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Lisa: So how do I know if an advisor is truly comprehensive and right for me? Rick: Ask them what their process looks like. Do they offer advice beyond investments? Do they get to know your life and goals before offering solutions? Are they a fiduciary, meaning they’re legally obligated to act in your best interest? And how do they get paid? Transparency matters. And what I personally recommend is going with your gut. Assuming they check all the boxes as far as experience, being a fiduciary etc, ask yourself if you feel comfortable with them. If it doesn’t feel right, keep looking until it does. Also, don’t be afraid to ask a lot of questions. If you feel pressured or they don’t clarify things, that is a red flag.

Once you start carrying a balance over from month to month, card companies will charge you interest, often as high as 26-29% for cards with the most enticing perks. Soon it can become almost impossible to payoff the balance and the card companies can collect thousands of dollars in interest charges from you every year. This can be a financially dangerous path because it can snowball into a situation that is hard to get out of. A lot of credit card debt can financially cripple a young person who is just starting out.

A key question I often hear from clients is whether or not they will have enough $ to retire comfortably. This answer is different for each client – there is no “magic number.” So much depends on your lifestyle, health, family needs, where you live, travel plans and more. A general rule of thumb is 75% to 90% of current income in retirement, but this can vary widely.

My first rule for widows is: Do NOT make any major financial decisions in the first year your spouse passes away. Why? Because this is a highly emotional and stressful time and in my 35 years of helping folks like this, I can't think of too many times where doing so brought about a positive result.

When I start working with a new client, one of the first questions I ask is “What are your top three goals?” These are usually financial goals but they also often include life goals. That’s not surprising because money often helps us achieve our life goals. On a few occasions I’ve had a prospective client counter with a different question, “How much money can you make for me?” To me, this is the wrong question because achieving financial independence begins with figuring out what really matters to you. Only when you have figured out what really matters can you then determine how to get there—and that may or may not involve earning a rate of return that varies depending on your goal, timeframe, and risk tolerance.

What is a health care proxy? A health care proxy is someone who can make health care decisions for you if you are unable to communicate these yourself in an emergency or at the end of life. They work closely with your health care team to help ensure your medical care and treatment preferences are followed. Having a proxy can be especially helpful if unexpected situations arise, such as a serious car accident or stroke.