That high number on your paycheck doesn’t necessarily mean you are “rich,” and young professionals with a high income may feel this more than anyone. As you navigate the workforce and manage your finances, consider these five tips from Salt Lake City’s trusted fee-only financial planning advisors to help young high earners manage their wealth and prepare for the future.
Circumstances do not account for most of our happiness. In fact, they barely affect it at all. Studies show that 50% of our happiness is genetic, 40% is our own thoughts and choices, and only 10% comes from outside circumstances.*
But what about the people who do feel “rich?” What is their secret? Let’s dig a little deeper into our spending habits and see where happiness actually comes from.
By now, you — like most Americans — have a good idea of what is meant by emergency.
The outbreak of COVID-19 had had a deep impact on just about everyone nationwide. In what seemed like the blink of an eye, people were laid off, businesses were closed, and public events were canceled. Investors winced in pain as the stock market took a huge dip. And what little recovery has started is slow.
Some of the largest employers in Utah have traditionally included pensions, also known as Defined Benefit or Cash Balance plans, for employee retirement. These plans pay retirees a set amount of money monthly for the remainder of their (and possibly their spouse’s) life.
Countless people have chased after the idea of becoming a “millionaire,” only to fall short. While a million dollars today buys much less than it once used to, desires to be financially comfortable and independent are undiminished. So, what are individuals that have a high net worth doing right? Surely, they have unlocked some secret to financial freedom and success.
When you start setting up a 401(k) for your company, you will begin to see that there are a lot of parties involved. You have a Financial Advisor, a Recordkeeper, and a Third Party Administrator. Each one of these parties plays an important role in running a successful 401(k). It is uncommon, but occasionally we…
Your financial advisor should be capable, experienced, and properly trained. Most importantly, they should be ethical and worthy of your trust. That’s an extremely hard qualification to identify with exactness, but an effective substitute is to make sure that your adviser’s incentives align with yours.
So, as you look for a financial advisor, you should first investigate how they receive compensation for their services. There are three primary methods of compensation in finance: commission-based, fee-based, and fee-only.
How much money does it take to be “wealthy” in America? According to the 2018 Modern Wealth Index by Charles Schwab*, Americans claimed on average that a net worth of $2.4 million dollars makes you “wealthy”. However, the survey also found that many Americans did not define wealth only by net worth. In fact, the most popular definition of wealth did not include money at all; the largest group of Americans considered wealth to be living a “stress-free” life and experiencing “peace of mind.”
Does your financial advisor serve your best interests or their own? This article, recently published on KSL360, updates the current legal findings regarding the “fiduciary rule” for financial advisors. On March 15th, 2018 the Fifth Circuit US Court of Appeals struck down the Department of Labor’s “fiduciary rule” law. Also commonly called the “conflict of…
Why is working with a fiduciary as your financial advisor so important? In our several decades of combined experience, too few prospective clients understand the fiduciary relationship, its importance, and the risk they assume when hiring an advisor without it.