With the U.S. Open recently crowning its champions, I’ve had tennis on my mind. I imagine that for most people, when they think about the sport of tennis, they’re not thinking about how much in common it shares with financial planning. Maybe at first glance, one might think I’m referring to the financial gains one might benefit from by doing really well and succeeding at each of these disciplines. However, what I’m referring to instead is that in both tennis and financial planning, strong ... [Continue Reading]
Articles and resources related to Financial Planning.
Last year, charitable donations rose five percent to a record level—$471.4 billion. 1 And yet, despite rising generosity, it’s important to acknowledge that, much like the practice of saving money, it’s not always easy to give charitably, even when you have the desire to do so. The study of behavioral finance explains why it can be difficult to accomplish our well-intentioned financial goals. Behavioral finance, which joins human psychology and economics, seeks answers to the why and ... [Continue Reading]
With springtime comes graduation season, a time when many parents and grandparents examine their educational savings strategies and take action—discussing them as a family and, in many cases, redoubling their efforts to save funds for future college-bound graduates. Although 529 college savings plans are growing in popularity, roughly 66% of investors 1 are unaware of them and their benefits. A recent study suggests that, on average, a child is seven years old when a 529 account is ... [Continue Reading]
In my 20 years of working as a wealth advisor for hundreds of high net worth families, I have found facilitating family meetings to be one of the most meaningful and impactful things I do. An effective family meeting opens up the lines of communication regarding a family’s shared values around money and wealth and can become an unforgettable family bonding experience paying dividends for many years into the future. Taboo Topics Handled With Care We live in a society where conversations ... [Continue Reading]
It is the Greek philosopher, Heraclitus, who said, “Change is the only constant in life.” Some life changes are more welcome than others, and change is often hard. Some of these changes are planned, while some can be very sudden. At CCM, I believe we do great work for clients in any number of transitions, including in the instance of a divorce or the death of a spouse. When clients find themselves suddenly single, for example, they are often mired in details and decisions that they have never ... [Continue Reading]