You’ve probably heard stories about large companies having their data hacked. These thieves steal customer and employee information like name, address and Social Security numbers. A while ago one of our clients who works for a large company was notified by their employer that they in fact had been hacked. Several months went by with nothing happening so they thought they had dodged a bullet.
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Even after the financial crisis of 2008 retirees continue to be victims of lies and myths of Wall Street and the financial media. So-called gurus and experts manipulate statistics to convince you-not educate you-that if you don’t invest the way they suggest you are in great danger of outliving your money. Here are two popular myths you should ignore if you want to protect your nest egg.
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I believe in spending time doing the things I enjoy doing. I’d rather seek professional help with activities that I dislike and am not an expert at. Many people don’t realize they can employ the services of an automobile broker to purchase a late model or low mileage car, often at tremendous savings, over what it would cost to buy a new car. Buying a new car can be very intimidating and as a result, most people purchase a new car with little or no preparation. Walking into a new car dealership can be a very scary experience if you don’t know what you’re doing.
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One of the worst things that can happen to you if you live in Florida is to have your air conditioning go out during the middle of summer. Often times this means you have the unexpected surprise of having to replace your entire system, which could run anywhere from $3,000 to $5,000. Or, maybe you’re retired and some of your income is coming from rental properties, and then, horror of all horrors, your tenant stops paying rent. Or, you have unexpected repairs to perform on the rental property which will eat up most, if not all, of your rental income. These are just a couple of examples of why it is so critically important to have a rainy day, emergency reserve fund. You may wonder how much you should have in your emergency fund and where you should put the money? Here are 3 tips to guide you.
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Why would a financial planner who specializes in retirement planning be telling you that financial plans are useless?
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