tag:blogger.com,1999:blog-25600927104335995992012-02-09T05:44:35.621-05:00Proven, Common-Sense Wealth BuildingFor Those Who Want STRAIGHT-FORWARD Strategies that ACTUALLY Work!
(877) 656-9111Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.comBlogger1571100tag:blogger.com,1999:blog-2560092710433599599.post-66056897009667283802012-02-06T17:39:00.000-05:002012-02-06T17:39:07.665-05:00BEWARE! Your Tax Preparer May Be Sending You to Tax Hell…BEWARE! Your Tax Preparer May Be Sending You to Tax Hell…
As tax season gets into full gear, I hear a lot of tax preparers, in attempt to “save” their clients on the amount of taxes they’d otherwise pay, advise them to make contributions into tax-qualified IRAs. But will that move really “save” you any money on taxes at the end of the day?
By funding a deductible IRA, you would pay less in Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-90708559057956131832012-01-30T11:11:00.000-05:002012-01-30T11:11:31.681-05:00Your Retirement Outlook: Is It Going or Coming?Your Retirement Outlook: Is It Going or Coming?
The National Institute on Retirement Security recently published the results of a study it conducted in a report titled Pensions and Retirement Security 2011 with the following key finding:
When it comes to retirement, Americans continue to have high anxiety. An overwhelming majority of Americans are anxious about their retirement prospects. Some Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-8374218935374261252012-01-23T13:30:00.000-05:002012-01-23T13:30:27.829-05:00On Taxes, Fairness, Politics – and YouOn Taxes, Fairness, Politics – and You
Lately there’s been some (or a lot of) discussion about what is fair when it comes to paying income taxes in America. The gist of what I understand the question at stake seems to be: Should those who have a boatload of money and can
afford everything they ever want, need, or desire for the
rest of their lives without working another day
be using Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-29657243940282508392012-01-16T15:37:00.000-05:002012-01-16T15:37:56.704-05:00Think the FDIC Means Banks Failures Are a Thing of the Past? Think Again!!Think the FDIC Means Banks Failures Are a Thing of the Past? Think Again!!
I don’t know about you, but it seems that most people regard bank failures as a thing of the very distant past. Many somehow believe that the existence of the Federal Deposit InsuranceCorporation (FDIC) means that banks simply cannot fail. The thing is, in reality, that’s not the case at all; in fact, the complete Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-43318761196675131072012-01-09T13:19:00.000-05:002012-01-09T13:19:31.830-05:00Why “Year-End Tax Saving” Tips are a FraudWhy “Year-End Tax Saving” Tips are a Fraud
That headline may seem a bit strong, but if you’ve followed my columns for any amount of time, you know by now that I don’t just make statements for the heck of it. So what exactly do I mean by my strong words?
Here’s what a ton of folks are missing. Which tax year are we talking about? Of course, it’s 2011. But, my friend, that year has ended and is Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-89794930506727675622011-12-26T11:38:00.000-05:002011-12-26T11:38:14.486-05:00Inexpensive, Effective Tips for Protecting Your Identity (Part 2)Given that this is Part 2 to my December 12 post, you might want to read that one first – if you haven’t done so already.
I’ll be the first to admit that some of these tips might sound like we should be walking on pins and needles. Remember, though, that identity thieves are growing increasingly sophisticated in the schemes they use to snatch people’s information, so it behooves you to leave Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-52700586962169904482011-12-19T11:16:00.000-05:002011-12-19T11:16:14.037-05:00Season's Greetings from the Team at Laser Financial Group!Season's Greetings from the team at Laser Financial Group!
Dear friend,
As you take some time off to gather with your family and friends, my team of exceptional professionals and I would like to express our sincerest gratitude to you – we thank you for your business, and most importantly, your friendship. We also extend to you and your family our wishes for a holiday season filled with love, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-29829869703426397042011-12-12T11:00:00.000-05:002011-12-12T11:00:31.445-05:00Inexpensive, Effective Tips for Protecting Your Identity (Part 1) Inexpensive, Effective Tips for Protecting Your Identity (Part 1)
The Federal Trade Commission, estimates that somewhere in the neighborhood of 9 million Americans experience the horrible ordeal of having their identities stolen each year – a number that is growing by the hour.
Inasmuch as I wish no one would ever have to deal with the quite costly and cumbersome aftermath of this insidious Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-8677323893000387672011-12-05T12:23:00.000-05:002011-12-05T12:23:22.483-05:00The Surefire Way to Manage Your Holiday Shopping BudgetThe Surefire Way to Manage Your Holiday Shopping Budget
It’s once again that time of year when we go shopping for our loved ones. Just so I don’t raise your hopes, this column is not about where you can get the best deals. Instead, let’s talk about what I call the “year-end shock syndrome.” Have you noticed that most people end up spending w-a-a-a-y much more than they actually “intended” – or Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-90556492982109203482011-11-28T12:22:00.000-05:002011-11-28T12:22:33.665-05:00Only 3 Options Exist to End America's Fiscal Crisis – the Likely Answer Will Affect YOU!Only 3 options exist to end America's fiscal crisis – the likely answer will affect YOU!
Remember a couple Mondays ago when I shared my thoughts on the Congressional Super Committee? Well, Thanksgiving has now passed, and official news of the outcome of several weeks of super-special negotiations is, in one word, nothing – as in they failed to cut even a dollar of their $1.5 trillion target. YepSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-82372256206082710772011-11-21T12:44:00.001-05:002011-11-21T12:46:42.419-05:00In Gratitude...In gratitude...
As we pause to celebrate Thanksgiving Day 2011, on behalf of the selfless professionals here at Laser Financial Group and myself, I'd like to say a gigantic THANK YOU for being part of our family. Besides being thankful to the good Lord for our health and sound mind, we want you to know that we appreciate our association with you and will do all in our power to maintain your Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-20231768141100134402011-11-14T11:39:00.000-05:002011-11-14T11:39:43.465-05:00Is Your Financial Advisor Inadvertently Sending You MIXED MESSAGES?Is your financial advisor inadvertently sending you MIXED MESSAGES?
Most financial professionals are good people who want the best for their clients – because it would be, literally, only a complete jerk who’d do the opposite. If that’s the case, don’t you find it quite odd (as I do) that on the one hand, you have investors who painfully look on helplessly as their lives savings erode – not Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-40513296205099864282011-11-07T14:03:00.000-05:002011-11-07T14:03:43.217-05:00Regardless of Super Committee Decision, Your Taxes are Probably Going UP!Regardless of Super Committee decision, your taxes are probably going UP!
