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Forbes
18-04-2025
- Business
- Forbes
5 Ways Women Can Avoid Financial Mistakes Inherited From Parents
Laurel Road Survey recently highlighted that despite the increase we have seen in financial advisors, social media has made a wave with financial influencers—76% of Gen Z women and 58% of Millennial women consider their parents a trusted source for money advice. Even if parents are a safe space for many of us, this dynamic and the advice that comes with it come with much more complexity and risk of financial mistakes. Research suggests that at least 64% of Millennials, Gen X-ers and Boomers have experienced financial trauma, raising the question of how inherited money beliefs, shaped by past hardship, influence today's financial advice. 'It can be difficult for anyone to provide completely objective advice, but it's especially difficult to give advice to loved ones. They obviously want what's best for you, but that doesn't mean that they can give independent third-party advice,' Trevor Ausen, a Certified Financial Planner, RICP®, told me. Relying on loved ones for financial advice can offer familiarity and a sense of security, but it may also unintentionally reinforce limiting money narratives. To avoid repeating inherited financial patterns that no longer serve us and prepare yourself for the opportunities the future will bring with money, evaluating and filtering the advice we receive is essential. Here are five key points to consider when filtering financial guidance from your parents and avoid making those inherited financial mistakes. Before taking any advice, it's essential to be clear about what you're working toward. Having clarity on your specific goals allows you to filter the guidance you receive and apply it in a meaningful way. Whether you aim to pay down debt, invest more consistently, or start a business, knowing your desired destination helps you determine which advice supports that path and which may be based on priorities that don't align with yours. 'Our parents and us are family, but as individuals, we are different people with different goals and aspirations. Your parents' goal could be based on a leisurely retirement, while you want to take career breaks and never fully retire. In financial planning, we work backwards from our goals. Needless to say, if you want to go to different places, the paths you walk would be very different,' said Lei Deng, CFA, CFP®. Start with the most basic questions to define your long-term vision and goals, such as what kind of financial life you are trying to build and why. The economic environment is one that could change drastically in a short period of time for a long time, thus different generations have been shaped by different types of environments, and those experiences inform the advice parents often pass down. Many lived through deep recessions, periods of high inflation, high unemployment, or even a cash-only culture. While their advice may come from their real experience, the financial landscape has shifted, and their guidance must be weighed against your current reality. For example, your parents may express distrust in the stock market because of what they witnessed during the 2008 financial crisis. 'A parent who once lost money in the stock market (or heard horror stories from others) may discourage investing altogether,' said Janeil Pierre, an Accredited Financial Counselor. 'Instead of teaching their children how to evaluate risks, seek proper financial education, or diversify, they inadvertently pass down fear. As a result, their children may miss out on significant wealth-building opportunities,' she added. Whenever possible, take time to explore the context behind the advice. Ask questions. What were they navigating when they developed this belief? Once you understand the root of their perspective, you will be better equipped to filter advice through your own goals, risk tolerance, and the economic conditions you are building in now. Money has been a source of stress for many over the years; therefore, it has probably created an emotional blueprint in your parents' lives that may be reflected in the advice they give. Although it may be difficult sometimes to understand what part of the advice is emotionally driven, it is worth taking the time to dissect and break down the advice. For instance, in my work with female entrepreneurs who are working to grow their businesses, I often see how beliefs, sayings, and habits around money stem from learned experiences passed down by their parents. These inherited patterns can unconsciously shape how they save, spend, or view financial risk, even when those beliefs no longer align with their goals. If a conversation around money feels emotionally charged, it may be worth pausing to reflect. Ask yourself: Where is this advice coming from? Is it rooted in past experiences that are no longer relevant to my life today? Learning to separate emotional legacy from practical guidance can help you make more grounded, intentional financial decisions. Parental advice often comes from a place of lived experience, but it should not be the only perspective shaping your financial decisions. To build a more complete and current view, it is important to combine that advice with information from professionals who have studied and have work experience about it, and can understand today's economic realities and your unique goals. 'I advise clients to be cautious with any financial advice, parental or otherwise, that is factually incorrect, fear-driven, or misaligned with their personal goals,' said Pierre. 'For example, if a parent advises against using credit cards without understanding how responsible credit use can build financial health, that advice could hinder their child's long-term credit profile,' she continued. Today's financial tools, credit systems, and wealth-building strategies can be more complex but more accessible than before, and tapping into advice from professionals can offer updated frameworks, fill in knowledge gaps, and help you make informed decisions. One of the most important financial skills you can develop is discernment, the ability to evaluate each piece of advice, suggestion, or opinion and decide what truly aligns with your objectives. The goal is not to reject everything your parents taught you, but to understand what better fits you. Many foundational principles are mostly shaped and shared by parents, like living within your means, saving for emergencies, or avoiding high-interest debt, which can be incredibly valuable. But some beliefs may come from a place of hardship or fear, rather than opportunity. Ideas like 'never take financial risks' or 'don't talk about money' might have been protective in the past, but can become limiting in the present, especially if they discourage you from investing, starting a business, or seeking financial education. 'Parents who have successfully navigated economic downturns, grown wealth through investing or entrepreneurship, or demonstrated healthy money habits can provide a valuable foundation of wisdom and perspective,' said Janeil Pierre. The key is to recognize that you can respect your parents' experiences while choosing a different path. Bottom line, as women continue to navigate a rapidly changing financial landscape, it becomes even more critical to examine the advice that guides our decisions. Turning to parents for financial guidance can offer comfort and perspective. Still, it also requires discernment to understand the roots of inherited money beliefs and filtering them through the lens of personal goals and personal financial vision to avoid financial mistakes that could impact your financial future.
