Keep It Simple....

I'm calling out what seems to be the majority these days, for lack luster habits with saving and the fantasy dream world of financial stability and what it really means. Now I remind you I stated the majority.... not all, but many middle and upper class individuals are spending in excess what they can afford with savings rarely in the picture.  They lack a proper plan, an organized budget, and responsibility to protect themselves by leveraging risks with a strong insurance portfolio. 

As you read these first few sentences you are probably thinking this is another blog set up to try and convince the public to come and invest or purchase insurance products from my firm.  Before you think any further, this is not the case.  I am not blaming the individual for his or her hesitation to get their finances and insurance to par.  I am blaming the industry and the professionals themselves for their approach to a buying market. An over-saturated insurance industry with too much to choose from, unethical sales practices, and captive/banking agents.  It has become an annoying process for one to open a checking account or get an insurance quote online due to the sharing of information to 3rd parties and companies taking advantage of the opportunity to cross-sell uneeded products for additional profit.

I have been in the financial industry since 2007 (relatively young ((now 28)) for my profession) when I graduated from The Ohio State University with a degree in Family Financial Planning and Varsity Lacrosse. The average age in my office sits at 47!  Within these 5 years I have put in my time, plus some, and have broadened my services range more than most advisors you will find in today's market.  As I mature as a Financial Planner/Agent, it has been easier to put myself in the clients shoes and I wonder, if I were not in the industry I am in today, how would I know what financial stability is?  What is financial independence? Am I saving enough? How should I save?  Are my savings protected? How do I avoid the annoying sales calls? Am I paying too much premium? Most importantly.... How do I avoid being "sold" a product? (why many individuals steer clear of professionals they don't know in my business)

I have seen the good and the bad with financial planners in my city.... to keep it simple, find a friend in the business, try to stay away from captive agents and banks.  If you do not have a friend or family member in the business, ask your close friends who they work with and if you can be referred.  This will help your chances from being taken advantage of in a fee/premium market.  Savings may become more of a habit to people if the investment/insurance world becomes a bit easier to understand for the everyday investor, with agents and planners who are out there to do the "right thing."   By "right thing" I don't mean... selling a certain product to a client to hit your company scorecard for an extra bonus in your paycheck or vacation points as some captive agents or banking professionals would do so.  BE proactive, go find an advisor you trust and start saving today.  In the next blog I exaggerate on the title of Captive Agents and Banking Professionals, when to aviod them and why. 



Trouble saving these days???  Check out the facts below, you are not the only one!


A new survey by Yahoo! Finance shows Americans have a disturbing lack of hope and a frightening lack of retirement planning.

Among the highlights of the poll:
-- 41% of Americans say the 'American Dream' has been lost.
-- 37% of adults have NO retirement savings and 38% plan to live off Social Security.
-- 63% of Americans believe the economy is getting worse, including 72% of those over the age of 55.
These findings are consistent with broader trends The Daily Ticker has reported on in the past year: Despite macro data showing the economy has technically recovered from the 'Great Recession', the majority of Americans just aren't feeling it. Considering 49 million Americans are living in poverty, the "real" unemployment rate is 16% and millions of Americans are facing foreclosure, it's no wonder many believe the recession never ended.
Consistent with that sentiment, the survey shows a plurality of Americans are less willing to take on debt, feel less confident about buying at house, and are spending less yet have lower savings vs. 1- and 3-years ago.
Dan Gross and I discuss the survey in the accompanying video. As is his wont, Dan focused on the glass half-full findings in the survey, including:
-- 53% of Americans ages 18-34 still see America as the land of opportunity.
-- 45% of parents believe their kids will be better off than they are.
-- 68% of Americans say their currency financial situation is either "excellent" or "satisfactory."