The story goes like this: a few months back Republicans and Democrats in Congress struck a deal (the key word here is deal) just in the nick of time to avert the Federal Government having to shutdown. You may remember that drama in D.C.
The deal was, essentially, that a 12-member committee made up of six Republicans and Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-89215938842858495272011-10-31T13:46:00.000-04:002011-10-31T13:46:16.212-04:00Are You Following the Herd, or Blazing Your Own Trail to Financial Security?Are you following the herd, or blazing your own trail to financial security?
Given my role at our firm, I find myself on an almost daily basis interacting with retirement investors, either in a group setting (when I’m teaching a workshop) or in private client meetings. Lately, I have noticed a very disturbing trend in the perception of a rather large number of folks. I’m talking about the idea Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-83032812183901975162011-10-24T09:23:00.000-04:002011-10-24T09:23:15.098-04:00Financial FICTION #12: If a Particular Financial Product is Good, Most People Should (and Would) Know About ItFinancial FICTION #12: If a Particular Financial Product is Good, Most People Should (and Would) Know About It – and Own It, Too.
Many people are under the erroneous impression that if a given financial product is good, then everyone should be using it. While a part of me understands the reasoning behind this belief, to some extent, that line of thinking should not be any serious person’s Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-81800034701875691432011-10-17T11:58:00.001-04:002011-10-17T12:00:37.194-04:00Financial FICTION #11: Roth IRAs Are the Best Known Tax-advantaged Vehicles Offered in the U.S. Tax CodeFinancial FICTION #11: Roth IRAs are the best-known tax-advantaged vehicles offered in the U.S. Tax Code
Financial professionals overwhelmingly agree that it is a very smart move for retirement investors to pursue investment programs into which they can contribute after-tax dollars today, and be able to withdraw those funds (including all the gains) income-tax free later on. I wholeheartedly Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-45964276884257505642011-10-10T13:46:00.000-04:002011-10-10T13:46:34.047-04:00Steve Jobs Reminded Us to Focus on What's REALLY ImportantSteve Jobs Reminded Us to Focus on What's REALLY Important
Yet another detour from the financial fiction series – we’ll continue with the series next week.
_______________________________The reason for the detour is because I’d like to dedicate today’s column to the amazing and – in my opinion – unparalleled memory of one of the greatest, smartest success stories of our generation, a man who Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-82095215132498794642011-10-03T16:11:00.001-04:002011-10-03T17:05:10.472-04:00Financial FICTION #10: If the stock market has averaged "x" percent return over a given time period, you'd have earned that return tooFinancial FICTION #10: Learning that the stock market or a specific variable investment has averaged "x" percent return over a given time period means that if you had owned the same investment over the same time period, you’d have earned that return in reality.
The investing public is bombarded with "average return" information about specific funds over such-and-such periods of time. If you lookSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-20670034321213135592011-09-26T12:57:00.000-04:002011-09-26T12:57:13.841-04:00Last week's DOW plunge: A Lesson in Common SenseLast week's DOW plunge: A lesson in common sense
_________
NOTE: Today, I’m taking a little detour from the Financial Fiction Series to discuss the current happenings in the stock market. I hope to continue with the series next week.
_________
This past week has been a nightmare for some (not all) retirement investors. Sadly, though, that number of investors in distress happens to be in the Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-30765155111108440062011-09-19T12:15:00.000-04:002011-09-19T12:15:24.266-04:00Financial FICTION #9: When you "break even" or receive a refund check from the IRS, you did not pay any income tax that yearFinancial FICTION #9: When you file your taxes and break even or receive a refund check from the IRS, it means you did not pay any income tax that year. Alternatively, owing $500 means you paid just $500 in income tax that year.
This particular fiction is so prevalent that in all my years of consulting with people of all sorts, I don’t remember a situation where they didn’t give me a look of “Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-17727087043790964492011-09-12T11:40:00.000-04:002011-09-12T11:40:46.662-04:00Financial FICTION #8: Term insurance is less expensive than permanent insurance for the same personFinancial FICTION #8: Term insurance is less expensive than permanent insurance for the same person
You may have heard again and again that term insurance is less expensive, compared to a permanent version of life insurance, but I’m here to tell that information is inaccurate. Please bear with me as I walk you through the intricacies of this issue.The cost of life insurance – and by this, we Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-46499620856956157172011-09-05T05:00:00.002-04:002011-09-05T11:24:05.281-04:00Financial FICTION #7: Ignore the day-to-day gyrations associated with variable investments – you’ll end up well in the long runFinancial FICTION #7: Once you ignore the day-to-day gyrations associated with variable investments, you’ll end up well in the long run, when it matters most.
Any time the stock market plunges, you are sure to hear one explanation from conventional advisors: “Don’t panic. Focus on the long term.” That is to say that there’s supposedly a time called “the long term” which you will one day reach,Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-47824394572029533152011-08-29T05:00:00.002-04:002011-08-29T06:06:32.833-04:00Financial FICTION #6: 401(k)s, or qualified plans in general are the best way to plan for your retirementFinancial FICTION #6: 401(k)s, or qualified plans in general are, hands down, the best way to plan for your retirement.
How did this belief become so prevalent in the first place? The two biggest reasons are that you receive matching contributions from your employer, and you also get a tax break. But is that the end of the story? Of course not. Generally speaking, these programs come with the Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-80046572630600235902011-08-22T05:00:00.004-04:002011-08-22T06:48:00.596-04:00Financial FICTION #5: Investing in a life insurance policy is savvy only for folks with dependents at homeFinancial FICTION #5: Investing in a life insurance policy is savvy only for folks who have dependents still in their nests.
Some financial experts hold a general belief that once you no longer are responsible for any dependents, you should drop your life insurance coverage, because from that point onward, it’s a waste of your money, so to speak. The rationale appears to be “Why pay for income Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-61199903689700251812011-08-15T14:04:00.000-04:002011-08-15T14:04:05.006-04:00Financial FICTION #4: Investments with high gross returns will automatically generate the most incomeFinancial FICTION #4: Investments with high gross returns will automatically generate the most income for you to spend.
This is one of the most unassuming yet deadly – if not the deadliest – mistakes that scores of retirement investors make, some under the guidance of financial advisors. Let me explain.
