Flourish Wealth Management is an independent, fee-only, boutique wealth management firm that provides hands-on expertise focused solely on the best interest of each client. Our proactive approach integrates industry-leading financial solutions combined with innovative strategies. Flourish serves a dedicated group of clients through highly personal relationships.
Kathy was recently quoted in the San Francisco Chronicle for Liz Weston's 5 divorce mistakes that can cost you. UPDATE: This story has been featured in many more publications including: The New York Times, The Star Tribune, and CBS News!
The importance of having money discussions before you tie the knot
By: Kathy Longo, CFP®, CAP®, CDFA
Love is exciting. The first date jitters, the honeymoon phase, ring shopping etc. Wedding planning, while often stressful and expensive, is all about planning a life together. We love love. What we don't love, as evidenced in various TV shows and movies, is talking about what happens after the happily ever after, which often involves money. Whether you come in with a lot or too little, there are hurdles. The dreaded prenup. The horror stories of partners carrying huge amounts of undisclosed debt. The reality is, in most aspects of our lives, we avoid having difficult financial conversations until we have to. Waiting until things hit the fan, unfortunately, takes away a lot of options. It is in these situations when couples are forced to be reactive instead of proactive.
It’s that time of year again, fresh starts, new beginnings and a long list of resolutions. We all have them, probably a little bit more exercise, eat better, tackle debt, save more. These are things we all could be better at and so this year, instead of putting them back on the shelf after a few half-hearted attempts, let’s go over some ways to actually reach your goals. It’s great to sip champagne and think of all the things you will do better this year, now imagine how much greater it will feel to actually accomplish those goals at the year’s end?
The first step is really to ask yourself why these are your goals. Why do you want to change and, if the same resolutions crop up every year, why haven’t you done it already? If the challenge is overeating, for example, perhaps the issue is more about the reason you are eating poorly or too much and not so much the weight gain. That root cause may be something else entirely, so following the thread along to the source may reveal that the thing that needs changing is not what you originally thought it was. Instead of another strict fad diet, perhaps a visit to a therapist to discuss stress-eating or depression may be the best route toward your goal. We often seek out unhealthy behaviors for their pleasurable, albeit often brief, payoffs.[i] So, before setting goals, looking at why you eat or spend, for example, may aid clarity to the goal.
In this article, we will go over some of the major resolutions and some steps to help you reach them.
Jay Pluimer recently sat down at the kid's table to have a talk with YWCA Minneapolis about his work with Mike O'Keefe as co-chairs of YWCA giving circle. Jay's signature effort, Circle of Men, first formed to support the fundraising event Circle of Women, has recently expanded its efforts to help make high-quality Early Childhood Education more accessible to all through philanthropy and advocacy.
We were happy to see 2018 end on an uptick for the stock market after the return of volatility and some harsh reminders about negative returns. The fourth quarter had down months in both October and December, resulting in all of the major equity markets reaching “correction” territory which is defined as a return of negative 10%. We also saw other parts of the market reach a “bear market” which is defined as a negative return of 20%. It is important to note that market corrections are normal, expected, and factored into the long-term plans we design for clients. However, that knowledge doesn’t make it any easier to handle headlines about record market drops or concerns about what might happen next.
It’s that time again, the time to make resolutions: to lose ten pounds, to eat better, to read more, to get serious about your finances. While we can't chase you into the gym, we can go over some ways to tackle your finances. Too often we find ways to put aside our financial long-term health for short-term, day-to-day distractions. The good news is that you can improve your finances in the new year by communicating and setting goals. We describe some helpful themes to foster positive money conversations in the New Year. The first step to making this resolution a reality is to get your calendar out now and start blocking out time for your finances.