LIMELIGHT

 

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Jason Blumstein: “How to Launch your own RIA in 2023,” XY Planning Network, Jan. 11. Blumstein presented at this event.

Danielle Harrison, Terrance Hutchins, Bruce Primeau, Kenneth Robinson, Steve Weiss, Jonathan Wong: “One simple piece of money advice both Shaq and LeBron live by that you should too — well, to a point,” MarketWatch, Jan. 5. Harrison says, “Spend 50% of your income on needs, 30% on wants and the remaining 20% on savings or debt payments.” Hutchins says, “A quote we use often is, ‘what determines your wealth is not how much you make but how much you keep of what you make.’” Primeau says, “Set up automatic monthly savings commitments, much like one would with a 401(k) or 403(b) where the dollars are set aside automatically. I preach, ‘out of sight, out of mind.’” Robinson says, “Saving even a tiny amount out of every paycheck gets you into the habit of saving. Once that’s established, then you can ramp up the amount to a level that can actually help you reach bigger financial goals like vacations, cars, houses and retirement.” Weiss says, “If 15% seems impossible, you don’t want to throw your hands up in the air and not contribute anything. Start as low as 1% and increase that amount over time.” Wong says, “It will do no good if you’re saving cash in a savings account, which is earning you a few percent interest, versus your credit card charging you double digit interest.”

Luis Rosa: “Expanding Your Practice With Tax Planning and Preparation,” Journal of Financial Planning, January. Rosa says, “That’s where tax planning comes in. It gives you the ability to combine the client’s resources, your expertise, and then make decisions, assumptions, and strategies throughout the year.”

Carolyn McClanahan: “Expert forecasts 2023 as a year of ‘economic pain’,” The Washington Post, Dec. 30. McClanahan says, “Having a healthy emergency fund is a great way to get through a recession.”

Brian Schiess: “Can I convert EE Savings Bonds into I Bonds?” NJ.com, Dec.27. Schiess says, “There was never an option to convert to I Bonds.”

Clark Kendall: “Economic health check with financial expert,” Yahoo, Dec. 26. Kendall says, “Sometimes I use the analogy that it’s like a snake that just ate a mouse. It takes a while for these Federal Reserve rate hikes to work through the economy.”

John Eing: “8 Powerful Ways to Grow as a Financial Planner,” eMoney, Dec. 19. Eing says, “In my bio on the Quantum Financial Advisors website, I talk about finding a $100 bill when I fell off my bike as a kid and turning that into martial arts lessons, which ultimately turned into a college education. This taught me that money is not simply currency to buy goods and services. It has the potential to create life-altering opportunities regardless of the amount.”

Joni Alt: “Hardship 401(k) Withdrawals, Explained,” The New York Times, Dec. 16. Alt suggests seeking alternatives to making hardship withdrawals from a 401(k) plan.

Andy Panko: “Top Books Advisors Can Give to Their Peers,” Rethinking 65, Dec. 15. Panko says, “The book that best helps my practice is ‘Life and Death Planning for Retirement Benefits,’ by Natalie B. Choate. … For advisors who have a least a basic to intermediate understanding of the tax code and how to read and interpret it, the book is super helpful.’”

Danielle Harrison, William Holliday, Lauren Lindsay, Kaleb Paddock: “‘Somehow we live check to check.’ We make over $200K a year, but owe $100K on HELOC loans, never learned to save money and feel like we’ll never be able to retire. Do we need professional help?” MarketWatch, Dec. 10. Harrison says, “A skilled financial therapist can work with you to uncover more of your story, determine your current money scripts and work to rewrite them together. Traditional financial planning will not work until the underlying behaviors are addressed first.” Holliday says, “It’s most important to understand that whatever dollars are spent today are dollars that can’t be spent tomorrow. Additionally, dollars spent today can’t earn more dollars, which may mean that a dollar spent today may equate to two, three or four dollars that can’t be spent tomorrow.” Lindsay says, “Remember, you have control over your money and not the other way around.” Paddock says, “A money coach will help you automate your money, prioritize your most joyful expenses and help you pay off debt and get in control of your money.”