Talking Money with Your Partner

Money can be a touchy subject for any couple. Even if you agree on everything else, discussing finances might feel challenging. But by getting on the same page, you can significantly reduce stress. Here are some tips to help you navigate these conversations:

1. Set Your Goals
Start by discussing what’s most important to you. Go beyond just paying off the mortgage—think about what you’d like to do once it’s paid off and why it matters. When you share your vision of an ideal life, you can begin the real conversation. Meeting with a Certified Financial Planner® can be incredibly helpful in defining your short- and long-term goals and creating a strong financial plan.

2. Create a Plan
Once your goals are set, work together to create a clear plan. Whether or not your goals align perfectly with your partner’s, collaborate with your financial planner to explore different strategies for achieving them. A planner can help you:

Discuss and visualize your shared goals.
Communicate what you both like (and don’t like) about potential plans.
Establish the necessary steps to meet both sets of goals.
Talk about compromises if needed.

3. Check In Regularly
Regular check-ins are crucial for staying on track and reducing financial stress. Make it a habit to:

- Review your financial progress—how have things changed since you became more mindful of saving and spending?
- Reflect on your goals—are they still important? If you’ve made compromises, how do you feel about them?
- Communicate with each other—are your goals still aligned? Do any adjustments need to be made?
- Consult with your planner—what new questions have come up? Remember, your planner is there to help you refine your plan as needed.

Creating a comprehensive financial plan with your partner sets the stage for making the best choices for your future together. A professional financial planner can guide you every step of the way.

Rule of 72

The Rule of 72 is a simple way to calculate how long it will take for your money to double with compound interest. Just divide 72 by your expected rate of return, and you'll get the number of years it will take for your investment to double.

For example:

At a 6% rate of return, your money will double in 12 years: 72/6 = 12
At an 8% rate of return, your money will double in 9 years: 72/8 = 9
Remember, the higher your rate of return, the fewer years it takes for your money to double. Over a lifetime, this can lead to substantial growth!

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Building Wealth

Compounding provides a big opportunity to build wealth over the long term. (see our previous post).

Using your money to grow, and then get growth on that growth, creates the snowball effect that will, over the long term, provide gains that will add up. The earlier you start the more time you have to make your money work for you.

Bear or Bull Market

Being in a bear market is never fun!

This is a term used when the stock market drops by more than 20% for an extended period of time.

Stock market declines happen when the world is fearful, things like wars, elections or recessions can create fear and cause markets to drop. Even if you are holding stock of good quality companies, they can get caught up in fear causing their price to drop.

If you have a long-time horizon for your investments it could represent a great time to buy, if you have the stomach for it.

Opposite of a bear market, a bull market is when stock markets are up over 20% for a prolonged period of time. This is a time when those good quality stocks you bought during a bear market have increased dramatically in value. Much more fun than a bear market, bull markets are typically when investors feel “richer than they think."

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Compounding

When your money earns interest or gains, and that interest earns interest, that’s compounding. It helps your money grow quicker. Think of a snowball rolling down a hill gathering more snow and getting bigger and bigger.

Here’s an example. If you invested $1,000.00 with a 6% rate of return, after 1 year you would have earned $60.00 for a total of $1,060.00. Keep that invested for another year, and in year 2, you would have earned $63.00 and now have a total of $1,123.60. Interest on your interest adds up!

Stay invested and watch how that snowball grows!

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Cash Wedge

Creating dependable income is a key priority in the retirement phase of life. When turning a lifetime of diligent savings into a reliable income stream, you’ll want to know your money is secure without giving up on the prospect of long-term growth. You can achieve these goals using a Cash Wedge investment strategy.

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Buying a Home- Are you Ready?

Enough?

It’s a simple question that we can apply to almost every part of life. How much time should we spend on grocery shopping? How much time should I spend exercising each week, or, how much should we spend on the new car we’ve been saving for? How much should your kids practice sports each week or study each night?

And when it comes to your net worth, how much is enough to be considered wealthy?

According to a recent Schwab survey, you’ll need at least $2.2 million to be considered wealthy in the U.S. Yet, despite that large number, 48% of those surveyed said they feel wealthy with a net worth of $560,000. Also, the younger crowd, 57% of millennials and 46% of Gen Z individuals feel rich in today’s time.

According to the research, 2/3rds of those surveyed described having healthy relationships with their loved ones describes the meaning of wealth to them better than simply having a lot of money. A whopping 70% said that wealth is not having to worry about money, rather than having a large bank account.

I have seen this in working with our clients over the years. Our happiest, most content clients are those that have enough, not the most. They are financially independent, not worrying about the ups and downs of the market, but rather how to spend time with their family, plan a bucket list trip, or work on their pickleball game.

While it’s important (and necessary) to save for retirement, understanding your purpose is the paramount question. Enough is a variable number to everyone. Your enough is unique to your goals, dreams, and what you want to accomplish.

So, the big question is how much is enough and how do you get there?

Cyber Security -Series - Part #9

Continuation of our Cyber Security Series

Part # 9 - Types of Security Attacks: Social Media-Based Attacks

Social media-based attacks remained a major threat in 2022. A survey by the Identity Theft Resource Center showed that social media account takeover attacks had increased 1,000% from 2021. Most of the attacks were on users’ Instagram accounts, with their accounts being hijacked to promote cryptocurrency scams. These attacks draw on the social engineering technique of social proof, the idea that if other people around you are doing something, it’s probably a good idea for you to join in. They take advantage of their target’s social capital and reputation to trick others into acting.