It’s no secret that everyone would like their investments to make the best possible gains, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-24838333341198135642011-08-08T14:59:00.000-04:002011-08-08T14:59:32.198-04:00Financial FICTION #3: If you hear financial advice through the mass media, it is obviously correct and right for you.Financial FICTION #3: If you hear financial advice through the mass media, it is obviously correct and right for you.
For some strange reason, most people believe that the best source of financial advice is what is disseminated through the mass media. Really? If it’s on radio, TV, a website, or printed in a magazine/newspaper, it must be appropriate for you? That’s a myth, and here’s why:
Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-16926322611220461122011-08-01T14:31:00.001-04:002011-08-01T14:35:00.622-04:00Financial FICTION #2: Aggressively paying off your mortgage debt is savvy and always beneficialFinancial FICTION #2: Aggressively paying off your mortgage debt is savvy and always beneficial to you, financially speaking. Many people buy into this notion based solely on the fact that there is a cost associated with carrying a mortgage (in the form of interest payments) and the belief that by eliminating their mortgages, they therefore stand to save that money. There’s also an emotional Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-77073153121981226412011-07-25T11:25:00.000-04:002011-07-25T11:25:19.754-04:00Making Sense of America’s Debt Ceiling TalkMaking Sense of America’s Debt Ceiling Talk
Today I’m taking a little detour from the “Financial Fiction” series I began last week. We’ll reconvene with that topic next week.
Unless you’ve been living under a rock, you are aware that intense negotiations are going up on Capitol Hill and in the White House about America’s “debt ceiling” – whether to raise it or not? That’s pretty much the only Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-61853463306071219902011-07-18T15:38:00.001-04:002011-07-18T15:42:05.380-04:00Financial FICTION #1: When You Retire, You’ll Be in a Lower Tax Bracket Because Your Total Income Will Be Lower Than It Was When You Were WorkingFinancial FICTION #1: When you retire, you’ll be in a lower tax bracket because your total income will be lower than it was when you were working.
As promised in my June 27 post, in the weeks ahead, I’ll dispel each of the 12 myths I identified in that post. I’m beginning today with the one which, in my opinion, happens to be the most critical and widespread.
Just like all the other myths on Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-67570947619600332232011-07-11T14:52:00.001-04:002011-07-11T19:02:44.008-04:00If you’re focused on saving money for retirement, your focus is on the WRONG thing!If you’re focused on saving money for retirement, your focus is on the WRONG thing!
The most unfortunate and expensive mistake anyone can make in planning for their retirement is thinking their focus needs to be on saving money. Yes, I’m quite serious about this! I’d understand if you were a bit perplexed about my rigid insistence on this, because it does run completely counter to the advice of Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-34134812521714611302011-07-04T16:18:00.001-04:002011-07-05T10:16:14.909-04:00Is It Expensive or Does It Cost More?Is It Expensive or Does It Cost More?
Who doesn’t want a deal? Most of us are constantly looking for an opportunity to pay the least amount of money possible for whatever product or service we’re purchasing.
However, over the years, I have noticed that some folks (including some so-called financial advisors) seem to completely miss the point that there’s a very sharp – and we’re talking huge –Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-60520383987248460132011-06-27T12:04:00.000-04:002011-06-27T12:04:49.734-04:00Do You Know the Distinction Between Financial TRUTH and FACTS?Do You Know the Distinction Between Financial TRUTH and FACTS?
One of my working theories is that nothing is really ever false, in the real sense of the word. Just think about the last time you had a passionate discussion (a.k.a. an argument) with someone who had an opposing view. Regardless of the subject, both of you claimed to be right – and needless to say, each believed that the other partySamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-2469301316983654292011-06-20T14:12:00.000-04:002011-06-20T14:12:18.828-04:00Why Must Tax Rates Increase? Two Words: Social SecurityWhy Must Tax Rates Increase? Two Words: Social Security
Okay, so does all this rap about tax rates rising because of Social Security make any sense? Social Security? Isn’t that a program into which we have already contributed money so that the only thing left is for those “savings” to be returned to us in retirement? I mean, isn’t that the way just about every other savings program –401(k)s, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-7954453665255600312011-06-13T15:15:00.000-04:002011-06-13T15:15:01.192-04:00Warren Buffett’s Two Rules of Investing (and How You Can Nail Them)Warren Buffett’s Two Rules of Investing (and How You Can Nail Them)
Unarguably one of the greatest and most successful investors the world has ever seen, Warren Buffet’s views on investing are considered golden, and rightly so. Mr. Buffet has laid out two basic rules:
Rule One: Never Lose Money.
Rule Two: Never Forget Rule One.
A quick Internet search would return volumes about these rules, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-73331157570530913262011-06-06T12:43:00.001-04:002011-06-06T12:49:50.314-04:00Is This Supposed Investing “Golden Rule” Inconsistent or What?Is This Supposed Investing “Golden Rule” Inconsistent or What?
When perilous stock market days like those of this past week occur, we are reminded of this investing golden rule: “Keep your focus on the long-term.” Which is simply another way of saying, “Don’t pay much attention to the here and now.”Everyone – investors and financial advisors alike – know for a fact that at the end of every Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-75689977430821008912011-05-30T11:50:00.000-04:002011-05-30T11:50:43.305-04:00Why You SHOULDN’T Want to be Financially PopularWhy You SHOULDN’T Want to be Financially Popular
In all my years of financial practice – meeting and talking with folks from all walks of life – I have yet to encounter anyone whose financial goal is NOT to make the most gains they possibly could, not a single soul. Makes perfect sense, because a person with that goal would obviously not be sitting in my office, or in front of any other Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-78235754487750888732011-05-23T13:27:00.001-04:002011-05-23T14:13:28.053-04:00How to Put Your Inheritance on Steroids – Practically Overnight!How to Put Your Inheritance on Steroids – Practically Overnight!
Christie was able to more than double what she intends to leave behind for her loved ones without spending even one extra cent! Of course, I’ll tell you exactly how she was able to accomplish that, but before I forget, let me thank the 71-year-young lady for allowing me to discuss her story with you.Income from Christie’s pension, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com4tag:blogger.com,1999:blog-2560092710433599599.post-35704845601372692132011-05-16T13:24:00.000-04:002011-05-16T13:24:48.995-04:00Why a “Stretch IRA” Simply Begs the Real Question (PART 2)Why a “Stretch IRA” Simply Begs the Real Question (PART 2)
Let’s begin by stating the bottom-line issue when it comes to a “Stretch IRA”: to ensure the transfer of all or at least the lion’s share of qualified plan money that you’ll leave to your beloved heirs. In fact that’s the only reason. While I haven’t met anyone yet who’s even remotely thrilled about the idea of their heirs having to Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-26434489656995661912011-05-09T10:09:00.000-04:002011-05-09T10:09:09.626-04:00Why a “Stretch IRA” Simply Begs the Real Question (PART 1)Why a “Stretch IRA” Simply Begs the Real Question (PART 1)
Let’s say – hypothetically speaking – that at the time of his death in 2010, George Senior owned a traditional IRA worth $200,000, and his 39-year-old son, George Junior, was the sole beneficiary.
