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As kids head back to school, it's a perfect time to start talking to them about money. To help, our guest Beth Kobliner walks us through the process. Beth is not only a great journalist and author; she is also a member of the President's Advisory Council on Financial Capability and was the guiding force behind the national initiative Money as You Grow, an online, interactive tool to help kids learn 20 age-appropriate lessons about money. Talking to your kids about money is also a great way to refresh your own knowledge base!
After Beth took us through the site, we moved on to your calls and e-mails, starting with Ken from Maine. Ken called to see if his desired goal of retirement at age 56 is possible. The funny thing is that he is great shape, but because he wants to create more than double his necessary expenses, that might be tough.
Al has a retirement portfolio of $2.1 million, from which he plans to draw 5 percent annually. I actually think a safer withdrawal rate is 4 percent, which obviously would reduce Al's total retirement income and perhaps cause him to rethink his retirement planning.
What do you do if you fall into a boatload of cash? CJ has nearly $35 million burning a hole in his pocket, so it's time for him to build a team of advisors.
I may have ruined the day for Daniel in Buffalo. He is 31 years old and wanted advice about how to start investing his recently-funded brokerage account. After fully funding his emergency reserve fund and increasing his 401 (k) contribution, the brokerage idea went up in smoke.
Mickey in MO has recently inherited $80,000 and needed direction about what to do with it. Given her circumstances, I'm not so sure that investing should be in her future.
Steve in Buffalo recently retired and was sold two annuity contracts. While he thought he understood what he was getting into when he invested in the contracts, now he's not so sure. Here are three recent articles about annuities that might help annuity owners and those who are being solicited to purchase the complicated vehicles:
Finally, Judy is looking for a 4-5 year investment that provides liquidity and safety--now that's a tall order!Here are web sites and resources mentioned in this week's show:
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)
-- Immediate Annuity Calculator
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
Call 855-411-JILL and we'll schedule time to get you on the show LIVE
Send an email: firstname.lastname@example.org
Tweet me: @jillonmoney
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