This document advertises a college financial aid workshop hosted by The Bulfinch Group and presented by Stan Ezekiel from College Planning Group, Inc. The workshop will be held on March 24th from 2-4 PM at Mathnasium in Cohasset, MA. It will provide information on how higher-income families can earn financial aid, how a private college may cost less than a state college, and what colleges don't want students to know about the financial aid process. Attendees will learn how to negotiate for more financial aid. RSVPs can be made by contacting Patricia Murphy.
This document summarizes an article about how rapidly advancing technologies like robots and automation could displace many human workers and jobs. It notes that while technology has historically created new jobs, the current pace of technological change may outstrip the rate of new job creation, potentially leading to long-term high unemployment. The document then suggests that retirement vehicles like 401(k) plans, which rely on steady employment and income, may become outdated as more workers face intermittent periods of unemployment or underemployment due to automation and job disruption.
This document discusses tax deferral in qualified retirement plans and how future taxes on withdrawals can pose risks. It tells the story of Damocles, who realized the dangers of a king's lavish lifestyle when he saw a sword hanging above the throne. Similarly, retirement plan participants enjoyed tax breaks on contributions but face uncertain future tax burdens. Higher taxes or rates in retirement could mean participants pay more than the value of earlier deductions. The document examines options like Roth accounts that avoid this "sword of Damocles."
The document summarizes key points from the book "The Invisible Gorilla" about common illusions that distort human perception and decision making. It discusses five main illusions: 1) The illusion of attention, where people miss significant events due to focus on other details, 2) The illusion of memory, where memories are often inaccurate, 3) The illusion of knowledge, where people overestimate what they know, 4) The illusion of cause, where correlations are mistaken for causation, and 5) The illusion of confidence, where overconfidence is mistaken for competence. These illusions mean people often fail to see what's important and ignore warning signs of trouble.
This document is a newsletter from Matthew Cunningham providing information on Social Security. It summarizes that there is now consensus among economists that Social Security in its current form is unsustainable given changing demographics. It notes that the AARP, a long-time defender of the status quo, now acknowledges changes such as benefit cuts are inevitable. The implications are that individuals will need to significantly increase their personal savings to make up for reduced future Social Security benefits. It provides strategies for boosting savings such as assessing expenses and savings allocations.
The document discusses the issue of rising student loan debt in the United States. It notes that student loan debt has exceeded $1 trillion and average loan balances have doubled in the past decade. However, obtaining a college degree still results in higher lifetime earnings even though recent graduates' salaries have not increased as much as in the past. The rising costs of higher education and lack of financial planning have contributed to the growth in student loan debt. Large student loan payments are impacting graduates' ability to purchase homes, save for retirement, and participate fully in the economy. The outlook is that growing student loan debt could become a broader economic problem if not addressed.
This document summarizes key points from the book "Abundance" by Peter Diamandis and Steven Kotler. The authors argue that recent technological advances have put humanity on the cusp of unprecedented peace, prosperity and well-being. While conditions like poverty, disease, and violence have significantly improved over the past 50 years, the authors believe the next 10-20 years will see even greater improvements due to factors like increasing access to information, communication technologies, and the ability of small groups to take on large challenges. The document provides examples of how daily life has improved over recent decades and centuries, and argues against dismissing the authors' optimistic view of the future.
This document discusses decreasing debt and increasing liquidity as important aspects of financial management. It provides guidance on establishing priorities and plans for reducing debt, such as focusing on the highest interest debts first and renegotiating interest rates. It also discusses the importance of maintaining adequate liquidity through liquid assets and cash reserves. The document recommends working with a financial professional to properly coordinate debt reduction and liquidity goals.
This document discusses tax deferral in qualified retirement plans and how future taxes on withdrawals can pose risks. It tells the story of Damocles, who realized the dangers of a king's lavish lifestyle when he saw a sword hanging above the throne. Similarly, retirement plan participants enjoyed tax breaks on contributions but face uncertain future tax burdens. Higher taxes or rates in retirement could mean participants pay more than the value of earlier deductions. The document examines options like Roth accounts that avoid this "sword of Damocles."
