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Archive for the ‘Investment Planning Tips’ Category

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.

Which IRA is Best: Traditional or Roth?

November 19th, 2010

Whether you’re 17 or 70, there’s nothing wrong with thinking about retirement and primary investment retirement vehicles. An individual retirement account (IRA) can make your retirement a lot more relaxing financially. IRAs offer a way to save money for retirees while earning major tax benefits in the process. They provide tax advantages while saving.

Perhaps the two most common IRAs are the traditional IRA and the Roth IRA. Both offer excellent opportunities when it comes to tax benefits. Both also have specific advantages, depending on the person and his or her financial situation.

The real difference between the two involves the option of paying taxes now versus paying taxes later. Lots of people want to pay taxes up front so they won’t have to worry about it in the future – and also not worry about which tax bracket they’ll be in upon retirement.

With traditional IRAs, tax-deductible contributions are available depending on a person’s level of income. With Roth IRAs, there are no tax-deductible contributions. With Roth IRAs, you can take money out at any given opportunity without a tax penalty. With traditional IRAs, withdraws can occur for individuals at age 59 ½ and can be considered mandatory at age 70 ½.

While some like traditional IRAs, others are more comfortable with Roth IRAs. It all depends on you.

There are plenty of similarities and differences between the two, and our investment advisors in Fort Worth TX will be more than happy to assist you with your questions about IRAs or investment retirement. Call us today, or contact us online for more information.

Train Your Kids, Early and Often

November 8th, 2010

I’m sure we all have sat back, looked at our current financial states and said, “If I could do it all over again …”

Many of us who say that are now parents of young children, and the last thing we want is for our children to make the same mistakes that we did. Let’s be honest with ourselves, a lot of those mistakes were financial.

In order to make sure our children don’t repeat history, here are a couple of tips you can offer to them (and they are worded accordingly). Even if they are 10 or 11 years old, these tips can be very beneficial as they mature.

Take out the trash: When you see those pieces of credit card junk mail come through your mailbox, throw them away immediately. The last thing you need to worry about is a card that will give you 6 % APR for a couple months and then 25 % APR for the rest of your life.

Don’t touch the piggy bank: In other words, try to maintain a stable account, one that doesn’t have to be dipped in every other week (or day). Treat it as if it’s the emergency fund for your emergency fund.

Eat your food: By “your food,” we mean the healthy food that YOU purchased at the grocery store. You don’t need to buy a pizza or visit the local burger chain every day or every other day. Save that junk-food money and put it away for a rainy day.

Do your homework: Even though you receive advice here and there from everyone, it’s never a bad idea to do financial restoration research on your own. This, in addition to re-emphasizing important facts, also gives children a sense of achievement and teaches self-satisfaction and self-motivation.

Our financial planning professionals at Robinson Wealth Management Group are here for you for all money-saving questions – no matter what the age is. Feel free to contact us for more information.

The Changing World of Retirement Planning

August 26th, 2010

If you’ve tuned in to any news program over the past year or two, you’ve probably noticed that our economy is changing. Our Fort Worth Wealth Management Group can help provide you with a custom-tailored plan to suit your needs, but here are the basics.

If you’re receiving Social Security, you are likely aware that the government is paying out more benefits than they’re receiving. By 2037, Social Security will be exhausted and beneficiaries will begin receiving only about three-quarters of what they should be, barring any Social Security reform. When Social Security was instituted in 1935, the life expectancy was 62; that’s not that case now. Retirement planning is crucial to avoid the eventual downward spiral of the Social Security program.

We all know that private pension plans have failed all over the place, and many more companies have just discontinued their plans without any warning. To pour salt on the wound, the government backup for failed plans is massively underfunded by billions of dollars. Even state and local government plans are at risk of failure. Contacting a Fort Worth financial advisor is key to planning past your pension.

