Unphased

Keith Mooney

Description

Over the past twenty plus years, we've helped a lot of people find solutions to their financial problems and investment considerations. Invariably, the underpinning for the solutions is a sound financial plan. Throughout this book, we're going to walk you through a variety of different financial scenarios. Not every person experiences every situation, of course, but everyone does go through three distinct phases of their financial life. We've segmented these phases by age but do not intend to categorize people simply by how many years they have been walking around on the planet. We're using the term "phases" to illustrate the different points of life each person goes through and what typically happens during those phases - financially, personally and emotionally. The phases provide a depiction of what we think most people go through, based on our professional experience. Everyone experiences these phases one way or another but not everyone realizes they are going through them. You can find millions of books on finance, investing, planning, and just about every other subject we deal with on a daily basis. We wanted to convey the real feelings you have as you go through life - specifically as it relates to your financial situation. We started writing with the intent on trying to describe real people and real situations that were clear and understandable. What we learned through the process is real emotions are not what you can put on paper but rather what is typically kept inside, hidden behind layers of doubt, concern, and confusion. We went through many iterations and rewrites to make the final product something that is a relatable and actionable read. Enjoy!

Sujets

• Personal finance
• Economics

Informations

• Publié par: First Edition Design Publishing
• Date de parution: 01 janvier 2018
• Nombre de lectures: 0
• EAN13: 9781506905341
• Langue: English

Extrait

UnPhased
BALANCING FINANCE AND EMOTION


KEITH MOONEY
JOE LYONS
Unphased, Balancing Finance and Emotion
Copyright ©2017 Keith Mooney and Joe Lyons

ISBN 978-1506-905-50-1 HC/JAC
ISBN 978-1506-905-33-4 PBK
ISBN 978-1506-905-34-1 EBK

LCCN 2017960692

December 2017

Published and Distributed by
First Edition Design Publishing, Inc.
P.O. Box 20217, Sarasota, FL 34276-3217
www.firsteditiondesignpublishing.com



ALL R I G H T S R E S E R V E D. No p a r t o f t h i s b oo k pub li ca t i o n m a y b e r e p r o du ce d, s t o r e d i n a r e t r i e v a l s y s t e m , o r t r a n s mit t e d i n a ny f o r m o r by a ny m e a ns ─ e l e c t r o n i c , m e c h a n i c a l , p h o t o - c o p y , r ec o r d i n g, or a ny o t h e r ─ e x ce pt b r i e f qu ot a t i o n i n r e v i e w s , w i t h o ut t h e p r i o r p e r mi ss i on o f t h e a u t h o r orpublisher .

Thispublication is designed to provide accurate and authoritative information inregard to the subject matter covered. It is sold with the understanding thatneither the Author nor the Publisher is held responsible for the reader’sactions. All investments hold risks that the reader should understand thoserisks thoroughly.
We dedicate this book to our families, mentors, clients, and staffmembers. Without all of your support through the last twenty plus years, thejourney would have been much less enjoyable and rewarding.
Foreword .. 1

Introduction
The ThreePhases of Your Financial Life . 3
Chapter One
Phase 1:Young Achievers . 9
Chapter Two
Phase 2:Accumulators . 17
ChapterThree
Phase 3:Transitionals . 21
ChapterFour
InvestmentTraps . 29
ChapterFive
The PensionTrap . 39
Chapter Six
FeeFixation .. 47
ChapterSeven
You Need aPlan .. 55
ChapterEight
EstatePlanning Errors . 67
ChapterNine
Women andMoney in Motion .. 75
Chapter 10
Finding aCompetent Advisor . 85

Epilogue .. 99
Foreword




If you’ve ever been at home after dark and suffered a poweroutage, you know what an intimidating experience it can be. Your brightly lithouse is suddenly plunged into complete darkness, leaving you groping forcandles or a flashlight.
For many individuals, the specter of approaching retirement can besimilarly intimidating.
Will your health hold out? Will your family stay together? Willthey be able to take care of their aging parents? For many, the most pressingand concerning question is whether there will be enough money to pay for allthe known and unknown expenses that inevitably arise during retirement, nowthat they no longer have a source of full time income.
Given the urgency and importance of these decisions, it’sunderstandable that most families seek out professional help in navigatingfamily and financial issues in retirement. But who can they trust to guide themthrough this perilous chapter of their life? Who can they rely on to help themplan the rest of their life? Who will be at the helm to help them navigate totheir desired destination?
As a representative of one of the largest investment managementorganizations in the country, I was in a unique position to meet and observethe practices of thousands of financial advisors throughout the Midwest. Itwas rare to associate with and to work side by side with a tandem of financialadvisors as professional as Keith and Joe. It was an honor to support theircareer efforts for over 20 years.
When I think of Keith and Joe, what comes to mind is their workethic. They are committed to excellence and to constant improvement in theircraft. They serve their clients with the most forward thinking, client centricbest practices in the industry. They never take short cuts; they always act intheir clients’ best interests.
They are creative problem solvers, not salesmen. They are alwayslooking for the most beneficial solutions to even the most complex problems.And they do this with great humility, without any need to bring attention orpromotion to themselves. They talk to their clients — not at their clients.
I never found them to be distracted by the schemes that emerge inthe financial industry. They stayed disciplined and dedicated to providing thehighest quality, personalized solutions for their clients.
In this book, Keith and Joe guide readers through the financialscenarios readers are likely to encounter as they transition through the phasesof their financial life, issues virtually everyone experiences but may not beaware of as they are happening. The potential solutions to these challenges aredetailed to help readers avoid the financial storms that prevent so many fromreaching their safe harbor.

