Frequently Asked Questions

Fee-only means all of my compensation is from fees that clients pay me directly; I am never compensated any other way. I always act as a fiduciary to do what is in your best interest; you don’t have to ask for fee-only, I give all my clients that benefit. I always disclose all fees in advance and in writing; and I always disclose all potential conflicts of interest.   back to top

As-needed means that together we determine whether you would be best served by a comprehensive financial plan, a two hour financial “tune-up,” or something in between. You get the services you need without any net worth or investment minimums.   back to top

The cost of retirement is different for everyone. It will be affected by your current lifestyle as well as your lifestyle in retirement; whether or not you can expect income from other sources such as a pension or inheritance. It is important to look at the many factors that impact retirement savings through a comprehensive financial plan.   back to top

It is important to start saving in anyway that you can as early as you can. Even a small regular savings amount can add up to significant amount of money saved over a long period of time. It is important to evaluate needs vs. wants. I have suggested ways to find money to save.   back to top

An emergency fund is a savings account that you can fall back on to pay those unexpected bills such as a sudden car repair expense, a home repair or to use in the event of unemployment.   back to top

An emergency fund should have 3 to 9 months of living expenses in it. If you ordinarily spend $2,000 per month on rent, utilities, food, etc. then you should have between $6,000 and $18,000 in a savings account just for emergencies.   back to top

You should first pay off all credit card or high interest debt and then begin saving for an emergency fund. Once your debt is paid off you should be “paying yourself first”.   back to top

“Paying yourself first” means contributing to your savings accounts before buying anything on your “wants” list. By saving first you will find that you will actually spend less. The more money you make the more money you spend. The REVERSE is also true. The less money that ends up in your wallet or checking account then the less you spend.   back to top

Now you will need to invest it in the appropriate investment vehicle for you. This will depend on things like: how long it is until you need the money; how comfortable you are with different types of investments (more risky vs. less risky); whether or not your employer offers a matching retirement plan; or if you need to reduce your taxable income.   back to top

Diversification is having a good mix of different types of investments. It is also called asset allocation which means investing in stocks, bonds, mutual funds, CDs, and money markets, and then within those areas you need to invest in large companies as well as small and medium sized companies. Another consideration is companies that are growing vs. those that are well established with little debt, etc. You need to invest in a variety of ways.   back to top

Yes! I enjoy teaching my clients about investing and encouraging them to save.  back to top

Setting financial goals is part of the financial planning process and helping a client define their goal is part of my job. Financial plans are more successful when there is a goal to strive for.  back to top

A comprehensive financial plan will show you where you are today and then let you see what it will take to get to where you want to be. It is the road map to financial security.  back to top

If anyone is dependent upon you for income, then you need to protect them with life insurance. The question to ask is, “If I were to die today, would those I support be able to care of themselves?” If then answer is no, then you need life insurance.   back to top

The amount of live insurance that you need depends on how long your loved ones will need to be cared for. Examples may be until the youngest child is out of college or until you no longer have dependents. (Dependents may be children or parents or others.)   back to top

Yes, if you consider the cost of all that she does. What would it cost to hire a nanny, a housekeeper, a carpool service, etc.?   back to top