1) Will I outlive my money? This is the number one concern for seniors and more people are worried about this than actually passing away. As a result, seniors often look for investment options that are safe and produce earnings that are sufficient to cover their living expenses. Folks living on a fixed budget are very aware of how much money they need to draw out of their investments each month to cover their bills. If this earning power is diminished due to market fluctuations than seniors fear that they will run out of money. I had to tell a woman in my office the other day that if our assumptions hold true she will run out of money by age 82. This is not what she wants to hear but it is
information I have to report, and changes will have to be made.
2) Loss of Independence. Seniors often lose their will if they do not maintain their independence. If seniors lose control of their financial lives and decision making process this will surely lead to a loss of independence. No one wants to live with their kids when they are 70 or 80 and as a result the advanced planning becomes even more vital.
3) Beware the unscrupulous financial advisor. This can happen on many levels. First, many advisors are more interested in meeting sales goals or selling a product that has a higher commission. When this happens, seniors can get locked in to investments that were not best for them in the first place. I recommend the senior has a child or personal representative with them when meeting with an advisor and to have all their questions ready ahead of time. They should also interview the advisor him/herself and really learn about their business and where they work best.
Second, the scam artists are in full gear when it comes to internet and seniors. I have 2 clients who have parents who have been scammed sending their personal banking information to someone in Nigeria or Kenya. These cases happen far too often. Seniors can also fall victim to ponzi schemes, or fall victim to abuse of power of attorney to transact business that is not in the seniors best interest.
4) How to battle the rising cost of healthcare. How can seniors get affordable and quality healthcare? Modern medicine has made some tremendous strides and the human race is living longer and longer. As people age we are more likely to need health care. Seniors who have set up their plans in advance often include long term care policies to help protect with the potential cost of in home care, assisted living,
or nursing home care.
Listen below as Stu discusses this topic with Win Damon of WNBP 106.1 FM and wnbp.com
Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Stock investing involves risk including loss of principal.
Securities offered through LPL Financial, Member FINRA/SIPC.
EAGLEROCK FINANCIAL IS PLEASED TO INTRODUCE A SPECIAL PRESENTATION
“Invest for Life: A road map for your financial future”
Thursday October 18, 2012 at 1 p.m.
As Lao Tzu said “A journey of a thousand miles begins with one step” Planning your financial future can take many twists and turns. You are the navigator of your future financial success. There are many steps in securing your future financial future.
** Learn how to Set Goals
** Working with the right financial advisor
** Mapping a personalized strategy
**Checking your progress through benchmarking and personal goals
**Selecting investment types
**Understanding assets and classes
**Principles of investing
Stuart Steinberg of Eaglerock Financial, Inc has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. Investing in mutual funds involves risk, including possible loss of principal
Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other important information about the investment company.
Securities Offered through LPL Financial, Member FINRA/SIPC
STUART STEINBERG OF EAGLEROCK FINANCIAL IS PROUD TO INTRODUCE A SPECIAL PRESENTATION:
Wealth Management Strategies Presentation (Tracking #540179)
Thursday September 27, 2012
Learn how to talk to your advisor about planning and savings, and potentially turn the money you have into the money you will need. In this seminar you will:
** Identify potential sources of income in retirement
** Help you identify your estate planning needs
** Get an overall snapshot of your net worth and planning
Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial expertise in the high net worth market
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. Investing in mutual funds involves risk, including possible loss of principal
Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other important information about the investment company. You can obtain a prospectus from your financial representative. Read carefully before investing.
Stuart Steinberg is a registered representative with and Securities Offered through LPL Financial, Member FINRA/SIPC (www.finra.org, www.sipc.org)
Eaglerock Financial, Inc. and LPL Financial are unaffiliated entities.
For me it has always been slow and steady wins the race. When it comes to financial planning that is. What do I mean by that? I mean over the years I have seen people make all sorts of mistakes with their money in many different types of investments. In this day and age, everybody is an expert and has access to an incredible amount of information.
So what gives? Why do many people fail when it comes to long term investing? For the same reason many fail when it comes to any kind of investing. They either get greedy, they get emotional, or they are uneducated about the actual products they are buying. They make decisions at warp speed with the advice of their top 20 people and websites or gurus and they don’t remain focused and change plans without really knowing what to do! Or they ask everyone in the cubes working near them or all their neighbors what they do with their finances. This is not the way to go!
Here are 4 top ideas to help you remain slow and steady in your investment program:
1) Understand what you are doing. Get educated. Choose your advisor from a trusted referral if possible. Ask him/her as many questions you may have about fees or prepayment penalties or any investment related ideas. While this may sound simple it really isn’t for many folks. They actually often say they are too busy to understand this now. I never can believe this when I hear this. The bottom line is that you are in control of the entire process, so if you choose education, and you take your time, you will plan more efficiently and you will do it with potentially less stress and anxiety. Please don’t overanalyze too much either, just get the facts and make a good, educated decision.
