As parents, your instinct is to take care of your children even when they become adults with kids of their own. One of the most important ways you can do this is by giving an inheritance to your kids once you’ve passed on.
While you have many years of making memories with your family, now is the time to make sure you’ve invested your money wisely. Making wise choices means considering the various tax benefits that different financial options have to offer. I know it can be confusing and frustrating to compare the options available to you, and that’s why it’s a good idea to turn to a financial advisor to counsel you on these important decisions. Your family’s well-being is at stake.
Life prepares us to be independent, doesn’t it? Sure, at first, we depend on our parents to care for us, to protect us. As we grow older, we build our independence. We start our own families. We become the providers.
However, during the retirement years doubt may begin to creep in about your ability to live autonomously. Without a steady stream of income, you start to wonder if you need to find a job or whether you can afford to live on your own. Talking with your financial advisor and planning for your future can alleviate these doubts and give you peace of mind knowing that you can continue to live the independent life you want.
When you think of retirement, a number of things come to mind, particularly a list of all the things you want to do and the age you want to retire. However, one vital piece of information that you may not have thought about is how much you’ll need to retire AND live comfortably. If this describes you, talk with your financial advisor today. Believe me, you don’t want to wait until you’re close to your targeted retirement age because you might discover that you’ll need more to live the retirement lifestyle you want. Your financial advisor will work with you to make sure you’re saving enough now so your dream lifestyle can be your retirement reality.
Alternative Payment Services: Several websites allow you to transfer money through email, eliminating the need to reveal your bank account and credit card information online. Although online transfers have wide online security and fraud-prevention measures, they are not foolproof. Complaints like phishing scams, hacked accounts and identity theft are quite common.
Donation Texts: The use of text messages to transfer money became popular, when the American Red Cross used this technology to raise over $22 million in hurricane relief fund for Haiti. On the flip side, this technology is risky and scammers misuse this tool by asking people to text money to illegitimate numbers. Always check the organization’s website to confirm that the number you are texting is associated with the cause are supporting.
Bumping Phones: Mobile phones are fast replacing the wallet and on-the-go digital money transfers are becoming commonplace. Now, you can send and receive money by just bumping Smartphones together. Technologies include Bluetooth and near field communication (NFC, a set of procedures that allow Smartphones to establish radio communication with each other by touching them together or bringing them close to each other at a distance of 10 cm or less). Though, the risk of unauthorised payments from a stolen phone is yet to completely be addressed.
Remote Deposit: This technology allows you to deposit cheques from anywhere. Many Smartphone applications allow you to take a photo of the front and back of a cheque and download it into your account. While this process is secure, there may be concerns about the consequences if the phone is stolen or if financial information is intercepted. The remote cheques are not stored on the phone, and the data is encoded as it goes from the mobile phone to the bank’s computer system.
Mobile Magnetic Stripe Readers: These are small scanners that can be attached to Smartphones. Busy individuals, can just swipe credit cards on the scanner and the money is transferred.
That is the real exchange for money and while most may not realise it the benefits derived from it are nothing but disastrous. We have yet to face the greatest disaster of all and that is the last days of life on earth.
There are no warning bells and no place to jump off the earth to escape because we are exchanging money for life. That is the way it was when it was invented and to understand that the Spirit took me back to Babylon and the start of formal religion, Islam.
The name of it then was also Zoro-Aster or Morning Star and a vision showed me how it came about. The rising sun’s rays were directed through a small hole in a stone to disperse into the rings of great beauty and perpetual motion. The people fell to their knees in ‘awe’, which is the same term as ‘or’ for ‘sun’ and ‘metal’, the most precious of which is gold.
The human mind is capable of the wildest dreams and the result of the sun-star and its effect on the population was so strong that it has never altered. In the center of the vision the right-angled cross is seen and this gave men the idea that by dying on it the rays of light could be ridden upwards into heaven. It was considered that men would then become mates to it and live forever in the home of the stars.
In other words they could ‘marry’ Mary, the name of the sun-star and it means ‘mother’s powerful eye’. The one on the cross was the ‘man in the eye’ or ‘mon-eye’ from whence came the term ‘money’. He was the exchange and the currency by which he traded his life for which he became a ‘god’, which is the origin of ‘good’ and ‘goods’.
Money is the product of a dream and the evil of notions that men can become Father Gods. It was born of evil and is the cause of God’s retribution and the destruction of the coming destruction of the earth.
Pros of Hiring a Fee-only Financial Advisor
Those who are looking for the best advisors should consider one who is compensated in a way other than commission. These planners look at your entire fiscal situation and give you an honest, objective opinion on what you need to do. While they may suggest purchases of certain products, these will be ones that they believe will assist you in your goals. There is no loyalty to a specific company or product because there is no bonus or commission to earn.
You pay a fee-only financial advisor based on how often you meet with them. You could pay an hourly expense or you could pay a retainer in order to have him or her on call. You may even negotiate payment of a percentage of the investment assets your planner is managing. Each professional has his or her own pay structure.
In addition to having flexible payment options, you can choose between services. Some work with you to provide a complete financial review for a fixed project. You can also find someone to review your investment portfolio or develop a financial plan.
Things to Consider Before Hiring a Fee-only Financial Advisor
For most clients, this type of planner is the optimum choice. However, not everyone works well with a charge-based counselor. You may work better with someone who is either commission only or commission and fee compensated.
There is no guarantee that you will not have conflict. You should check references to ensure that your new asset manager is competent. Working for only a set rate does not equal competence. Those who are experienced working with people nearing retirement would not be the best choice for someone in the private sector.
You also need to check with the counselor about their requirements. Some will work with those who have a minimum level of assets. If you have a small portfolio, then you may not qualify. It is one of the many questions you should ask before hiring a consultant.