4 Ways to Best Utilize Your Financial Advisor

What is the value of a financial advisor? The personal touch. Here are four stories of how flesh-and-blood advisors you meet in person (that’s opposed to a robo advisor, where your contact is digital or over a phone line) benefited their clients. These good advisors helped clients to overcome emotionally based decisions, stop them from making mistakes, figure out whether to make a big purchase and decipher arcane retirement plans. We’ll have separate articles throughout the summer describing in greater detail how they helped their clients. Planning is so very vital for your future. According to a study by insurer Northwestern Mutual, a large majority (72%) of U.S. adults believes that the economy will suffer future crises. But two-thirds of them don’t have a financial plan. Plans are not static. Once you have a plan in hand, ongoing contact with your advisor is vital to make the plan work. In …

CONTINUE READING

A Look at Medicaid

For an increasing number of families, long-term care planning is becoming a topic discussed with an unfortunate frequency. When a once healthy and vibrant person needs full-time care—either suddenly or through the ravages of a progressive illness—staggering pressures can bear down on that person, their immediate family, and close friends. One of the first and most natural questions that comes to mind is the question of cost: Where will the money come from to allow the individual to live out the rest of his or her life in the most comfortable situation possible? For a fortunate few, long-term care insurance will provide the necessary funds. For others, the savings of a lifetime can be depleted in a relatively short period of time without proper planning. At some point, the discussion of funding care will no doubt turn to Medicaid, a difficult topic to deliberate when combined with the stress of …

CONTINUE READING

Becoming a Better Negotiator

Whether closing a sale, haggling over a price with a supplier, or discussing a raise with an employee, business owners negotiate nearly every day. While you may already be an effective negotiator, consider the following strategies to help maximize your negotiating skills. Negotiating does not have to be a zero-sum game. When two parties enter into negotiations, they are both looking to create something of value that did not exist before. Instead of taking an adversarial approach, think about how both parties can arrive at a mutually beneficial solution. Without abandoning your own interests and objectives, consider the interests of your negotiating partner. Reflect on what your priorities might be if you were in your partner’s shoes and how you can best accommodate those priorities. Do Your Homework Before approaching the bargaining table to negotiate an important deal, make sure you are fully prepared. If, for example, you are attempting …

CONTINUE READING