How Forethought and Planning Can Give You the Retirement of Your Dreams
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 09 November 2020
The following article is based on the content covered in my book, Flourish Financially: Values, Transitions, and Big Conversations. If you’d like to read more, you may purchase a copy here.
The great retirement paradox is that there is so much time, and yet so very little of it. Yes, we are living longer, healthier lives, yet at some point, it will come to an end. So, what do we do with this new chapter of life that may last another twenty or thirty years? While that thirty-year horizon is full of possibilities, it can also be daunting and full of questions: Did I save enough? How will I spend my time? Where will I live? What kind of legacy will I leave?
Answering these questions will help you begin to identify your ideal retirement lifestyle and shed light on what steps you need to take to build it.
Strategies for moving through your current life transition
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 19 October 2020
The following article is based on the content covered in my book, Flourish Financially: Values, Transitions, and Big Conversations. If you’d like to read more, you may purchase a copy here.
In our line of work, we meet and help many people who are in the midst of experiencing big changes in their career, family, or lifestyle. We refer to these changes as life transitions, and they come in many forms. Whether your transition is due to the sale of a business, the loss of a spouse, a painful divorce, the receipt of an inheritance, or a combination of several transitions, it is often a difficult and challenging time that leads to much stress.
Below, we’ll discuss three ways to successfully move through a difficult transition, as well as six coping mechanisms to help you manage that inevitable transitional stress.
Face Money Topics Head-On to Accomplish Your Family Financial Goals
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 21 September 2020
Do families and finances strike you as two words that don’t belong together? If so, you’re not alone. Money is a topic people often avoid discussing with family members – and even with their spouse or partner. It could be because they find it confusing or overwhelming, or because it often leads to disagreements and bad feelings. The fact that personal finance isn’t taught in most schools can also lead people to believe it’s not important.
All of these things are true: money is a charged topic that can leave us feeling confused, overwhelmed, or even angry, and most of us aren’t educated enough about money topics. Yet, these are the exact same reasons it is crucial to maintain open communication about financial issues within your family. Avoiding or ignoring this very real element of family life only sets you up for failure, whereas talking openly with your spouse and children is the best way to accomplish your financial and life goals together.
Below, we’ll discuss why you should consider finances a family affair, and why communication is the foundation of any family’s financial success.
It's Important to Consider Financial Matters Before Making this Big Decision
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 24 August 2020
If you’ve got a teen thinking about college, chances are they’re more focused on details like dorm room size and meal plan options than the cost of tuition and fees. Of course, you want your kids to choose a college experience that they’re excited about, but it’s important to remember the financial impact, too. If you’ll be helping with college costs, you certainly have a stake in the discussion. If your child will be relying on student loans, start a conversation about the realities of debt so that they truly understand how much college costs could affect them many years after graduation. While cost certainly isn’t the only factor to consider when choosing a college, it’s not one that can be ignored either.
Don’t Let Money Come Between You and the Person You Love
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 27 July 2020
Relationships, by nature, are fraught with challenges. Busy schedules often mean not spending enough time together, silly arguments about who should do the dishes can build to resentment over time, and jealousy or control issues permeate many relationships. When you add in difficulties related to in-laws or infidelity, things become even more complex.
Despite all these potential troubles, the biggest relationship roadblocks tend to be related to money. Financial disagreements can sink a relationship quickly, so it’s important to go be proactive and work together with your partner to avoid the most common money-related relationship mistakes.
Lose Your ‘Right or Wrong’ Mindset
Perhaps the biggest mistake you and your partner can make is to approach your financial disagreements from a “right or wrong” mindset. You know the one that tells you one of you must be right and the other must be wrong? This type of framework is common since more than 70 percent of individuals have money management styles that are different from their partner’s, but it’s also incredibly destructive.