As is generally the situation with all pre-tax (or qualified) plans such as 401(k)s, 403(b)s, and the like, George Junior must pay income-taxSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-55411766380528833872011-05-02T13:00:00.000-04:002011-05-02T13:00:46.276-04:00Are Variable Investments Ever Safe?Are Variable Investments Ever Safe?
The vast majority of conventional financial advisors seem to one way or the other suggest that variable investments could be safe – if you play your cards right, so to speak. They seem to suggest that pretty much all you need to do is ensure that you have the right asset allocation, or a well-diversified/balanced portfolio. And then be sure to keep rebalancing Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-25656672768790324192011-04-25T14:52:00.000-04:002011-04-25T14:52:41.872-04:00Why It’s UNECESSARY for Retirees to Relocate Because of State Income TaxWhy It’s UNECESSARY for Retirees to Relocate Because of State Income Tax
Allow me to clarify: I’m not trying to suggest to retirees where they should retire. Rather, I’m doing the exact opposite – empowering them with the freedom to choose to retire wherever they’d like, instead of feeling they MUST relocate for the mere reason of avoiding outrageous state income taxes.
In my humble opinion, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-4009061475626183092011-04-18T14:57:00.000-04:002011-04-18T14:57:02.269-04:00Dear So-Called Experts, It’s Time to Quit Being RidiculousDear So-Called Experts, It’s Time to Quit Being Ridiculous
On his February 5th radio show, financial expert and guru, Ric Edelman, responded to a query from a man named Robert who called the show to confirm the validity of a claim by Vanguard (which happens to be a direct competitor of Mr. Edelman) that one of their mutual funds has a total annual expense of 0.06 percent. Mr. Edelman’s responseSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-48175417851062822062011-04-11T12:16:00.000-04:002011-04-11T12:16:01.893-04:00More IRA, Less Tax – Act Now (If You Desire to Be Potentially Clobbered in the Future)More IRA, Less Tax – Act Now (If You Desire to Be Potentially Clobbered in the Future)
With Tax Day quickly approaching, it’s not out of the ordinary to hear all sorts of “expert” advice on how taxpayers can outsmart the IRS. A great number of tax preparers, CPAs, and other advisors are busy convincing retirement investors that it’s a savvy move to contribute to an IRA, because by so doing theySamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-79650865081824299222011-04-04T14:11:00.001-04:002011-04-04T15:05:51.270-04:00Why G.E. Made Billions, Yet Paid NOTHING to the IRS (and How You Can, Too)Why G.E. Made Billions, Yet Paid NOTHING to the IRS (and How You Can, Too)
One of the huge stories of late has to do with the fact that General Electric (G.E.), America’s largest corporation, paid nothing – as in zip, nada, nil – in taxes to the IRS, in spite of raking in $14.2 billion (with a “B”) in profits last year. What’s more, according to The New York Times, G.E. claimed $3.2 billion (Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-80292885734225370452011-03-28T12:38:00.000-04:002011-03-28T12:38:09.004-04:00What Is the Most Lethal Force Against Your Retirement?What Is the Most Lethal Force Against Your Retirement?
As a managing principal of a financial firm who constantly interacts with retirement investors from across the nation, I can confirm without a shadow of a doubt that the majority of Americans approach their personal finances with broad generalizations. You can confirm this by taking a sampling of any number of folks, asking them which Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-11807564828486052892011-03-21T10:24:00.001-04:002011-03-21T12:15:16.811-04:00The Only Sure Way to End Your Retirement Financial WoesThe Only Sure Way to End Your Retirement Financial Woes
One study after another reveals that a large majority of Americans face serious predicaments in their abilities to sustain themselves financially during retirement: from those who are beyond the usual retirement age and cannot retire although they want to, to those who have to come out of retirement to start working again, just so they canSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-76124671055519210842011-03-14T09:01:00.000-04:002011-03-14T09:01:11.581-04:00Why Bother with Tax Loopholes When the Same Code Has Legitimate Tax-Free Options?Why Bother with Tax Loopholes When the Same Code Has Legitimate Tax-Free Options?
A couple Mondays ago, the IRS announced what it calls the 2011 Offshore Voluntary Disclosure Initiative (OVDI). According to Commissioner Doug Shulman, this program, which runs from February 8 through August 31 of 2011, is the “last and best chance” for people who are hiding money in undisclosed offshore Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-78832384735445993052011-03-07T11:55:00.000-05:002011-03-07T11:55:16.736-05:00Bernie Madoff Is Completely Right About This!Bernie Madoff Is Completely Right About This!
Boy oh boy, I didn’t see this day coming – when I’d actually be in total agreement with Bernie Madoff. But on February 27, when New York magazine published an interview with the 72-year-old crook of the century, I found myself agreeing 100 percent with this statement: “The whole new regulatory reform is a joke.”
For those of you not familiar with itSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-81830783664266526772011-02-28T11:45:00.000-05:002011-02-28T11:45:46.627-05:00Does Your Huge Tax Refund Make You More or Less Financially Savvy Than Those with Smaller Refunds?Does Your Huge Tax Refund Make You More or Less Financially Savvy Than Those with Smaller Refunds?
Let’s say John and Kevin have basically identical sets of circumstances – same income, number of dependents, deductions, etc. But when they filed their taxes, John received a refund check that was three times larger than Kevin’s. Does that mean Kevin’s tax preparer or the tax software he used (if Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-65460986607657682011-02-21T11:35:00.002-05:002011-02-21T12:22:21.725-05:00How to Be Simultaneously Pessimistic and Optimistic About Your Retirement (Without Being Irresponsible)How to Be Simultaneously Pessimistic and Optimistic About Your Retirement (Without Being Irresponsible)
Let me first define what I mean by those two terms in the context of a short story:
A major shoe manufacturer sent two of its top marketing executives to a remote part of the world to conduct a feasibility study about expanding into that market. Upon their arrival, the executives discovered Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-26038096627503540852011-02-14T13:24:00.000-05:002011-02-14T13:24:59.752-05:00The Unintended Tax Trap for Those Who Escape the “RMD” Rule by Working Beyond Age 70The Unintended Tax Trap for Those Who Escape the “RMD” Rule by Working Beyond Age 70
Today’s column is not about the “RMD” penalty, per se – but, rather, the unintended danger that completely catches off guard those who temporarily qualify for its primary exemption by continuing to work beyond age 70.
