Financial Planning 101 - Life Insurance

After a short hiatus exploring the pros and cons for having a financial advisor I am back to the Financial Planning 101 series. After completing the segment on financial fundamentals the focus will now shift to insurance and risk management. This post will specifically focus on trying to explain the different types of life insurance policies and their key traits. There are two primary categories of life insurance policies. The first is called term insurance while the other is referred to as permanent insurance. What is the purpose of insurance? Life insurance is a critical tool to help families safeguard their assets and provide financial stability in the case of death. If used properly, lif

Reasons Why You Don't Need a Financial Planner from a Financial Planner

In my previous article found here I explored the reasons why you need a financial planner. Now let’s explore some of the reasons commonly cited why you don’t need one and explore their validity. 1. Financial Advisors are expensive It is true that depending on the fee structure your advisor has setup it can get quite expensive. The most common fee structure found today is to charge based on assets under management. This means the advisor charges you based on the amount of assets you have invested with them. Some advisors will even include assets they’re not managing in this calculation. Since most advisors charge roughly 1% of assets under management this can add up if you have sizeable

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