The Millennial Perspective: The Spirit of Giving

The holidays can be stressful for anyone, and being a millennial already comes with its own stressful baggage like expensive student loan payments and lower-paying jobs. Holidays can be a little tricky with these constraints. Gift exchanges, a tradition for a lot of people, may be nearly impossible for some. However, this doesn’t mean that you have to invoke your inner “Scrooge” and fail to participate in the giving spirit of the holidays. Below are my top five tips to alleviate stress and enjoy the act of giving when money is tight.

  1. BE the present* – Sometimes just being with family and friends for the holidays is enough, especially if you live far away from home. I can’t tell you how many times I heard, “you don’t have to get anything for us. Having you here is all we really wanted.” So, if it is fiscally, and physically, possible, try to make it home for the holidays and spend time with your loved ones and friends.
  2. Give the gift of time* – If giving makes you feel good, but your budget doesn’t allow you to buy gifts for everyone, try volunteering your time to give back in other ways. Work at your local soup kitchen and help serve those in need, volunteer to work with a toy drive or a food pantry to provide meals and toys for Christmas day.
  3. Get crafty – If you want to give your loved ones something special during the holidays, try making them something! Think back to your school age days when you would make cards and masterpieces for your family in class. You don’t have to make a macaroni noodle self-portrait, unless you want to, but there are plenty of easy crafts out there that even the most artistically challenged can handle. Pinterest is a great tool for finding fun and easy crafts that your loved ones are sure to cherish for years to come.
  4. Be kind – Some people may be less fortunate than others and you never know what your neighbors are experiencing. Because of this, it is important to be kind. A little bit of kindness can cost $0 and it can go a long way. Give someone a compliment, hold the door for a stranger, or ask someone how their day has been. Anything will do and sometimes the kind, little things can make someone’s whole day. You might be surprised by their appreciation!
  5. Get focused – If the year has not quite gone the way you had hoped, sit down and make a plan for next year. No one said you must shop for the holidays in November and December. Why not shop all year? This way you can give the gifts you want to those you love and you don’t have to drop a fortune all at once doing so. Make a budget and/or set a goal. If you set a budget and want to take advantage of the savings that “holiday shopping” can have, then make a savings goal and plan so you can be prepared when you hit the stores in the Fall.

No matter how you choose to give during the holiday season, there is no sense in adding stress to your life when it already has enough. To many people, the holidays are not about the gifts, but rather spending time with your loved ones. The holidays are meant to be enjoyed and those closest to you will appreciate you and understand your situation. Remember, kindness is the only gift that is worthless until it’s given away. Merry Christmas and Happy New Year!

*When making plans for the 2020 holiday season, please refer to the CDC guidelines pertaining to social distancing, PPE, and large gatherings with people outside of your immediate household.

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The Habit of Saving

One of the most difficult habits to instill is saving. In this time we are living, too many of us want to experience a lifestyle that our current income cannot maintain while saving for our future. Before we realize it, our future is the present and we are in a bind. Forced working past the age of retirement that you would have desired to initiate your travel plans and other activities will not make you happy.

While reflecting on my younger days, I remember a couple of lessons learned about saving for the future. My goals were not lofty as a child except for the area of sports equipment. With limited means, my siblings and I purchased our own sports equipment if we wanted something beyond my parents’ budgeted funds for sports. This is where my saving habit came into existence. One of the most important lessons you can learn early in life is the habit of saving. Every child should be taught this valuable habit before graduating grade school. 

During my childhood, I saved depending upon the item needed in life. For example, I needed a new baseball glove because George Brett of the Kansas City Royals said so and he was a Hall of Fame Player. (Well it wasn’t only that fact but I also liked the Wilson A2000 glove and how it looked on my left hand.). My parents took me to the sporting goods store and we looked at the gloves. There it was on the rack in front of me – the baseball equipment that would make me a Golden Glove Award winner! 

I was smiling ear-to-ear until the salesman told me the price of the glove, $125. Ouch! I had saved $35 and thought it would get me a glove used by the great third baseman, George Brett. Lesson #1: The investment required for worthwhile items may cost more than you originally thought.

So, I went to work saving the remaining funds needed to buy the glove. To insure that the glove would not be sold when I returned, the salesman placed the glove in layaway for me. For the next several weeks, I would bring a payment to the store to be applied to the glove. After six weeks, I was in the store and smiling with a Cheshire Cat grin. I could take my glove home today!