The IRS imposes a rather steep 50 percent excise tax (in addition to the normal income tax) Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-79866772987190886412011-02-07T11:38:00.001-05:002011-02-07T11:41:00.282-05:00Is Portfolio “Recovery” a Joke That Presumes You Are an Idiot?Is Portfolio “Recovery” a Joke That Presumes You Are an Idiot?
“Sure, the stock market might dip and your nest egg might take a hit, but you’ll eventually recover from those losses.” Right? Wrong and wrong again!
While you may often hear news reports or even some financial advisors put it that way, it is totally inaccurate. No variable investment portfolio works that way – NONE!
Terry J. has Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-66064223673431032752011-01-31T16:48:00.001-05:002011-02-14T14:45:03.080-05:00Baby Boomers Are Jamming Retirement Traffic – So What Now?Baby Boomers Are Jamming Retirement Traffic – So What Now?
Basically, the story goes like this:
Between 1946 and 1964, a bunch of American parents got really busy, which resulted in an estimated 70 to 80 million babies being born. This baby boom has been very good for America as a whole. That’s because, as you’d expect, these babies needed things like food, clothing, toys, and education … andSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-57761235173804977152011-01-24T13:40:00.000-05:002011-01-24T13:40:05.740-05:00Dear AARP, Your Report “Should You Carry a Mortgage into Retirement?” Is Completely Out of Touch With RealityDear AARP, Your Report “Should You Carry a Mortgage into Retirement?” Is Completely Out of Touch With Reality
Let me begin by reiterating something that those who read my columns regularly are already aware of: I do not engage in generalized, much-ado-about-nothing talk. And today is no exception to that standard. My goal today is to point out the apparent flaws in a June 2009 “Insight on the Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-77843652003217077382011-01-17T17:10:00.000-05:002011-01-17T17:10:45.308-05:00The Hidden 401(k) Fees You Are Paying (and Don’t Even Know About) – PART 2The Hidden 401(k) Fees You Are Paying (and Don’t Even Know About) – PART 2
401(k) plan fees generally fall into three categories:
(1) Plan administration fees
(2) Individual service fees
(3) Investment fees
Plan administration fees are charged for things like toll-free numbers, online account access, seminars, and the customer service representatives you speak to when you call the Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-24137685565778227042011-01-10T15:36:00.000-05:002011-01-10T15:36:42.646-05:00The Hidden 401(k) Fees You Are Paying (and Don’t Even Know About) – PART 1The Hidden 401(k) Fees You Are Paying (and Don’t Even Know About) – PART 1
Indulge me for a moment by imagining that I am your financial advisor and I am recommending that you invest your retirement nest egg in a financial product where you would not know exactly how much you’d be paying in fees. Just to be clear, it’s not that there are no fees associated with this investment (there are, and Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-44018107728657689082011-01-03T15:37:00.000-05:002011-01-03T15:37:06.570-05:00If the Affluent Are Delaying Retirement, What Can the Rest of Us Expect?If the Affluent Are Delaying Retirement, What Can the Rest of Us Expect?
HAPPY 2011! I wish you a prosperous and fruitful year ahead. Today I’d like to discuss a troubling finding from the “Merrill Lynch Affluent Insights Quarterly,” which was released in October:
61 percent of the affluent Americans surveyed expect to retire later than they had originally planned, up from 29 percent in Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-41656723412989410892010-12-27T16:55:00.000-05:002010-12-27T16:55:56.394-05:002011 Best Picks … if You Intend to Keep Your Roller-Coaster Investing Dilemma Intact2011 Best Picks … if You Intend to Keep Your Roller-Coaster Investing Dilemma IntactI am fully aware of the sarcastic nature of the headline, but in this instance, that seems the best way to get my message across. I’ll wait to see what you think after reading.
Right about now, almost every financial show, magazine, guru, blog, and what-have-you is offering investors advice about the products andSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-39492012591809670922010-12-20T16:56:00.001-05:002010-12-20T17:23:28.054-05:00Ho! Ho! Ho! Three Cheers of Gratitude!Ho! Ho! Ho! Three Cheers of Gratitude!
Wow I cannot believe how quickly Christmas rolled around this year. It sure seems to me like last Christmas was just yesterday, although my daughter thinks the complete opposite - and I’m guessing that’s probably true for your kids, too. Anyhow, as we take some time to look back over this past year and glance ahead to the coming year, I’d like to ask you toSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-24243391638514580602010-12-13T12:29:00.002-05:002010-12-14T08:55:05.227-05:00Changes In The Financial Laws - What Do They Mean for You?Changes in the financial laws - what do they mean for you?
It’s an unsurprising statement of fact to say that the world of personal finance revolves around laws. As a natural consequence, therefore, the passage of new laws – or significant changes to existing rules – means that the complexion of your retirement strategy and products may also be required to change. Or so you would think. Here areSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-2652928658777104182010-12-06T11:34:00.002-05:002010-12-06T12:47:03.331-05:00Pay Now or Pay Later?Pay Now or Pay Later?
[Jackie (not her real name) made this request via the “Ask the Advisor” tool on our website. I obtained her permission to share it on this blog because it has such an interesting educational twist to it.]
Hi Samuel,I inherited about $55,000 of my father’s IRA and was intending to pay all the taxes this year and be done with it. But my father’s financial advisor and another Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-13379260176707888272010-11-29T12:14:00.002-05:002010-11-29T12:19:06.976-05:00Who Says There Are No Guarantees in Retirement These Days?Who Says There Are No Guarantees in Retirement These Days?
Did you know that you can add a separate income option to your IRA, 403(b), 401(k) or even nonqualified funds that will guarantee an 8 percent annual compound interest, regardless of what the stock market does?