Yahoo
25-03-2025
- Business
- Yahoo
3 Ways To Get Rich by Working Only 20 Hours a Month
Working long hours isn't the only way to build wealth. If you're tired of putting in 40-hour weeks at a job you might not even like, it could be time to make a change. It's not too good to be true — there are business ventures that can allow you to earn serious money while working just 20 hours per week. Learn More: Try This: 'In order to get rich by working only 20 hours a week, you will need to be investing something other than time,' said Charles Kyle Harper, certified financial planner (CFP), chartered financial consultant (ChFC), retirement income certified professional (RICP), and financial advisor at Harper Financial Planning. This money won't necessarily come easy, but your hard work will pay off when you're living comfortably, while doing the minimum. Here's three ways to get rich while working just 20 hours per month. 'If you're not working 40 hours in the week, something else has to be working for you,' Harper said. 'This could involve a passive activity like purchasing and installing vending machines or ice dispensers or compressed air for tire inflation.' For example, snack vending machines cost an average of $2,000 to $3,000, beverage or soda machines cost approximately $3,000 to $5,000 and combo vending machines cost around $5,000 to $7,500, according to Vending Group. Alternatively, you could opt to lease a machine starting at around $100 per month. Check Out: 'With a small amount of money, you can purchase units that work for you around the clock and require a limited amount of time,' he said. 'It would be most advantageous to choose a market that is not already saturated in your area.' If you're able to identify a gap, offer the right product and provide minimal maintenance, he said this can be a lucrative field. 'In fact, I know of a former NFL player — who was in the league for over 10 years — who does this as a side job in retirement to stay busy and generate side cash,' he said. 'Picture your favorite player collecting coins from a vending machine.' 'As a college student, I tutored SAT math,' Harper said. Math was something he was naturally good at, so he found a way to monetize it. 'I broke the 'broke college kid' mold by making $60 [per] hour tutoring,' he said. 'Sometimes it even came with dinner.' He suggested focusing on skill you're good at and leveraging it to get rich. 'I have a friend who was a welder and enjoyed scuba diving,' he said. 'He can make well over $100 [per] hour and just pick up contracts as needed.' He said he knows someone else who turned his hobby of making 3D-printed figurines into a lucrative job making pieces for a popular board game — while working just 20 hours per week. 'Create a program where it makes money in the background,' Noah Damsky, certified financial advisor (CFA) and principal at Marina Wealth Advisors in Los Angeles. 'This enables you to focus on distribution and sales rather than serving customers one-on-one.' Generally speaking, it takes an average of 10 to 20 hours of work to create one hour of content, according to Six Figure Instructor. Therefore, your course would need to be no more than two hours in length. Focus on a topic you already have expert-level knowledge in. Subjects on Udemy range from development and business to design and photography, so there's something for everyone. Creators that earn six figures have at least five revenue streams, according to Kajabi. Therefore, you'll want to create new courses on a monthly basis to boost your earnings. More From GOBankingRates Who Would Benefit the Most from Trump's Social Security Tax Plan 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on 3 Ways To Get Rich by Working Only 20 Hours a Month Sign in to access your portfolio
Associated Press
22-03-2025
- Business
- Associated Press
Sequim-Based Financial Advisor Dave Nute Celebrates Milestone of Helping Over 500 Washington Seniors Achieve Retirement Security
Dave Nute integrated approach combines financial planning and strategic mortgage solutions to create sustainable income and long-term security. Washington, United States, March 22, 2025 -- Dave Nute Sequim, a trusted Sequim-based financial advisor, is proud to announce a significant milestone in his career when helping over 500 Washington seniors recover an average of $120,000 in untapped retirement assets. As a licensed Retirement Income Certified Professional (RICP) and Mortgage Loan Originator, Nute has become a leading resource for seniors seeking financial stability in retirement. With a rapidly growing senior population in Sequim and across Washington, many retirees face concerns about sustaining their income, affording healthcare, and maintaining their quality of life. Traditional retirement planning often focuses solely on investments and savings, leaving many unaware of alternative strategies that could significantly improve their financial outlook. Through his hybrid approach, Nute integrates comprehensive financial planning with specialized mortgage solutions, including reverse mortgages, to help seniors maximize their available assets. This strategy ensures retirees can access their home equity wisely while preserving their retirement funds, reducing financial stress, and maintaining their independence. One of Nute's many success stories includes a retired couple in Sequim. 