This is where I learned my Lesson #2: Things don’t make you a better ball player, practice does. My new glove was my pride and joy. My abilities to play 3rd base did not immediately improve and I will a little disappointed with myself. 

The moral of this story is that you may want to examine why you want something and allow time to pass before you buy on an impulse. Saving for your future should be a habit that we develop early in life. You will find that you are less stressed in life, prepared for inconvenient hardships that arise and are more prepared to take advantage of future opportunities. The great investor, Warren Buffett, began his savings habit while a little boy. This habit helped him become one of the wealthiest people in the world. I am not saying we will all be as rich as Warren Buffett but I am saying you may enjoy a pretty good lifestyle.

If you need help finding a strategy for saving that creates your bigger future, seek out a CERTIFIED FINANCIAL PLANNER professional. This is one habit that will serve you well in life. See you on the golf course!

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Elections Have Consequences

No, I am not referring to the presidential election. I am concerned about your financial future! You have opportunities, during times of disruption in life, to make decisions that will forever impact your family’s security. I am referring to retirement plan, life insurance and Individual Retirement Account elections.

For example, many of our clients are participants in the Oklahoma Teachers Retirement System (OTRS). When counseling these outstanding educators and administrators about their future, we provide guidance on the appropriate decisions that must be addressed. One of those decisions is to receive a larger current monthly benefit payment or to consider your spouse’s needs should you predecease him or her. It is difficult to make decisions when all of the facts are not known. Our role is to model different scenarios that will help them consider the probabilities of certain acts occurring in the lives of the couple.

Once an election has been filed with the OTRS, you are barred from changing the election for spousal survivor benefits. What a tragedy if your family were subjected to a considerable decrease in financial security at a time when you need it most. This is an important decision that should not be made without consultation of an experienced retirement planning specialist.

Another election is the use of your lifetime assets for immediate cash flow needs. This year has been different for all of us. Congress and the president have given individuals, under the age of 59½, the option of taking funds from their IRA without incurring a premature distribution penalty of 10% of the amount received. Although this relief granted IRA owners is generous, your lifetime retirement assets should be the last resort for purposes of funding an immediate need. For example, you may incur federal and state income taxes on the distribution amount which may be taxed, at a minimum, for a total of 20%. There are many other options where interest rates are lower than this percentage.

One of the most damaging elections one can commit is failing to review beneficiary designations. Let me explain with a story. One of our clients had divorced his long-term spouse and remarried. When experiencing a life change such as marriage, divorce, birth of a child, change of a career, etc., it is important to be aware of the collateral impact of other factors in life. In this instance, our client was asked, on several occasions, to provide us copies of all of his beneficiary designations for his retirement plan, life insurance, bank accounts and other joint tenancy property so that we may confirm their current status.

Citing his understanding of estate law and, now much bravado over his finances, he failed to bring us the beneficiary statements for review. Unfortunately, he suffered a terminal heart attack after a year of marriage to his second wife. While administering his estate, his son, the successor trustee of the decedent’s trust, discovered a shocking document! His father had not changed the beneficiary designation on a substantial life insurance policy. The sadness and desperation in the voice of this man was evident. I recommended he consult with the trust’s attorney but informed him, under federal and Oklahoma law, the beneficiary designation will stand counter to any verbal wishes or intentions of his father.

There is a happy ending to the story. Well, happy for the decedent’s first wife. The assets he attempted to shield from her during the divorce awarded her upon his death. Our newest client was a lady that we had known for many years that just inherited $2,000,000 tax free! Just like a fable in a children’s novel, there are always happy endings. The question is, will you be the one that is happy? See a CERTIFIED FINANCIAL PLANNER™ professional to help you create a happy ending to your future security story.

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What is Risk?

So many people that I meet seek a panacea for their retirement assets. It is one of those facts of life that if anything yields a return, it also inherently contains risk. Let’s explore what risks are applicable in our everyday lives.

Market risk is most common among individuals that meet with us. People will look for a “happy median” and mitigate as much risk as possible while retaining enough risk to allow their investments to earn a targeted rate of annual return. How do you mitigate risk in the market? You have heard this word many times in this column but it is worthy to mention it again – diversification.

