Archive for December, 2010

Money Management For Senior Citizens

December 10th, 2010

Senior CitizensThe idea of having that luxurious retirement is enticing to us all. It’s also hard work, as many of us tend to live for today and not for tomorrow. For some senior citizens, the idea of retiring comfortably doesn’t become reality until they actually retire – and that can be a time where financial assistance is still a priority.

Money management can be an issue whether you’re 17 or 70. Here are some helpful tips for senior citizens to make and maintain that nest egg you’ve always wanted:

  • Get a financial planner: If you don’t know where to start, financial planners exist for a reason. First and foremost, meet with a professional – and treat it as if it’s an interview. If you feel you need to speak with three or four representatives, then so be it. Keep in mind that your financial planner will be the person who is assisting you manage your money. That’s important.
  • Budget, budget, budget: A lot of seniors live on fixed income, so budgeting is a huge ordeal. Make the budget stick, and do not live outside your means. It’s always good to have money left over at the end of the week where you can put it away for a rainy day.
  • Don’t touch the credit card: People think it’s only the younger crowd that has credit card issues. Finance charges know no age, and they will sneak up on senior citizens just as fast as college students. The last thing you want are ridiculous interest rates to worry about.
  • Be you, not “a grandparent”: This one may rub some senior citizens the wrong way, but in order to budget, you have to take care of yourself first, your grandchildren second. Many grandparents want to give their last dollar to a grandchild that’s only going to buy candy or something else that isn’t totally necessary. Also, you cannot be the financial go-to person in every situation for someone who doesn’t manage money well.

There are plenty of tips that can help all senior citizens manage their money and live comfortably. Let our financial advisors in Fort Worth TX assist you with all of your financial needs. Call us today, or contact us online for more information.

Defining Stocks and Bonds

December 2nd, 2010

Stocks and BondsHow often have you heard the term “stocks and bonds” in conversation and just let it pass?

It’s amazing how often we hear words but we don’t quite understand them. We all have heard about stocks and bonds one way or the other, whether it’s on TV, on the radio or via the Internet. Ironically, a large majority of those same people wouldn’t know how to purchase either, let alone explain the difference in the two.

Stocks, simply put, are shares of a company. These companies sell stocks as a business capital fund-raiser of sorts.  A stock is offered to an investor, making that person a partial owner of the company. Bonds basically are large loans borrowed by companies. It is a formal contract issued by the government or a company to repay borrowed money with interest in a specified amount of time.

Both stocks and bonds are securities, which are instruments that represent some form of financial value. A mortgage (for you first-time homeowners) is a security. Stock can be purchased through a stock broker or via online.

Stocks and bonds can really become an intriguing discussion once you know the jargon and once you familiarize yourself with the actual process. Our financial planning professionals in Fort Worth TX will be more than happy to assist you with additional information. Call us, or contact us online for details.