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Start Early to Raise Money-Savvy Kids

  • July 31, 2014/
  • Posted By : admin/
  • 0 comments /
  • Under : Saving Money

girlmoneyThree out of four American teens can’t decipher a pay stub. The financial literacy of American 15-year-olds is marginally average in an international, widely-cited assessment.

Since only 17 states require a high-school personal-finance class, the burden of teaching our kids about money falls on us parents.

A comprehensive review of the academic literature shows that basic financial habits are generally set by age 7.  Children as young as 3 can comprehend basic financial concepts like value, exchange, and choice.

Some parents are terrified by the notion of teaching their kids about money because they feel their own knowledge of the subject is thin.  But you don’t need to be a Certified Financial Planner to show your kids the advantage of saving a dime out of every dollar, comparing prices, and avoiding high-interest credit card debt.

MoneyAsYouGrow.Org
The website MoneyAsYouGrow.org is a fantastic resource that pulls together the best research and educational materials available into a manageable list of 20 financial rules of thumb.  These pearls of wisdom are organized by age and include activities to bolster the learning process.

So if you’re a parent or grandparent, seize the opportunity to shape your child’s future by nurturing their financial savvy.

The first step is to start talking to your kids about money.  So grab your talking points from MoneyAsYouGrow.org and get to it!

 

Source: WSJ


Supreme Court: No Bankruptcy Protection for Inherited IRAs

  • July 23, 2014/
  • Posted By : admin/
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  • Under : Retirement

supreme-courtIn June the U.S. Supreme Court issued a unanimous ruling stating that inherited IRAs are not protected from creditors under the bankruptcy code.  This decision does not apply to any other type of individual retirement accounts.

The Supreme Court case centered on an inherited, non-spousal IRA.  Heidi Heffron-Clark inherited her mother’s traditional IRA in 2001.  Heffron-Clark subsequently declared bankruptcy in 2010.

The Court acknowledged there is an exemption in the bankruptcy code for retirement accounts.  More specifically, the code gives protection to “retirement funds” that are “sums of money set aside for the day an individual stops working”.

The funds set aside in an inherited IRAs are not considered retirement savings because of three legal properties:

  1. Additional funds can never be contributed to an inherited IRA
  2. Beneficiaries of inherited IRAs are required to either withdraw the entire balance within 5 years after the owner’s death or take minimum withdrawals every year
  3. The owner of the an inherited IRA can make withdrawals at any time, whereas traditional and Roth IRA owners incur a penalty for withdrawing before age 59 1/2

Justice Sonia Sotomayor, writing for the court, highlighted that the bankruptcy protections given to traditional and Roth IRAs are intended to protect the debtor’s needs in retirement.  Affording the same protection to inherited IRAs would give debtors essentially a “free pass” as the funds could be used to purchase “a vacation home or sports car immediately after her bankruptcy proceedings are complete.”

Source:
“Clark et ux v. Rameker, Trustee, et al,” U.S. Surpeme Court, No. 13-299 (June 12, 2014)


Global Retirement Dilemma

  • July 17, 2014/
  • Posted By : admin/
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  • Under : Retirement

click for large viewglobal-retirement

Source: Bloomberg


What Kind of Investor Are You?

  • July 10, 2014/
  • Posted By : admin/
  • 0 comments /
  • Under : Behavior, Seeking Prudent Advice

question-mark

What kind of investor are you?  According to author William Bernstein, there are three broad groups of investors segregated by behavior:

Group 1: The average small investor, who does not have a coherent asset-allocation strategy and who owns a chaotic mix of mutual funds and/or individual securities, often recommended to him or her by a broker or advisor. He or she tends to buy near bull market peaks and sell near bear market troughs.

Group 2: The more sophisticated investor, who does have a reasonable-seeming asset-allocation strategy and who will buy when prices fall a bit (“buying the dips”), but who falls victim to the aircraft simulator/actual crash paradigm, loses his or her nerve, and bails when real trouble roils the markets. You may not think you belong in this group, but unless you’ve tested yourself and passed during the 2008–2009 bear market, you really can’t tell.

Group 3: Those who do have a coherent strategy and can stick to it. Three things separate this group from Group 2: first, a realistic appraisal of their true, under-fire risk tolerance; second, an allocation to risky assets low enough, or a savings rate high enough, to allow them to financially and emotionally weather a severe downturn; and third, an appreciation of market history, particularly the carnage inflicted by the 1929–1932 bear market. In other words, this elite group possesses not only patience, cash, and courage, but also the historical knowledge informing them that at several points in their investing career, all three will prove necessary. Finally, they have the foresight to plan for those eventualities.

“Job one for the investor, then, is to learn as best she can, to ignore the day-to-day and year-to-year speculative return in order to earn the fundamental return.” – William Bernstein

Source: Rational Expectations: Asset Allocation for Investing Adults


Thank You for Eight Years!

  • July 3, 2014/
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  • Under : NorthStar

nca-celebrate8NorthStar Capital Advisors would like to take this special occasion to thank you, our loyal clients and friends, as today we celebrate 8 years of managing investment portfolios. We have come a long way since we rolled out our objective and disciplined approach to investing in 2006. Our success is attributable to clients and friends who faithfully support our business and receive great service and advice in return.

We deeply appreciate your loyalty and support over the past 8 years. We hope you and your family have a safe and happy holiday!

With heartfelt thanks,
Chris Mullis, Jimmy Irwin & David Berger


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FROM OUR BLOG
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