Do I Need a Financial Check Up?
Sara Faitelson • February 6, 2020
What I learned from going to the dentist...
Hello blog readers. Thanks again for all the love and support. I love hearing all the feedback from the blog posts. Keep them coming. I received a call from my dentist and was told it was my 6 month cleaning. I totally forgot about it as usual and I made sure I did not miss my appointment. Who wants cavities? Obviously no one and that is one of the reasons why I get my 6 month cleaning.
Like me, many of us care about our teeth not eroding. What about our finances? Could our financial plan erode us of the life-style we dreamed of? Am I on the right track? I hear that question from clients all the time and then I tell them it is time to go to the drawing board. Some things to look at is what we have accomplished and what can we do better to achieve your goal. My goal is to live in Tuscany and never come back. For others, their goal may be the complete opposite of mine.
It leads me to the most important thing I need to be made aware of: tell me who you are and I will tell you how I can help. Goals change because life happens. Helping people achieve realistic goals and get to the lowest tax bracket is my objective. If you are not having financial check-ups I leave you with the question: why not?
Moral of the story: financial education is powerful and could save you a lot of heartache. Talk to a financial professional and get that check-up.
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Hello blog readers. I hope everyone is safe and healthy. It has been quite a year. Who would have thought we would still be in a pandemic a year and a half later, but here we are. Lately, we have been laughing about what people are calling Covid 15 – gaining 15lbs during this pandemic. I do not know about you, but I am a big fan of pizza, which is why it is easy to become a victim of Covid 15. Most of us cut the pizza pie into 8 -10 slices. Would you ever buy a whole pizza, cut off one slice, and then throw away the rest of the pizza? I doubt it, but that is what many people do when assessing their financial goals. Last week, my business partner and I were sitting with a couple who is in this situation. They have one piece of their financial business with one person and then other pieces with other people. When I asked how their pension works with their retirement plan, they looked at me like I was speaking a different language. No one has ever looked at this piece of the pie and tried to fit it in the rest of the retirement plan. I asked about reviewing the pension booklet and creating a game plan where they can start planning for their retirement date. They said “oh, that’s how you figure out when to retire.” This is a situation that happens more than I can count. Clients have different people doing different things for them, but no one has an end game. Retirement because reactionary rather than proactively assessed. What is the point of this story? The lesson is: “don’t eat one piece of the pizza and throw the rest of the pie in the trash.” If you want to have success, all pieces of the pie must be analyzed, and they must work together to compliment each other. Registered Representative of, and Securities and Investment Advisory services are offered through Hornor, Townsend & Kent, LLC, (HTK), Registered Investment Advisor, Member FINRA/SIPC. (215) 957-7300. Stiletto Financial and other listed entities are unaffiliated with HTK does not provide legal and tax advice. 7585271RG_Jan28
Hello blog readers. I know it has been a few weeks since I have been able to post. It is tax season and it gets crazy here. This time of the year I am usually on the phone or clients reach out every day non-stop. One week we had a waiting list because we received so many calls in a week. Things are finally calming down and I wanted to write about two types of clients I have. Let me start by saying it is not great to go extremes. I want clients to open their statements and ask questions when we do our quarterly reviews. However, I do not want to receive a call if a client looses 17 cents. Having balance will help you be realistic, and you will not make knee jerk reactions. Balance is the key. It is good for people to want to know how their account is doing, what kind of trends advisors, and the tax consequences associated with their decisions. However, a financial advisor is not focused on day trading. We look at money from a long-term perspective and take the emotion out of investing. What do I mean by that? Have you ever gone food shopping on an empty stomach? It is the biggest mistake I have ever made in my life. I ended up buying way too much food that I could never eat by myself. I was hungry and everything looked appetizing and I started to fill up that shopping cart. We can make the same mistake when it comes to investing in the market: buying investments because everyone tells you to and you are always looking for a good tip. What is the moral of the story? Keep track of your accounts, maintain a balanced view, and don’t go food shopping on an empty stomach when it comes to investing. 3473555RH_MAR23
Hello blog readers. I hope everyone has been as busy as me. I thought it was time to write about a call I received a few weeks. A couple I have been working with has decided they want to get a divorce. The wife calls me and tells me what is going on and her husband knows we are speaking because they both want to speak to me. The wife handles the finances mainly for the family and they each had some questions. We first went over the children. They have a blended family, and I needed to know if any of the children are legally adopted by the other party. They had one child together and the other children were not legally adopted by either of them. That helped me explain if any child support could come into play during negotiations. Next, we went over the house: how much they owe, who wants to stay in house, or will they sell it. We also went over how much it is worth and if they were both contributing toward paying the mortgage and taxes. Third, we went over the investment accounts and pension plans. I specialize in separating assets and in particular pensions. Some people make the mistake of giving up their assets in exchange for keeping all of their pension. I explained what would happen in that situation, particularly if the other party passed away. In the end the client was happy to get a financial picture before calling her attorney. She was able to pinpoint topics that need to be discussed and negotiated. What is the lesson? Before calling your attorney, it is imperative to reach out to a certified divorce financial analyst to give you a fuller picture. It will save you time, energy, and aggravation when starting the divorce process. 7585248RG_Jan28