Let’s set the record straight – this isn’t wishful thinking! This has been happening and still happens for retirement Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-61173796180885059262010-11-22T11:40:00.001-05:002010-11-22T11:43:06.230-05:00Common-Sense Holiday Shopping TipsCommon-Sense Holiday Shopping Tips
Wow! Where did the time go? I remember January 1, 2010, like it was yesterday, yet it is Thanksgiving already? Anyway, as we take some time to reflect and give thanks, on behalf of all the guys and gals here at Laser Financial Group, I’d like to say a huge “thank you!” to all of you for being a part of our family. And especially for your readership, feedback, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-10510539872368862602010-11-15T15:59:00.000-05:002010-11-15T15:59:06.193-05:00A Completely Different Perspective on Reverse MortgagesA Completely Different Perspective on Reverse Mortgages
My discussion today is not about the ins and outs of a reverse mortgage, but rather a review of the rationale behind them. The federal government defines a reverse mortgage as “a product that allows you to convert part of the equity in your home into cash without having to sell your home…” Just about every time I watch TV, I see Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-34322854830320188072010-11-08T15:03:00.000-05:002010-11-08T15:03:43.760-05:00Too Good to Be True ... or Too Bad to Be False?Too Good to Be True ... or Too Bad to Be False?
I recently met with a gentleman who’s been a client of ours for quite a long time and, in his own words, “has been happily retired for the past four years, thanks to your guidance” (meaning yours truly). He was telling me how amazed he was about the fact that pretty much everything we’ve ever told him in reference to his investment portfolio turnedSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-69995953674034467352010-11-01T16:43:00.001-04:002010-11-01T16:45:16.835-04:00Do You Know if YOUR Favorite Financial Guru Is Offering Accurate Advice?Do You Know if YOUR Favorite Financial Guru Is Offering Accurate Advice?
Just about anyone who knows me by any measure would wholeheartedly agree that I am a huge proponent of educating oneself, especially when it comes to planning your retirement income. In fact, that is my passion! But there’s a caveat: I am extremely cautious – and you should be, too – about determining the FACTUAL basis of Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-86358864551245393602010-10-25T11:15:00.000-04:002010-10-25T11:15:44.137-04:00How Important Are Your Financial Advisor's Certifications – the Alphabet Soup After Their Name?How Important Are Your Financial Advisor's Certifications – the Alphabet Soup After Their Name?
Does a financial professional with a certification know more or have better strategies than one without a certification? By certifications, I mean the ABCs you often see after a professional’s name when it’s written. In personal finance, for example, you may see things like CFP (Certified Financial Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-66052480225540531822010-10-18T13:34:00.000-04:002010-10-18T13:34:41.316-04:00Is Gold a Smart Retirement Investment?Is Gold a Smart Retirement Investment?
As one might expect, I frequently hear random financial questions from folks who “just want to know” what I think. Lately a very popular question involves wanting to get “my take” on whether they should invest in some of those shiny yellowish bars rather than focusing on the green bucks. Those of you who have been reading my posts for a while may rememberSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-1579539836674545642010-10-11T12:49:00.000-04:002010-10-11T12:49:49.148-04:00Can You Live Comfortably in Retirement on 80 Percent of What You Earn Now?Can You Live Comfortably in Retirement on 80 Percent of What You Earn Now?
I don’t know who determined this, why it is so, or how it even came to be, but there appears to be a widespread agreement of sorts that in retirement, folks need to replace somewhere between 70 and 75 percent of their pre-retirement incomes in order to maintain the same standard of living. I’ve seen 401(k) brochures and Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-63323363332552047662010-10-04T13:31:00.000-04:002010-10-04T13:31:29.847-04:00Why You Should STOP Planning For Retirement Today!Why You Should STOP Planning For Retirement Today!
Let me begin by explaining my definition of “planning for retirement” as making contributions into any sort of plan for the sole purpose of accumulating savings. You may be wondering what I mean by that. I understand, because isn’t this action precisely what almost everybody seems to be doing? Once again, I am here to tell you that this is the Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-12988962403800397622010-09-27T13:48:00.001-04:002010-09-27T14:25:18.325-04:00What Ever Happened to the Good Old Universal Value?What Ever Happened to the Good Old Universal Value?
HONESTY is undoubtedly one of the very few undisputed universal virtues. Every sane adult raises their children to honor, respect, and appreciate this vitally important virtue. I have yet to meet anyone who wasn’t strongly admonished as a child, by the adults who influenced them, to be honest, no matter what. Who didn’t occasionally get in Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-18417596742626944242010-09-20T16:17:00.000-04:002010-09-20T16:17:24.458-04:00Think You Have a Legal Right to Social Security Benefits? Think Again!Think You Have a Legal Right to Social Security Benefits? Think Again!
Whenever I meet with prospective clients regarding their retirement income planning – and our other strategists have similar experiences – one of the first steps is identifying their sources of anticipated future income. To a person, virtually everyone identifies Social Security as their first source. And usually their Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-67203484241938741962010-09-13T15:23:00.000-04:002010-09-13T15:24:12.333-04:00Should We Take Out Life Insurance Policies on Our Kids?Should We Take Out Life Insurance Policies on Our Kids?
Okay, this is going to be one of those discussions where I ask you to completely ignore your emotions for a moment, while I present the two sides to this argument. As the father of a fashion-crazed sixth-grade daughter (please wish me luck!) and one who would have an expanded family soon (your prayers, please!), you can be sure that I have Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com4tag:blogger.com,1999:blog-2560092710433599599.post-44892679875724889682010-09-06T15:49:00.000-04:002010-09-06T15:49:08.231-04:00What REALLY Happens to the Dollars You Invest?What REALLY Happens to the Dollars You Invest?
When most Americans invest money in their retirement plans, they usually go the traditional route, whereby if the stock market does well, they could make unlimited gains. On the other hand, when things go south, the losses also are unlimited. Millions are still trying to recover from this reality as you read this. The second traditional option is toSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-84248676262857563472010-08-30T08:41:00.002-04:002010-08-30T08:46:26.918-04:00Stop Talking and Start Fixing – or Get Ready to Potentially Become Dead BrokeStop Talking and Start Fixing – or Get Ready to Potentially Become Dead Broke
Since the September 2008 stock market crash and the subsequent wild rides, it has become almost unusual to run into an investor who didn’t lose significant portions of his or her portfolio. I have even met some folks who lost upwards of fifty percent! That’s half of their nest eggs.