The distorted belief of market risk is that it is the overall risk of the market. However, we should look at the various types of risk contained in this general category of risk. For example, market risk can be further defined as currency risk, equity risk or interest rate risk depending on the type of investment you are considering. Should you wish to invest in a security that is issued from a foreign company, you may be subject to potential risks in the difference between the U.S. Dollar and the currency of the domicile country of the target investment. Again, there are measures to mitigate this risk. When we use the term “mitigate” you must understand that it does not mean the risk is eliminated, merely lessened or mollified.

Interest rate risk should be heeded when purchasing debt or bond instruments. Remember, the interest rate of a bond has a direct impact on the value of the holding. For example, bond market prices drop when interest rates rise and vice-versa. The longer the bond term to maturity will also be a consideration when looking at risk exposure.

Equity risk is the presence of risk when you invest in stocks or equity instrument shares and the value of the shares may decrease. This is the most prevalent of risks to investors. Every session the markets are open, and trading is occurring, is a day that equity risk is present. 

Concentration risk may be a new term for many people. This type of risk is explained within its name – concentration. Executives of publicly-traded companies are given shares of the company stock for incentives of compensation. Presumably the executives’ efforts to create profit, increase market share, etc. will cause the stock share price to increase which, in turn, will give the executives greater earnings from the ultimate sale of the stock. Risk is inherent in this type of compensation when the executive is ready to retire and their portfolio consists of the employer’s stock for more than half of the total value of their account. Tax ramifications and other considerations should be analyzed to determine the least costly method of diversifying the portfolio to reduce concentration risk.

Liquidity risk is a significant issue when holding shares or bonds that you can’t sell for a profit when you wish to sell. You may be required to sell your positions for a loss to meet a cash flow need of your family. 

One of my favorite quotes by Will Rogers, which seems very appropriate in an article on investment risks, is “I’m not so much interested in the return ON my money as I am the return OF my money.” Oklahoma’s Favorite Son was always reliable for a good turn of the word.

The types of risk listed above do not fully explain all risks an individual may encounter. However, with the acceptance of a certain level of risk, mitigating the presence of risk by utilizing diversification and other measures, you may feel more comfortable and confident about your future. One method of determining the current level of risk in your portfolio is to request a complimentary analysis or “stress test” from a Certified Financial Planner™ professional. I recommend that you consider a balance between risk and return not simply the elimination of all risk. By eliminating all risk, you may not achieve your goal of exceeding inflation with your investments. See you on the golf course!

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Time — Your Most Powerful Savings Weapon

The most powerful factor to assist in the planning for your future is time. However, time is also the one factor of investing that you can’t control. What do you do? 

To properly unleash the power of time in the calculation of compounding interest, you must start early to invest. You have more control over your future than you know. For example, if you saved only $100 each month from the time you graduate college at age 22 until you reach 30 and invest it prudently, say at an annual return of 6%, you would accumulate $12,344.27. Not quite ready to retire at age 30, right?

What happens when you continue saving each month but the amount is increased to $250 from age 30 until age 67, which is the age full retirement age for Social Security Benefits and assume the same annual rate of return? Of course, the amount in your savings account would be much higher if all assumptions were realized. How much would you realize in your savings account at age 67? You would have accumulated $522,896.95! Now, can you retire and live the life you choose? It depends. 

The key financial principles to learn from this illustration is that time and compounding of interest have helped you grow your account by $402,296.95 and you only invested $120,600. What if you had invested a little more each month, say $500 per month from the age of 30? You would realize a total of $932,763.11! To illustrate the power of these two financial principles, you have saved only $231,600 from your earnings and the account grew $701,163.11. 

What if we looked at this from another angle? Let’s assume that you enjoy coffee. Instead of the latte with extra espresso that costs $3.50 per day, you save this amount in your savings account each week for a total of and invest the funds to earn 6% annually. How much would you have accumulated in 45 years? $294,561.07! Now, that is a lot of coffee money.

The overall lesson to learn from these illustrative calculations is that you can save a significant amount of money for retirement if you start early in life. Time is the most powerful of element when growing money for the future. Of course, no one earns an exact 6% each year for forty-five consecutive years. However, the calculations provide you some motivation to start saving at the earliest point in your life. 

One of the best methods of accumulating money is to fund your employer retirement plan with as much as you can defer from your salary. Most plans feature a matching contribution from the employer, when coupled with your potential for growth, would help you reach your savings goals faster.