This document summarizes an article about how rapidly advancing technologies like robots and automation could displace many human workers and jobs. It notes that while technology has historically created new jobs, the current pace of technological change may outstrip the rate of new job creation, potentially leading to long-term high unemployment. The document then suggests that retirement vehicles like 401(k) plans, which rely on steady employment and income, may become outdated as more workers face intermittent periods of unemployment or underemployment due to automation and job disruption.
This document discusses tax deferral in qualified retirement plans and how future taxes on withdrawals can pose risks. It tells the story of Damocles, who realized the dangers of a king's lavish lifestyle when he saw a sword hanging above the throne. Similarly, retirement plan participants enjoyed tax breaks on contributions but face uncertain future tax burdens. Higher taxes or rates in retirement could mean participants pay more than the value of earlier deductions. The document examines options like Roth accounts that avoid this "sword of Damocles."
The document summarizes key points from the book "The Invisible Gorilla" about common illusions that distort human perception and decision making. It discusses five main illusions: 1) The illusion of attention, where people miss significant events due to focus on other details, 2) The illusion of memory, where memories are often inaccurate, 3) The illusion of knowledge, where people overestimate what they know, 4) The illusion of cause, where correlations are mistaken for causation, and 5) The illusion of confidence, where overconfidence is mistaken for competence. These illusions mean people often fail to see what's important and ignore warning signs of trouble.
This document is a newsletter from Matthew Cunningham providing information on Social Security. It summarizes that there is now consensus among economists that Social Security in its current form is unsustainable given changing demographics. It notes that the AARP, a long-time defender of the status quo, now acknowledges changes such as benefit cuts are inevitable. The implications are that individuals will need to significantly increase their personal savings to make up for reduced future Social Security benefits. It provides strategies for boosting savings such as assessing expenses and savings allocations.
The document discusses the issue of rising student loan debt in the United States. It notes that student loan debt has exceeded $1 trillion and average loan balances have doubled in the past decade. However, obtaining a college degree still results in higher lifetime earnings even though recent graduates' salaries have not increased as much as in the past. The rising costs of higher education and lack of financial planning have contributed to the growth in student loan debt. Large student loan payments are impacting graduates' ability to purchase homes, save for retirement, and participate fully in the economy. The outlook is that growing student loan debt could become a broader economic problem if not addressed.
This document summarizes key points from the book "Abundance" by Peter Diamandis and Steven Kotler. The authors argue that recent technological advances have put humanity on the cusp of unprecedented peace, prosperity and well-being. While conditions like poverty, disease, and violence have significantly improved over the past 50 years, the authors believe the next 10-20 years will see even greater improvements due to factors like increasing access to information, communication technologies, and the ability of small groups to take on large challenges. The document provides examples of how daily life has improved over recent decades and centuries, and argues against dismissing the authors' optimistic view of the future.
This document discusses decreasing debt and increasing liquidity as important aspects of financial management. It provides guidance on establishing priorities and plans for reducing debt, such as focusing on the highest interest debts first and renegotiating interest rates. It also discusses the importance of maintaining adequate liquidity through liquid assets and cash reserves. The document recommends working with a financial professional to properly coordinate debt reduction and liquidity goals.
This document discusses tax deferral in qualified retirement plans and how future taxes on withdrawals can pose risks. It tells the story of Damocles, who realized the dangers of a king's lavish lifestyle when he saw a sword hanging above the throne. Similarly, retirement plan participants enjoyed tax breaks on contributions but face uncertain future tax burdens. Higher taxes or rates in retirement could mean participants pay more than the value of earlier deductions. The document examines options like Roth accounts that avoid this "sword of Damocles."
This document discusses estate planning and its importance. It notes that estate planning creates a legal roadmap for distributing one's assets and obligations after death, according to their wishes and in a way that maximizes distributions to beneficiaries. The document outlines some key elements of estate planning, including probate, which is the legal process for settling an estate, and trusts, which allow property to pass outside of probate and avoid delays. It emphasizes that estate planning is important to properly distribute one's estate and provide certainty and financial security for heirs.
