What is the biggest pain point when it comes to your finances?

LTC David S. Chang, ChFC®, CLU® — Sun, 31 May 2015 22:32:23 -0400

I am creating a new wealth building course and would like to know what are your top problems, issues, and questions you have when it comes to your finances?

I want to help answer these questions and helpful to know what else I may have missed!

http://artofsmartmoney.com

Response by Capt Seid Waddell made May 31 at 2015 10:56 PM

Capt Seid Waddell — Sun, 31 May 2015 22:56:11 -0400

How much is needed in savings to live my present lifestyle in retirement?

Response by LTC John Shaw made May 31 at 2015 11:03 PM

LTC John Shaw — Sun, 31 May 2015 23:03:33 -0400

@MAJ David Chang Who and what institutions can I trust to provide objective advice without hidden agendas and kickbacks? This is in all aspects of finance but especially in investing. Close to your point number 3.

Response by COL Private RallyPoint Member made Jun 1 at 2015 12:50 AM

COL Private RallyPoint Member — Mon, 01 Jun 2015 00:50:21 -0400

Fortunately, I have planned well for retirement. However, what many in the military fail/are unable to plan for is divorce. Like most LTs, I received my briefings on the 3 legged stool (Insurance, Savings and Pension). I balanced these well and despite the influence of divorce (division of property, equitable pension pay-out, child support and alimony), I may outlive my finances. But too often, I have bumped into the veteran/retiree, who has been stripped of everything, including his dignity after divorce. If you are writing a wealth building course, include the value of a pre-nup to your discussion as well as the limited influence a pre-nup has on the government mandated former spouse protection (pension payout). Good luck.

Response by SGT Richard H. made Jun 1 at 2015 9:12 PM

SGT Richard H. — Mon, 01 Jun 2015 21:12:03 -0400

Investments, by far. I've found that basic "program" investments such as 401k, 529 college plans. etc. Just don't show much return. In fact, here's an example: My daughter's 529 was doing OK until everything crashed out in 2009, then it took a few years to even gat back to the level of the deposits, and never really performed after that. After well over 10 years of deposits, it's barely above the amount of the deposits. Several years ago, I stared a plain old educational savings account, and after continued non-performance of the 529, I cut the deposits to it by 75%, and deposit to the savings account, because it just plain performs better. The kicker is that the 529 is with USAA, where investment accounts are actually fairly highly rated.

Response by SPC Jeffrey Bly made Jun 1 at 2015 9:13 PM

SPC Jeffrey Bly — Mon, 01 Jun 2015 21:13:09 -0400

My biggest peeve is when they give you a hundred dollars and take back 99.

Response by CSM Charles Hayden made Jun 24 at 2015 8:22 PM

CSM Charles Hayden — Wed, 24 Jun 2015 20:22:52 -0400

All of the above, consistently!

Response by MAJ Danny Clark made Jun 25 at 2015 8:28 AM

MAJ Danny Clark — Thu, 25 Jun 2015 08:28:21 -0400

All of the above are good financial questions. But there are so many others that it would be hard to do this subject justice in a survey. Our financial questions are so often driven out of a combination of our age and life events. How to prepare for and manage extremes like divorce, major health issues, job loss, and death of your significant other are but a few that come to mind. Too often people want to play ostrich and believe this will never happen to me.