These simple concepts can work for you if you maintain discipline in the process. Too many people believe they have plenty of time to save for retirement and create a lifestyle that is too costly to allow them to save. Here is the trick to this process: do what wealthy people do. Save first and spend the rest! See you on the golf course.

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Financial Literacy: The Key to Successful Kids

One of the wisest statements made about planning for the future can be found in an ancient Chinese proverb: “The best time to plant a tree is 20 years ago. The second-best time is now.” This is a philosophy that is applicable to your finances. 

Our schools are bombarded with challenges in teaching students the important lessons to equip them for life – algebra, science, English, literature, etc. I firmly believe this list of important lesson should include financial literacy. Starting to understand and apply financial concepts at an early age will empower the children to initiate better habits that will ultimately give our communities and country a better financial future.

Financial literacy is a term we use for the subject of financial planning concepts and the act of securing one’s future in a comfortable and confident manner. By initiating such subjects as savings, investing, budgeting, taxes, credit, and other vital areas of life at ages as early as 10, you are setting your child up for success in their future. Too often children are in college or after before they realize what they don’t know. This is on us! As parents, not only should we be responsible for the physical, cognitive and emotional well being of our children but we should include their financial understanding as well. 

An area to start a child’s understanding of financial matters is teaching them the value of planning for tomorrow. If a child desires a certain toy or game, ask them how they would pay for the game. Does your child have responsibilities around the house that teaches them that all family members must share in the household duties? If so, perhaps you could negotiate an allowance or “hourly rate” for completing their chores. However, to continue the lesson of financial responsibility, you will save one-half or more of their earnings each week in a savings account. I have often learned with my own children that items purchased with their earnings are cared for much better than those items given them.

Teaching children about the use of banks and proper credit are good starting positions for them understanding these institutions. When I was a very young boy, my parents took me to meet their banker. I was in awe at the marble floors, high ceilings and when he showed me the vault – WOW! I knew at that moment that I wanted to be involved in the finance in some form. But the words of John Gillson, my parent’s banker, still ring clearly in my mind to this day – “Take care of your credit and it will take care of you.” What Mr. Gillson actually meant was that one should only use credit when absolutely necessary and, in the manner, needed to bridge the short-term cash flow needs of the person.

It is critical that our children understand the importance of finance in their lives. The best future you could help them achieve begins with a basic understanding of the impact finance has on their lives and how to appropriately utilize financial concepts to help them live life to its fullest. For additional resources about teaching children about financial concepts, view our Compass Capital Management Videos. Until next time, I’ll see you on the golf course!

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Why Saving For The Future Matters?

Forty-one percent of Americans believe they would be able to cover a $1,000 emergency with savings, according to a survey conducted by BankRate in January, 2020. The chickens certainly came home to roost with the COVID-19 pandemic! The more disturbing findings of the survey were that 37% of the respondents would use their credit card to resolve the emergency. The lack of savings in the United States has reached critical stages for most families. To prepare your family for inevitable times of critical cash flow emergencies, I am providing you a proven strategy that will provide you with the confidence to weather emergencies in the future.

Some of the most common “emergencies” to strike families are automobile mechanical damages, large appliance failures, emergency medical care and loss of employment. Just one of these instances could spell disaster for your family without adequate savings to mitigate the disruption. During the pandemic, too many people have felt the anxious feeling of unemployment and wondering how their family will survive. Luckily, for many, the state and federal unemployment programs have been far richer in benefits than otherwise could have been. With the temporary additional federal unemployment benefit of $600, some individuals have “earned” more cash flow while being unemployed than experienced from their actual job. 

First, review your expenditures currently experienced by your family and choose one item of lesser importance to you from the list. This is the item that will no longer be purchased and the funds previously spent for this item will be automatically drafted each month from your checking account to your savings account. What this process does is take away the resistance of human nature to change by asking your financial institution to do the hard work for you. How this is accomplished is by visiting (or calling) your bank and asking them to perform an ACH (automated clearing house) transaction for you in a specific amount on the same date each month. Once you have adjusted your mindset to the alleviation of this item, choose the next least desired item on your list and continue this process until your family’s budget reflects only those expenditures that truly provide your family enjoyment. The ultimate goal of the process of saving for your future is to maintain 90 to 120 days of living expenses in a liquid account in case (and they always do) an emergency strikes your family. 

