If I asked you how much risk you are taking with the investments in your retirement plan, what would you say? My guess is nine out of ten people couldn’t answer that question in a meaningful way. Answers like “A lot,” “Just right,” or “not much,” may as well be “I have no clue.” We […]
My research in psychology, along with 35 years of experience working with people and their finances, suggests that how we handle money is more instinctual than cognitive. It’s more a factor of our brains’ hard-wiring than it is learned intelligence. Apparently, some people are just wired to do money well and others are not. This […]
One of the low points of my career was the day I lost a client because another advisor “had found a way to put their clients into the lowest cost shares available only to large institutions.” This experience was especially painful because, through my office, the client already was invested in those same low-cost shares. […]
Here’s a risk to your financial health that may surprise you: following poor financial advice or buying expensive investments from relatives and friends. There are two reasons for this. First, we tend to trust and rely on people we know. Second, research finds that humans have a deep-seated desire to meet the needs of others, […]
If you are not a natural number cruncher, you may be like one of my clients who says, “When I see big numbers in an article, my brain just skips over them.” Unfortunately, skipping over numbers can lead to serious misunderstandings. Here are three questions to ask that can help you clarify those big numbers.