Financial Planning: The Substance Beneath the Froth

What Is a Financial Plan? Financial planning itself is not new, or even very exciting. Well-run businesses have been practicing this common-sense activity since the dawn of the capitalist era. What is new is the application of sound financial management techniques to personal as well as business affairs. Systematic personal financial planning involves considering one’s…

 

The Art of Creating an Investment Policy Statement

This week’s AAII Weekly Digest highlights these “must-read” AAII articles:   The Art of Creating an Investment Policy Statement To build the nest egg you will need for retirement requires discipline and patience. You must treat your personal income and expenses like a business. Typically, this involves having a financial plan that incorporates short-, mid-…

 

Steps to Take Now for When It’s Time to Transfer Financial Decision-Making

This week’s AAII Weekly Digest highlights these “must-read” AAII articles:   Creating and Following a Real Financial Plan Understanding why money is important can create a framework for making better financial decisions in the future. Carl Richards, a certified financial planner, director of investor education for the BAM Alliance, and creator of the Sketch Guy…

 

Creating and Following a Real Financial Plan

Carl Richards is a certified financial planner, director of investor education for the BAM Alliance, and creator of the weekly Sketch Guy column at The New York Times. He spoke to AAII about the benefits of having an easy-to-follow financial plan. Could you explain what a financial plan should be? Most people have a conceptual…

 

Time to Start Planning Your Financial New Year’s Resolutions

As the calendar draws to a close on 2015, many of us will participate in an age-old tradition: drafting our New Year’s resolutions. The other tradition is to abandon those resolutions within the first few weeks of the New Year, or even sooner. However, a data from Fidelity Investment’s New Year’s Resolutions study shows that…

 

A Mortal Sin of Retirement Planning: Procrastination

Putting off until tomorrow is jeopardizing many Americans’ retirements. According to a new survey from Bank of America and Merrill Edge, Americans are procrastinating when it comes to saving for retirement, even though the majority had set a 2015 goal of saving for retirement. According to the latest Merrill Edge Report, 59% of the 1,000 respondents…

 

Millennials and Retirement Planning

In a CNBC commentary, Evan Kirkpatrick, founder and chief executive of Wendell Charles Financial, discusses what millennials need to know about retirement planning. As of the first quarter of 2015, according to the Pew Research Center, millennials are now the largest generation in the U.S. labor force. With the explosion of “FinTech,” Kirkpatrick points out that millennials…