Posts Tagged 'legacy'

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Are you confused by retirement accounts and investments?

Christine wrote me with this question: I have worked several different jobs. I have retirement money affiliated with each employer. I am considering consolidating to one new account, but I am confused on who to invest with and what type of account to open? Your suggestions would be greatly appreciated. Christine, you have a few basic options to consider: Leave your money in your former employer's plan, if your former employer permits it. Roll over your money to a new 401(k) plan, if this option is available. Roll over your money to a Traditional IRA. Roll over your money to a Roth IRA. Take a cash distribution. First, be sure it is to your advantage to move the money from your former employer’s 401(k) plan. It you are allowed the same options and controls over the account as an existing employee, it may be to your benefit to leave the money where it is. Ask a professional financial advisor to help you analyze this option. Depending on some variables, you can chose to l ...

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More children are good for planet Earth, not bad!

Apparently there are a handful of folks here in the US who are trying to start a movement to encourage couples to make a pledge to save the planet by having one child or none at all. The article I read, which has gotten lots of national publicity by the way, said to forget global warming. People are the real reason the planet is being destroyed and thus it is immoral – that’s right immoral – to bring more children into the world that are going to destroy the place for those already here. This is twisted, dark, defenseless non-sense. I hope you never believe such a lie against God.  Not only does it contradict the biblical mandate to be fruitful and multiply, that children are a blessing from the Lord and that we  Christians are to increase, not to decrease, it also defies the actual facts. The late Dr. Julian Simon, a psychologist and economist, wrote a book called, The Ultimate Resource, which pointed out the fallacy of the logic that people are simply consumers. He d ...

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Good Advice On Planning For Retirement

Are you thinking about and planning your retirement? My guest today is David McAlvany, President of McAlvany Wealth Advisors and author of his newest book, The Intentional Legacy. David, what is the single-most important tip you would give a person planning their retirement? “Through no fault of their own, the rules have changed. You used to be able to count on 4% of your savings to supplement your retirement income. Today, it’s no longer possible. This is for two reasons. One, interest rates have been set so low by the world’s central banks that you can’t count on the magical 5% coming in from your bank’s certificates of deposit. Two, in the equity markets, things are so overvalued that you now have a growing list of professional investors. This includes John Bogle of Vanguard funds, who says you can expect only 2% per year over the next decade because things are so overpriced today. You have to lower your expectations and anticipate to draw 2% instead of 4% - which ...

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The Single Most Important Tip About Money For A Young Person

Do you need a tip for managing your money wisely from a young age? My guest today is David McAlvany, President of McAlvany Wealth Advisors and author of his newest book, The Intentional Legacy. David, what is the single-most important tip you would give a young person about money? “I would actually give them two tips! One, that money is a tool. You should never fall in love with it because it will never love you back. Two, design into your expectations of making money the desire to save and give. The more you save, the more you can give. Saving also gives you flexibility to invest and do many other things in the future. I am reminded of the story of John Templeton. After making hundreds of millions of dollars, a young boy asked him, “How do I make a fortune?” John responded simply, “Save.” When asked how much to save, John explained to the boy that he should save 51% because the Chinese were saving 50% and that extra 1% would be vital to have any sort of advantage. ...

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Being Intentional About Your Legacy, Part 1

Are you being intentional about your legacy? My guest today is David McAlvany, President of McAlvany Financial Group and author of his newest book, The Intentional Legacy. David, why is planning important when thinking about legacy? Could you explain the value for families and employers? “When you look at legacy, the temptation is to think of it just in financial terms. The planning process is not about getting a will in place or meeting with a tax expert. The planning that’s required is really taking stock of the kinds of legacies you want to create now, not leave tomorrow. This requires looking at the intangible assets you are managing, not just the tangibles. If you want to create a financial legacy, you make a plan to pass on wealth. If you want to create a legacy of the intangibles, you plan a living legacy. This is done by developing different kinds of maturity within the family – spiritual, emotional, and intellectual. By developing these kinds of maturity in your childr ...

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