Second, if you are capable, consider seeking a part-time job or side gig. During the summer months you may have an opportunity to work in the evenings or weekends performing odd jobs or lawn work to increase your cash savings. This seasonal employment activity is an excellent method of increasing your cash reserves but may also tempt you to increase your lifestyle. This is where discipline must be exerted. Let’s say you earned an additional $200 in a week on your evening job. If you deposit these funds in your bank account, ask your bank to transfer them to your savings account instead of leaving them in your checking account. By performing this transfer your account will appear as though you have the same amount as always but your savings account will be increasing for your family’s safety. Any incremental increase in income, such as a bonus from your employer, should be treated in a similar manner.

Lastly, you may have accumulated assets which you no longer use such as additional lawn equipment, stored furniture, etc. Why not sell these items and place the proceeds in your family’s emergency fund? You may be surprised what someone will pay for a used piece of equipment!

The key to providing confidence and security for your family is the consistent monitoring of expenditures coupled with a mindset toward saving. Your bank most likely has an app for your phone that you can access with a couple of clicks. The challenge is to forgo looking at the increasing savings account everyday thinking it is available to you for a family vacation or new TV. No, this money is for the next emergency to strike your family. You will be glad you were disciplined and can face the next catastrophe with greater security.

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Strategies for Using Your Stimulus Check

Have we secretly transported to another universe? We can’t sit in a restaurant and eat dinner. We can’t attend a movie theatre. We can’t even visit our friends. All of these changes in life because of one thing – a virus. Have we experienced a paradigm shift in our lifestyle in the United States? I say NO WAY!

The United States Treasury has begun the process of issuing stimulus payments to qualified American citizens. Checks and direct deposit payments started crediting the checking and savings accounts of my fellow countrymen earlier this week. Most of us will receive a benefit of $1,200, some will receive a lesser amount and others will receive nothing. What do you do with this sudden inflow of money?

One of the most basic strategies of using your stimulus benefit is to establish a plan that addresses your most critical needs. For example, if you are in need of shelter, food or medicine, you should utilize the funds for these purposes. What if your mortgage is a federally-backed loan (such as FHA loans)? You may be granted payment relief for 6 – 12 months! If you are renting, perhaps your landlord will allow you to defer a month or two so that you can focus on the more important matter of your health. Any medicines you may require to maintain your health would be the focus for using your stimulus check.

If your basic living needs are met, you should consider saving the stimulus funds to enhance your emergency funds. It is vital that you maintain a minimum of 60 – 90 days of living expenses in a readily available account for emergencies. Guess what? The current pandemic we are living through is one of the emergencies for which this fund would be utilized! By maintaining access to funds that will allow you to live your life as you desire, at least for a period of time despite the ever-changing world around you, is both comforting and empowering. To know that your lifestyle can continue through times of struggle gives you the mental confidence to meet other challenges that may arise in life.

Let’s assume that you accumulated ample savings in your emergency fund. You may wish to review your debts and pay down, or even better pay off, certain high interest debts such as credit cards. I am not a big fan of credit cards due to the ease of abuse of such unsecured credit that allows individuals to live beyond their means. The phrase my father often tells me come to mind pertaining to credit cards – “give a man enough rope and he will hang himself”. During times of economic distress, many credit card companies will lower your interest rate for a period of time, if you contact them, and have been making your payments consistently and on time. Once the card is paid in full, place it in a zip-lock bag, then place the bag in a plastic container of water. Next, place the container in your freezer. This will require some effort on your part to free the card from the ice causing you to expend energy and time thinking about the use of the card.

Should you have none of the above needs, consider yourself a lucky person! The use of your stimulus benefit could be a very positive act such as contributing to an Individual Retirement Account (IRA) for a tax deduction. By saving for your future with an IRA, you will be preparing for the future in a bold way. Your needs are met today, for the next 90 days and for your future!

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The Millennial Perspective: Starting Late, Retiring Fearless

According to Pew Research Center, Millennials are individuals born between 1981 and 1996. We grew up in a time before the internet was a part of everyday life and playing outside or playing video games were the best options to keep us occupied. We grew up in the rapidly changing age of technology and social media. We also, unfortunately, grew up and are still facing the ramifications of the Great Recession of 2008. This has brought on a number of financial concerns among Millennials and has caused delay for many milestone events, such as buying a home and starting a family. The average Millennial makes $35,592 a year and has a net worth of less than $8,000 according to Business Insider. The average Millennial also has a student loan balance of roughly $30,000 for four years of college. The lower income and high cost of student loan debt on top of the cost of living makes it hard to start a life and save for the future.

