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Start the Year in Context
If you are like many of the people I know, you are VERY glad to see 2020 end and to turn the page to a new year. It is my wish for all my friends and clients that 2021 be a year where the best day of 2020 is the worst day of 2021. I...
Read MoreThree Reasons for Optimism in 2021
As the year draws to a close. I want to take a moment to offer some perspective as we move forward. The COVID-19 pandemic continues and the impact on our economy and our communities is still unfolding. I expect that 2021 will hold a...
Read MoreWhat Do I Do Now About the Election?
I am writing this before the polls close on Tuesday. So, who knows how things turned out? We had record voter turn out and a high degree of engagement from both Republicans and Democrats. And, most folks are at least a little concerned...
Read MoreWhat is the 5-year rule for Roth IRAs?
Roth IRAs have been with us for more than 20 years. That’s about as long as we’ve had Google, and the same amount of time since the last presidential impeachment hearings. Some things have changed a lot in that time, and...
Read MoreFAFSA for 2021-2022 Academic Year Opens on October 1
The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opens on October 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA...
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What Should I do With My Investments In Advance of the Election?
Well, of course, this is one of those questions that depends. Most everything in financial planning depends on your particular situation and your overall goals. One thing is for sure, over the next few weeks leading up to November, we...
Read MoreFive Times to Check Your Financial Plan
Any plan you make is outdated as soon as you finish it. Planning is a PROCESS not and EVENT. To be truly effective, any good plan monitors progress and adjusts to changing conditions. It’s very easy for families who commit to a...
Read MoreWhy bother with my 401K?
Once upon a time, a deposit to a traditional 401(k) gave you a powerful wealth building tool. Today, things are a little different. First, let’s review all the good reasons to participate in the 401(k) when it’s offered at...
Read MoreShould I Be Preparing For the Worst?
In these crazy times, we have lots to think about. With the Great Pandemic raging and unemployment soaring, some of us find ourselves thinking about mortality and about the fragility of good health.
Read MoreBeware These Common Investment Mistakes
Have I Missed the Pandemic Rally? This has been a crazy year. Markets fell about 34 percent in 33 days bottoming out on March 23, 2020, then rebounded to post the best 50 days in history. And as of July 1, the markets celebrated the...
Read MoreWe are Half Done with 2020 & What a Long Strange Trip It's's Been
As July kicks off, we mark the half-way point of the year, and I’m reminded of the Grateful Dead song that says, “What a long, strange trip it’s been . . . .” – Robert Hunter in the Grateful Dead song...
Read MoreWhat Should You Do With Your Investments if We Get a Second Wave of COVID-19?
These days there is no shortage of news and commentary about the Covid-19 pandemic and what it means. If you are like me, it can get to be a bit much sometimes. But, with unemployment around 14.7 percent and business profits disrupted...
Read MoreIs it too late to buy stocks on sale?
Most of you know that the S&P 500 Index fell from an all-time high on Feb. 19 into bear market territory (a close down 20 percent from the high) in a record 16 days. And in less than five weeks, it closed down 34 percent from the peak...
Read MoreHow much cash should I have on hand in case of an emergency?
When the market falls 6 percent in one day, it most likely feels like you need more cash on hand than usual. Conversely, when the market is climbing 45 percent in roughly 60 days you may decide you want to dump everything in the...
Read More8 Things to Ask A Financial Planner
One of my favorite quotes is: “If you ask great questions, you’ll get great answers.” To get the best experience from a financial planner, you really need to know what questions to ask. Whether it’s your...
Read More14 Retirement Mistakes to Avoid
As a professional retirement planner, I go through the process of retiring approximately 12 times a year with my clients. I see firsthand the process and hazards that families deal with as they shift from working for a living to...
Read MoreTwo reasons to make cash part of your financial portfolio
Regular readers of this space know that one of my favorite answers to financial planning questions is, “It depends.” And, of course, the answer to “How much cash is enough?” is “It depends.” Cash...
Read More5 Characteristics of That Will Get Us Through COVID-19
As I write this, the U.S. stock market is continuing the crazy swings we’ve been enduring during the COVID-19 pandemic. Although the market has continued sideways in May, we have just ended a historic market period. We had one...
Read MoreRecessions aren’t all bad. Here’s why.
On April 29, the Bureau of Economic Analysis released an advance estimate of U.S. economic growth in the first quarter of 2020. The estimate showed a decline of 4.8 percent for the quarter. Remember that this analysis is based on...
Read MoreHow should I start preparing for retirement?
As a financial advisor, I don’t think it’s ever too early to start planning for retirement. Ideally retirement planning starts as soon as an individual starts earning money, even on their very first job. However, specific...