'As a diabetic, I had been turned down on three different occasions for a long term care policy. Dave found me an annuity policy that gave us 3 times our premium for long term care and if not used, our initial premium would be returned and even better - no monthly premiums. This has been a great relief to my wife and I' - the client shared. Dave Nute 's unique strategy involves assessing each client's financial situation holistically, factoring in savings, home equity, pensions, Social Security, and investments. The result is to design a comprehensive plan that balances income needs and long-term security. His work with reverse mortgages has been especially impactful, helping seniors convert home equity into a steady source of income without the need to sell their homes. In addition to retirement planning, Dave Nute Sequim educates seniors about tax strategies, healthcare costs, and Social Security optimization. His client-focused approach has made him a trusted figure in the Sequim community, known for delivering clear, honest advice tailored to each client's needs. The business aim is to make retirement be a time of comfort and security, not financial stress. The final goal is to help seniors make the most of their assets so they can live with confidence. Northwest Reverse Mortgage. About Dave Nute Dave Nute is a Sequim-based Retirement Income Certified Professional (RICP) and Mortgage Loan Originator with years of experience helping Washington seniors navigate retirement. Nute's expertise has made him a trusted resource for seniors looking to maximize their assets and achieve financial peace of mind. Contact Info: Name: Dave Nute Email: Send Email Organization: Dave Nute Sequim Address: 410 Salal Way, Seqium, WA 98382 Phone: 1-800-562-9514 Release ID: 89155874
CBS News
12-03-2025
- Business
- CBS News
What questions should you be asking when choosing a financial advisor?
Amid concerns over market turmoil and questions about what it means for your money, many experts say now is a good time to talk with your financial advisor. But what if you don't have one? How do you choose the right financial advisor for you? Leslie Gordon emailed InYourCorner@ with that question after she said she was scammed by someone she thought she could trust with her money. "I am a victim of somebody who portrayed himself as a financial advisor," she said. Gordon, a South Jersey native, relocated to Florida in 2020 to care for her aging mother who later passed. Gordon decided she wanted to invest the money she inherited. She hired someone she thought she knew well enough from a local neighborhood Facebook group and, in total, transferred $30,000 to him to invest in CDs, or certificates of deposit. But soon, she said she felt uneasy about his behavior when he started missing meetings and not answering calls. Eventually, he and her money disappeared. She later discovered the man had previously been fired from Morgan Stanley and filed for bankruptcy in 2018. "I never thought I would get caught in something like this," Gordon said. "And yet I still got caught, and unfortunately, it's not for $300, or even $3,000." What questions should you be asking? Jamie Hopkins, chief wealth officer at Bryn Mawr Trust, said to start with someone whose credentials and experience align with your financial goals. Are you interested in investing, planning for retirement, managing cash flow, or something else? People generally seek an advisor, Hopkins said, when they experience a big life event. "You're leaving a job, you have a kid, you get married, you buy a house, you roll over a retirement account, or maybe you look out at the markets and say, 'Wow the markets have gotten really volatile in 2025 I want someone to help guide me through this,'" he said. Check their specialties and experience The term financial advisor is a catch-all. Most advisors will have specialties and professional designations. "The main one that's out there is CFP, which is certified financial professional, and that's really the broadest financial advisor designation out there," Hopkins said. An advisor might specialize in retirement planning, like an RICP, or retirement income certified professional, or in insurance, like a CLU, chartered life underwriter. You can usually find an advisor's credentials listed after their name, like on Hopkins' Bryn Mawr Trust profile. The Financial Industry Regulatory Authority (FINRA) has a glossary of professional designations. Verify their qualifications You can confirm an advisor's designations, how long they've been in business, and whether they've had any complaints against them using these online databases: The Investment Advisor Public Disclosure database on the Securities and Exchange Commission's (SEC) website