Word: planner
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Dates: during 1990-1999
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...jobs and weighing expensive purchases. The goals are to make both the family's day-to-day life easier and the child's financial future more stable. "Every parent hopes they'll raise a money-savvy kid, who'll grow up to be a financially secure adult," says financial planner Peg Eddy. The trick, say Eddy and most experts, is letting kids learn by having a little money of their...
Taking the time to talk to your kids about money is the best way to head off trouble. "Families should sit down and discuss this before consumer messages win out in a kid's mind," planner Peg Eddy says. "That means early, probably around age four or five." Parents should explain to young children that there is a house to live in and toys to play with because Mommy and Daddy work and save money. As children get older, parents may discuss more specific issues, like saving for education, giving money to charity and budgeting for holiday or back...
Another important preliminary condition for plunging into a new life is self-awareness. "Be honest with yourself," says Robert Wacker, a San Luis Obispo, Calif., financial planner who worked with Cotton. "Are you the kind of person who wants to travel to Europe after retiring, or would a trip to the lake to fish be enough...
...able to live off 4% of your assets, says Ray Russolillo, director of personal financial services with PricewaterhouseCoopers in New York. About a year before you retire, you may want to switch some of your portfolio to more conservative investments, says Paul Westbrook, a Ridgewood, N.J., financial planner. Total up your annual personal expenses--such as rent or mortgage, utilities, food, health insurance, clothes, car, entertainment--and plan to have liquid assets--such as Treasury bills and money-market mutual funds--available to cover three years' worth of those demands, Chasnoff recommends...
...good help, but keep in mind that any outside expertise you seek doesn't come free. Depending upon the complexity of your portfolio, a basic financial plan will run between $500 and $3,000, according to NAPFA. If you want your assets managed on an ongoing basis, the financial planner will charge an additional 1% or so of the total assets. Many in the financial-planning industry consider fee-only planners, who do not receive commissions on investments they recommend, to be the most objective in their suggestions...