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Rick’s Advice Cited in Consumer Reports

Rick was cited in two recent Consumer Reports articles by Catherine Fredman that offer suggestions to deal with financial risks in your forties and fifties.

Rick’s advice? In your forties, analyze your number-one asset—your career—to see what changes you may want to make.

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India Map

Financial Planning Challenges Similar in India and U.S.

In the airport shuttle taking us to our hotel in Mumbai, I looked out the window and thought, “We’re not in South Dakota anymore.” It was midnight and the streets of India’s largest city seemed as full of people, vendors, and traffic as Time Square at noon.

I had no real comparison, though, for the garbage strewn about, the beggars going from car to car when traffic stopped, the people sleeping on the sidewalks, the ramshackle condition of most buildings, and the roaming packs of stray dogs. The third poorest county in the US is just 60 miles from my home. It’s no match whatsoever for the real ghettos of Mumbai, where 55% of their population of 16 million live.

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Find Out Hidden Costs of Guaranteed and No-Fee Investments

Annuities are popular investments; almost every new client I see has one. When I ask why someone purchased an annuity, the most common responses are: “We didn’t have to pay any fees or commissions.” “There are no ongoing expenses.” “All my money is working for me.” “The principal is guaranteed.”

Any time you read or hear “no fees,” “no commissions,” “no expenses,” “free,” or “guaranteed” used in conjunction with an investment, it’s a red flag. All investments, including annuities, have costs associated with them. You need to ask some probing questions about those costs before proceeding.

Let’s look at the costs for one popular type of annuity, the fixed annuity.

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For Asset Protection, Paperwork Matters

A basic strategy for asset protection is to hold various assets in different entities. Putting real estate, small businesses, and other assets into trusts, corporations, or limited liability companies (LLCs) is effective protection that is relatively easy to put into practice.

Not only do I recommend this strategy to clients, I use it myself. Recently, however, I discovered a potential downside.

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Register This Month to Save On July Listening Workshop With Dr. Ted Klontz

This July, Dr. Ted Klontz will come to Rapid City to present a three-day workshop on “Exquisite Listening.” You might consider this workshop if you are interested in improving the quality of your relationships with partners, family members, friends, co-workers, and yourself.

Over the course of three days, participants practice listening and experiencing what it truly means to be listened to, something that many previous attendees have reported never ever experiencing. While Ted will share the latest research on human behavior and why it is important in relating to others, most of the learning is in practicing various listening and communicating skills with fellow participants.

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