This document discusses strategies for accelerated debt payoff. It analyzes different payment plans for paying off a $8,000 credit card balance with 16% interest over time. Plan A shows minimum monthly payments would take over 15 years to pay off. Plan B maintains the first month's minimum payment each month, paying it off in under 4 years. Plan C adds $260 per month to the minimum, paying it off in 18 months. Plan D saves the extra $260 per month and uses the savings to pay it off, taking 19 months. While paying extra each month is faster, saving the extra each month maintains the consumer's financial control until the debt is fully eliminated. Overall, the document advocates evaluating individual debt situations but emphasizes
This document provides a summary of current financial buzzwords, trends, and unintended consequences. It discusses phased retirement as more workers extend their careers due to economic struggles. It also covers the trend of strategic mortgage defaults for homeowners who owe more than their homes are worth. Additionally, it notes the unintended consequence that many people are converting traditional IRAs to Roth IRAs in 2010 to avoid potential future tax increases, generating billions in unexpected tax revenue for the government.
This document summarizes a study on how retirement choices are framed and how framing influences decisions. It discusses two fictional retirement scenarios ("Mr. Red" and "Mr. Gray") that were presented to respondents in different frames. Though the options were the same, more chose Mr. Red's option when framed as spending and Mr. Gray's option when framed as investing. The document argues that framing significantly impacts financial decisions and that a consumption frame may be more beneficial. It also discusses how lifetime annuities are positively framed by economists but negatively by some due to concerns about unused principal.
This document discusses two key demographic trends and their potential implications:
1) Depopulation of industrialized nations due to low fertility rates and aging populations, which could strain social programs and economies.
2) Increased longevity and healthier aging, with lifespans potentially extending to 100+ years. This may require planning for longer retirements and changing retirement systems.
Financial professionals should consider these trends in advising clients about saving, investing, insurance needs, and retirement planning over longer time horizons.
This document discusses the benefits of writing down financial information and goals. It recommends writing down your current financial situation with an accurate cash flow statement. This provides clarity and organization. It also recommends writing down specific financial objectives, which helps resist marketing pressures and focus on what's important. Getting financial details and goals in writing increases the chances of achieving them by focusing thought, creating accountability, and leaving a reference point for the past and future. While not a magic solution, writing things down is a simple step anyone can take to improve their financial success.
The document discusses three examples of flawed financial thinking: Y2K predictions, a "Nirvana mindset", and the influence of "WACronyms". Regarding Y2K, the document summarizes that predictions of technological catastrophe were wrong, and financial predictions like the Dow hitting 40,000 by 2010 were also wildly inaccurate. The section on "Nirvana mindset" explains how pursuing unrealistic ideals can lead to poor decisions if real-world constraints are ignored. Finally, the document cautions that catchy acronyms may give investors a false sense of understanding financial products that are actually complex and risky.
1. The document discusses the impacts of tightened lending standards and increased savings rates in the US following the financial crisis. While prudent on an individual level, some argue this will slow economic recovery by reducing credit availability and consumer spending.
2. Lenders have tightened standards due to high default rates, while individuals have increased savings and paid down debt in response to job losses and economic uncertainty. However, experts want more lending and spending to stimulate growth.
3. The debate centers around whether continued conservative lending and spending habits will prolong the recession or lead to sustainable recovery. Both sides make reasonable arguments about the role of credit in fueling economic activity in the short and long term.
This document discusses estate planning and its importance. It notes that estate planning creates a legal roadmap for distributing one's assets and obligations after death, according to their wishes and in a way that maximizes distributions to beneficiaries. The document outlines some key elements of estate planning, including probate, which is the legal process for settling an estate, and trusts, which allow property to pass outside of probate and avoid delays. It emphasizes that estate planning is important to properly distribute one's estate and provide certainty and financial security for heirs.
This document discusses strategies for accelerated debt payoff. It analyzes different payment plans for paying off a $8,000 credit card balance with 16% interest over time. Plan A shows minimum monthly payments would take over 15 years to pay off. Plan B maintains the first month's minimum payment each month, paying it off in under 4 years. Plan C adds $260 per month to the minimum, paying it off in 18 months. Plan D saves the extra $260 per month and uses the savings to pay it off, taking 19 months. While paying extra each month is faster, saving the extra each month maintains the consumer's financial control until the debt is fully eliminated. Overall, the document advocates evaluating individual debt situations but emphasizes
This document provides a summary of current financial buzzwords, trends, and unintended consequences. It discusses phased retirement as more workers extend their careers due to economic struggles. It also covers the trend of strategic mortgage defaults for homeowners who owe more than their homes are worth. Additionally, it notes the unintended consequence that many people are converting traditional IRAs to Roth IRAs in 2010 to avoid potential future tax increases, generating billions in unexpected tax revenue for the government.
