FiGuide

When to File Your Own Taxes or When to Hire a Professional

Curtis A Smith, CFP® — Tue, 09 Mar 2010 17:00:00 +0000

Tax deadline is April 15, so if you haven’t begun gathering your annual tax records it’s time to do so. Every year, however, people’s lives change – they buy and sell houses and move, they take new jobs, have kids, buy and sell stock. Those and dozens more reasons might give you cause to hire a tax preparer.[...]

Tax Preparer Beware – The One Feature To Avoid

John A. Kvale, CFA, CFP® — Tue, 09 Mar 2010 12:20:13 +0000

The proliferation of tax software along with free electronic services that complete US Tax returns has been on a tear over the last several years. In an outstanding article from the New York Times , pointed out to me yesterday by clients who dropped by the office, states an important point, “Trust but Verify” especially when downloading transactions directly from statement vendors.[...]

Investment Pornography, Part 1

Roger Streit, CFP® — Tue, 09 Mar 2010 11:02:14 +0000

Caught your attention, didn’t I? Please don’t be offended by the title of this post, and please don’t snigger over it. This is serious business, after all. Also called “Financial Pornography,” investment pornography consists of (1) alluring magazine cover headlines promising juicy riches, (2) articles featuring exciting ways to capitalize on supposed opportunities and (3) outlandish claims and predictions that may, in fact, be bad for your financial health. Finally, it has no redeeming value whatsoever (except that it is good for a laugh). When I go to conferences held by Dimensional Fund Advisors, one of the best run and most respected mutual fund companies, the lecture known affectionately as “Investment Pornography” generally gets the most attention and the most nodding heads of recognition. The presentation consists of articles from popular finance magazines followed by a quick analysis of what actually happened. Punchline: They were spectacularly wrong, time and time again.[...]

The Funnel Approach to Investment Management

Lon Jefferies, MBA — Tue, 09 Mar 2010 03:52:20 +0000

One of the major components of a financial plan is a complete, objective analysis of your investment portfolio. Note, an portfolio analysis is only one element of a comprehensive financial plan. If your financial advisor presents you with a review of your investments but not a retirement, insurance, estate, and tax analysis, you do not have a truly comprehensive financial plan.[...]

Are You Expecting Too Much From Your Investments?

Tom Posey, CFP®, J.D., AAMS — Mon, 08 Mar 2010 16:14:00 +0000

I ended my last blog by referencing an interesting study that demonstrated we humans tend to err on the side of optimism in our lives. Generally, a positive outlook is good for you. It’s probably helped many parents raise their teenaged children to adulthood, for example, without changing the locks on them even once. But when it comes to expected returns on your investments, it’s best to be as realistic as possible.[...]

The File and Suspend Tactic for Social Security Benefits

Jim Blankenship, CFP®, EA — Mon, 08 Mar 2010 12:04:03 +0000

This is another provision of the Social Security system that is filed under the “Little Known Facts” section – although it is becoming more known these days. How it works and what’s important about it is the subject of this article. Any worker can establish a benefit amount by applying at any time after age 62 – but he or she doesn’t have to continue receiving that benefit. The worker can immediately suspend the receipt of benefits, so that seemingly the application is moot. However, what this has done is establish a “base” for the worker’s spouse to begin receiving benefits based upon that amount.[...]

The Cost of Aging Parents

Lea Ann Knight, CFP® — Mon, 08 Mar 2010 03:50:47 +0000

When we were 18, our parents couldn't wait to get us out of the house. But at 81, those same parents are needing us to move back in. For more and more mid-career adults, the retirement picture is starting to include care for one or more aging parents. And very few people are planning for this when they envision their own retirement. According to the US Department of Agriculture (not sure why THEY were doing this survey, but so be it) it costs the average household approximately $15,000 per year to house, feed & clothe a healthy, active 17-year-old. So imagine what the cost might be to house, feed, clothe, bathe, drive and medicate a frail parent. Are you adding at least $15,000 a year to your projected annual expenses in retirement?[...]

The Benefits of Your Mortgage

Troy Von Haefen, CFP® — Fri, 05 Mar 2010 19:32:00 +0000

The recent downturn in the economy has spurred financial scrutiny in personal spending and savings. Most families have taken a closer look at their income versus expenses as well as savings versus debt to see how they can weather the financial storm. A...

The Amazing Historical Stock Market Rebounds

Curtis A Smith, CFP® — Fri, 05 Mar 2010 17:30:00 +0000

You might be surprised at how fast the stock market can change … for the better. Let’s look at how the market has recovered remarkably – and quickly – from some notable downturns.

2008-2009.

IRAs Do Not Pass Through Your Will

Jim Blankenship, CFP®, EA — Thu, 04 Mar 2010 12:53:42 +0000

Here’s a little fact that you may not realize: when you assign a beneficiary for your IRA account, you are effectively bypassing any outside action against that account – assuming that the beneficiary assigned is appropriate. For most assets that you own, when you pass away, your last will and testament determines who will receive the assets. You may want to make sure that your daughter gets the heirloom china set, and you son receives the antique car, among other things – so you direct these wishes through your will.[...]