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I Want To Die With $0

One comment I’ve received over the years when working with a new client is, “I want to spend all of my money before I die.” Or said another way by the character Saul Bloom in the movie Ocean’s Twelve, “I want the last check I write to bounce.” This idea sounds very simple and elegant, but the reality is more like the unpredictable, all-over-the-place capers of the Ocean’s gang.

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Lessons 30 Years After 1987

Last month marked the 30th anniversary of Black Monday, October 19th, 1987, when the Dow Jones Industrial Average fell 508 points and the S&P 500 saw a one-day loss of -20.5%. The market has certainly come a long way since then, having weathered two more bear markets and continuing to reach all-time highs.

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The Effect of Returns on Planning Projections

I recently wrote about why I Hate Predicting Investment Returns. As I continue to meet with clients and potential clients, the reality of return expectations continues to be a necessary part of the discussion. Toward the end of the previous post, I made the statement, “This (lower return) expectation is being baked into my discussions with clients and the planning projections we do.” Here is what that means in practice using an example.

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Financial Rules of Thumb: Harm or Help?

I come across a lot of averages and rules of thumb in the financial planning profession. While they can be helpful at times, they can also be dangerously wrong. As a non-financial example, the average depth of the Chesapeake Bay is 21 feet. That’s interesting information, but hardly useful if you are going to navigate a large vessel through its waters.

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Quantifying the Value of Financial Planning Advice

One of the largest obstacles financial advisors have is explaining what we do and how it benefits clients. Most of the advice that is delivered is intangible, making it difficult to quantify the value of that advice. Several recent studies, which attempt to provide more definition around this, have been summarized by Michael Kitces into the following one page summary.

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