This document summarizes a study on how retirement choices are framed and how framing influences decisions. It discusses two fictional retirement scenarios ("Mr. Red" and "Mr. Gray") that were presented to respondents in different frames. Though the options were the same, more chose Mr. Red's option when framed as spending and Mr. Gray's option when framed as investing. The document argues that framing significantly impacts financial decisions and that a consumption frame may be more beneficial. It also discusses how lifetime annuities are positively framed by economists but negatively by some due to concerns about unused principal.
This document discusses two key demographic trends and their potential implications:
1) Depopulation of industrialized nations due to low fertility rates and aging populations, which could strain social programs and economies.
2) Increased longevity and healthier aging, with lifespans potentially extending to 100+ years. This may require planning for longer retirements and changing retirement systems.
Financial professionals should consider these trends in advising clients about saving, investing, insurance needs, and retirement planning over longer time horizons.
This document discusses the benefits of writing down financial information and goals. It recommends writing down your current financial situation with an accurate cash flow statement. This provides clarity and organization. It also recommends writing down specific financial objectives, which helps resist marketing pressures and focus on what's important. Getting financial details and goals in writing increases the chances of achieving them by focusing thought, creating accountability, and leaving a reference point for the past and future. While not a magic solution, writing things down is a simple step anyone can take to improve their financial success.
The document discusses three examples of flawed financial thinking: Y2K predictions, a "Nirvana mindset", and the influence of "WACronyms". Regarding Y2K, the document summarizes that predictions of technological catastrophe were wrong, and financial predictions like the Dow hitting 40,000 by 2010 were also wildly inaccurate. The section on "Nirvana mindset" explains how pursuing unrealistic ideals can lead to poor decisions if real-world constraints are ignored. Finally, the document cautions that catchy acronyms may give investors a false sense of understanding financial products that are actually complex and risky.
1. The document discusses the impacts of tightened lending standards and increased savings rates in the US following the financial crisis. While prudent on an individual level, some argue this will slow economic recovery by reducing credit availability and consumer spending.
2. Lenders have tightened standards due to high default rates, while individuals have increased savings and paid down debt in response to job losses and economic uncertainty. However, experts want more lending and spending to stimulate growth.
3. The debate centers around whether continued conservative lending and spending habits will prolong the recession or lead to sustainable recovery. Both sides make reasonable arguments about the role of credit in fueling economic activity in the short and long term.
1. College Financial Aid
Workshop
Education. Knowledge. Wisdom.
You Will Learn: Presenter:
Stan Ezekiel, CCPS, President Workshop Location:
How higher income families College Planning Group, Inc.
earn financial aid Mathnasium
How a “private” college may 226 Chief Justice Cushing Highway
cost less than a “state” Cohasset, MA 02025
college This workshop will
What colleges DO NOT want answer questions you Saturday, March 24th
you to know about the have been thinking but 2:00 PM
financial aid process are afraid to ask.
How to negotiate for more
RSVP to Patricia Murphy at
Hosted by: (781) 6811517 or via email at
The Bulfinch Group patriciamurphy@bulfinchgroup.com
Matthew Cunningham or via online at:
www.thecollegeplanninggroup.com
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 140 Kendrick Street, Needham, MA 02494, (781) 449-4402. Securities products/services and advisory
services are offered through PAS, a registered broker-dealer and investment advisor. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY.
PAS is an indirect, wholly owned subsidiary of Guardian. The Bulfinch Group is not an affiliate or subsidiary of PAS or Guardian. Life insurance offered through The Bulfinch Group Insurance
Agency, LLC, an affiliate of The Bulfinch Group, LLC. The Bulfinch Group, LLC is not licensed to sell insurance.
PAS is a member of FINRA, SIPC 2012-1257
.