Although the term fiduciary has been around for a very long time, most have not heard of it until recently. Our former president and the Department of Labor decided that it was in the best interest of the nation to hold financial professionals who provide advice to the public as it relates to their retirement accounts to what is called the “fiduciary standard”. Despite the enhanced visibility of the term ‘fiduciary,’ many people still aren’t entirely clear about its definition, let alone how the term impacts their own financial situation or choosing a financial advisor.
Going through a divorce is never fun. Not for you, and definitely not for your children (if you have them.) The results of a heated, adversarial divorce can be catastrophic – both financially and emotionally for you. And a truly vitriolic divorce can put your children into therapy for many years to come.
If you’re among the many recent college graduates, you’re likely thinking about your future. You may even have a pretty impressive list of things you plan to do, like buying a car, taking a fabulous trip abroad or buying your first house. Your list may include dozens of adventures and treats, as reward for excelling in school and now being done. While rewards may certainly be in order, one of the best things you can do is make the decision to set a strong financial foundation beneath you, a solid place from which to build a successful life. Here are 4 financial tips for college graduates that can make a huge difference in your financial future. Time is your friend […]
It would seem that the phrase ‘Comprehensive Financial Planning’ is quite clear and easy to understand, but it’s fascinating to hear the different definitions I get when I ask people what they think comprehensive financial planning is. Answers range from managing investments only to including tax planning and maybe retirement planning.
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow. Pair those with other lifestyle benefits like freedom and flexibility to do the things you always have wanted to do, and the argument for downsizing becomes more prominent.
When you ask people what are the largest financial transactions they will make in their lives, the most common answers are a home, college tuition or saving for retirement. For about half the population, these answers are correct. But for the other half, couples who are contemplating divorce, the largest financial transaction, without question, is their divorce. If you happen to be one of these people, be aware that there are many financial pitfalls in divorce that if you avoid, can result in both you and your soon to be ex getting a better financial settlement.
Succession planning for your business should not be an after thought. If you view your business as an asset from the start, you will set up and structure the business to get the maximum amount for it. You should at least start planning 10 years before you think you want to sell the business. Don’t wait for a health scare to begin the planning. Listen to the discussion https://tritonfinancialgroup.com/audio/small-business-succession-planning.mp3
Do you think you can teach children money skills or are they just part of a person’s personality? Personality does play a role in this skill, but children can be taught. Look at the children of depression era parents – it is hard to find any who were not skilled if not frugal.
With the improving economy, the divorce rate is increasing. People who are good candidates for mediation are in an amicable situation and can work things out on their own. Who would not be a good candidate for divorce mediation?
A couple in their late twenties with a fair amount of student loans and were rejected for a mortgage due to this debt. Is this an isolated instance or a growing phenomenon?