Broker Check on the FINRA website A designation, Hopkins said, isn't necessarily an indicator of their skill, but it's a place to start. Consider compensation Don't be afraid to ask, Hopkins said. Knowing up front how you will pay your advisor will minimize surprises later on. Hopkins said many advisors in the industry base their fees on a percentage of the assets they manage for you. While others might charge a flat fee. Some work off commission. "There's great commission advisors out there, but it leads to conflict," he said. "Typically, if you're looking for advice, you want what's best for you, not what's best for the advisor." Other questions to consider At the end of the day, you're looking for someone you can trust with your hard-earned money, so treat it like an important relationship and ask the tough questions. "I actually tell people to ask about things like, what is your philosophy on planning and advice and if they don't really have one, that's not a great sign," Hopkins said. He also advises asking the person if they've ever filed for bankruptcy. "That might seem a little odd, but typically my stance is you probably don't want somebody running your money that hasn't been able to manage their own," he said. Red flags Hopkins said someone who isn't clear about their fees or transparent about their fiduciary duty to you should give you pause. Additionally, someone who makes big promises or guarantees about returns can also be a red flag because the reality is that all investments have some level of risk.
Associated Press
04-02-2025
- Business
- Associated Press
Cetera Welcomes Team with $250 Million in AUA to Cetera Wealth Partners
Corporate Plans Retirement Strategies LLC joins Cetera from Equity Services SAN DIEGO, Feb. 4, 2025 /PRNewswire/ -- Cetera Financial Group, the premier financial advisor Wealth Hub, announced that Corporate Plans Retirement Strategies LLC has joined Cetera Wealth Partners. Corporate Plans Retirement Strategies LLC, led by Partners Brian Vieselmeyer,* Peter Swansen, Jr.* and Founder Gerald M. Mirra, CLU, ChFC, RICP,* provides comprehensive financial planning and investment advice to clients and has more than $250 million in assets under administration** as of July 1, 2024. The group joined Cetera from Equity Services and operates from White Plains, N.Y. Cetera Wealth Partners is a community within Cetera Advisor Networks. 'I am thrilled to welcome this talented team of advisors to our firm,' said Tom Halloran, Head of Advisor Channel communities at Cetera. 'Our value proposition of a small community feel for networking and support along with all of the resources of a major broker-dealer was an attractive differentiator.' 'I am confident that joining Cetera Wealth Partners is the best move we could have made for the future of our firm and our clients,' Vieselmeyer said. 'The top-tier technology offered by Cetera through their state-of-the-art advisory platform will allow us to deliver tremendous value to our clients. I know this combined with the access we now have to Cetera's broader set of products will set our firm up for success both in the short-term and long-term.' Corporate Plans Retirement Strategies LLC began as a way to meet the employee benefits and retirement needs of small businesses and their owners and has expanded to also serve a great number of individuals and families. The firm's partners – Mirra, Vieselmeyer and Swansen – have a total of 81 years of industry experience between the three of them. Mirra, who claims more than half those years of experience, founded Corporate Plans with a long-time friend in 1985, while he was working for National Pension Service, a major provider of retirement plans in White Plains, NY. Vieselmeyer joined the firm in 2012 after serving as an investment specialist for Mass Mutual Westchester and Swansen joined three years later in 2015 after working with MetLife for more than a decade. Click here for more information about Corporate Plans Retirement Strategies LLC, click here for more information about Cetera Wealth Partners and click here for more information about Cetera Advisor Networks. About Cetera Cetera Financial Group, which is owned by Cetera Holdings (collectively Cetera), is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth. Home to approximately 12,000 financial professionals and their teams, Cetera oversees more than $545 billion in assets under administration and $235 billion in assets under management, as of September 30, 2024. In a recent advisor satisfaction survey of nearly 35,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it's ranked 4.8 out of 5 stars. 'Cetera Financial Group' refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101. *Cetera Wealth Partners is a region of Cetera Advisor Network LLC. Registered Representatives offer securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer and Registered Investment Adviser. Cetera firms are under separate ownership from any other named entity. **Value approximated based on asset holding details provided to Cetera.
