Life Planning

What are the Critical Estate Planning Documents for Every Dental Practice Owner? | Ep. 5

What are the Critical Estate Planning Documents for Every Dental Practice Owner? | Ep. 5

In today's video, Certified Financial Planner™ Ed Leach delves into a crucial yet often overlooked aspect of estate planning for dental practice owners. For both your personal and business life, ensuring the correct legal documents are in place with updated beneficiaries is essential. This video will provide a quick overview of all the estate planning documents and their purpose for your financial health. 

How Can C.O.W. Help Your Estate Plan?

How Can C.O.W. Help Your Estate Plan?

Updating estate documents is crucial because it ensures that your wishes are accurately reflected and legally honored as your life circumstances change. Imagine the birth of a new child, a marriage, a divorce, or the windfall of significant assets. These events can dramatically alter your intentions regarding who should inherit your belongings and how it's managed.

Retirement Plan Options for Business Owners: SEP IRA, Simple IRA, 401(k), and Defined Benefit Cash Balance Plans

Retirement Plan Options for Business Owners: SEP IRA, Simple IRA, 401(k), and Defined Benefit Cash Balance Plans

As a business owner, planning for retirement is crucial not only for securing your future but also for attracting and retaining top talent. With various retirement plan options available, it can be challenging to determine which one best suits your needs and the needs of your employees. In this article, we'll explore four popular retirement plans, SEP IRA, SIMPLE IRA, 401(k), and Defined Benefit Cash Balance Plans, to help you make an informed decision.

Eating for Immunity - The Nutritional Investment Strategy

Eating for Immunity - The Nutritional Investment Strategy

Your health is your greatest wealth – a principle that rings true figuratively and literally. Just as prudent financial planning and investing safeguard your long-term financial well-being, a nutritious diet is crucial for fortifying your physical health and averting the debilitating effects of autoimmune diseases. 

When Can Investing Resemble Gambling?

When Can Investing Resemble Gambling?

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.

The Importance of Cash Flow in Financial Planning

The Importance of Cash Flow in Financial Planning

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.

Why Stock Valuations Are Not Predictive of Future Portfolio Returns

Why Stock Valuations Are Not Predictive of Future Portfolio Returns

Financial markets are complex and unpredictable. Valuation metrics, such as price-to-earnings (P/E) ratios, enterprise value-to-EBITDA, and the price-to-book (P/B) ratio, have traditionally been seen as indicators of a stock's intrinsic worth and, by some, predictors of future returns. However, the belief that valuations can reliably forecast future markets deserves a deeper investigation into why they may not serve as a crystal ball for investors. 

3 Reasons Every High Net-Worth Family Should Fund a Health Savings Account

3 Reasons Every High Net-Worth Family Should Fund a Health Savings Account

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.

Family Goal Setting: "The Three Questions Every Frantic Family Should Ask." [Book]

Family Goal Setting: "The Three Questions Every Frantic Family Should Ask." [Book]

"The Three Questions Every Frantic Family Should Ask" is a book by Patrick Lencioni, a renowned author, speaker, and consultant on organizational health. The book aims to help families overcome the stress and anxiety of modern-day family life. Lencioni draws from his extensive experience in organizational health to provide practical insights and tools that families can use to build healthier relationships, communicate better, and achieve greater success in their personal and professional lives. 

Are you concerned about being laid off in the life science industry?

Are you concerned about being laid off in the life science industry?

Pandemic investments and the continuation of gene therapy spurred the growth of companies in recent years. Still, these same companies are feeling the pinch due to growing economic uncertainty. Life sciences do better than other industries during economic and market drawdowns, but it is not immune to global influences.

A Psychotherapist's Insight into what Really Drives Financial Decisions

A Psychotherapist's Insight into what Really Drives Financial Decisions

A few years ago, I remembered having a conversation with a divorced client that stuck with me. The client struggled to decide whether to keep or sell the marital home after her finalized divorce. Although she asked the right questions and thoroughly understood the numbers, I could tell emotions guided her decision-making, not logic.

Lifestyle Changes for Newly Independent People

Lifestyle Changes for Newly Independent People

Following a significant life event, such as divorce or the loss of a spouse, people face a common question: How will being newly independent affect my family's lifestyle? During this financially delicate period, a decrease in household income, the ability to remain in the family home, and the long-term impact on a person's retirement plan are all top of mind.

Five Financial Tips to Live By

Five Financial Tips to Live By

There seems to be a list of five things for anything you can think of to improve your odds of success. Pareto’s Principle (the 80/20 rule) states that 80% of the results will typically come from 20% of the cause. If a list of five things can truly make a difference in your life, that is an excellent return on your behavior.

Discussing Money With Your Significant Other

Discussing Money With Your Significant Other

What better time than Valentine’s Day to discuss the finer points of managing money once two people decide to become a couple? Whether you are newlyweds or simply choosing to join forces financially with the love of your life, there are some essential issues couples will need to discuss.

Social Security and Medicare Changes for 2022

Social Security and Medicare Changes for 2022

The new year has begun, and with it come changes to monthly benefits and costs for Social Security and Medicare. On the positive side, Social Security recipients will see a 5.9% cost-of-living increase in their benefits, the largest since Ronald Reagan was President. Unfortunately, due to various factors, Medicare is also experiencing the most significant increase in Part B and D premiums in the program’s history.

Do We Want to Put This F.I.R.E. Out? Part 3

Do We Want to Put This F.I.R.E. Out? Part 3

In Part 1 of F.I.R.E., we explored the meaning behind the movement and the different variations, while Part 2 of F.I.R.E. provided some context on common misconceptions. With that backdrop, we are going to outline how to quantify your definition of F.I.R.E.