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Thursday, December 29, 2011

Okay, Let's Do This

The holidays are nearly done and it’s time to attack 2012.  Recent news suggests an improving U.S. economy.  European leaders are starting to act like they know things need fixing.  Lessons of austerity from 2008 and the recession are still fresh, but businesses are starting to put their cash to use and hire more, advertise more, and order more.  Home buyers see homes more affordable than at any time in recent history. 

Family time has regained its position as a higher priority in American lives.  Swings from the extremes to the middle in American politics seem to be gaining popularity.  More realistic expectations of the investment markets are changing behaviors and decisions. 

In other words, it feels like the time is ripe for focusing on the goals that support a happier life.  Your optimism + your hard work + bettering environmental conditions = better results.  So dream a bit bigger and work a bit harder toward the things you care most about in 2012. 
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Friday, December 2, 2011

Wealth Management Philosophy

Beyond the previous post titled 10 Things I Think I Think About Money, what is my foundational belief in how to effectively manage wealth? 

1.       Have a plan and be intentional.  You will not be an accidental millionaire.
2.       Cash is king.  Be prepared to be liquid.
3.       Be happy with your career. You’ll need (and want) to keep earning an income beyond historically traditional retirement ages.
4.       Manage your tax liabilities.  They are your single biggest “expense”.
5.       Use your money to do things that make you happy.  Incorporate some fun into your financial plan.
6.       Diversify.  Not just in asset allocation, but in managers, styles, risks, etc.
7.       Manage downside risk.  Seeking shiny gold stars for one-year investment performance may not be a good long-term strategy.
8.       Give money away.  Sharing your fortunes with others makes you happier and makes you care more about your own success so that you can keep giving.
9.       Actively manage money.  Don’t stare at the stock market ticker, but conduct periodic how-are-we-doing reviews to be sure you are on top of things.
10.   Don’t spend more than you earn. 
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