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Smart Money: 2023 financial planning opportunities for small business owners
Many business owners are happy to put 2022 in the rearview mirror with surging inflation, higher interest rates, slowing global growth, stubborn supply chain bottlenecks, a tight labor market and the war in Ukraine contributing to elevated levels of uncertainty. As you plan for 2023, it’s important to understand the potential challenges you may face in the year ahead and consider four key financial planning strategies to stay on track. Vistage Worldwide, a CEO coaching and peer advisory organization, reported little quarterly change in their Fourth Quarter 2022 CEO Confidence Index.(1) (The index began in 2003; Each quarter, CEOs are asked a list of questions, and the first six are…
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Financial planning: A critical component to managing personal and small business finances | Business
Financial planning is always an important aspect of managing personal and small business finances. However, during periods of increasing interest rates, it becomes even more critical to have a well thought out plan in place. We all know interest rates are increasing, but what does that mean for us in Santa Maria? Interest rates are the cost of borrowing money and the return on saving money. When interest rates increase, the cost of borrowing money goes up, making loans and credit card debt more expensive. On the other hand, interest earned on savings accounts and other investments will also increase, providing better returns. Individuals should begin by assessing their current…
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Human First: The Rise of FinPsych, Financial Therapy and Life Planning
Before Cristina Livadary co-founded her advisory firm in 2018, she spent ten years on the fund distribution side as a wholesaler. She met many advisors and was, at times, struck by how little those advisors knew about, or empathized with, their clients’ broader lives. Not simply their spouses and children, or their occupations, but what kind of people they were; what really drove them to make the decisions they did around their financial plans. The issue hit home when a mentor in asset management died suddenly of a heart attack, and his wife said she was so enveloped by grief that she had no idea how to handle their finances.…
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When Estate Planning, Don’t Let Mistakes Thwart Your Wishes
When someone has trained and worked in a profession for many years, it becomes too easy for them to assume that everyone else also understands the fundamentals of their field. An auto mechanic may think it’s common knowledge that a car’s oil should be changed regularly and what will happen if it’s not. An electrician may assume that everyone knows the necessity of having a proper ground connection when replacing an outlet or fixture. Estate planning attorneys and financial planning professionals are often, sadly, no different. It is all too easy to assume that our clients know what we consider to be basic knowledge about wills — such as what…
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Is Financial Planning As Good As Couples Therapy?
“This has been more helpful than couples therapy!” is something that good financial advisors will inevitably hear in their work with couples. It’s a powerful testimony, and it shouldn’t come as a surprise with more than 50{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of marriages ending in divorce and most of those citing “disagreements over money” as the chief reason for the split. Therefore, if you can help couples manage money better, it only stands to reason that more marriages will be preserved and fewer dollars will be spent litigating breakups, the combination of which leads to greater household wealth, health, and happiness. Couples And Money getty But the benefits couples can derive from financial planning…
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Financial advisor launches planning retreats in Bali and Colombia
A financial advisor who has visited 50 countries as a frequent tourist and former Olympian launched getaway retreats for women that mix planning with travel to Bali and Colombia. Lauryn Williams, who was the first American woman to win medals at both the Summer and Winter Games before she became a certified financial planner and launched Dallas-based Worth Winning, came up with the idea for the retreats last year. “Everybody wants to travel and I love to travel as well,” she explained in an interview. Planner Lauryn Williams is the founder of Dallas-based Worth Winning.Lauryn Williams Williams has capped her advisory practice at 26 clients, although the retreats are an…
