We’ve compiled the most Frequently Asked Questions we hear about retirement planning. Some of the answers may surprise you!
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With a career, family obligations and a personal life, you have many demands on your time. Planning for your own financial security may end up on the back burner. Stoffer Wealth Advisors, a professional financial planning and investment advisory firm, can help you create the right “financial recipe” for your future.
What is financial planning? People don’t always know why or when they need it. Sure, retirement is most often the impetus to call a financial planner. Learning how to save and invest for the future are good reasons to seek help too. But what if you were thinking about changing careers, living in Europe for a year, or selling one house to buy another? All of these decisions could benefit from financial analysis.
Ever stop to ask yourself why you own some of the investments you do? Do you monitor them periodically? What is your investment mix, i.e. the percentage of each major category of investment (cash, bonds, stocks, real estate, etc.) in your portfolio? Why does your investment mix matter? Can you just set it and forget it? To get to those answers we often need to start with a basic question; “What is my money for?”
Planning for retirement is the most common reason people call a financial planner. What people come to realize is that they still need a “paycheck” in retirement and are not sure where it is going to come from. In reality, we pay ourselves. And the funds can come from a number of sources; Social Security, distributions from retirement accounts, pensions (for those who still get such things) income from rental property, savings, etc.
Meet Jeff, Financial Planner and Investment Advisor
I’m Jeff Stoffer a financial planner and investment advisor serving Marin County and the San Francisco Bay Area. I founded Stoffer Wealth Advisors during the Great Recession. It seemed at once almost crazy, and at the same time like a calling. People were experiencing great stress and loss and I felt strongly that I could help.
After graduating UC Berkeley with a degree in cultural anthropology I ‘chose’ cooking as my first career. As a chef, I knew that I would have to save and invest for my retirement. I aspired to cook at Chez Panisse and spent eight years there, even briefly taking the role as chef. While I loved it, I found myself drawn to wanting to know more about investing.
I went back to school, earned an MBA in finance and worked at a couple of large investment firms in San Francisco. I longed for something more personal and began to help individuals with investments and financial planning.
Despite coming to my profession from an unusual route, it is all coming together in a unique way. I now use all my experiences to help people invest wisely and plan for a secure and abundant future.
My “recipe” for financial success is based on making conscious choices with money, being clear on our values and making sure our money goes toward what matters most. Just as with cooking, you know that if you follow certain steps the results will be better for having done so.
Investing in a way that supports your future demands attention and expertise. It is important to have a clear vision of what you want your future to look like. What is important to you? How do you go about creating the future you want?
Financial planning is a process to help you do just that, create a recipe for the future. Having a plan in place is as important as having someone with experience and who knows you…your situation, your family and your goals to help you carry it out.
Investing in a relationship with your financial adviser increases not only your confidence, but actually your odds of successfully achieving the future you want.
Wish you were a better manager of your money? We make so many decisions every day. We can’t possibly make good choices all the time. When it comes to our hard earned dollars we want to make the best use of them possible, especially if we want to retire some day. Here are some helpful hints to being a better money manager. I recently came across a Seinfeld video where he goes on a rant about cookies. Paraphrasing he says, “You never see them during the day. But sometime after 9 p.m. they begin to appear. They wait until you’re tired and weak. The cookies, all lined up in the boxes, look like a D-Day beach landing troop carrier ready to attack.” He’s talking about the temptation and weakness we have for consuming cookies or some sweet treat late at night…
I recently spent $3,000 on car repairs. I’d avoided dealing with it for a few months but couldn’t put it off any longer. Nothing against my excellent mechanic, but I’d just didn’t want to part with the money. I’d rather have that money stay in my bank account as long as it can – OK, maybe I’m overly frugal. That said, I can understand how some people may procrastinate when it comes to financial planning services. We’ve all been there. How much longer can I put this off without incurring even more expense? It got me to thinking about the cost of procrastination. I’ve begun to suspect that people think about financial planning services in a similar way. It can be expensive, initially. You could easily spend a couple of thousand dollars or more engaging a financial planning professional. People tend to wait until there’s a dire need before seeking help.
“Money anxiety disorder” is a term used by psychologists to describe a condition of constant worry and unease about money. The term seems to have come into use around 2008 to 2009, when the economy was unraveling and most people were concerned about their financial well-being. Additionally, research has shown that women seem to suffer from money anxiety more than men. Here we look at what it is, how to recognize it and how the financial planning process might help.