Financial Planning Archives

3 04, 2023

Navigating Retirement as a High-Net-Worth Individual
Navigating Retirement as a High-Net-Worth Individual

Navigating Retirement as a High-Net-Worth Individual

BML Wealth Marketing2023-06-08T21:14:43-07:00April 3, 2023|Financial Planning, Retirement Income, Retirement Planning|

For high-net-worth individuals and families, retirement is a significant shift. A high-net-worth individual, also known as an HNWI, is typically someone with at least $1 million in cash or assets that can be easily converted into cash, including stocks, bonds, mutual fund shares, and other investments.[1] As an HNWI, you may not be too worried about depleting your funds in retirement, but there are many complexities that come into play that can eat away at your wealth faster than you think. Let's discuss a few tips and tricks that can help you make the most [...]

22 02, 2023

Don’t Underestimate the Importance of Your Mindset Toward Your Finances
Don’t Underestimate the Importance of Your Mindset Toward Your Finances

Don’t Underestimate the Importance of Your Mindset Toward Your Finances

BML Wealth Marketing2023-06-08T21:29:40-07:00February 22, 2023|Financial Planning, Psychology|

The concept of retirement planning is simple. Despite changes in the economy or in life itself, the concept of planning your retirement has remained unchanged. We work, save, retire, and repeat for generations over. But while the concept may be the same, the puzzle has begun to evolve. In other words, individuals and families currently saving for retirement are facing challenges that were previously never considered. Without pensions and hefty Social Security checks, it is now equally as important to maintain a healthy attitude towards spending and generating income as it is to actually save [...]

1 02, 2023

Don’t Forget the Tried-and-True Value of Compounding Interest
Don’t Forget the Tried-and-True Value of Compounding Interest

Don’t Forget the Tried-and-True Value of Compounding Interest

BML Wealth Marketing2023-02-01T08:30:47-08:00February 1, 2023|Financial Planning, Investing|

If you forgot what compounding interest was, let’s refresh. Compounding interest is the process by which the interest earned on an investment is reinvested so that the initial investment grows over time. It may not seem like it, but compounding returns is a powerful tool that can significantly increase the value of an investment over the long term, making it an important concept to understand when planning for retirement. One of the key benefits of compounding interest is that it can help your investments grow significantly over time. For example, consider an initial investment of [...]

16 01, 2023

Be the Financial Compass for Future Generations
Be the Financial Compass for Future Generations

Be the Financial Compass for Future Generations

BML Wealth Marketing2023-01-13T11:26:38-08:00January 16, 2023|Financial Planning|

Building towards retirement, you have made many financial decisions. Perhaps you maxed out your credit card on clothes in your early 20s or chose the wrong payment plan for your car loan or home mortgage. Regardless, you’ve navigated many financial obstacles and gained wisdom that can now be passed on to your kids and grandchildren. Although money can be a difficult topic to discuss, sharing this wisdom can help future generations make better-informed financial decisions. These are some topics to raise with different ages. Advice for Ages 5-13 At this age, most children have not [...]

12 12, 2022

3 Factors to Know for Rising Interest Rate Conditions
3 Factors to Know for Rising Interest Rate Conditions

3 Factors to Know for Rising Interest Rate Conditions

BML Wealth Marketing2023-02-09T01:44:59-08:00December 12, 2022|Economy, Federal Reserve, Financial Planning, Investing|

The 2022 economy has broken multiple records, first, with the highest inflation rate in 40 years, and now, the highest federal reserve interest rates since 2008.[1] In efforts to curb raging inflation, the US Federal Reserve has raised interest rates six times in 2022, reaching a target of 3.75% in November.[2] This rise in the cost of borrowing not only affects inflation but trickles into the decisions you make before and in retirement. Understand how this change affects you as a retiree: Dips in Investment Accounts Borrowing costs and stock market prices move in opposite [...]

6 12, 2022

What You Need to Know about Index Funds and Mutual Funds
What You Need to Know about Index Funds and Mutual Funds

What You Need to Know about Index Funds and Mutual Funds

BML Wealth Marketing2023-02-09T01:47:00-08:00December 6, 2022|Financial Planning, Investing|

On their surfaces, index funds and mutual funds may seem interchangeable. Both offer diversification of assets and are commonly invested in a basket of stocks that aim to meet a certain investment goal. However, there are many key distinctions that separate an index fund from a mutual fund – distinctions that may be crucial to your portfolio of retirement investments. The Breakdown of Index Funds Index funds invest in a specific list of securities, such as a Dow Jones Industrial Average or S&P 500 index, that track stocks based on certain factors. The Dow Jones [...]

29 11, 2022

The Value of Opening a Roth IRA at the End of the Year
The Value of Opening a Roth IRA at the End of the Year

The Value of Opening a Roth IRA at the End of the Year

BML Wealth Marketing2023-02-09T01:55:25-08:00November 29, 2022|Financial Planning, Investing, Retirement Income, Retirement Planning|

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and its unique value at the end of the calendar year. What is the Roth IRA, and When is it Useful? The Roth IRA is a type of retirement account that you may withdraw from tax-free after a certain age and [...]

18 11, 2022

3 Ways the Gender Pay Gap Affects Women in Retirement
3 Ways the Gender Pay Gap Affects Women in Retirement

3 Ways the Gender Pay Gap Affects Women in Retirement

BML Wealth Marketing2023-02-09T02:01:01-08:00November 18, 2022|Financial Planning, Retirement Planning|

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted throughout history, affecting global economic potential, and has cost the US an annual $1.6 trillion[3] in potential economic activity. This pay gap has hindered women’s ability to achieve retirement. Less Social Security Benefits Of all outcomes, this is the most [...]

31 10, 2022

Does the 4% Rule Really Work?
Does the 4% Rule Really Work?

Does the 4% Rule Really Work?

BML Wealth Marketing2023-02-09T02:04:44-08:00October 31, 2022|Financial Planning, Investing, Retirement Income, Retirement Planning|

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement you dream of. You may have done some research on what strategies you can use to provide yourself with the income and liquid cash you need to cover your expenses in retirement and come across a few general, cookie-cutter strategies, such as the 4% rule. What is the [...]

24 10, 2022

Rediscovering the Value of Yields in Recessions
Rediscovering the Value of Yields in Recessions

Rediscovering the Value of Yields in Recessions

BML Wealth Marketing2022-10-23T12:54:10-07:00October 24, 2022|Financial Planning, Investing, Stock Market|

For decades, the name of the personal finances game has been an asset or equity growth. High-growth tech stocks grew to dominate the market, some of which have grown to be among the largest companies in the world. And if you owned stock in those companies while they made their meteoric rise, your overall wealth may have ballooned in the process. But how safe do you feel with your wealth in those stocks during a recession? Would you feel comfortable with a 5% drop right now? A 10% drop? Maybe even more? If such a [...]