As any Millennial would do, I took to social media to gather the opinions of my fellow Millennials about what concerns they faced regarding their financial future. Much to my surprise, several people joined in the conversation. Some said that their biggest concern was paying off student loans, others said buying a home, saving for their children’s futures, or starting a family in general. We will touch more on those subjects later, but one of the most popular answers I received was saving for retirement. Many of us are told to start saving for retirement as early as possible and many of us fear about the future of Social Security. However, when it comes time to set up our 401(k), 403(b), or whatever kind of retirement plans are available, if any, from our employers we find that the suggested amount to invest in the plan is far more than we can afford and still have a comfortable lifestyle. I remember when it came time to sign up for the retirement plan at one of my jobs which I thought paid fairly well for someone my age. The suggested investment each month was a third of my total gross pay, or in other words, the pay before any taxes or deductions. This would have left me with just enough money to pay my rent, my car note, and utilities each month. I, unfortunately, opted out of saving for retirement at that time. 

So, how do we start to save for our futures when we can hardly afford the present? Balance. It is important to find a good balance between what you need to live, what you can save for the future, and still have some funds left over to pay yourself, even if that means setting aside more savings. How do you find this balance? Planning. Sit down and look at how much you are making and how much you are spending, and create a budget that works for you and stick to that plan. Even if you are not investing in a retirement plan with your employer, you can start to save for your future. It doesn’t have to be much to start, but we have to start somewhere. Talk to a Certified Financial Planner™, get a second opinion if you have to, do whatever you need to do to feel comfortable when making these kinds of decisions and ensure that you are making the right choices to plan for your future. Retirement doesn’t have to be a lost cause or a fantasy for Millennials. As Jonas Salk said, “Hope lies in dreams, in imagination, and in the courage of those who dare to make dreams into reality.”

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Liquidity is Everything!

One of the most frightening stories I have heard about a retiree is the one where her daughter came to our office and her face was ghostly pale. No, this isn’t a fictional character. Sadly, this story is too often told and true. Our client’s mother had been talked into an investment that “guarantees her a return with a bonus paid up front”. This particular investment sounds good but the problem was the mother’s age was 89 years young! Suitability is the key word for this type of investment. 

Investments that require prolonged surrender periods, the time at which you can recover your original investment without a penalty, should be skeptically analyzed for appropriateness for the investor. In the present instance, our client’s mother was 89 years of age and the investment had a surrender period of 12 years. Her mother would be 101 years of age before she could recover her $300,000 original investment. I will admit that U.S. citizens are living longer that that experienced in the 1860’s but the likelihood of living to 101 and not needing her funds for medical care is improbable. 

Not only did her mother invest the $300,000, she had very little liquid funds available should in-home aides be required or nursing home care admittance become a necessity. By investing in illiquid, long-term investments, the client’s mother would not experience the type of lifestyle she was accustomed. Diversification is an excellent tool to minimize exposure to this type of danger. These products are not illegal or unusual. The biggest hurdle for many people is that the products are sold by individuals with a benefit for themselves. Commissions on some of these products can be 10% or higher. 

A better alternative is to utilize investments that ladder or vary in maturity. For example, if you need fixed income interest payments, perhaps you would want to purchase individual, highly-rated bonds with varying maturity dates. Some jumbo certificates of deposit may be utilized for laddering purposes so that your interest rates vary depending on the term of the deposit.

If something sounds too good to be true, it usually is. There is no substitute for sound, independent, financial advice delivered by a fiduciary advisor. Select someone that does not have a vested interest in the sale of the product but rather the success of the client’s investment in meeting their goals. As a Certified Financial Planner™ professional, it is our policy and process to place the client’s interests ahead of our own. There is another old question I ask some of my financial professional colleagues that brings this thought to light: “Would you invest your mother’s money in the same way as you are recommending your 89 year old client?”. 

Don’t take chances with your financial security. Apply generally acceptable and proven strategies for meeting your family’s needs. Let’s end this column with a quote from Warren Buffet, “Risk comes from not knowing what you are doing.” See you on the golf course!

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