Financial Planning

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Building Lasting Relationships

building lasting relationshipsThe most successful financial planning focuses on building lasting relationships. We strive to develop long-term collaborative relationships with our clients, based on mutual respect. So, your success becomes our success.

Certified Financial Planner practitioner Jim Mailliard shares a recent experience to illustrate this point. In this brief video, he talks about mentoring young men battling substance abuse. Those interactions, he explains, helped him recognize one of his key professional skills. Providing a calming presence when life gets challenging.

 

Building lasting relationships sometimes means providing a calming presence when life gets challenging.

By |June 3rd, 2019|Financial Planning, Video Blog|

Should Millennials Rent or Buy?

Should Millennials buy or rent a home?When choosing between renting or buying a home, only 37 percent of Millennials today opt for ownership, according to a report from the Urban Institute. That’s 8 percentage points lower than the two previous generations at the same age (24-35 years). Reasons range from personal preference to economic reality, or a combination. Should Millennials rent or buy a home?

Personally, I am in my mid-twenties and am still building up savings. My husband also has a highly mobile job. Settling in one place for many years is not an option right now. We currently rent our home for those reasons.

For others our age, factors include delaying marriage, large student debt and a preference for living in high-cost urban areas. According to a report at housingwire.com, the average mortgage payment for the U.S. median home in 2018 was $1,578, compared to an average monthly rent of $1,267. When faced with these costs and the reasons listed above, renting is usually the option Millennials choose.

Should Millennials rent or buy a home? Ultimately, the decision depends on one’s current financial situation and readiness to make a long-term commitment in purchasing a home.

For those who can afford a down payment and closing costs, have a stable job in their location of choice, or are ready to start a family, buying can be a sound investment. People who need flexibility, aren’t sure where they want to put down roots, or have substantial debt, renting may be a better option. Working with a financial planner can help you figure it out.

Written by Alicia Vallee, a Phoenix-based freelance writer.

Create Your Life Map

Wouldn’t it be great if life came with a map and instructions? When you’re setting goals, how do you plan to get from point A to point B? In this brief video, Financial Planner Patrick Eng talks about the benefits of having a life map (a.k.a. financial plan) to help you navigate life’s ups and downs every step of the way. At Perspective, we know life happens and we can help you create a life map to help when it does.

 

The Perspective Team can help you create your life map.

The Perspective Team can help you create your life map.

Learn about the six key elements of our financial planning philosophy, our process in working with clients, and our investment strategy on our “How We Do It” page.

How We Do It

By |April 8th, 2019|Financial Planning, Video Blog|

Five Minute Gift

Five Minute GiftOne of the favorite gifts I received last Christmas was The Five-Minute Journal by Alex Ikonn and U. J. Ramdas. With this simple book, I begin and end each day by writing down daily goals, personal affirmations, “amazing things that happened today,” and areas for improvement. This daily five-minute gift to myself has been beneficial on many levels.

The exercise reminds me of one of my favorite high school teachers, a Cuban refugee and Spanish teacher, who encouraged us to write extensive notes as we studied for exams. That way, he said, we would be more likely to recall the material. It worked for me then, and the exercise of writing continues to help me decades later.

Scientific studies confirm that writing thoughts down significantly improves recall and increases the likelihood of accomplishing goals. It also can have a therapeutic effect. Given the documented benefits of journaling, including improved memory and health, New York Times columnist Hayley Phelan has gone so far as to call journaling “essentially a panacea for modern life.”

Written thoughts and goals are beneficial in all aspects of life, not the least being investment and financial planning. That’s why creating a written plan is one of the first tasks we complete with new clients. Clearly defining things like your goals and tolerance for risk, and the responsibilities of the parties involved (i.e. advisor, account custodian, fund managers) are fundamental elements of a good investment policy statement (IPS).

The IPS also includes an asset allocation plan for your portfolio. Your advisor performs periodic reviews of the allocation to help assure your investments are aligned with your plan. It’s also good for you to review the plan at least every few years to update or revise, if needed.

Give Yourself a Five-Minute Gift Each Day

Again, writing things down helps you remember what objectives are most important to you. It provides peace of mind knowing you have a plan. And it increases your chances of achieving your goals.

By |March 31st, 2019|Financial Planning|