If you think that a comprehensive analysis of your retirement plan readiness is complex enough to require more than 90 seconds—you’re right. Considerations of spending patterns, flexible withdrawal rates, increased healthcare costs, tax preference and investing style require a bit more time. But a Retirement Stress Test, to give you an indication of whether or not you’re in the ballpark? That we can handle in under 90 seconds. Take a look!
You don’t want to write estate planning documents because you don’t love meditating on the prospect of your own death. Sure, you might think you’re mature enough to face that eventuality and plan responsibly to care for anyone or anything you might leave behind. But even if you’re perfectly cognizant of your own mortality and confident of a secured eternity north of the border, you may not rank a discussion on splitting up your worldly assets and responsibilities with an attorney particularly high.
But your estate planning documents aren’t for you. Think of them as the most important love letters you’ll ever write. Find inspiration in knowing that you’re caring for the people and causes you love, even if you’re not here anymore.
The most important recommendation in every financial plan is successful completion of thoughtfully prepared estate planning documents. So, no matter your age (unless you’re still a minor), marital status or net worth, you need to be considering how to write your WILL, DURABLE POWER OF ATTORNEY and ADVANCE DIRECTIVES.
Here is an estate planning crash course in the form of three videos addressing each primary document in under 90 seconds. Enjoy! (Then, act.)
How to Create a Will in 90 Seconds or Less
How to Create a Durable Power of Attorney in 90 Seconds or Less
How to Create Advance Directives in 90 Seconds or Less
What do a used car, an old television with rabbit ears and an annuity policy have in common? You’ll have to see in this new 90 Second Finance video in which I discuss the Economic Bias of the commission-only financial advisor.
Last week, I introduced the topic of Economic Bias in the financial advisory realm. I discussed each of the three primary compensation models for financial advisors, and this week we take a closer look at the Economic Bias of those who earn their compensation solely from commissions.
I’d love to hear your feedback and any experience you may have had to support OR contradict my thoughts.
After a great September of guest posts from internationally recognized bloggers and authors[i], I’m going to spend the month of October turning a constructively critical eye toward the very business of which I’m a part—the realm of financial planners and advisors.
I’ll be tackling this territory in 90 Second style, beginning with an examination of the three primary compensation models into which nearly every financial advisor fits. And in keeping with my 2011 resolution, I can pledge that each of these video snippets DOES fall within my prescribed 90 second timeframe!
[i] If you missed any of the guest posts, check them out: musical philanthropist/author,Derek Sivers; travel-hacker/life blogger, Chris Guillebeau; personal finance blogging pioneer, J.D. Roth; and financial artist/industry agitator, Carl Richards.
In our second 90 Second Finance installment on the topic of Economic Bias—a conflict of interest where money is involved—we tackle the bias in the financial realm most often stereotyped: the life insurance agent. There are many great, trustworthy agents out there, but there’s no denying their Economic Bias is a big one. Of course, it might not be what you think it is…
(Click HERE if you missed the introductory 90 Second Finance video on Economic Bias.)
In 2010, I released a series of videos with the help of my friend and audio/visual enthusiast, Ben Lewis, entitled Finance in 90 Seconds or Less. The attempt was to force me to encapsulate meaningful and substantive lessons in personal finance with the aid of a whiteboard in 90 seconds or less. I FAILED! We released 14 of these 90 Second Finance videos and I think no more than two of them fell under the 90 second allotment. Educational they may have been, but I called myself on false advertising.
So I’ve made a resolution in 2011 to continue the series, BUT to only release those videos that are, indeed, 90 seconds or less. (We’ll continue to produce some longer “feature” videos, like Making Financial Music, but the 90 Second series will carry this mandate.) So far, so good. We’ve recorded three videos and I’m batting a thousand! Here’s the first with three actions you can take to avoid panicking, even when market or economic news seems to call for it.
People tend to know the commercials for their car insurance company better than they know their coverage, so here’s a fly-by primer of how to understand your auto insurance with an extra special surprise at the end that’s bound to make you laugh.
IRA is the most often used acronym in all of personal finance, but what the heck is it (Individual Retirement Account)? And when should I use a Traditional IRA or a Roth IRA? And, by the way, what is the difference between the two? The answer:
Unfortunately, the "financial planning process" has the unintended consequence of rushing YOU (and the financial planner) through the most important steps of the process in an effort to get the planner paid the quickest. See how in "The Financial Planning Timeline in 90 Seconds."
With over 10,000 mutual funds from which to choose as you invest, the question is begged: HOW THE HECK CAN YOU PICK FROM TEN THOUSAND OPTIONS??
We start by classifying them, and what you’ll learn in this short video can help you narrow the field down to a manageable list.