Steven Reitman
Retired Senior VP of American Funds Distributors
Introduction




The Three Phases of Your Financial Life
Over the past twenty plus years, we’ve helped a lot of people findsolutions to their financial problems and investment considerations.Invariably, the underpinning for the solutions is a sound financial plan.
Throughout this book, we’re going to walk you through a variety ofdifferent financial scenarios. Not every person experiences every situation, ofcourse, but everyone does go through three distinct phases of their financiallife. We’ve segmented these phases by age but do not intend to categorize peoplesimply by how many years they have been walking around on the planet.
We’re using the term “phases” to illustrate the different pointsof life each person goes through and what typically happens during those phases— financially, personally and emotionally. The phases provide a depiction ofwhat we think most people go through, based on our professional experience.Everyone experiences these phases one way or another but not everyone realizesthey are going through them.
Don’t be put off if the terms don’t seem to apply exactly to yourcircumstances or your period of life. Your authors are a good example of howtwo people can be at a similar time of life but encounter dramaticallydifferent personal and financial challenges. We are approximately the same agebut Keith is married with three children: the oldest is a college junior, themiddle child a high school senior, the youngest a high school junior. Joe isalso married but with one child, a two-year old toddler.
The focus of our message is to help you find value, confidence andreassurance, regardless of your phase of life. There are solutions to thechallenges in each phase. We hope to guide you through your phases and help youavoid making the needless mistakes that jeopardize the financial and psychologicalwellbeing of the people who make them.

PhaseOne: Young Achievers

Young achievers are people in their early 20’s to mid-40’s. Theyare usually high-income earners who have not yet become rich: employees with ahealthy 401k; managers or executives with both a 401k and stock options;entrepreneurs busy building a business; legal, financial or healthcareprofessionals building a practice; dual-income couples; public education ornonprofit employees with 403b plans; government workers and civil serviceworkers with employer-sponsored 457b plans; possibly someone working in salesor the technology industry making an extraordinary high income.
They may have children whose education requires funding. They maybe looking to buy their first home or already have a substantial mortgage.These are busy people in the early to mid-stages of their careers, typicallylacking a long-term financial plan. Despite their education or success, theymay not be overly sophisticated when it comes to their finances. They need helpclarifying their financial position, someone to put all the disparate pieces oftheir portfolio together.

PhaseTwo: Accumulators

Accumulators represent the second phase, which begins in themid-forties. These are people who have accumulated significant wealth —anywhere from 500,000 to several million dollars or more — but are unsurewhether they are actually rich. They have amassed a broad array of personalassets and investment products but, like their young achiever counterparts,typically lack a formal plan. The financial products they own may not becomplementary. If their children have completed their education and are out ofthe house, their expenses are typically lower and they have more money to saveand invest. On the other hand, if they are still paying for their kidsschooling or if their kids have graduated but can’t find work and are stillliving at home, or if they are trying to help their kids get started in life byfunding advanced education, buying a first home or starting a business, theirexpenses probably haven’t lowered; indeed, they may have escalated and theparents are beginning to wonder if they will ever be able to start saving morefor their own future. Retirement is on the horizon but, depending on theirfinancial circumstances, they may or may not be thinking much about it.
Accumulators are often conflicted. They don’t know if they haveamassed enough wealth to be comfortable, much less rich. People tell them theyare rich but they don’t feel like it. We’ve known people with ten milliondollar portfolios who don’t feel wealthy because they socialize with people whohave twenty or thirty million dollar portfolios. They’re rich but they don’tthink they are. It’s often a matter of perception. Regardless of size, theirportfolios tend to be a jumble of elements acquired over the years, and theylack a solid financial plan for moving on to the next stage of their financiallife.

PhaseThree: Transitionals

Phase three begins in the years just prior to retirement. At thispoint, transitionals who saved and invested wisely have stockpiled well inexcess of what they will need for a fulfilling retirement...yet they have somenagging doubts about the future. They wrestle with the reality that once theydecide to retire, they won’t be doing what they have done so well for the pastfew decades: earn money. A slew of emotions arise as they