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Addressing Financial Anxiety
In this episode of Invested Interest, hosts Blaise Stevens and Chris Harris unpack a startling Bankrate survey revealing that over half of respondents feel their finances negatively impact their mental health. Delving into the role of financial advisors and the importance of financial literacy, they explore practical ways to mitigate financial stress and bolster mental wellbeing. Whether grappling with debt, savings struggles, or general financial uncertainty, this episode provides a refreshingly honest perspective and offers actionable advice to regain financial control. Tune in for an essential discourse on the often overlooked intersection of finance and mental health.
Hidden Fees in Retirement Plans
As a plan sponsor, you have a responsibility to provide your employees with a retirement plan that not only helps them save for the future but also safeguards their hard-earned money. However, many retirement plans, especially 401(k) plans, are riddled with fees that can significantly impact your employees’ savings. This blog post will help you understand the various fees, both visible and hidden, that can affect your retirement plan. We will also discuss the importance of partnering with an expert financial advisor and the benefits of benchmarking your plan to protect your employees’ savings.
Why I Only Buy Toyotas
Because people tend to spend so much money on this particular depreciating asset, I decided to approach the car buying process as a financial decision. If I am going to spend a significant amount of money on a depreciating asset, what are the qualities or characteristics that matter the most to me? I came up with the following list:
Soft Dollars and Other Hidden Costs
Soft dollar costs are expenses incurred by mutual funds and broker-dealers for research and other services provided by third-party vendors. These costs are “soft” because they are not paid for directly with cash, but rather through commission payments for executing trades or other services. for example…
The Actual Cost of Hiring a Financial Advisor
When people think about hiring a financial advisor, the cost of that person is often one of the considerations that goes into the decision making process.
There are several ways that advisors can be compensated for their time, and it usually depends on things like how they are registered (which governmental body/bodies have jurisdiction over them) and what incentives they have to sell products.
Understanding the Secure Act 2.0
SECURE ACT 2.0 was rolled out at the end of 2022. This new legislation provides a host of changes designed to substantially improve retirement savings options as well as help strengthen the retirement system overall. While there are dozens of provisions, several elements potentially have a greater impact on our clients, such as automatic 401(k) enrollment, an increase in the age for taking RMDs, along with significant tax benefits for employers. Further key SA2.0 modifications were established with the goal of helping younger people pay off student debt and making it easier to move accounts from employer to employer. In turn, allowing people to save within their retirement accounts for emergencies.
Am I Too Young for a Financial Advisor?
There is a misconception that financial advisors are only for people who have already built all their wealth. This thought process prevents individuals from seeking high-quality financial advice, and instead causes them to rely on friends and co-workers to make sense of financial decision-making.
Finding Your Spaghetti
My first job after my undergraduate degree was with a hedge fund as a risk analyst. When I first started the job I wanted to understand the culture and hopefully find my place to fit in. One of the common things many people were doing was going out to lunch at a local “fast casual” restaurant for about $10-$12 each day. I was newly graduated, I was married, and our budget was tight. I followed the common trend for a couple weeks before I started to really consider the cost of this tradition.
Volatility Goes Both Ways
We regularly encounter a logical fallacy (more specifically, the strawman) offered by those who believe that buy-and-hold is the best way to succeed in the financial markets. When discussing different approaches, such as dynamic allocation strategies, one will typically hear something like, “But, what about the best 10 days rule?”