2) Don’t get emotional about your investing. Easier said than done. Just because your neighbor or person who works near your cube at work has a hot new tip doesn’t mean you have to jump on board. You are chasing a dream when you invest that way. Is the investment really right for you just because it is right for them? Is it even right for them in the first place? You emotions should not get in the way of what your long term focus needs to be. So dont get over excited and buy high just to become an investor who asks himself “ How could I let this happen to me” when the investment falters
3) How much risk are you willing to take to get to where you want to be? This is a key factor in any planning situation. You must understand that risk is inherent in any situation. Look, you are not going to get to where you need to be by stuffing the money in the mattress. And there’s risk there too that someone could steal the cash! But you must understand fully how much risk you need to take on to accomplish your goals, and set the plan in motion accordingly. Any extra risk is not recommended
4) Choose an advisor who understands the emotional mindset of the average person and who also looks at the long term himself. There can be no better tip than this!
Listen below to hear Win Damon and I review this very topic on WNBP Radio 1450 and wnbp.com. Win and I have educational financial chats every Tuesaday morning at 8:30!
Stuart Steinberg, CPA, MBA has been dealing with families and their money issues since 1988. He can be reached at 55 Pleasant Street Newburyport and at (978)864-9581 and stu@eaglerockfinancial.net
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.
Advisory Services offered through LPL Financial, a Registered Investment Advisor.
Securities Offered through LPL Financial, Member FINRA/SIPC
You’re thinking about retiring or about downshifting your work-life in exchange for more free time. Either way, it’s a major step and it’s something to look forward to. But like any major financial decision you make, it’s important to prepare.
Here are 5 Tips for Getting Yourself Ready to Retire.
1) Make Yourself Happy. After 30 or 40 years of work the leisure of retirement can feel like a drastic change. It’s been said that we are happier when we feel useful to other people. Perhaps the key to a happy retirement is volunteering, mentoring, coaching, teaching, or finding some other way to make a contribution to society.
2) Shoot for Balance in Your Finances. Timing the market or, on the opposite end of the spectrum, sticking your money under the mattress out of fear – these are extreme positions you want to avoid. They are symptoms of emotional investing and it happens with some frequency with people who suddenly have time to really think about their money. A healthy approach is to meet regularly with your advisor – perhaps every quarter – and to ask as many questions as you can.
Also, the objective in retirement is to protect yourself by keeping your long-term investments balanced and diversified.
3) Trim the Fat. Your retirement years should be full and abundant. To ensure this for the long-term, look to cut out some things that create a drag on your financial engine. Cut housing and living expenses where possible. Take a look at the various insurance policies you own. Look to recalibrate your tax strategy. Plan a monthly budget, taking into account the big ticket items — the season’s tickets at Fenway or that candy red convertible – which you want to treat yourself to.
4) Work Part-time. With a little income you can avoid withdrawing from your investment accounts. One of my clients worked as a starter at a golf course and another worked at a candy shop downtown. They both got a chance to meet new people and this made the work enjoyable. Also, they made money. That allowed them to leave their investment accounts alone. So while they worked part-time the money in those accounts were working fulltime for them.
5) Talk to Your Advisor. Proper financial planning is the springboard to financial success, and it’s no different when it comes to retirement. The earlier you talk to your advisor the better. Do all you can to cover the variables that can affect your future. You will sleep better at night knowing that you did.
Listen below to Win Damon and I as we review this topic on WNBP radio 1450 and wnbp.com Newburyport!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.
Securities Offered through LPL Financial, Member FINRA/SIPC
EAGLEROCK FINANCIAL IS PLEASED TO INTRODUCE A SPECIAL PRESENTATION
“RETIREMENT STRATEGIES FOR WOMEN” (Tracking #540182)
The challenges are everywhere for women in the work force. Earnings still tend to be lower overall, women are likely to live longer, and are often in the role of the caregiver. Combine all this with a cautious investment behavior and I wonder: Will it be enough?
** Learn strategies to move your retirement plan in the right direction.
** Do you know how much you’ll need to save?
** Will you need MORE income in retirement?
Stuart Steinberg of Eaglerock Financial, Inc has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment
WHEN: Wednesday May 23 at 10:00 A.M est and Thursday May 24 at 1:00 est
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. Investing in mutual funds involves risk, including possible loss of principal
Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other important information about the investment company.
Securities and Advisory Services Offered through LPL Financial, Member FINRA/SIPC
That’s a question I like to ask my clients when they come to meet me for the first time. It helps me to find out where the client is coming from, and what they understand about financial planning.
So what is it?
To me, it’s the art of combining my knowledge of financial planning with a client’s desire to improve their personal finances. Together we determine what the client has and what the client wants. My best clients are the most willing to learn. I can teach them about investing and planning, and all the opportunities that make sense for them.
