How much do you love your adult children? Enough to pay their future income taxes for them? If yes, then read on.
The Oxford Oracle
Read the latest financial news from professional advisors at Oxford Financial Partners.
Posts about Financial Planning:
Clients of Oxford are familiar with our belief that market timing is a fool's errand. Market timing refers to the (very mistaken) belief that there is some sort of investing crystal ball that will allow an investor to get out of the market right before things get bad, and then get back in right before the market goes back up. While intellectually appealing, the entire idea has been proven to be a failure. It turns out that investor myopia gets worse at precisely the wrong time.
Famous philosophers back to Aristotle have extolled the virtues of walking to stimulate creativity, mental clarity, happiness, focus, and fresh perspective. Turns out this ancient practice could benefit your investment portfolio as well.
The season isn’t complete until you’ve watched your favorite holiday movie, right? And with the world continuing to social distance, it’s likely you’ll have some extra time on your hands this month to relax, unwind and enjoy some Christmas classics.
"If a man knows not to which port he sails, no wind is favorable." – Seneca
The Stoic philosopher Seneca may have been ahead of his time. There might be something to this whole planning thing.
By any objective measure, today’s global economy is the most prosperous the world has ever seen. And, yet, millions of Americans experience real anxiety about the state of their finances. How will they get out from under credit card debt and student loans? What is the best way to save for their child’s education? Where will they find the money to build a retirement nest egg?
What separates those who achieve peace of mind from those who continue to struggle? According to research published in Forbes, people who vividly describe their goals are 1.2 to 1.4 times more likely to accomplish them. The science behind this is compelling, which is why we stress goal setting (i.e. “financial planning”) as the foundation of all our new client relationships.
The science shows that it’s vital to:
- Make a written plan
- Take action, right away, to implement the plan
- Review the plan regularly
The science corresponds perfectly to our financial planning approach which we call The Partnering Process:
- Planning Phase – creating the plan, which we call The Financial Wellcheck
- Implementation Phase – get in motion, even if it’s just one small step toward your goals
- Review Phase – look at the plan at least annually, measure progress, see what adjustments are needed. It helps to have an online tool like our Personal Financial Portal for easy access to your goals and progress toward them.
It’s interesting, too, how important it is to actually write down your plan for achieving your goals:
- Thinking about your goals isn’t enough. Writing forces you to organize and prioritize in a way that thinking does not.
- Talking about your goals isn’t enough. This is an improvement over thinking because at least you have now shared your goals with another person, but writing makes it more concrete.
- Writing your goals not only gives you a constant visual reminder you can reference, it also encodes the information onto your brain in a way that thinking and talking alone simply cannot do. Again, science backs this up.
Clearly, writing down your goals and plans is critical to success. We find there is also one other “hack” that often leads to achievement of the goals…it’s called accountability. Think of all the areas in your life where you already have an accountability partner for things that matter to you. It could be your spouse/significant other, a coach, a workout buddy, a personal trainer, etc. Finding someone else who is as invested in your goals as you are can be a powerful way to ensure development of healthy habits toward achieving your goals. The Partnering Process at Oxford was built with this accountability partner concept in mind.
We work with lots of very smart, motivated people. These people also tend to be very busy with their careers, families, friends, hobbies, etc. With so much going on it’s easy to put off planning for a secure financial future.
If you’re interested in learning more about our role as planners and accountability partners to our clients, feel free to give us a call. We’d love to partner with you to help you achieve financial peace of mind.
Having an up-to-date will is an excellent step in establishing an estate plan. It provides legal protection, structure to loved ones and starts the process of dispersing property. A will distributes a majority of your property, but often leaves out smaller belongings - leaving loved ones to organize what is left.
According to a recent survey, 87 percent of U.S. adults feel that the risk of becoming a victim of a cybercrime is growing.1 In fact, online crimes including server breaches are the single largest criminal threat facing small businesses.
Open enrollment (the annual period where you can enroll in major medical health insurance plans), begins November 1, 2020 and will remain open for 45 days, or until December 15. For someone looking to change or add coverage, this offers a short window of time to decide on and select your health insurance plan. Before rushing a decision to meet this deadline, take some time now to review and prepare. Below we’ve rounded up our top tips for choosing the right health insurance plan for you and your family’s needs.
It costs on average $233,610 to raise one child.1 For most, that’s a significant chunk of change. If you and your spouse are curious about the financial ramifications of having a child earlier or later in life, there are plenty of pros and cons to consider.
We all know we need a will so that our affairs will be in order and our last wishes carried out once we have passed on. But did you know you have options when it comes to creating a will? You may have heard that you can actually do-it-yourself when it comes to creating a will, and it is fairly easy to accomplish online.There are a few considerations to make, however, before going this route.