Category: Charlie

Categories
Charlie Education Kevin Pilots

No Regrets: Plan for Tomorrow so you can Live in the Moment TODAY

In the last few days I learned about three fellow pilots that have lost or are losing their battles with cancer.

A good friend of mine from the Air Force will be put on hospice care soon to make his last days here on earth as comfortable as possible.  His doctors recently determined he cannot handle any more chemo treatments.  It’s been four years, around 90 rounds of chemo, radiation and several surgeries.

Another UPS pilot I know is battling a rare form of cancer called esthesioneuroblastoma and the stark reality of this cancer is that he will likely lose his vision entirely within 6-12 months.  Furthermore, his life expectancy is perhaps two to three more years barring a miracle.

Just recently, a pilot I know passed away from cancer.  A friend of mine was by his bedside during the last moments of his life.  Fortunately, he died in peace knowing that he did all he could to make sure his family was taken care of after he was gone.  He was happy and had no regrets my friend said to me.

I didn’t write all of this to depress or upset anyone.  These situations are difficult to comprehend and it’s hard to know what we can do for our friends and loved ones in these difficult moments.  I wrote this article because I know there are things our friends would want us to learn from their terrible circumstances.

For starters, (and I am preaching to myself here) I think they would want us to slow down a little, spend a little more time trying to create special moments, maybe spend a little less time working and striving.  I’m very much a planner in everything I do and sometimes I struggle with being “in the moment.”  I have a fear of possibly missing out on that next achievement, the next goal, and sadly, maybe even the next dollar.  Maybe I should trade in my next three-day trip for a lesser paying “two-day” so I can see my daughter’s homecoming festivities at her school.  What is it worth in dollar numbers to see my daughter during this special moment?  Which is more valuable to her?  I’m pretty sure I know how my friends battling cancer would answer that question.

Of course, there are other practical things we must do now in order to make sure that if we were in similar circumstances we could also leave this world with no regrets:

1. Work to create special moments and great memories.
Many people believe the quality of their relationships and memories created are a better measure of wealth than their money. I tend to agree. No one on their death bed ever wished they would have spent more time working!
2. Get the appropriate amount and the right type of life insurance for your circumstances.
I think it’s a safe generalization to say that most people do not have enough life insurance.  The amount of life insurance depends on several variables; your net worth, family dynamics, age, etc.  Additionally, there is rarely a need for any other type of life insurance than term life.  Do the math on the amount of life insurance you need and consult someone you can trust to help you determine what type of life insurance is right for you.
3. Make sure your Last Will and Testament and your beneficiaries are up to date.
A new client mentioned to me the other day, “Every time I get in the car with my wife for date night, I wonder what would happen to our kids if we died in a car accident.”  This is a terrible feeling.  Let’s not wonder anymore and make sure we clearly articulate in our will what needs to happen in case of our untimely deaths.And yes, we do know of someone that died and their ex-wife was the beneficiary on their life insurance.  “We’ll never know if that was intentional or not,” said one of the family members.
4. Get a financial plan.
We end almost every article we write with this advice.  The reason I think this is an important step in this context is that almost every family, including my own, struggles with the following question; “How do we balance preparing for the future and still enjoy our time now while our kids are young and we’re healthy?”Financial planning will help clarify the answer to this question.  Planning will help bring balance and confidence to our daily lives because we’ll know that we are doing our best to enjoy our time now, staying in the moment, while still giving ourselves the best chance at achieving our financial goals for the future.

Finally, I am going to give up my three day trip for a two-day in order to go to my daughter’s school homecoming festivities.  It’s the right thing to do and when my time on this earth has come to an end, I want to be able to say, “I don’t have any regrets”.

 

All the best,
Charlie

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 11/25/2019 and are subject to change at any time due to the changes in market or economic conditions.

November 25, 2019

Categories
Charlie Clint Education Kevin Quarterly Reviews Retirement

The Strategy Is In the Long Game – 2019 3rd Quarter Financial Review

Investing is not golf. You don’t win with your short game. The 3rd quarter of 2019 reminded us that investing requires a long game approach. Short term investors didn’t see great returns in the 3rd quarter; it was an unexciting period of time.

In his quarterly review, Kevin goes over the numbers, touches on some unexpected outcomes and explains why you should invest your money for at least 10 years to ensure the highest probability of success.

Further information referenced in Kevin’s video:

MYTH or Fact: An Inverted Yield Curve Predicts a Recession

Click below to view the charts and data presented in this video.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 11/07/2019 and are subject to change at any time due to the changes in market or economic conditions.

November 25, 2019

Categories
Charlie Education Kevin

Post-Death Planning

Last week was National Estate Planning Awareness Week.  We are sharing a few articles on how to make sure your estate is in order.  Read on…

Post-Death Planning

Have you ever wondered what happens to your unpaid bills after you die? You might be surprised to know that it depends on what kind of debt is still outstanding…

 

In most cases, your estate will have enough assets to pay off all bills—assuming you have a positive net worth at the time of death. But understand that life insurance proceeds, retirement and annuity accounts and brokerage accounts are left outside the estate — and therefore cannot be forced to pay off debts. Your estate’s actual net worth may not be as great as you think it is.

 

Your executor will review the assets and debts in your estate and prioritize the debts according to some fairly straightforward rules. Certain creditors, like those who issue medical or mortgage bills, must be paid first. A probate court will decide which remaining debts go in which priority, unless there are clear directions in your will.

 

🏠 Mortgage debt normally passes to the spouse or partner whose name is also on the loan documents, but if there is no joint mortgage holder, and the estate has insufficient funds to pay the mortgage, whoever inherits the home can usually move in and resume making the mortgage payments. The rules are different with home equity loans; with these, the bank can demand that whoever inherits the home (and the loan) immediately repay the outstanding balance. However, this is not required of the lender; in many cases, the bank will agree to let the heir continue to make the loan repayments on schedule.

 

🚘 Auto loans work similarly to mortgages; the estate handles payments if the money is available. If not, whoever inherits the car has the option to continue making payments or selling the vehicle to cover the cost of the auto loan.

 

💳 What about credit cards? Any joint account holder is liable for the debts after the co-account holder dies. But if you’re the sole account holder, the credit card cannot go after any unpaid debts from your estate when you die. Spouses who live in community property states may or may not be liable for the outstanding debt.

 

👩🏽‍🎓 Student loans are typically paid out of the estate, but if those funds are not available, the loan provider cannot force anyone to pay off the loans, since they are unsecured. However, if there is a co-signer for the loan, that person is liable for repaying the debt. Once again, however, a spouse in a community property estate may be liable for student loans incurred during the marriage.

 

Many financial planners will recommend a term life insurance policy for a specified time for people who are still building their financial lives, to avoid burdening the family with debt in the event of a premature death. And of course everybody should have a will, and the will should clarify where the existing financial accounts reside, and how to access them. A little upfront planning can save having to deal with a mess later on.

November 25, 2019

Source:  TheStreet

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 10/26/2019 and are subject to change at any time due to the changes in market or economic conditions.  This article was written by an guest author.