Infuriating. Insurance salesperson poses as a “financial advisor”, gives a “plan”, uses it to sell unwanted product. THIS is why we need a fiduciary standard. “r/personalfinance – My husband and I are idiots. We’ve been bamboozled by a financial advisor.” https://t.co/5dhE6lNfkg — MichaelKitces (@MichaelKitces) June 3, 2018 Earlier this week Michael Kitces shared a Reddit thread highlighting a couple who…
Category: Insurance
An Important Post About Life Insurance
Yesterday my wife and I were discussing an unfortunate situation where the death of the main income provider left a family struggling financially. I explained how it made me sick to think about a family not only having to grieve the loss of a loved one, but also having the stress of figuring out how to move forward without the…
More Insurers Leave the Indiana Marketplace
If you are a Hoosier relying on the Marketplace, created by the Affordable Health Care Act, for your health insurance, take note: two more insurers announced they would be leaving the Marketplace for 2018; both Anthem and MDwise will be absent from the Marketplace next year. If you currently have a plan with either carrier, you will remain covered through the…
Vlog: Life Insurance Through Your Employer
With the exception of not having a will, inadequate life insurance is one of the most common “mistakes” I see when meeting with young families. Understandably, no one wants to have the conversation surrounding life insurance, and too often there is a false sense of security because of the life insurance coverage provided by employers. For my first video blog, aka…
An Alternative to Traditional Health Insurance
Today we start with a disclaimer: This post is intended to educate readers about an alternative option to traditional health insurance, and it is not a recommendation. CONSULT YOUR FINANCIAL ADVISOR, OR OTHER FINANCIAL PROFESSIONAL, TO DETERMINE IF THESE ALTERNATIVES ARE A GOOD FIT FOR YOU. It’s November, which means it’s open enrollment for health insurance coverage in 2017. And…
Organizing Your Financial Plan
Once you have your financial plan, it’s important to make sure the components of the plan, i.e. insurance documents, investment accounts, estate planning documents, etc., are organized. Sure, you may know where everything is located, but does your spouse? If someone else had to locate the components of your plan, could they? How difficult would it be? I recommend keeping…
Health Insurance Premiums Going Up, in 20-17
Hopefully, you read the title as if you were singing ILoveMakonnen’s “Tuesday”! Today was supposed to get off to a great start…it’s National Donut Day. But, the first article I read on Twitter put a bit of a damper on the national holiday. It is a national holiday, right? According to an article by a local news station, Anthem is predicting…
Protecting Your Most Valuable Asset
What’s your most valuable asset? Your 401(k)? Your home? Guess again. While these two assets typically dominate most Millennials’ assets section on a net worth statement, there is an asset that is more valuable than both–your income. Without your income, there is no 401(k) and no home; your income provides for your family, allows you to save for the future,…
Whole Life Insurance: Financial Planning Red Flag #1
I recently met with an ambitious 20 year old looking to make sure she was building a sound foundation for her finances. As we talked about her goals, financial situation, and savings I learned that she has been sold a whole life insurance policy–financial planning red flag #1–after meeting with a friend just getting started in the business. For those not…
Neglected Areas of Millennials’ Financial Plans
Quick, what’s the first topic you think of when you hear “Financial Advisor”? Investments? Retirement? It’s not uncommon to meet with a new client, and the first topic of conversation is the stock market, their investments, or something related to retirement planning. While I spend a significant part of my time analyzing investments and developing retirement plans, those are…