Read MoreReasons for optimism in today’s market climate
It continues to be crazy time in America. In Minnesota, we have a “stay at home” order in place. No school for the kids. No face-to-face meetings. No in-person church. Things are challenging. We still don’t know...
Read MoreHow to be like Warren Buffett
Warren Buffett is one of the most famous investors in America. The first week of May, Buffett’s holding company Berkshire Hathaway holds its annual shareholder’s meeting. Buffet writes an annual letter to shareholders...
Read MoreFour Great COVID-19 Financial Resources
I’m sure that you are dealing with ongoing uncertainty due to the global impact of the COVID-19 Coronavirus. Whether you’re concerned about your health, your employment, your loved ones, your retirement, or all of the...
Read MoreDoes Social Security ever contact you by phone?
I’m hearing more about telephone scams where the scammer is pretending to be a government employee. Scammers will try to scare and trick people into giving them their personal information and money. The scammers may threaten...
Read MoreThree Ways a Presidential Election Impacts Investments
Regular readers of this space know that the economic experts I trust are confident that we are on the cusp of a recession. The coming recession is a real challenge to your financial goals over the next 12 months. A recession is...
Read MoreThree Tips to Help You Reach Your Financial Goals
We are about three weeks into 2020. If you are like most Americans, you may have already given up on your New Year’s resolutions. About 40 percent of Americans set a resolution and about 60 percent of them fail within six months...
Read MoreThree Ways to Protect Yourself Against a Recession
We’ve been hearing conflicting reports about whether a recession is looming. A recent survey of 500 Americans shows many are worried about a recession and plan to adjust. If you’re in that category—or even if...
Read MoreWhat Do I Need to Know About the SECURE Act?
The Setting Every Community Up for Retirement Enhancement Act of 2019 was passed by Congress and signed into law at the end of 2019. The SECURE Act, as it’s known, represents the most sweeping set of changes to retirement...
Read MoreFour Secrets to Make 2020 Great
“If you want others to be happy, practice compassion. If you want to be happy, practice compassion.” –The Dalai Lama As the year winds down, I find myself thinking of the year ahead and how to make it better. Regular...
Read More6 Financial Accounts You Should Have to Set Yourself Up For Success
In preparation for the new year, let’s think about getting our financial house in order. A great place to start is to organize your accounts. Here are the six financial accounts you need: 1) Master checkbook. This is where your...
Read MoreDo I have enough savings to retire?
A few families I’ve met with lately have seemed uncomfortable and even embarrassed as we talked about their situation. I see this a lot. Many people think that they are supposed to have a certain amount saved or have achieved...
Read MoreDo I Have Too Much Stock in My Retirement?
Is it possible to have too much stock in your mix of retirement investments? A recent Fidelity Investments analysis suggests maybe so. Fidelity is one of the largest retirement plan custodians and its analysis looked at more than 30...
Read MoreFive Wealth-Destroying Habits to Avoid
Regular readers know that I expect the economy to slip into recession within the next 12 months. This is based on the expert analysis of veteran economists whom I trust. However, I’ve been thinking this for the last two years,...
Read More10 IRA Mistakes to Avoid
Humans make mistakes. And the Required IRA Distribution rules can be tricky, especially if you’re new to retirement distributions. So if you are better than 70 ½ years old and you own an IRA, you may want to review this...
Read More11 characteristics to look for—or avoid—in a financial planner
When you decide you need a financial planner, it’s hard to sort through them all to find the one that makes the most sense for you. I’ve put together a list of things to look for—and things to avoid—when...
Read More10 ways the financial planning industry has changed
In recent years, the financial planning profession has changed a lot. Technically the profession is 50 years old, so you would expect some changes. But specifically, I’m thinking of all the changes I have seen since I started in...
Read MoreFour truths about retirement
There are lots of ways to think about retirement, from excitement to dread to worry, to all of the above at various times. With my clients, I find it helpful to provide some wisdom that can guide their thinking as they approach this...
Read More5 Tips to Avoid Running out of Money in Retirement
As we think about retirement, one common goal is to make sure the money lasts as long as we do. With that in mind, here are five tips to help make sure your money lasts. Calculate your net worth. If you look at everything you own and...
Read More5 Tips to Avoid Running out of Money in Retirement
As we think about retirement, one common goal is to make sure the money lasts as long as we do. With that in mind, here are five tips to help make sure your money lasts. Calculate your net worth. If you look at everything you own and...
Read MoreShould I roll over my 401(k)? Six questions to ask yourself
If you are thinking about leaving your long-time employer and wondering about whether to move your retirement savings away from their retirement plan, there are a few things to consider. Saving into a company-sponsored retirement plan...
Read MoreRetirement is Dumb, Do I Still Need a Financial Plan?
