Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Rummaging around your stuffed filing cabinet, you come across a stock certificate. A glint of excitement enters as you think about the potential value of this forgotten relic. It is not uncommon to stumble upon an old stock certificate in its physical form. There are steps to take to research if the old stock certificate is worthless or if it is a lottery ticket.
When you think of Arnold Schwarzenegger, visions of his bodybuilding championships, blockbuster movies, and tenure as the governor of California probably come to mind. However, the Austrian-American renaissance man has added another accomplishment to his impressive resume - author. In his book "Be Useful: A Blueprint for Living an Integral Life," Schwarzenegger outlines his philosophy for leading a fulfilling existence by being useful and serving some cause greater than yourself.
Picture this: you stand at the tee box, surveying the undulating terrain ahead with excitement and apprehension. With each club selection and calculated swing, you inch closer to the elusive hole, navigating obstacles and seizing opportunities. Little do you know, every decision you make on the course mirrors the principles of prudent financial management, offering valuable insights into crafting a secure and prosperous future.
We've all been there - stuck at the dinner table with the overly political uncle who's had a few beverages and is ready to dive into the latest headlines and hot-button issues. You know the one: every family gathering turns into a political debate, and you're left navigating a minefield of opinions while trying to enjoy your meal. Whether he's passionately defending his views or eagerly challenging yours, it's hard to escape the tension that hangs in the air. If no one comes to mind, perhaps you're that "uncle"?
After spending 17 years lying dormant underground, a new generation of Brood XIII cicadas will soon emerge across large swaths of the eastern United States. This phenomenon is one of the most remarkable examples of cyclical events in the natural world.
It's fascinating to think that the last time Brood XIII was about to turn in for its 17-year slumber, Steve Jobs introduced the iPhone to the world for the first time. A year later, a mysterious person named Satoshi Nakamoto wrote a paper describing something he called Bitcoin, which began trading for less than a penny.
The story is well-known: if you place a frog into boiling water, it will jump out immediately. But if the frog is put in tepid water that is slowly heated, it will not perceive the impending danger and will eventually be cooked to death. This analogy is a powerful metaphor, cautioning us about the risks posed by gradual changes that go unnoticed—similar to the frog failing to react to the slowly heating water.
This metaphor aptly describes how people often fail to recognize or respond to gradual changes in their environment or circumstances. In financial planning, this concept underscores the importance of regularly monitoring a client's financial status to avoid being metaphorically "cooked."
The fascinating interplay between human decision-making and financial outcomes has long intrigued behavioral economics and psychology scholars. However, research has expanded this inquiry beyond human subjects, delving into the behavior of our primate cousins, specifically Capuchin monkeys. Situated on an island off the coast of Puerto Rico, researchers conducted an experiment seeking insights into economic behaviors, risk psychology, and the recurrence of financial crises in our societies, shedding light on the parallels between monkey behavior and human decision-making processes.
In today's discussion, we embark on the second step of enhancing financial health for pharmaceutical executives: the strategic utilization of non-cash benefits. Led by AnnaMarie Mock, a fee-only certified financial adviser at Highland Financial Advisors, this video aims to shed light on the often underestimated yet impactful facet of compensation packages.
In personal finance, the attraction of cash equivalents for long-term goals has persisted as a seemingly safe and stable investment strategy. Cash equivalents, including savings accounts, money market funds, certificates of deposit (CDs), and Treasury bills, are often viewed as low-risk options that offer liquidity and "preservation of capital." However, the belief that investing primarily in cash equivalents can secure one's financial future in the long term is a myth that should be challenged.
When going through a divorce, there are a million things to think about and plan for - division of assets, child custody arrangements, updating beneficiaries, and more. One aspect often overlooked is what happens to your health insurance and how to manage medical expenses best going forward. This is especially important for divorcees as they will now be managing their own healthcare costs independently rather than on a family plan.
As Wealth Advisors with extensive experience guiding high net-worth families through the intricacies of planning for their transition to retirement, we have witnessed firsthand the evolving dynamics of what it means to retire well. Traditionally, the focus has been on ensuring financial security through wealth accumulation, aiming to cover the expanses of one's lifespan. The traditional definition of "Retirement Planning".
As we’re in the throes of tax season, you may be surprised by the potential tax liability you face. In the realm of tax planning, savvy investors are always on the lookout for strategies to minimize their tax burden while maximizing their charitable contributions. One such strategy gaining traction is donating appreciated stock, funds, and equity compensation. By strategically leveraging these assets for charitable giving, individuals can support causes they care about and reduce their tax liability meaningfully.
As the April 15th tax filing deadline rapidly approaches, so does the 2023 Roth IRA contribution deadline. Roth IRAs are among the most efficient yet under-utilized retirement saving strategies. By saving after-tax money in a retirement account, individuals can enjoy tax-free investment growth and distributions in retirement.
I'm reading Daniel Kahneman's book Thinking, Fast and Slow. Kahneman is the 2002 Nobel Prize-winning psychologist and economist known for his work in behavioral economics. One section of the book discusses how investing can resemble gambling when individuals overestimate their ability to predict market movements, a phenomenon deeply connected to Daniel Kahneman's concepts of the "Illusion of Skill" and "Illusion of Validity." These cognitive biases describe the human tendency to overvalue our ability to make accurate predictions or decisions in situations where chance plays a significant role or the information is unreliable.
Sarah, a savvy pharmaceutical executive, has accumulated Non-Qualified Stock Options (NQSOs) and Restricted Stock Units (RSUs) as part of her compensation package. Sarah had always been meticulous with her finances and records of her stock option grants, exercise dates, and the fair market values at the time of exercise. As her stock compensation vested over the years, she knew proper tax reporting was crucial to avoid any IRS headaches.
In this video, Joe Goldy from Highland Financial Advisors discusses the significance of cash flow as a critical tool in financial planning, emphasizing its universal application for all clients, particularly divorcees. He distinguishes cash flow from a budget and outlines its three main benefits: providing peace of mind by showing clear income and expenses, being a reusable tool for various financial scenarios, and aiding divorcees in accurately filling out the Case Information Statement.