Inflation is also important to consider. While the rate of inflation hasn’t generally seen any major spikes yet, they will soon – because of our country’s financial state. Inflation has, in the past, gone up to nearly 14%. If it got that high again, what would happen to your hard-earned savings? Robinson Wealth Management Group can help you plan for the unthinkable – give us a call today.

Annuity Factors for Consideration

August 19th, 2010
Fees: Determine whether the yearly fees imposed on a considered annuity plan are worth the benefits you may receive; and find out if the plan puts “surrender fees” into effect if you want to make a premature withdrawal. A wealth management firm in Fort Worth TX can help you consider these options.
Return Rates: Make sure that the rate of return promised by the insurance company selling the annuity is the actual rate that you will receive. Confirm the time period during which that rate will apply. Occasionally, the guaranteed fixed annuity rate decreases after the introductory period. Double-check the long-term financial qualifications of the insurer, since it has promised to pay you benefits over the course of many years.

Tax Advantages: Consider this: you will have to pay income taxes on payouts your receive from your Fort Worth annuity program. You will be forced to pay a tax penalty if you withdraw money before you reach the age of 59 1/2.

Inflation: The amount of income provided by an annuity may decrease in the face of adverse inflation. You and your financial advisor in Fort Worth can decide to take part in an inflation protection program.

Contract Terms: Consult a Fort Worth financial advisor before you obtain an annuity contract. These contracts can be extremely complicated. Also be aware of advice to switch to a new annuity plan, however. High surrender charges could apply if you change plans before the original surrender period has run its course.

For more information, please contact our Fort Worth wealth management firm.

Surviving the Recession

August 5th, 2010

Although it seems as if the recession has leveled off, and may possibly be improving, financial responsibility is important – especially if the recession continues longer than expected or we experience a double-dip recession. Our Fort Worth Wealth Management Group can help you.

The key is to become financially educated. Overspending, cutting instant gratification buys, and using basic thrift are common, but their aid can only take you so far. It is critical to partner with a professional who can advise you on asset management, retirement planning, and other financial attributes.

A company such as our Fort Worth Wealth Management Company helps in achieving long-term wealth and long-term profit. It may provide many services like investment management, portfolio balancing, financing solutions, trust and estate management, tax advice, and more. They will also be able to provide you with personal banking and insurance advice.

With a recession comes swirling (and often conflicting) opinions about how you should manage your money. Lower and middle class citizens have debt piling up, while we hear stories about upper class citizens who mismanage their wealth and lose it all. The truth is, people need a qualified economic advisor who understands their situation and their goals to help them weather the economic storm. Our professional Fort Worth Financial Advisors can help.

FINANCIAL PLANNING RESOURCES FORMS

June 2nd, 2010

Our Fort Worth Retirement Planning and Money Management Department have compiled a list of forms that we feel would help you manage various aspects of your financial record keeping needs. Feel free to download these forms or share them with your friends.

Financial Planning Forms

COMPREHENSIVE FINANCIAL PLANNING OR BUST!

May 3rd, 2010

Financial planning is a must these days. At Robinson Wealth Management Group, Financial planning is associated building an objective plan with all necessary details for your future. Of course, we mean your financial future. Financial planning has certain principles which you should follow persistently to meet your objectives. In fact your goals can be quite different and they certainly depend on your particular situation. For instance you might have the only one desire which is send your children to a certain university. May be you only dream about your post – retirement period and do your best to prepare for it. Perhaps you only think about your new home. As you can see setting financial goals is the direct work of your imagination.

To my great regret most financial advisers can’t offer you a good comprehensive financial plan.  In many cases these “financial planners” are simply former sales people. And they are more likely to sell their products rather than offer plans for your consideration. So keep in mind that if your potential financial adviser starts with talking about different products then it means that he thinks about himself first of all and you are his secondary concern in this case.

So, if you need help with financial planning – then we seriously recommend you to call and allow us to give you a comprehensive Wealth management plan at Robinson Wealth Management Group and visit our web site with wealth management advice and other useful information as well as our FREE white paper on the Wealth Management Process.