As September rolls around and school begins, no matter what age you are, it always feels like it is the beginning of a new year. It’s also a good time to review your finances and make any changes before the end of the year. Here are a few year-end things to consider:
Scott Kahan’s Financial Road Trip: When it comes to mapping out your financial future you don’t want to be singing, “Do you know the way to San Jose” on the street corner. Scott Kahan, Certified Financial Planner and President of Financial Asset Management Corp. in NYC and Chappaqua, told us “developing a financial plan is like mapping out a trip – the final destination and all the stops on the way.”
What’s the first step in financial planning?
Scott Kahan, CFP®, President of Financial Asset Management Corporation, explains why his company prefers the holistic approach to financial planning and shares his opinion on the different fee models in the industry, including the reason why he switched to the retainer model.
See the interview here: www.assettv.com - December 12, 2017
The average individual only views financial planning through the lens of retirement. In reality, financial planning can help you meet a variety of monetary goals, not just your desire to live a comfortable life during retirement. Make no mistake, it is important to save for those years, but financial planning has the power to unlock more potential in your life as well.
Map Goals and Discover a Path to Success
The average individual undoubtedly understands that there is a difference between saving and investing, even if those terms are sometimes used interchangeably. The key to taking advantage of saving and investing is understanding the difference between them. In short, saving and investing differ in terms of risk and liquidity. There is much more to it, including the challenge of determining whether you should save your money or invest for the future.
A Look at Saving
College is a necessary, but expensive, endeavor in the life of any young American citizen. Higher education helps propel individuals into economically stable and rewarding careers. However, Forbes points out that the nation's nearly $1.2 trillion in student loan debt is crippling students, their families, and the economy. There is a way to limit the amount and impact of student loan debt, and it's simpler than you might think: proper preparation.
FAM Ideals: Plan Today for a Secure Tomorrow
If you want to get a handle on your finances and change your ways, you first need to identify your bad financial habits. It may seem obvious, but until you identify what you are doing wrong, you will not be able to make changes to improve your financial situation.
Founded with the mission to guide and inspire clients to fulfill their lifetime financial goals, the team members of Financial Asset Management Corporation (FAM) celebrate their 30th anniversary of doing exactly that. In 1986, a great dedication to fiscal responsibility, meshed with a strong passion for serving others, resulted in a fundamental service that has led many individuals, families, and small businesses to prosperity.
Given the opportunity, most individuals employed in the workforce today would begin saving while they are gainfully employed. Far too often though, the lure of big TVs, new cars, and family vacations force many to choose between saving and enjoying life. Roughly 58% of Americans 55 and older have less than $100,000 saved for retirement, and only 19% have $250,000 or more. What can you do to catch up now?
Determine the Amount You Need to Retire