Investors are really, really worriedSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-20215051208361957542010-08-23T13:58:00.001-04:002010-10-02T16:03:04.936-04:00The Case AGAINST “Don’t Put All Your Eggs in One Basket”The Case AGAINST “Don’t Put All Your Eggs in One Basket”
I am sure you’d agree with me that perhaps the most widely used phrase in the field of personal finance is: Don’t put all your eggs in one basket.
But if you really think about it, does this always make sense? For instance, if your financial advisor claimed that he/she knew which portfolio would effectively accomplish your financial goals, Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-81215384692236703652010-08-16T13:23:00.002-04:002010-08-16T13:31:03.826-04:00Is “Building Equity” In Your House a Good Idea?Is “Building Equity” In Your House a Good Idea?
Just the other day, a couple came in to run their strategy for funding their kids’ college education by me to see what I thought about it. Basically, they are aggressively paying down their mortgage debt so that they can “build equity” – and when the time comes for their kids to go to college, they’ll simply “cash in” some of those “equity dollars”Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-18760441911752474082010-08-09T11:54:00.002-04:002010-08-09T12:00:22.139-04:00401(k) Calculator Deception: Don’t Let Them Take You for an Idiot401(k) Calculator Deception: Don’t Let Them Take You for an Idiot
Have you ever used one of those 401(k) calculators? You know the one – it lets you punch in information like your current age, your intended retirement age, your contribution amounts, and expected rate of return among others, and then once you hit the “Solve” button, it spews out a number indicating how large a nest egg you’ll Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-31596810652101862162010-08-02T10:33:00.002-04:002010-08-02T10:41:58.822-04:00How to Be Skeptical – but NOT Stupid – About Your InvestmentsHow to Be Skeptical – but NOT Stupid – About Your Investments
Over the years, as I have spoken at events and consulted with people from across the nation, it has become apparent that some of the proven, common-sense concepts and strategies we prefer and teach here at Laser Financial Group completely rattle conventional thought. How do I know this? Because we usually get looks that translate intoSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-49316219015193059492010-07-26T12:57:00.001-04:002010-07-26T12:58:30.501-04:00Ready for YOUR New Tax Rate, Come January 1, 2011?...Ready for YOUR New Tax Rate, Come January 1, 2011?
I am sure you are aware that your current income-tax rate is much lower than what you were paying prior to the passage of what many call the “Bush tax cuts,” which went into effect on June 7, 2001. Among other things, that law created a new 10 percent rate, indexed the then lowest rate on the table of 15 percent, and lowered the 28 percent, 31 Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-83214252747945946592010-07-19T12:34:00.002-04:002010-07-19T13:53:36.601-04:00Are the Right People Due to Inherit When You Die?Are the Right People Due to Inherit When You Die?
What, as an investor, do you look for when you review your investment portfolios? Chances are good that you – as most people often do – focus only on the gains or losses to your funds. And usually when your portfolio made gains, everything is great; but, of course, you’re displeased when the opposite occurs. Either way, though, that generally is Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-39884993262246251252010-07-12T12:03:00.002-04:002010-07-12T12:06:38.471-04:00Investment Math That Most Financial Advisors DON’T UnderstandInvestment Math That Most Financial Advisors DON’T Understand
Compare these two equations:
20-10+20=3015+0+15=30
Now what if I told you that the first equation was LESS than the second? I wouldn’t blame you if your reaction were something like, “You must crazy! How in the world can this guy say that 30 is less than 30?” That has always been the initial sentiment expressed by most people who haveSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-38418826861190100452010-07-05T14:09:00.002-04:002010-07-07T20:06:54.913-04:00“Balanced Investing” Is a Fallacy You MUST Avoid if You Want to Enjoy a Comfortable Retirement“Balanced Investing” Is a Fallacy You MUST Avoid if You Want to Enjoy a Comfortable Retirement
Sometime during the latter part of 2009, I came across an article on the CBS Money Watch wddebsite, authored by Charlie Farrell: Top Three Financial Moves Before 2010. In my opinion, one of the moves the author refers to as “Balance Your Investments” is completely out of touch with reality for most Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-30734229225139963272010-06-28T15:58:00.003-04:002010-07-07T22:02:12.500-04:00Why the Notion of “Risk Tolerance” Is a Complete MythWhy the Notion of “Risk Tolerance” Is a Complete Myth
If you have encountered a conventional financial advisor, you have probably heard about the concept of “risk tolerance.” This basically refers to the level/degree of risk you – as an investor – can and should bear with your invested funds.
The major consideration in determining this so-called “level” is your age, which relates to how long Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-27085808494755452412010-06-21T11:49:00.003-04:002010-07-19T15:17:11.962-04:00A CRITICAL Retirement Lesson from BP’s Oil SpillA CRITICAL Retirement Lesson from BP’s Oil Spill
Unless you’ve literally been living under a rock, you have already heard plenty about the politics/PR aspects related to the horrific BP oil disaster in the Gulf of Mexico. However, buried amid all the media coverage of this story is a very important lesson that investors, perhaps like yourself, who may be planning for retirement (as well as theirSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-88054142860007328252010-06-14T13:17:00.006-04:002010-07-07T20:22:58.546-04:00Would a Tax Hike Ruin Your Retirement?Would a Tax Hike Ruin Your Retirement?
On April 27, 2010, the National Commission on Fiscal Responsibility and Reform – which you probably know as the Debt Commission – held its first official meeting. This commission is charged by the president to figure out how to get a handle on America’s humongous national debt, which currently stands at a staggering $13 trillion+. According to a recent Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-59203914633367028352010-06-07T09:26:00.003-04:002010-07-07T22:01:18.456-04:00Tough Financial Love – Knowing When to Say “No”Tough Financial Love – Knowing When to Say “No”
Let me start by asking you a big favor: Please put your emotions aside as you read today’s post, because that may be the only way you will be able to fully appreciate the discussion.
“Bad things happen to good people.” “We are one another’s keeper.” “That’s what family is for.”
All of these sayings – or similar ones – underscore the fact that Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-72999319446501853142010-05-31T19:07:00.004-04:002010-07-07T20:28:27.705-04:00If the Stock Market is Depleting Your Investments, Your Strategy Is WRONGIf the Stock Market is Depleting Your Investments, Your Strategy Is WRONG
Let me first agree with the fact that our economy and stock market – and the global ones as well, in some respects – are not in a good shape, at present.
