If you review any nationally representative dataset (the Survey of Consumer Finances, the National Financial Capability study, the National Longitudinal Survey, the Health and Retirement Study, among others), you will find an incredibly consistent data point: The higher the income, the assets, and the overall financial affluence of a household, the more common it is that they will have a …
There is a constant hem and haw to the discussion around financial planning, largely derived from the various interests of the firms that offer it and discontent about how “those other guys” do it wrong. You know the ones. Yet, against a backdrop in which being a CERTIFIED FINANCIAL PLANNER™ is compensation-neutral, a constant argument and debate is about how …
If you’ve ever watched the HBO show “Westworld”, the phrase “That doesn’t look like anything to me” has a special meaning. In the show, the ultra-wealthy vacation in what is ostensibly a live-action roleplay theme park, filled with “hosts”, synthetic androids that represent the townsfolk and bandits of an old western. The hosts do not know that they and the …
Financial planning is a profession that has grown out of the traditions of several others: amalgamating segments of knowledge from attorneys, CPAs, stock brokers, insurance agents, economists, psychologists, and traditional institutional finance, financial planning draws from many fields and pulls in many resources and theories in its practice. In my own pursuit of a Ph.D. in Personal Financial Planning, I’ve …
An Author’s Note at the Outset: About a dozen agents lacking in reading comprehension have rushed forward, shrieking their objections to this post without actually reading it carefully. So, I’ll put the warning up front: the purpose of this post is to highlight that a traditionally structured product is not a strong wealth accumulator. It is not to demonstrate a …
Colorado is a well-known destination for climbers, hikers, skiers, and all sorts of adventurers. It’s no surprise that not only is it a popular place to live, but a popular place to retire. Retiring in Colorado, whether you’re a local or a newcomer, comes with some particular planning elements that should be considered. So today, we’re talking about retiring in …
Welcome to 2023! The holiday omnibus bill brought out a significant number of changes to retirement accounts and other investment vehicles. Today we’re getting you caught up on just a handful of the many updates included in the “Secure Act 2.0.” We’ll start with the generics that apply to everyone, and some business-owner specifics are at the end. Required Minimum …
Today marks the three-year anniversary of the launch of MY Wealth Planners®, Longmont’s first-and-only fee-only financial planning firm, a title that it maintains to this day. While the path to launching MY Wealth Planners started four and a half years prior as a “supported independence” practice under Waddell & Reed, the launch into full-blown entrepreneurship is both exciting and just …
Hello everyone! This week is not our usual broad educational content but instead is to notify and educate you on changes we’re applying to our service models. If you’re an existing client, please read thoroughly. If you’re considering becoming a client, this should be a helpful tool for you to understand our service model. As always, a fair disclaimer to …
In the early days, investing was largely the domain of “caveat emptor,” or “buyer beware.” Before the 1930s, there was essentially no regulation of investments and securities. At the time, one judge observed that people were “Selling things no more material than the blue sky.” This led to significant regulation in the 30s and 40s to create laws around the …