In Your Own Home, Your Own Family

April 17, 2013 by · Leave a Comment
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By Nick Royer, IARFC Board Member

April is designated as Financial Literacy Month. The best place to start is right in your own home, your own family. Teaching your kids from the beginning the value of using money wisely is a responsibility as a parent and responsible citizen.

When I grew up, my parents taught me to SAVE. That’s a word rarely used these days as it seems the word SAVE has been replaced by the word SPEND. Spend even if you don’t have it to spend. The philosophy has changed and unfortunately the future generations will have less saved for retirement and not be able to enjoy a confident retirement lifestyle like their parents or grandparents before them. I’ve been a retirement income planner for 13 years now and when we meet with people we help them properly invest their retirement NEST EGG for both a dependable retirement income and growth to help out with future costs or inflation…but you first have to have a NEST EGG. People are saving less, spending more, and let’s be honest it does cost more to live now. Look at the cost of college or gas! If you want to provide for your family like your parents did for you it is going to cost dramatically more. All of this takes money out of your pocket now. But more importantly takes it out of your future pocket.

I’ve already started an envelope system with my 6 year old Bradley to teach him the value of money. He has a chore list and can earn money by doing his chores. Once he has that money my wife and I help him put equal amount in each of three envelopes. The three envelopes are Spend, Save, and Give. It’s always awesome when we go to church on Sunday and Bradley carries in his Give envelope and pulls out a few bucks to put in the collections basket. This past Sunday he noticed he didn’t have much money left in his give envelope so he told me, “I better work to get more money in here”. That’s the ticket, and it made me a proud dad to hear that.

This is something simple that you can do today to teach your kids how to be a better steward of their money later!

Nick Royer
Group 10 Financial, LLC

Workshop in the Windy City

April 16, 2013 by · Leave a Comment
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Listen to webinar featuring Ed Morrow discussing Buy/Sell seminar in Chicago.

On May 17th, Ed Morrow will be conducting a Business Owner Consulting Workshop as part of a 2-day Buy/Sell Business Transition Seminar (May 16th & 17th) hosted by The Wealth Preservation Institute.

Day 1 will feature prominent attorney Jim Duggan, founding principal of Duggan Bertsch, LLC a Chicago-based business, tax, estate and wealth planning firm comprised of attorneys and accountants. Jim will approach his part of the seminar from the legal and numbers aspect.

Day 2 will be Ed Morrow talking about marketing to business owners and how to work a defined process when presenting your services to this underserved market. Attendees will receive the tools to implement their approach strategies and communications.

Recently, Roccy DeFrancesco from the WPI, featured Ed Morrow in an informational webinar regarding what consultants would be learning during his session. Ed reviewed issues that business owners face and presented the listening audience with previews of how they can solve the problems.

In addition to receiving sage advice from Ed’s experiences, attendees will get the tools in the form of Word files, PowerPoint presentations and Excel files to prospect this “Untapped Business Market”.

Download the workshop brochure here.

Does the Plan Make Cents?

April 4, 2013 by · Leave a Comment
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By Ed Morrow

After reviewing over a thousand personal financial plans, I am amazed at how few of them attempt to relate the time, trouble and fees of the plan with the ultimate benefits that are achieved.

Suppose the client paid a fee of $1,000 and we do not include all the time gathering facts, determining objectives and reviewing the Plan documentation. If the recommendations achieve an improvement of $10,000 in ten years, we might say the present value of that is $5,000. If a client pays $1,000 and receives a benefit of $5,000 then we have an improvement of $5 for every $1. That 5 to 1.
Pretty good, I’d say. (Some plans achieve far more.)

If a planner delivers a benefit to cost ratio of 5 to 1, doesn’t he or she deserve referrals?