One of the most foundational items, especially for young families, that we look at here is the insurmountable cost of planning for college. When planning for college, there are many factors that play a part in the decision-making process. Do you have more than one child; will you pay for some or all of their college expenses; what will the cost of college be in the future; the list goes on.
There have been several different dynamics we have observed, and of which we have lived, over the last 20 years since North Main Financial Group has been in business. We had the Internet boom, and then bubble, and then the bursting of the bubble at the end of the 1990s and into the early 2000s. We then had what some would describe as a real estate bubble happening from 2005 to about 2007.
I’ve been in this business for over 20 years and while there have been some good times, there have also been some rough patches. If you lived through the turmoil of 2008 – 2009 you know what I’m talking about. One thing that has been true is that there are no guarantees. In life or in the financial services industry.
Fall happens to be one of my favorite times of the year. The heat of the summer is finally starting to subside and of course, it’s the beginning of football season. I spend many weekends taking in college and professional football and as I watch the ups and downs of America’s game it got me thinking. From a strategic and thought process, football and finance have many parallels.
As we move through life most of us live in the now worrying about getting to work on time, what to have for dinner, what sport do the kids have after school, and the list goes on. But what happens when the unexpected happens? Most of us have been there. The loss of a job, an unexpected divorce, or the death of a loved one, these life events can really throw things into upheaval.
When it comes to financial planning there is no one-size-fits-all option. As individuals, we all have different goals and objectives based on things like kids, marriage, work, age, and a host of other variables. When sitting down with your tax and/or financial advisor, it’s important to understand your asset allocation and what types of tax-deferred accounts you may have.
The list of insurance types is endless. From general insurance to property insurance and pet insurance, it seems as though there is insurance for just about anything you want nowadays. Recently on the North Main Financial Show we looked at a few of the more common types of insurance including auto/vehicle, property and liability insurance.