What we make together is a blueprint for their financial life moving forward. That is the heart of financial planning.
Everyone’s financial plan is different, as so many factors go into making one. Amid an ocean of information it’s so easy to get overwhelmed. The good planner helps you understand the landscape. The good planner explains how each choice you make can affect your whole financial picture.
Consider that the average long-term investor does far better when he or she uses a qualified advisor and puts a sound plan in place. A good financial planner will help you stay disciplined and committed to the blueprint you put together.
So what is financial planning?
Financial planning is about being proactive. Asking questions. Keeping an open mind. And avoiding emotional decision making. And it’s all in service of the blueprint that gives you the best chance to get you what you want.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.
Stuart Steinberg is a Financial Advisor with, and Securities and Financial Planning is offered through, LPL Financial, A Registered Investment Advisor, Member FINRA/SIPC. You can reach him at Eaglerock Financial, Inc 55 Pleasant Street #206 Newburyport, MA 01950. (978) 864-9581 Stu@eaglerockfinancial.net
You’d think there’d be an easy answer to that question. I’ve heard it so many times. But it’s always a challenge. And that’s exactly how it should be.
For one thing, this one question triggers so many others.
What does the client earn?
What is their lifestyle?
What are their attitudes about money?
What is the long-term plan?
Are they sending kids to college?
And so on.
If we want to make a truly informed investment, these and other question need to be answered.
But let’s say you cashed in some stock options and after taxes you have about $100,000 to invest. That’s great. But what do you do?
I could sit down with 50 clients today and come up with 50 different answers. We’re fortunate to have choices. But still, it’s easy to get overwhelmed.
Few things are as important as how you take care of you money. Here are some recommendations that can help.
1. Resist the temptation to invest the money on your own. With investing you need to be detached, balanced, and disciplined. Find a competent advisor who can help you keep this up.
2. Ask questions. Not only should you be willing to learn from your advisor, but you should keep seeking answers until you are entirely comfortable. Educate yourself as much as you can. As any good teacher will tell you, there are no stupid questions.
3. Avoid paralysis by analysis. Do the work. Be objective. Be thorough. But make a decision. Move things along. Live your life.
4. Keep the big picture in sight. Understand your comprehensive financial plan. And make it stronger by choosing investments that are consistent with it.
Listen to Stu and Win Damon chat about this topic on wnbp AM 1450 Newburyport
President Obama was still in law school. Steve Grogan was suiting up for the Patriots. Lady Gaga was 3-years-old.
It was 1989, the year I got my first real job – and my first real sense of what I wanted to do with my life.
I worked for an accountant, preparing taxes. (We still did it with pencil and paper!)
I didn’t have any experience yet, but I was learning fast. I loved the intensity of the office, and the rush of those weeks before Tax Day. I was providing a service people needed, and it felt good.
But then I started to see that I could do more.
I’d look at a client’s statements – income, mortgage, debt, and everything else – and I’d see how it could work together.
I was always curious about the larger picture, and I was often asking…
What’s the interest rate on your mortgage?
Is your 401(k) properly diversified?
Do you have life insurance?
And more.
Today it’s what I call holistic planning. It means taking everything into consideration. For this, my curiosity is key, and it’s something that can set me apart from others. I know this: It always feels good when a client says to me, “My old financial advisor never asked me that!”
Listen to Stu’s podcast on wnbp.com with Win Damon on 1450 AM WNBP Newburyport
Time marches on… What are you doing with your money?
I often speak about the importance of investing for the future and planning for your retirement. Some have taken my advice, and many have not. That might simply be because they may already be working with a financial advisor. But if they haven’t called simply out of indifference about their financial future… that worries me.
Weeks, months, or years may have passed since your last planning session.
I don’t want to be grim, but let’s face some facts. Time is passing whether you’re doing anything about it or not, and with each day retirement gets closer and closer. Many people go through their 30s and 40s without ever really giving serious thought to their investments or how they’ll live after they stop working. Maybe they’re reluctant to face their mortality, or they’re just too busy to stop and plan. But for some reason, they let things go until it’s almost too late. I don’t want that to happen to you. Someday, you’ll live on your savings and the income stream from your investments. That’s why I want to show you how to make the most of your current assets, even if you think you’re doing everything you can. Continue reading “Financial Planning – Time Marches On” »
1) Will I outlive my money? This is the number one concern for seniors and more people are worried about this than actually passing away. As a result, seniors often look for investment options that are safe and produce earnings that are sufficient to cover their living expenses. Folks living on a fixed budget are very aware of how much money they need to draw out of their investments each month to cover their bills. If this earning power is diminished due to market fluctuations than seniors fear that they will run out of money. I had to tell a woman in my office the other day that if our assumptions hold true she will run out of money by age 82. This is not what she wants to hear but it is
