Recently, at the suggestion of Arlene Moss, we conducted an exercise. The exercise is simple: Divide your clients into four quadrants, high-profit high-enjoyment, low-profit high-enjoyment, high-profit low-enjoyment, and low-profit low-enjoyment, as you can see above. The idea behind the exercise is multi-faceted. First, that the exercise should give you an idea of “what to do” with clients who fall into …
It’s no surprise that we don’t know everything. Bring up a topic such as rocket science or neurosurgery and anyone will throw up their hands and say, “I don’t know anything about that,” except, of course, for the rocket scientists and the neurosurgeons. Yet, as we move down the spectrum of complexity, people become more confident, even bolder in their …
Well, it’s official. As of last Wednesday, the Biden administration has come out with an executive order to slash student loan debt. While it remains to be seen whether the order will make it through implementation or whether lawsuits threatened by the GOP and others will somehow stop this, at present, the proposal has some clear points to it and …
I’m writing this on a plane flight to the Financial Planning Association’s NexGen Gathering. There’s a bit of warm nostalgia in being on this flight; not because I have a deep fondness for packaged pretzels or half-cans of ginger ale, but because NexGen Gathering has been a significant touchstone in my professional career. The last time NexGen Gathering was held …
Hello there! This week we’re providing you with directions on how to perform your own step-by-step budget analysis! This is less of our usual general education and more of a recommended exercise to get your arms around where your money is really going. Without further ado, let’s jump into it! First, The Data This exercise is best completed through the …
Reading last Thursday’s WSJ headline: “U.S. GDP Fell at 0.9% Annual Rate in Second Quarter,” I had the brief flash to Fiddler on the Roof’s song “Tradition,” save that the titular chorus was replaced with “Recessioooooooon!” It’s official, the US Economy has entered the definition of a recession. Yet with a recession officially on the books, you might note that …
I’m consternated. For anyone who reads my normal weekly content, this may or may not be for you. This is more of a complaint or concern than an educational piece, but it’s one I feel a need to voice. This year, “Prohibited Transaction Exemption” or “PTE 2020-02” was released, giving guidance to financial planners and advisors about how they needed …
I’m an extremely passionate advocate for the value of financial planning. I’ve written a book on starting a career in financial planning, am halfway through a doctorate in financial planning, and serve on regional boards and national committees for multiple financial planning organizations. It might surprise you then to know that I had a terrible first interaction with a financial …
Here’s a simple experiment: The next time you buy any good or service that isn’t clearly labeled with its price, ask what it costs. For example, if you go to a high-end restaurant and they list cocktails without prices, ask the server what it costs. They will likely know immediately or be able to check out the price quickly on …
“A day may come when the courage of men fails, when we forsake our friends and break all bonds of fellowship, but it is not this day.” -Aragorn at the Battle of the Black Gate I have written a lot about volatile markets and market downturns, yet without fail, the lessons of dozens of market crashes before seem to fall …