On Friday, March 27th Congress and the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, an unprecedented stimulus package worth $2T to address the economic impacts of COVID-19. Here are some of the aspects of the plan that might impact you. Read more
As news of the coronavirus stokes fear and uncertainty on a variety of fronts, it is only natural to wonder if you should do something to your portfolio to account for the news. In most cases, the answer is a resounding NO! Here’s why. Read more
Almost every day there is an article in the news about financial fraud. Much of it impacts seniors, like a recent scam involving fraudsters posing as social security representatives. However, we are all at risk, especially if we believe we are too young, too smart and too vigilant to fall for a scam. Sadly, the scam artists are very sophisticated and intelligent too, and are experts at separating people from their money.
That said, much of the financial fraud targets seniors, because our cognitive ability declines as we age and this reduces our ability to handle financial complexity and makes us vulnerable to abuse. Read more
As part of our certification process as a B Corp last year, Redwood Grove Wealth Management made a commitment to donating one percent of our revenue to charity each year. Historically, we have supported a variety of non-profits focused on causes related to financial literacy and the environment. However, we recently learned about an organization called One Percent for the Planet, that is trying to address the under-allocation of charitable dollars to fight environmental issues. Read more
In 2019, Redwood Grove Wealth Management went through and passed the B Corp certification process. B Corp certification is awarded to companies that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy. There are currently more than 3,000 Certified B Corporations in 71 countries. Read more
Most parents try to teach kids the life skills they’ll need to thrive as adults. Some of those skills relate to money and work ethic. Sadly, particularly in affluent communities, children are often sheltered from the responsibilities and realities faced by adults. The percentage of high school-aged kids who work is at an all-time low, declining to 20% in 2013 from 45% in 1998. Read more
I’ve recently seen a couple members of the FIRE (Financial Independence, Retire Early) community speak on the movement that has gained momentum in recent years. While I admire some of the characteristics of adherents of this movement (e.g., careful spending, aggressive saving), and I’ve learned a few new terms (e.g., geo arbitrage, mega Roth), I’m left with some serious questions and concerns about those who are on this path. As a financial planner, here are a few of my observations: Read more
I’m currently taking a class on college planning, so this topic is top of mind. Additionally, the fall is the time high school seniors apply for colleges and financial aid. As such, it seems a good time to remind people of the various types of deadlines to stay on top of this time of year. Read more
It is our responsibility as parents to teach our kids the life skills they’ll need to thrive as adults. Some of the most important skills we can teach them relate to making smart money decisions. One topic that often provokes strong opinions relates to allowance: how much to give, whether to tie it to chores and what it should cover. Read more
In light of yet another data breach this week (of CapitalOne in case you missed it), it seems a good time to review cyber safety. A client recently brought to my attention a type of identity theft that I had not heard of before. It involves a thief stealing your cell phone number and porting it over to a new phone. They then use the dual authentication via text code to hack into your financial accounts to steal money. Given how pervasive dual authentication is for everything these days, I decided to learn a bit more about this particular type of scam. Read more