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Search resuls for: "Martin A. Scott"


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☆ I made an expensive investing mistake in my 20s, but now that I'm a financial planner I know it taught me 2 important lessons
  + stars: | 2023-10-15 | by ( Martin A. Scott | Stephanie Hallett | Read More | ) www.businessinsider.com   time to read: +6 min
So here I am with an investment portfolio of mutual funds that were explained to me, but I still did not really understand them. I had no real financial advisor to call to discuss investment strategy because the bank representative was really just there to sell financial products. Finding a qualified financial advisor doesn't have to be hard. Take the following hypothetical example of how knowing risk tolerance helps alleviate fear and can lead to more sound investment decision making. Mary hires a financial advisor who constructs an investment portfolio for her to invest the inheritance.
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☆ I'm a financial planner, and I tell business owners to get life insurance for 3 reasons
  + stars: | 2023-02-14 | by ( Martin A. Scott | Read More | Read Less | ) www.businessinsider.com   time to read: +5 min
If you're splitting up your estate between multiple heirs, life insurance can make that easier. The type and amount of life insurance depends on the business owner's specific financial situation and goals, but having it is important for several reasons. As a financial planner, here are three reasons I tell business owners that they should have life insurance. To accomplish this goal, Mark takes the following actions:He obtains a $3 million life insurance policy and makes Bob the 100% primary beneficiary. Additionally, Susan and Lisa both purchase $2 million life insurance policies and list each other as their primary beneficiaries.
☆ 3 tips from a financial planner to get smarter with your money every time you get a raise
  + stars: | 2023-01-05 | by ( Martin A. Scott | Read More | Read Less | ) www.businessinsider.com   time to read: +6 min
Financial planner Martin A. Scott writes that a raise is an opportunity to make smart money choices. SmartAsset's free tool can find a financial planner to help you take control of your money »Get the latest tips you need to manage your money — delivered to you biweekly. A pay raise at work can provide someone who has higher-interest debt the option to expedite the process of paying it off completely. It is important for you to consult with a qualified professional on this topic as you get (and continue to) receive pay raises over time. As you continue to move into higher tax brackets, tax planning conversations (and strategies) should be discussed with a financial planner and/or tax professional, which can be of great benefit to your financial situation.
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☆ 2 stories from my childhood that convinced me to spend my career championing estate planning
  + stars: | 2022-12-10 | by ( Martin A. Scott | Read More | Read Less | ) www.businessinsider.com   time to read: +5 min
So, I make sure that they're leaving some money behind, and that they take care of basic estate planning. Estate planning, I've found, is important for everyone to address no matter how much money you have. In the following two stories from my childhood, some level of estate planning could have vastly improved each situation. Multiple family members started collecting money to pay for Bill's funeral, which caused some disagreements because some family members were asked to contribute more money than others. Mark's wife predeceased him so there was no real clarity on who would get ownership of his house as he had multiple children and there was not much estate planning completed.
☆ I'm a financial planner, and here's exactly what you should — and should not — be doing with your retirement savings right now
  + stars: | 2022-07-04 | by ( Martin A. Scott | Read More | Read Less | ) www.businessinsider.com   time to read: +6 min
Avoid treating your retirement savings like a piggy bank — pretend it doesn't exist right now. No matter what goal is set, building retirement savings through a consistent investing plan is a prudent way to accomplish it. What you shouldn't do: Treat your retirement savings as a piggy bankI encourage people to treat their retirement savings like it is "not even there." By that, I mean retirement savings should not be viewed as a source of liquidity for emergencies or shorter-term goals. Retirement savings should only be seen as a long-term investment vehicle and accessed when the funds are needed for income in retirement.
☆ 3 professional pieces of money advice you can't afford to ignore when you buy a house
  + stars: | 2021-02-06 | by ( Martin A. Scott | Read More | Read Less | ) www.businessinsider.com   time to read: +7 min
Property taxes : Tax liabilities vary from state to state and within each state, amounts can differ from town to town. : Tax liabilities vary from state to state and within each state, amounts can differ from town to town. Some of these costs include lawn care, landscaping, trash pickup, and minor fix-ups. Some of these costs include lawn care, landscaping, trash pickup, and minor fix-ups. : Amounts vary based on whether it is heating or cooling season, but homeowners still must take these costs into account.
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