Cyber Security -Series -Part #8

Continuation of our Cyber Security Series

Part # 8 - Types of Security Attacks: SIM Swap Attacks

In a SIM swap attack, your data is the target, but the means of attack is through your mobile phone provider. Threat actors contact service providers pretending to be customers and convince them to transfer your account to a new SIM card, giving them control of your phone. If you have MFA associated with your phone number, they can then reset passwords and gain access to your accounts. Threat actors use personal information leaked in breaches or data scaping (gathering data that has been freely shared on social media) to convince the mobile provider that they are the account holder.

As we store sensitive information, especially financial information, and cryptocurrency, on our phones, they have become a more appealing target to threat actors. In February of 2022, the FBI issued a warning that SIM swap attacks were on the rise with 1,611 reported attacks in 2021.

Some signs that you may be part of a SIM swap attack include finding you have no cell service when you should have good reception, being locked out of your phone online account, and receiving account login notifications that you weren’t expecting. Contact your phone provider immediately if you suspect that you are being targeted.

Cyber Security - Series -Part #7

Browser in the Browser (BitB) Attacks are a kind of phishing attack, first written about in March 2022, where threat actors will attempt to steal your login credentials.

Threat actors create and direct you to a website that gives you the option of using single sign on (SSO) through a trusted sign-in partner rather than creating an account.

Instead of linking to the actual sign-in partner you select, a false pop-up mimicking a browser window appears, with the intention of capturing your account information. The false pop-up will appear to have the correct URL and can be quite convincing but is a trick of website design.

BitB windows cannot exist outside of their browser window, and so can’t be dragged outside of the browser frame. Password managers will also not be fooled by BitB false pop-ups and will not fill in your credentials. Watch for these clues!🔒💻

Cyber Security - Series -Part #6

In our ongoing exploration of cybersecurity nuances, we address a critical concern in Part 6: MFA Fatigue Attacks. 🌐

A MFA (Multi-Factor Authentication) Fatigue Attack unfolds as threat actors inundate a user's device with a relentless barrage of MFA Authentication requests. The strategic intent is to compel users into reflexively accepting the requests merely to quell the incessant notifications.

Under the guise of a perceived issue with the notification system, users unwittingly grant threat actors access to their accounts. Despite this, MFA remains an indispensable tool for securing accounts, emphasizing the need for strategic implementation.

To fortify against MFA Fatigue Attacks, consider refining authentication practices. Disable push notifications and simplistic "approve sign-in" requests, favoring more robust methods such as numerical codes via mobile devices or authentication applications. Additionally, explore mechanisms to limit the frequency of MFA requests, thereby bolstering overall security measures.

Elevate your cybersecurity vigilance to thwart evolving threats. 🚀💻

Cyber Security - Series -Part #5

🚨 Brace yourselves for Part 5 of our Cybersecurity Series: Unmasking the Menace - Man in the Middle Attacks! 🕵️‍♂️💼

Ever heard of a Man in the Middle (MitM) Attack? 🌐🔒 It's when a sly threat actor sneaks in to intercept your sensitive info while you're busy transmitting it. 😱 They could be eavesdropping on your data, gaining access to your account, or even impersonating a trusted party to snag your precious details!

Picture this: A fake login page, a crafty trickster, and BOOM – your MFA codes are compromised! 💻🤯 Or worse, they could be tampering with your bank communications to reroute those hard-earned money transfers! 😨💸

Stay one step ahead! 🚀💪 Learn about these cyber sneak attacks and fortify your digital fortress. 🔒💻

Cyber Security Series- Part # 4

🔒 Level up your cyber game with Part 4 of our Cybersecurity Series! 🚀💻 Today's tip: Master the art of Strong Passwords! 💪🔐

Ditch the weak links – opt for passwords that are long, complex, and totally random! 🤯 Say NO to password recycling – even those "unimportant" sites deserve top-notch security. 🚫🔄 And remember, sharing is NOT caring when it comes to passwords! 🤐

🌐 Unlock the secret to password perfection: Get yourself a trusty Password Manager! 🗝️✨ It crafts robust, lengthy, and unique passwords for every online adventure, requiring only ONE master password to rule them all! 🌟💼

Cyber Security -Series-Part #3 - Use Multi- Factor Authentication

Multi- Factor Authentication (MFA), also known as two-factor authentication (2FA), is a way to protect your online accounts. Instead of only asking for a username and password, MFA requires one or more additional verification factors, like a time limited code or fingerprint.
We will highlight some of the dangers associated with MFA and the potential attacks. However, MFA remains one of the best methods of securing your accounts. According to a study by Microsoft, using MFA can reduce your risk of having an account hacked by as much as 99.9%.

Cyber Security Series Part #2

With the rise in social media-based attacks, it is more important than ever to keep your social media secure. There are simple steps you can take to stay safe on social media:

• Use MFA (Multi Factor Authentication) whenever possible. This extra layer of protection can keep your account secure even if your username and password become compromised. Google Authenticator, Microsoft Authenticator are a few examples.

• Use good password hygiene. Don’t reuse passwords and use passwords that are long and complex.

• Think before you click! Remember, if someone is offering you something that seems too good to be true, it probably is.

• Report accounts that appear to be compromised. The sooner the account is returned to its rightful owner, the less damage it can do.

• Be careful what you share. Do not freely give away details that could be used in a social engineering attack against you and be careful sharing personal information that could be used by a threat actor looking to impersonate you.