When the Social Security program was initiated in 1935, the full benefits began at age 65. At that time, the average man could expect to live 12.7 years more (age 77.7) and the average woman could expect to live 14.7 (age 79.7) years...
Read MoreDoes an inverted yield curve predict a recession?
I was asked about the coming recession at the soccer field this weekend. For people in the real world like my clients and the parents of my son’s soccer team, the economy is not an important topic unless they lose their job or...
Read MoreHow to avoid going broke in retirement
A big scary question for many folks is, will they have enough money in retirement? You might think that if everybody is worried about it, then somebody might come up with a solution. Well, they have . . . sort of. Maybe you have...
Read MoreHave a Target Date Fund retirement account? You still need to plan.
Have a Target Date Fund retirement account? You still need to plan. If you participate in a company-sponsored retirement saving plan, you very likely own a Target Date Fund (TDF). Based on the date you plan to retire, a TDF will own a...
Read More10 Facts to Know About Medicare
If you are getting Social Security benefits, you are signed up for Medicare. If you are not taking Social Security, you should sign up for Medicare about 90 days before your 65th birthday. Do not skip it. There are late-enrollment...
Read More6 Social Security Traps to Avoid
For some, Social Security benefits are only a small part of their retirement income plan. But even so, we all pay into the Social Security system and the benefits will continue as long we live, so it’s a valuable benefit we...
Read MoreSmart investing during a recession
It was 40 years ago last week that BusinessWeek magazine proclaimed the end of stock investments. Stock markets have gone up and gone down since then. But mostly up. S&P 500 closed at 42 on Aug. 13, 1979 2,926.32 on Aug. 13, 2019...
Read MoreWondering how much you need to retire? These questions can help.
For most families, saving for retirement is their largest financial goal. It’s become part of the American dream to quit working and just have fun someday. However, as we wind down the second decade of the 21st century,...
Read MoreHow will a trade war affect the U.S. economy?
The current market volatility is distressing. Any time we see the markets fall by more than 3 percent in a single day, it can be pretty unpleasant. But the news isn’t uniformly bad. A few things to note: Volatility is always...
Read MoreWhen should I take Social Security?
Data shows that a majority of Americans are losing thousands of dollars each year because they chose to start taking Social Security at the wrong time. One national study shows that retirees as a group will lose $3.4 trillion in...
Read MoreWhy is insurance needed?
Part of my job is to help families think about—and prepare for—bad things. It can be tricky because humans mostly don’t like to think about bad things. After all, they’re bad and it’s unpleasant to think...
Read More5 places to get retirement income
For many families, the entire point of saving for retirement is to create an “income engine” that produces income to pay for life in retirement after the wages stop. But creating that engine can be tricky because of how...
Read MoreFour steps to build and maintain wealth
It’s easy to look at people around you who seem to have accumulated more wealth than you and believe they know some big secret that you don’t. Actually, when you break down what people do to build and maintain wealth, it...
Read More9 steps to declaring your financial independence
This week brings us U.S. Independence Day. It’s a reminder of several conversations I’ve had with clients and friends lately. In each case it was mostly the same conversation with different details: What will retirement...
Read More8 things to know about bear market cycles
Since the S&P 500 index of the 500 largest U.S. stocks set a record high on June 20, many people are wondering how much longer the bull market can last. Markets started their climb in March 2009, and we have not had a bear market...
Read MoreWhy be a financial planner?
Last week, I buried my father. He died at home, in his sleep, at age 85. For most of us, we’d call that a pretty good deal. But it’s hard to say good-bye to your father. Above is a picture of him holding me as a newborn....
Read More11 tips on financial planning for new graduates
My daughter graduated from high school on June 2. This fall will be the start of a special year in our family’s financial life: I will have two college students at the same time. These are the days. With graduation at the top of...
Read MoreWhat to do if your elderly parent is being scammed
If you are better than 50 years old and your parents are still alive, you have probably wondered from time to time if they might get caught in a scam. It’s a reasonable concern. Seniors are commonly the victims of financial...
Read MoreHow to decide where to live after retirement
Over time, we all face choices about where and how we live as we age. Below are 10 options for retirement living options. Aging in place The American Association of Retired Persons (AARP) says that 87 percent of retiree homeowners...
Read MoreShould I take Social Security at age 62?
As a CERTIFIED FINANCIAL PLANNER™ professional, I will tell you that deciding whether to take Social Security benefits early is a big decision. It’s important to get professional advice to be sure you make the correct call...
Read MoreHow much should you pay a financial advisor?
I refer to most financial broadcasting as “financial pornography” because the majority of this information is based on fantasy that’s all very exciting and engaging. There are flashing visuals about stock price...
Read MoreWhat does a Financial Planner Do?
