Money & Your Life

Long-term care insurance can fill a void

Dan Serra — Fri, 24 Jul 2009 21:22:56 +0000

Insurance is all about protecting what we have from disaster – accidents, death, disability are just a few things we insure against. But as we age, planning to have protection to pay for our care is something not as many people do. Having to pay for medical care in retirement or a nursing home is enough to wipe out savings. But it can be avoided with the addition of a long-term care policy. READ FULL ARTICLE

Key to retirement for couples: Be on same page

Dan Serra — Tue, 30 Jun 2009 17:05:59 +0000

Being married is all about sharing love, time, family – and money. But according to a survey by Fidelity Investments, it’s not always that way. Fidelity asked 500 couples age 45 and over about retirement and how much they agreed with their spouse on what will happen when the day comes to stop working. You might guess accurately what the results were – not a lot of couples agreed. READ FULL ARTICLE

Stimulus scams seek your money

Dan Serra — Sat, 11 Apr 2009 02:24:48 +0000

The federal government’s solution to pull us out of recession is to kick-start the economy through stimulus programs. But the belief that government will come to the rescue might be setting up consumers for rip-offs and fraudulent schemes designed to take money out of your pocket. READ FULL ARTICLE

Tapping retirement plan for temporary funds carries huge risks

Dan Serra — Fri, 27 Mar 2009 20:58:15 +0000

In times where a job loss or emergency expense create a need for finding sources of income to pay the bills, one method that may help fill the temporary gap is borrowing from your retirement plan. However, this comes at the consequence of robbing your future so should only be considered for desperate measures. READ FULL ARTICLE

Tips to save money and build savings

Dan Serra — Tue, 17 Mar 2009 13:57:18 +0000

The savings rate in America as measured by the government has been zero or negative for years until now. The recession has been the wake-up call.

That savings rate is now 5 percent compared with a 0.1 percent rate a year ago—thanks largely to reduced spending.

It’s easier to increase spending than reduce spending, so Americans have been truly burdened. If you are needing to boost your savings and cut your spending, BillShrink.com has these tips: READ FULL ARTICLE

Thoughtful actions balance emotional reactions

Dan Serra — Sun, 08 Mar 2009 04:39:53 +0000

A plethora of academic research has been conducted to determine rational patterns of which investments will provide optimal portfolios and returns. However, one area of research that is often ignored in these studies is how the human brain reacts to money and throws off the research. These reactions from the brain can prove detrimental to financial well-being.

The human brain is wired to react emotionally to all events before it begins to think logically. Advertisers are aware of this in order to make a product more appealing because humans base their decisions on desire. The wants over the needs makes investors often base a decision on feelings that arouse emotions, and often that feeling can take precedence even if in the face of suffering a financial shortfall. READ FULL ARTICLE

Dealing with change

Dan Serra — Thu, 04 Dec 2008 15:35:52 +0000

Hard to believe the holidays are here and another year gone by. It’s been a year of drastic change for many with the recession and quaking stock market. I hope you are weathering the storm. I like to be positive and thankful in times like these even when I’ve gone through quite a change in the past year. I’ve gone from a mild mannered newspaper guy to a financial planner, from a comfortable home to temporary housing in a new city, from one toddler to two. It’s change like this that reminds us to constantly be ready for change in our lives, usually change someone or something makes for us and sometimes good and sometime bad. Luckily, I like to plan for changes, and maybe that’s why I enjoy being a financial planner.

The forecast on Obama

Dan Serra — Mon, 17 Nov 2008 19:10:35 +0000

When Barack Obama was preaching the message of “change” during his campaign, some of those changes included income taxes and how we invest our money. Now that he will be our next president, that change is more likely to happen. Depending on your situation, change could be good or bad for your net worth.

Here’s my take on a few changes we could see: http://www.bnd.com/business/story/545546.html

Go with the flow

Dan Serra — Fri, 14 Nov 2008 17:53:35 +0000

Everyone’s down about losing money in the market, but if you’ve gone with the flow your losses are not as bad. Investors who hire investment managers to actively pick stocks for a portfolio have lost more money than those who just buy an index, according to Standard & Poor’s recent report. The S&P 500 outperfomed 69% of active funds for the past five years. Its indicies for midcap outperformed 76% of actively managed mid-cap funds and its small-cap 78%. This is further proof on how hard it is to beat the market. In addition, index funds cost less, thereby giving you a little headstart in better returns. If you’re not working with an advisor who uses index funds, you’re getting too emotionally involved.

Cheer up – your taxes can be lower

Dan Serra — Tue, 11 Nov 2008 15:43:34 +0000

No one likes to see his investment portfolio tumble, but the downfall is not all bad news. The lower stock prices provide an opportunity for saving on income taxes come April 15 and beyond. Usually we think of strategies to prevent us from paying taxes on higher incomes when the markets are doing well or our job is paying well. It actually works both ways. So if you’re depressed over losing money, cheer up. Here are ways you can use those losses to your benefit. .. READ FULL ARTICLE