But here is what I find fascinating: investors like you are made to erroneously believe that, given the current economic situation and wild rides of the stock market, theSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-15795212566225740602010-05-24T19:04:00.002-04:002010-07-07T20:30:58.675-04:00How Much of Your Retirement Money Do You Want to Keep Safe?How Much of Your Retirement Money Do You Want to Keep Safe?
Today let’s take a moment to hypothetically compare two investment strategies that you might employ in growing your retirement nest egg. Let’s call them Strategy X and Strategy Y. Strategy X imposes no caps or floors – you simply earn whatever the stock market returns, whereas, with Strategy Y, your gains are capped at, say, 12 percent Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-56239379994956760392010-05-17T11:52:00.001-04:002010-05-17T12:05:53.488-04:00Why Stock Diversification Doesn’t WorkWhy Stock Diversification Doesn’t Work
In the aftermath of the 2008 stock market meltdown, many investors – perhaps yourself included – have rightfully begun to seriously question the validity of the strategies they have been pursuing with their nest-eggs, courtesy of the advice they’ve been receiving from their financial advisors, books, magazines, websites, TV, and radio shows.
In their Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-49992618116224893702010-05-10T17:06:00.002-04:002010-07-07T22:12:35.662-04:00The Only Real Lesson from the Dow’s Crazy PlungeThe Only Real Lesson from the Dow’s Crazy Plunge
Last Thursday afternoon, while most people were at work, the Dow Jones Industrial Average – for lack of a better phrase – fell off a cliff. It eventually recovered some of those losses, coming back from being about 1,000 points down to close down about 348 points. What makes this episode particularly noteworthy – and just plain scary – is that allSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-23824911166040865942010-05-03T11:34:00.001-04:002010-05-03T11:38:55.593-04:00How Do You Determine When Your Financial Advisor Is Being Even Sort-of Dishonest?How Do You Determine When Your Financial Advisor Is Being Even Sort-of Dishonest?
Is it when he/she fails to tell you all that you need to know – also known as the whole story – before you make a decision, or when they actually make false verbal statements?
We are living in the 21st century, so there are perhaps a million and one intellectual arguments to be made about what actually constitutes Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-34838768575627364052010-04-26T10:15:00.001-04:002010-07-07T22:13:38.082-04:00How to Rescue Your IRA with a Guarantee or TwoHow to Rescue Your IRA with a Guarantee or Two
Today I share with you the story of a client who recently contacted us was able to guarantee and double her children’s inheritance. Notice the keywords here: guarantee and double.
Between the checks from two pensions, Social Security, and IRAs, 69-year-young widow, JB, has enough income to continue living comfortably. However, after losing nearly Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-2547364744947919602010-04-19T09:02:00.001-04:002010-07-07T22:18:04.568-04:001 Step to Paying ZERO Income Tax1 Step to Paying ZERO Income Tax
Last Thursday being April 15, one expected to hear a lot of “tax-talk,” but the gist of this year’s tax conversation was particularly interesting and striking to me in two ways.
First, there were a number of anti-tax protests. Second, the majority – and I mean the overwhelming majority of the protesters I saw on TV – appeared to be retired Americans. As I Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-83213667769607412862010-04-12T11:33:00.001-04:002010-07-07T22:25:16.600-04:00The One Quality Your Financial Professional MUST PossessThe One Quality Your Financial Professional MUST Possess
When selecting a financial professional to help you plan for your retirement future, you should view it as a lifelong relationship. People generally do – and should – consider various attributes when deciding the financial professional they will hire. After working in the finance industry for some years, I want to make you aware of the oneSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-25253572603534361122010-04-05T19:02:00.002-04:002010-07-07T22:18:55.040-04:00Exercising Your Freedom of Choice Around Retirement Income and TaxesExercising Your Freedom of Choice Around Retirement Income and Taxes
Did you know that the U.S. tax code gives you ABSOLUTE AND COMPLETE CHOICE AND CONTROL over how YOUR tax dollars are allocated? By that, I mean that Uncle Sam initially gives all of us the opportunity to decide how to allocate our payable income taxes. Then, once we are done exercising that choice, OR if we decide to waive thatSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com2tag:blogger.com,1999:blog-2560092710433599599.post-77109685453621742912010-03-29T11:34:00.001-04:002010-07-09T00:13:29.000-04:00GOLD: To Buy or Not to Buy, That Is the QuestionGOLD: To Buy or Not to Buy, That Is the QuestionAs a retirement planning firm, we are used to being asked about the hottest investments of the season, but lately those requests have skyrocketed. On an almost daily basis, we get inquiries ranging from whether they should or should not buy gold, silver, options, no-load mutual funds, bonds, annuities, you name it. And just so we are clear, these Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1tag:blogger.com,1999:blog-2560092710433599599.post-83516144283680005492010-03-22T15:35:00.001-04:002010-07-09T00:26:35.283-04:00Protect Your Family from U.S. Census ScamsProtect Your Family from U.S. Census Scams
The U.S. Census Bureau has begun the 2010 Census process which also – unfortunately – means that scam artists posing as Census workers/officials just added to their arsenal of dubious ways. Today, I would like to share with you some quick facts and tips on how to protect yourself from falling prey to these sometimes sophisticated and shrewd individuals.Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com0tag:blogger.com,1999:blog-2560092710433599599.post-85522081919100721652010-03-15T12:12:00.001-04:002010-07-09T00:32:01.681-04:00How Well Do You Know the SPECIFICS of Your Employer-Sponsored Retirement Plan?How Well Do You Know the SPECIFICS of Your Employer-Sponsored Retirement Plan?
Virtually anyone who has an employer-sponsored qualified retirement plan, like a 401K, 403B or the like, is aware of these general IRS rules: Your pre-tax contributions accumulate tax-deferred.
Once you have reached age 59½, you’ll be taxed on your withdrawals as ordinary income.
However, if those funds are withdrawnSamuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com3tag:blogger.com,1999:blog-2560092710433599599.post-92185096211309109402010-03-08T11:54:00.002-05:002010-07-09T00:36:11.013-04:00Does Tax Preparation Software Really Get You More Money Back?Does Tax Preparation Software Really Get You More Money Back?
Each year, right about this time, I receive quite a few inquiries from people asking which tax preparation software will get them the largest refund.
Just the other day, I had to referee an emotional exchange between two siblings who were having a very passionate discussion – to put it lightly – about this particular issue. Sibling Samuel N. Asare, MBA, CRPC, CMFC, CTP, CBMhttp://www.blogger.com/profile/00429848859373776221noreply@blogger.com1