word as something they hope to achieve or implement. Today we will discuss the core of cash flow planning… BUDGETING! Budgeting […]
Second Mortgage Planning Strategies
Home Equity Loan vs. Home Equity Line of Credit For many households in America, the equity built in their home is one of their largest assets on their balance sheets. Historically, this asset has provided growth in value, as well as an opportunity to obtain a secured loan from a bank for short-term or long-term […]
Planning for RMDs
The vast majority of people save the bulk of their retirement funds in qualified retirement accounts (401ks, 403bs, etc.) and IRAs. Through regular saving and long-term growth of the investments inside these accounts, a typical account holder hopes to develop some type of an income stream during their retirement years. According to the US Census […]
The Importance of Tax Diversification
When most people think of diversification, they primarily focus on a proper mix of portfolio assets. As we have noted in the past, we target an asset mix of non-correlating assets for our clients. This could include stock, exchange traded funds, mutual funds, REITs, etc. However, one area of diversification that is often ignored is […]
Life Insurance – Protecting Against the Unexpected
Coming in at number two (just behind estate planning) on the list of dreaded-but-necessary financial to-do’s is life insurance, because, let’s be honest, no one wants to reflect on the circumstances in which life insurance would come in handy. We’ve heard nearly every reason in the book as to what keeps people from getting the […]
Trusts as Estate Planning Tools
The topic of estate planning is one that many would like to avoid for as long as possible and the reason is pretty simple: most people are reluctant to discuss what Benjamin Franklin referred to as the only two certainties in this world, death and taxes. This is where a common misconception lies — estate […]
Demystifying Probate
To many people the word probate has a negative connotation. Due to the fact that many people only experience the probate process one or two times during their entire lifetime (if that!) it is viewed as confusing, expensive, and undesirable. Many hire an attorney to guide them through the process and if done correctly, one can avoid […]
Evaluation of a Job Offer
Key Takeaways – The following considerations must be made when reviewing an opportunity to take a new job or leave a W2 salary to start a business. When we bring on a new client, one of the first commitments we make to them is to be another intelligent brain at the table, helping to evaluate […]