You Can’t ‘Robo’ True Financial Advice

Originally published CNBCThe investing world is a better place, thanks to the advent of well-funded online investment advisory services.

Collectively dubbed “robo-advisors,” companies such as Betterment, Personal Capital and Wealthfront have managed in just a few years to do what the financial industry has failed to accomplish during a couple of centuries: provide quality investment guidance at a cost accessible to most demographics. It is a long time coming.

Adam Nash, Wealthfront’s chief executive, however, isn’t fond of the robo-advisor label.

Comprehensive Financial Planning Apps

We just finished a 16-week (total of 18-post) series offering an entire comprehensive financial plan, not for the purposes of supplanting a great financial planner, but more so to provide you with another perspective…or for the skeptics out there, a do-it-yourself roadmap.  You can get caught up with the reprise on, “An Entire Financial Plan In A Blog Post?”

As you probably already know, each descriptive post was also accompanied by “Apps” generated to help you follow up on the tangible action items that make up a genuine plan, and I wanted to provide you with a directory here:

  1. Personal Money Story App
  2. Personal Principles (Values) & Goals App
  3. Personal Financial Statements App
  4. Debt Elimination App
  5. Risk Management Matrix App
  6. Life Insurance Needs Analysis App
  7. Home & Auto Insurance App
  8. Long-Term Disability & Long-Term Care Insurance Apps
  9. Mutual Fund Audit App
  10. Annuity Audit App
  11. Tax Myths & Rules App
  12. Education Savings Plan App
  13. Fulfillment (Retirement) Plan App
  14. Estate/Legacy App
  15. Finding A Financial Advisor App
  16. The Action Plan App

You Need To Know…Why You Need to Have Your Bubble Burst

Listen to Tim deliver this YNTK!  Click below:

You Need To Know – Bubble


YOU NEED TO KNOW… how important it is to have your bubble burst occasionally. 

How often do you think about your money? How about your career? Improvements on your house? Vacations you'd like to take? As a financial planner, thoughts about money, careers, assets and liabilities are a virtual constant. And sometimes, I’ve noticed that when we are up-to-our-neck in our own stuff, we have a tendency to becoming increasingly self-focused—believing that our own reality is the only reality. Living inside of our own little bubble then has a tendency to lead to many forms of discontent—we see a friend’s new house or car and think, “Well, shoot, I deserve a new house or car!” Before you know it, we, as the king or queen of the bubble in which we live begin to justify all sorts of foolishness—financial and otherwise—and see the world outside as merely a tool to benefit our own personal kingdom.

But then, occasionally, something from the outside world unexpectedly invades our kingdom and our fake reality. Monday, my wife called me to let me know that our friend—a wife and mother of three children just entering college, high school and middle school, respectively—died of an apparent stroke in her home. As that news sunk in, my bubble was obliterated. My dissatisfaction with the leaking air conditioner, old roof and drab siding on our house evaporated. My impatience with falling short on a couple specific financial goals and career aspirations faded, and virtually every ounce of annoyance, frustration and discontent was put into the proper context.

You don’t have to wait until tragic news strikes to be freed from your bubble kingdom that in reality functions more like a prison…and that is something that YOU NEED TO KNOW.

WHY Do You Need Life Insurance?

Life insurance is a heavy topic with all sorts of emotional baggage and economic bias surrounding it. While some over-simplify the process (suggesting a mere multiple of one’s salary as a recommendation), many over-complicate it on a quest to make a big commission through the sale of a bells-and-whistles life insurance policy.

It’s a challenge to summarize this topic at all, but that didn’t stop me from trying… This 90 Second Finance video is Life Insurance, Part I: WHY? and I’ll be following that with Part II:HOW? this coming Monday. So how about dedicating 180 seconds to better understand the role of life insurance in your financial realm?