In “car speak,” the term “negative equity” exists when you owe more than your car is worth. We all value our own automobiles much higher than a dealer will often take in a trade. But it’s what happens at “trade-in time” that can spell doom for your personal finances. According to Ivan Drury, Edmunds Senior… [Read More] Negative Equity, Saving Money: Create Your Own Personal Recession
Financial Planning Help with Mullooly Asset Management
At Mullooly Asset Management we want our clients to think of us as their personal CFO (Chief Finance Officer). We address many topics/questions that our clients ask us in this section. Financial planning is a very broad topic, some of the specific areas covered here include: saving for college, retirement savings vehicles, retirement planning, investor behavior, financial goal setting and much more.
Here are some of our most recent articles:
The Self-Fiduciary
Why would anybody pay someone to evaluate their financial situation and not be truthful with that person? It seems like a waste of time, money and effort. Yet, we’re all guilty of doing this exact thing! We all go to various professionals for help several times a year and don’t do what they tell us… [Read More] The Self-Fiduciary
Coercion versus Changing Behavior
When we begin working with new clients, we try our best to explain investing is (to some small degree) a participation sport. Clients need to be involved! And for the most part, clients get it. I’d like to believe we do a good job of explaining what’s needed and we stay in good contact. But… [Read More] Coercion versus Changing Behavior
“Retire” versus “Drawing Down Assets”
We have a lot of clients who work for municipalities. These folks often have the ability to “retire” at massively different ages than other folks. And that’s great for them. But it’s forced us to use different “language” when talking with clients. A client (we will call Joe) is “retiring” this year at age 66.… [Read More] “Retire” versus “Drawing Down Assets”
Is Your Financial Plan Built on a Sinkhole?
Over the past couple weeks, we’ve seen some interesting financial situations stroll into our office. It’s odd how people in better financial shape are often the ones concerned they aren’t going to have enough money to retire comfortably. The people in worse financial shape are often the ones asking the wrong questions, focusing on all… [Read More] Is Your Financial Plan Built on a Sinkhole?
Don’t Invest Like the Rest
To conform is human. During the Stone Age, our ancestors learned to fit in with their tribe. If they didn’t adopt the tribal culture, they were banished. Being banished was essentially a death sentence, so humans learned that fitting in was a pretty solid survival technique. This desire to conform has since baked itself into… [Read More] Don’t Invest Like the Rest