Self Employed with a Solo 401(k) and Loving It – more for the “Yacht-less”

Monday, 29 July 2019

I like to walk my neighborhood and see the businesses that have stayed the course, popped-up and who has moved on with the times.

Self Employed with a Solo 401(k) and Loving It – more for the “Yacht-less”

Walking down Atlantic Avenue, Brooklyn, you see the cabinet maker and fine woodwork shop (he must have been there some time as his workshop is at street level), then there is the fine art framer whose main clientele are museums, the new coffee, and Wi-Fi spot, the brownstone building still with its 1859 “Sale Makers - Canvas Goods” decal, now home to Urban Outfitters, the corner bodega, the real estate agent always with fresh apartment pictures, and the wine and spirit store owner a master of wine regions with endless adjectives for taste. Then there is the restaurant owner who sold up his Paris restaurant of 16 years and is now in Brooklyn. And don’t be surprised to recognize a face from a movie or TV show. When I these business storefronts I can feel the business owners’ passion, they are doing what they believe in.

Reaching the heart’s desire for the “yacht-less”

Monday, 17 June 2019

One has to trigger that “eureka” moment – “Ah ha, I want this, I’ve got this.”  The question then becomes: How can a financial planner achieve this for you?

Reaching the heart’s desire for the “yacht-less”

Recently I was in Brooklyn giving directions to a friend. Simple directions: “Go west on Atlantic, take the second right and then look for the TD Band on your left.”  My friend understood the directions but the look on his face made me feel that he was not going to get there.  I said to myself, I need to make this meaningful and memorable.  So, I told him, “Go this way, then turn right at Trader Joe’s.”  It was a “eureka” moment as his face lit up and I knew that he would make it to his destination in no time.  That’s what it is like with financial planning--it may not be difficult to give and receive clear and logical instructions, but it doesn’t always mean that someone will get there.  One has to trigger that “eureka” moment – “Ah ha, I want this, I’ve got this.”  The question then becomes: How can a financial planner achieve this for you?

Financial Planning for the “Yacht-less”

Monday, 15 April 2019

Financial Planning Isn’t Only for the Rich

Financial Planning for the “Yacht-less”

How are your finances? If that question makes you want to run screaming into the woods, good news, you're not alone! In fact, Americans, as a people, aren't very good at managing their finances. We've racked up $92 billion in credit card debt as of 2017 and 1 in 4 people report having more credit card debt than savings. We owe $1.5 trillion in student loans. On top of that 55% of people feel lost when it comes to long-term saving and stable financial plans. That adds up to a lot of people wandering the financial landscape lost and ill-prepared for the future. The good news is, this course can be corrected. This article aims to help get even the most confused or debt-laden onto a better financial path. Becoming financially stable is not only good for your bank accounts and bills, but it's also actually good for you - Mind and Body. Being in debt is stressful, it puts strains on relationships, makes it harder to buy homes, change careers, or recover from unforeseen life-events. On top of all that, being stressed about money is bad for overall health. On the flip side, financial security can be beneficial to your overall mental and physical well-being.

Annuities for the “Yacht-less”

Monday, 08 July 2019

Annuities for the “Yacht-less”

There is a lot of advertising for annuities today. Many people feel a little skeptical about these financial products. Be warned: This topic can be a little dry, so let me say at the outset that this blog post is most relevant for those near or in retirement. Here we go: “Are annuities a good idea for you?”

Before we continue, please let me emphasize that I’m a fiduciary fee-only financial advisor, which means I do not receive commissions directly or indirectly on the sale of a financial product. As a fiduciary, I put my client’s needs first, always. Also, this blog post is not a recommendation to buy or sell an annuity; rather, it is an outline of my approach to annuities, and the things to consider when evaluating them. As always, before purchasing any investment or insurance product, be sure to do your own due diligence and consult a properly licensed professional should you have specific questions as they relate to your individual circumstances.

Utilizing Home Equity in Retirement, for the “Yacht-less”

Monday, 17 June 2019

Introduction – A Brooklyn healthcare worker and artist

Utilizing Home Equity in Retirement, for the “Yacht-less”

Let me tell you about a healthcare worker that purchased a three-level walkup in Boerum Hill, Brooklyn in the early 1980s at a cost of $35,000. She wanted an easy commute, was prepared to “deal” with the neighborhood, and she wanted to own and collect some passive income. The property is now worth $4.5 million (that is a CAGR of 14.0%). In the same neighborhood, a couple purchased a similar property primarily so they could afford an art studio, they also experienced enormous growth in their residential property value. In New York City, and no doubt other cities around the country, there are many property owners entering retirement with significant home equity wealth. Your retirement portfolio can be made up of the following - residential equity, deferred tax...

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