Inflation is a persistent increase in general prices in an economy which results in a loss of purchasing power. The effect of price increases is insidious because we remember what the price was a short time ago, but not prices longer ago. Let’s take a look at both how prices have gone up and the […]
This thought is so wide spread it is commonly accepted as truth. In fact, this seems to be so ingrained it is almost an excuse not to have to save that much for retirement … “Why save so much when taxes will be less?” So why do I say this idea is a myth? Let’s walk through this by starting […]
The Millionaire Next Door is a term coined by Thomas J Stanley and William D Danko in a book by the same title. How To Act Like A Millionaire – Business Insider by Len Penzo summarizes 19 differences between conspicuous consumption and how one truly gets wealthy. Rather than spell them all out here, you can quickly click through them through the […]
Think again! Here’s the problem this misperception leads too … retirees spend too much early on, and then don’t have any money left when they’re old. This well made point is in the short article, The Notion That You’ll Spend Less In Retirement Is Totally Misguided by Jill Krasney, Business Insider. This may be a sentiment to justify not having […]
People do not want to think about needing long term care. Most often, we think of this as an old-age issue. However, injury or illness that takes away your ability to bath or dress may also trigger long term care needs and benefits. Additonally, advances in medicine mean that life is now extended such that the risk goes […]
This article, by Danielle Andrus at AdvisorOne, talks about the large percentage of retirees who guess at how much they need to retire. These numbers about how many people are guessing are scary! There is no need to guess. There are easy and rational ways to answer the questions when can you retire and how much you need beyond Social Security […]
Most people think of living within their means as being without debt. Well, that’s part of it. But, my experience working with people it that they are still over spending. How can that be if they’re debt free? Doesn’t this mean that they are making ends meet? That they’re not spending more than they make? […]
Disability usually covers lost salary or wages. Long Term Care means convalescent care (not acute care that is covered by health insurance or Medicare/Medicaid/Medi-Cal). Insurance addresses the issue of WHO is going to pay the expenses should the condition occur. No insurance means your assets do.
In debt? Can’t seem to save for retirement, or other important goals? Need a budget? (yuck!) There is no real science to budgeting. And budgeting has a negative stigma to it (it has to be hard and based on self denial, etc). I believe budgeting should be as simple as possible with everything set up on […]
When it comes to retirement I get these two questions all the time. And they are probably on your mind too. When can I retire? How much do I need? The article below explains how to easily determine the answer to the second question. Once you see how much you need that tells you how […]
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About Larry Frank Sr.
As an MBA and CERTIFIED FINANCIAL PLANNER™ practitioner, I help people make sensible plans for a successful retirement. I'm also the author of Wealth Odyssey, a book about financial planning. My retirement planning research is published periodically in the Journal of Financial Planning.
Have a Financial Question?
- Are market returns really the key to your portfolio value?
- Rebalancing? How does it work?
- Resources to help with aging issues
- How do Safe Withdrawal Rates compare to Dynamic Retirement Income?
- The Dividend Income Illusion.