Do Our Biases Affect Our Financial Choices?

Posted by Creekmur Wealth Advisors on 9:15 AM on January 21, 2021

Even the most seasoned investors are prone to their influence.

Investors are routinely warned about allowing their emotions to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices.

In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices when it comes to personal finance. It may actually "pay" to recognize blind spots and biases with investing. Here are some common examples of bias creeping into our financial lives.

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Topics: Financial Planning, long term objectives, Retirement

How to Enjoy the Journey

Posted by John Creekmur, MBA, CFP® on 2:26 PM on January 20, 2021
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Topics: Build Wealth, Build True Wealth, From John's Desk

Why should I set goals?

Posted by Andy Anderson, CFP® on 9:00 AM on January 14, 2021

“Do I have enough?” This is a question we hear all the time during our meetings with clients and prospective clients. While this question is often asked about retirement, we have heard it posed about countless other objectives clients are dreaming of and working towards:

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Topics: Financial Planning, Goals

Building a Healthy Financial Foundation

Posted by Creekmur Wealth Advisors on 7:30 AM on January 7, 2021

How many pieces do you have in place?

When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean?

When your financial “house is in order,” it means it is built on a solid foundation. It means that you have six fundamental “pillars” in place that are either crucial for sustaining your financial well-being or creating wealth.

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Topics: Financial Planning, long term objectives, Retirement

Begin Anew in 2021

Posted by John Creekmur, MBA, CFP® on 9:00 AM on January 6, 2021

Each year as we look ahead at all we want to accomplish - and look back at all we wished we had done last year it's easy to feel some regret. If you're like me you might find yourself thinking "I wish I woulda. . ." or "I shoulda. . ." or "If only I coulda. . .".  But experience tells me that shoulda, coulda, woulda doesn't help us move forward. 

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Topics: Build Wealth, Build True Wealth, financial legacy, From John's Desk

Retirement Blindspots

Posted by Creekmur Wealth Advisors on 3:41 PM on December 17, 2020

Some life and financial factors that can sometimes be overlooked.

We all have our “blue sky” visions of the way retirement should be, yet our futures may unfold in ways we do not predict. So, as you think about your “second act,” you may want to consider some life and financial factors that can suddenly arise.

You may end up retiring earlier than you expect. If you leave the workforce at “full” retirement age (FRA), which is 67 for those born in 1960 and later, you may be eligible to claim “full” Social Security benefits. Working until 67 may be worthwhile because it will reduce your monthly Social Security benefits if you claim them between age 62 and your FRA.1

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Topics: Aging, Claiming Social Security, Financial Planning, long term objectives, Retirement

End-of-the-Year Money Moves

Posted by Creekmur Wealth Advisors on 12:00 PM on December 11, 2020

Here are some things you might consider before saying goodbye to 2020.

What has changed for you in 2020? For many, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a family? That’s practically a pirouette. If notable changes occurred in your personal or professional life, then you may want to review your finances before this year ends and 2021 begins. Proving that you have all of the right moves in 2020 might put you in a better position to tango with 2021.

Even if your 2020 has been relatively uneventful, the end of the year is still a good time to get cracking and see where you can manage your overall personal finances.

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Topics: Financial Planning, Investing, Tax Benefits

Speed Bumps & Headlines

Posted by Creekmur Wealth Advisors on 6:30 AM on November 26, 2020

Focus on your overall approach during times of short-term volatility.

As an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you ignore short-term volatility and focus on your long-term vision.

As you know, investing is a process based on your goals, time horizon, and risk tolerance. Interestingly enough, it’s also a process that may help you prepare for life’s financial challenges.

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Topics: Financial Planning, Investing, Investments and risk, market volatility

Managing Money as a Couple

Posted by Creekmur Wealth Advisors on 11:45 AM on November 19, 2020

What are the keys to prepare to grow wealthy together?

When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult.

At some point, you will have to ask yourselves some money questions—questions that pertain not only to your shared finances but also to your individual finances. Waiting too long to ask (or answer) those questions might carry a price. In the 2019 TD Bank Love & Money survey of consumers who said they were in relationships, 40% of younger couples described having weekly arguments about their finances.1

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What if I need Long-Term Care?

Posted by Creekmur Wealth Advisors on 4:47 PM on November 16, 2020

Health care costs are rising, and even the healthiest among us is likely to need some sort of enhanced health care during our later years.  Have you considered the impact that long-term care costs could have on the later years of your retirement? And how would long-term care for one spouse impact the healthier spouse? As you consider these questions, take a look at the following recent statistics:

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Topics: long-term care

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