Review Category : Employment

Three Financial Moves To Make When You Get Promoted

There are few things in life that deserve a glass of champagne more than a well-earned promotion.  After years of blood, sweat, and tears, your company has finally recognized your efforts and decided to move you into a more meaningful role within your company.  Sometimes, only title are associated with these promotions, but more often than not there will be financial rewards as well.   This is exactly your time to fall into the lifestyle inflation trap and make some really smart financial moves that will pay dividends down the road. The Pay Raise– Generally, a new promotion will also mean more responsibility which often equals more pay.  If your salary jumps by $10,000 or even $50,000 dollars this will mean a significant bump in your cash flow for your family.   What should you do with this money?  Is it best to add to your 401(k)?  Start paying down the mortgage?  Or time to purchase that new vacation home?   With pay ...

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Is it time to make an appointment with the doctor?

Getting laid off from your job can trigger a myriad of emotions. There are often important financial considerations to make during this period of time, but the number one investment step for someone to take who gets laid off is to review all of your group insurance benefits at work and determine the best course of action for this important foundation of your overall financial plan. You should immediately make any doctor and dentist visits for you and your family before you officially terminate from your company. Another smart idea is to assess how close you are to your deductibles year to date and potentially schedule any surgeries that are necessary, especially if you are getting close to the end of the year. Most large companies will allow you the opportunity to continue your coverage under COBRA, but if you work for a company of less than 20 employees you may only be eligible for state continuation. You could also ...

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Four Money Moves To Make When You Get The Pink Slip

The Pink Slip.  It’s the dreaded official notification from your employer that they no longer need your services.   You’ll often hear the corporate rumors flowing within your company about the impending layoffs, but you’ll never suspect that you might be a person on the hit list.   We never imagine that we will be that person who gets called in for dismissal time.   While getting a pink slip is an awful feeling, it’s also a phase in your life where you need to immediately get your financial act together.  Here are my four smart money moves to make when you get laid off from work. Time To See The Doctor- Health insurance is one of the biggest items for consideration during a layoff.  You should make all doctor visits before you separate from service with your current employer.   You should get the details of what happens to your health insurance plan if you get laid off. Are you under COBRA or ...

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Will The Robo-Advisor Be Short Circuited?

At a recent conference attended by some of the best and the brightest in the industry, I was amazed at the disparity in views and concerns regarding the rise of the Robo-Visor.  Relax…. Although the technology exists, I can’t imagine getting on a pilotless transatlantic flight just as I can’t imagine the majority of consumers handling all of their investments online. That said, Robo like the discount brokerage firms that “threatened” the financial advisors 20 years ago, is here to stay.  More than anything, this is a clear barometer that investing has become more commoditized.  For the Investment professionals who proclaim themselves as money managers you will certainly have the most exposure for losing clients.  For the financial planning professional I see this as an opportunity as more and more clients desire what I call the 3 C’s.  In today’s fast-paced environment we have learned clients seek far more than just investment advice.  They desire a Collaborator, a Connector, and ...

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