Remember Tee-ball? It was mostly about having fun. You could hit the ball three whole feet, run the wrong direction, and still get plenty of high fives—and a shiny trophy at the end of the season. Compare that to professional baseball. In the big leagues, nobody cares that your dad is one of the coaches, …
Most businesses in the U.S.—in the world, for that matter—are family businesses. Small, family-owned businesses are the engine of growth and job creation in this country. Therefore, it’s in everyone’s best interest to see them thrive. Unfortunately, about 70% not only don’t thrive—they don’t survive past the first generation! Fully 95% fail to make it …
On a regular basis, people come to me and say some version of: “Do I really need disability insurance? I mean, I have a desk job, and as long as I have my mind, I can always do my work, right? Besides, wouldn’t my employer’s workers’ compensation insurance take care of my basic needs if …
It sounds too good to be true: You give an insurance company a sum of money, and they promise to give you a check for as long as you live. This is what’s called a “single premium immediate annuity” (SPIA). It’s essentially a form of insurance. To the recipient, it works like an employer pension …
Tim Berry wishes he had discussed long-term care insurance with his parents. When Tim’s dad had open heart surgery, the family was told there was only a 3% chance of anything going wrong. But in the days following the procedure, Mr. Berry suffered a stroke. “His mind was wiped out,” Tim told the Asset Protection …
How do you know if your investment manager is doing a good job? (Especially when the markets are so volatile.) Before we answer that question, let’s remember what an investment manager is and isn’t. A good investment manager is not… 1. An Economic Alchemist. In ancient times, alchemists were individuals who claimed the ability to …
No, I’m not a prophet. But since people regularly ask me, “Will Social Security and Medicare still be around when I retire?” let’s explore that question. One of my clients lives abroad. I only see him about once a year. At our last visit, I was shocked at how much he’d trimmed down. “You’re not …
Are Social Security and Medicare Running Out of Money? Read More »
“I’m unhappy with my financial advisor,” a man told me. “Not only have I lost money, but I don’t feel like he knows I’m alive! Is it too much to expect that my advisor would take care of me and my money?” This man is surely not alone in his thinking. Maybe you feel the …
A man once said to me, “My friends are always talking about their financial plans, but the idea that I could create such a thing feels impossible. I’m terrible with money!” I told him, “I understand that feeling. But the truth is you could create a smart financial plan. It really is possible.” (That’s a …
A man confessed: “My business did really well last year. Unfortunately, my CPA just told me what I owe in taxes, and I’m in shock. I don’t have the money! I reinvested it in my business. If my wife finds out about this it will send her into a tailspin. Should I just handle it …
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