Jason’s Notes - Eliot•Rose Wealth Management

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Jason’s Notes

Jason’s Notes is a monthly blog where we share how we think about financial decision making through personal anecdotes.

COVID-19 Update

As we all adjust to the uncertain and rapidly changing impact of COVID-19, we want you to know that we have shifted all operations to Work From Home (WFH). This shift is made out of an abundance of caution for our clients and our families.

Fee-Only vs. Fee-Based Advisors

A fee-only financial planner is compensated only by the fees he or she charges directly to clients and not by commissions earned from a sale of a financial product. An advisor compensated only by fees is called fee-only.

A fee-based or “fee and commission” advisor is generally compensated by both fees for advice and commissions on the sale of financial.

Gifting Strategies in 2019

This summer has been busy in the Siperstein household as we excitedly prepare for the arrival of our baby girl in early October!

As our house quickly fills with baby “necessities” (though I’m still not sure what they all do), I can’t help but think about how my perspective on financial planning will change once we have a daughter of our own. While I have advised on intergenerational planning for the past decade, it certainly will hit closer to home than ever before!

How to Handle the Next Recession

Over the past ten years stocks have gone up more than 400%. The big question is whether this rally will continue. While no one has a crystal ball, good financial planning prepares for these “what-if” scenarios and illustrates how to respond to them accordingly.

If you meet with a financial planner, they will most likely categorize your goals into two broad categories:

“Essential” expenses: expenses you cannot live without

“Discretionary” expenses: expenses that can be cut if necessary

3 Ways Financial Planners Help

Growing up, the only thing I knew about financial advisors was simply that my father was one. I knew that he served his clients well and greatly cared for the people he helped.

Thirty years later, I think the industry has failed to communicate what advisors do. Therefore, I thought it would be helpful to share three ways advisors provide value to their clients.

Are You Ready to Retire?

When my wife describes her vision of retirement she has dreams of never-ending vacations, warm weather, and delicious food without any caloric ramifications. She, like many others, have utopian views of retirement. And she, like many others, find it challenging to plan for the reality of unstructured life.

The AgeLab at MIT has done research on what they call the “8,000 Days” of retirement. Because people are living longer, retirement could be upwards of twenty years (20x365 = 7300 days). Certainly life will look differently over those 8,000 days, and the AgeLab describes four distinct phases of retirement; honeymoon phase, big decision phase, navigating longevity phase, and solo journey phase.

Making the Right Choice on Medicare

While I usually prefer science fiction television shows, there have been a few medical shows that I have enjoyed. They always seem to have improbable plot lines, and notably no patient ever had to grapple with catastrophic financial bills.

In the last six years I both completed my Certified Financial Planner™ (CFP®) designation and met (and married) my wife, a doctor. As you can probably guess, much of my professional and personal time has been spent thinking about and discussing healthcare.

Read This Tomorrow

Even though we all know that saving for retirement is important, why does it become challenging for so many of us?

An interesting study looked at how immediate gratification may play a role. To make their study relevant to us, let’s say we had a meeting scheduled for next week. And for this hypothetical meeting, Kris e-mailed you asking whether you prefer we bake fresh cookies, make homemade ice cream, or serve fresh fruit (all are in fact non-hypothetical options).

Are You Gambling Unintentionally?

Most of you would never put yourself in a position where you could potentially lose $50,000 at a casino.

However, according to a national study, 41% of Americans do not carry any form of life insurance. If those individuals were to die before retirement, far more than $50,000 is at stake. For every year thereafter, there is a lost year of income for their family and loved ones.

The 3 Most Important Questions

Ice cream has always been a guilty pleasure of mine, and cookie dough is by far my favorite. Ice cream is relevant this month, because I wanted to share with you some interesting research conducted by MIT’s Age Lab, which studies aging and longevity.

This particular lab at MIT has identified three important questions to assess someone’s readiness for a fulfilling and well-planned retirement.

4 Tips When Choosing a College

Choosing a college can be stressful and exhausting, but that doesn’t mean you should leave your heard-earned money behind. Check out our useful tips on how to get a good education while keeping more money in your pocket.

Take a look at our 4 useful tips and avoid these common mistakes!