If you’re thinking about looking for a financial planner, you may be wondering what exactly a financial planner does and what value he or she can bring into your life. The answer I give when people ask me what a financial...
Read MoreWhat is Risk Tolerance?
If you are talking with an investment representative, a stockbroker or a financial advisor, you most likely will talk about “risk tolerance.” Risk tolerance is a term used in the investment business to talk about the...
Read MoreWhy would anyone buy an annuity?
I bet you have seen some cool marketing about great “guaranteed income” retirement products. Conversely, I will also suppose that you have seen a few marketing messages that talk about annuities being the spawn of the...
Read MoreShould You Tap Retirement Savings to Fund College?
Many parents wonder whether they should use retirement funds to pay for college for their children. If your child is looking at attending college in the near future and you’re looking for ways to help your child with their...
Read MoreQuestions to Ponder Regarding Your Estate Plan
When is the last time you reviewed your estate plan? If it has been any longer than about 3 years ago, it is time for you to dust off the cobwebs and evaluate your existing estate plan. Although it is easy to forget about your estate...
Read MoreRetirement: Surprising Cost of Healthcare
Sometimes as we think of moving out of the workforce into retirement, we think that we won't need much to live on. It's easy to be wrong, especially when it comes to health care costs. Recent studies show that retirees will need $130...
Read MoreIs Your Nest Egg Enough?
When you get serious about retirement, one important question is, "How much savings will I need?" Even if you plan to rent out farmland for retirement income, you still need a nest egg. Part of the challenge to answering the "how much...
Read MoreHow to Pick a Financial Advisor
When you decide you need advice to meet your financial goals, be sure to keep these keys in mind as you select your advisor. Currently there are very few common standards in the financial service industry, so it's easy for someone to...
Read MoreCounting Down to Retirement
In order to be successful in retirement start early and count it down carefully. 10 Years Out from Retirement When you get within 10 years of your target retirement date, it's close enough to be real. You can actually imagine...
Read MoreFive Keys to Winning the Retirement Game
Whether you are 65 or 35, these keys will help you lay the groundwork for a retirement plan that wins for you. Things just aren't like they used to be. No more of simply graduating high school and off to the factory. Then 40 years...
Read MoreKey Questions Around Your Estate Plan
When is the last time that you reviewed your estate plan? Here at Dunncreek Advisors, we believe it is important to take a look at your plan at least every 3 years, or any time an important life event has occurred in regards to any...
Read MoreImportance of a Buy-Sell Agreement For Your Legacy Plan
When you have a family business, there are plenty of decisions to make. In all honesty, your employees rely on you for their well-being. Their wellness is in your hands. So as you make your day-to-day decisions within your business,...
Read MoreThinking About a Farm Transition? Start with Questions. Part 2
Farm business transition requires careful consideration. These questions help. This is part two of our list of questions that can help you decide if the time is right for a farm business transition. Are the parents willing to provide...
Read MoreThinking About a Farm Transition? Start with Questions.
When you ask good questions, sometimes you understand the issues better. Am I ready for a farm business transition? When is the best time to start? How do I know when I'm ready to start?When you ask good questions, sometimes you...
Read MorePreventing a Family Feud Financially
The passing of a close family member is never easy. While our focus should be on the enjoyable memories that we had with our loved one, our mind often gets overwhelmed as one deals with a loved one’s estate. The best way to...
Read MoreSix Tips for Legacy Planning
Legacy planning is a part of the financial preparation process that seldom gets enough attention. Individuals are taught from an early age the importance of a legacy plan. When you ask your friends or coworkers about if they have a...
Read MorePass Down the Family Farm: 100 Bushel Beans
Recently my dad and I were discussing the amazing advances in crop production he’s seen over his lifetime. It’s something many of us take for granted. People outside agriculture don’t even see it. But it’s truly...
Read MoreAssessing Business Transfer Readiness
With any small business, one significant measure of long-term success is exiting the business on your own terms. Many people are surprised when they learn that exiting a business was unsuccessful. Others are surprised when they learn...
Read MoreGoals for Your Farm Legacy Planning
Whether it’s the 4th of July or President’s Day, Martin Luther King Jr. Day or Memorial Day, there is a lot of discussion about legacy and what each of those days and people mean to our country. We think there should also...
Read MoreRetirement Income Needs to Keep Pace
As we talk about transitioning the business to new management, we must create income for the outgoing owners. The retirement income plan needs to provide adequate income for rising needs over time.
Read MoreGod Made a Farmer
Life is funny.Today, by chance, I was reminded of a speech I heard in November 1978 in Kansas City, Missouri, at the National FFA convention when I was a Junior in high school and an FFA officer.
Read MoreConsider Immediate Annuities
As we talk about transitioning the business to new management, we must create income for the outgoing owners.
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