Retire As You Desire Bill Bloom

Are you concerned about how you're going to set up your income payments in retirement?



It can feel daunting going from a regular salaried income pattern, to relying on social security and investment income.

But don't worry!

There are lots of strategies at our disposal to help make the transition seamless!



Find out more at: https://www.bloomfinancialco.com/

Welcome to the Retire As You Desire podcast, where we empower you to take control of your financial future. In this episode, we're diving into three crucial questions you should be asking your financial advisor. But first, don't forget to subscribe to our YouTube channel for valuable educational content!

Question number one: What's your financial advisor's net worth? It's not about comparing, but understanding if they're managing their own finances effectively. After all, if they can't handle their own money, how can they manage yours?

Question number two: Where do they invest their own money? Transparency is key here. You want to align your investments with your advisor's approach and ensure they're walking the talk.

Finally, question number three: Which products do they avoid, and why? A true fiduciary considers all options to best serve your needs. Beware of advisors who limit themselves to certain products without considering the full spectrum.

Join us as we navigate the world of finance together, providing valuable insights to help you retire as you desire. Don't forget to share this episode with your friends and family to spread financial literacy and empowerment. Remember, we're here to help you achieve your financial goals!

Four Red Flags: How to Identify a Trustworthy Financial Advisor

The business of personal finance can be daunting, especially when it comes to entrusting your hard-earned money to a financial advisor. Making the wrong decision is fraught with peril, considering the array of investment options and the potential for financial mismanagement. 

It’s your hard earned cash on the line! So what can you do to identify a trustworthy financial advisor?

In this blog, we'll explore the four red flags that serve as warning signs before partnering with a financial advisor. By understanding these indicators, you can confidently seek a professional who aligns with your financial goals and prioritizes your interests.

1. "No" Syndrome:

The first red flag is when a financial advisor adamantly advises against specific financial products, be it annuities or mutual funds. While certain investments may not suit everyone, a one-size-fits-all approach is seldom in the best interest of the client.

How to Find a Good Financial Advisor: Look for advisors who operate under fiduciary standards. Fiduciaries are obligated to consider a wide range of products and tailor their recommendations to individual client needs. A refusal to explore certain options may indicate a lack of commitment to your financial well-being, but it also constitutes a dereliction of duties. 

Walk away!

2. The Cookie-Cutter Approach:

Another warning sign is the adoption of a rigid, one-dimensional methodology. If your financial advisor insists on a singular approach, such as exclusively setting up traditional IRA accounts or favoring a particular investment product, it again raises concerns about their fiduciary responsibility.

How can they be looking out for your best financial interests, if they take no interest in your financial interests?

In other words: they need to tailor your investments, to achieve your particular goals. Not someone elses! 

A trustworthy advisor should customize your investment strategy based on your unique financial situation, goals, and risk tolerance. A cookie-cutter approach often overlooks individual nuances, potentially compromising your financial success.

3. Co-Mingling Investments:

Pooling client investments with those of the advisor is a practice that raises eyebrows. While having similar types of investments is common, replicating the same portfolio for all clients can lead to conflicts of interest and price manipulation.

Ensure your advisor maintains transparency regarding investments and doesn't concentrate all clients into identical funds. This practice could compromise the integrity of your portfolio and may not align with your personalized financial objectives.

We wouldn’t dream of doing that for our clients here at Bloom Financial. How can I be making objective decisions about your finances, if I have a personal vested interest in the outcome?

4. The Silent Treatment:

The most crucial red flag is if an advisor fails to listen to your concerns, preferences, and risk tolerance. A financial advisor's role is not just about managing money but understanding your financial aspirations and tailoring strategies accordingly.

If you a talking to a prospective financial advisor, and they are showing signs of apathy towards your brief: walk!

. The right advisor should actively listen, consider your feelings, and craft a plan that resonates with your financial goals.



Conclusion:

Selecting a financial advisor is a pivotal decision that requires careful consideration. Trusting someone with your money is a big decision and not one that you should take lightly. 

By identifying these four red flags, you empower yourself to make an informed choice. Seek a financial advisor who operates under fiduciary standards, embraces a customized approach, avoids co-mingling investments, and, most importantly, listens to your unique financial needs.

Don't settle for less – your financial future deserves a dedicated advocate who values your

I found $4200 in savings, in just 30 minutes!! Here's how...



This was a really simple exercise. What I did is I opened up my phone, opened up my bank credit card, and then I went through all my transactions.



And I looked at the things that I'm not using.



It was simple as my Sirius XM. I had a couple of different memberships for technology that I'm not using anymore So what I did is I canceled all of them. It only took me less than 30 minutes.

So it's really simple.



But when I added everything up, it equated to an extra $4,200 of extra money as I found money every single year.



So think about that. If you could take that 40 $200 that you're not spending any more and invest in that, it's a huge win.

Title: Watches Are NOT Investments: Beyond The Fads and False Numbers

Introduction:

In the sometimes ‘mirky’ world of investments, the allure of unconventional assets can be tempting, especially when the likes of the Wall St Journal boast about watches outperforming the stock market. 

However, as we will discover, the truth behind such claims may not be as promising as they appear. For the discerning professional seeking robust investment vehicles, this blog aims to shed light on the pitfalls of fad commodities and advocate for a more informed approach.

Unmasking the Illusion:

Many prominent publications annually tout the outperformance of watches compared to the stock market. It's an attention-grabbing headline that might have led some to consider certain luxury timepieces as a viable investment option. However, it's crucial to understand that not everything that glitters is gold.

The Reality of Watch Investments:

Let's break down the scenario presented in the report. If one were to purchase a $10,000 Rolex and, through secondary market dynamics, its value increases to $15,000, you’d assume that you could look forward to a $5,000 profit. However, after factoring in taxes, the $10,000 watch could realistically translate to $11,000.

Moreover, attempting to sell this watch to a secondary market dealer means you’re not going to get the full market value. They have to make a profit after all. The dealer's offer may hover around $11,000 or $12,000. This discrepancy between perceived value and actual return underscores the importance of due diligence before leaping into trendy investment avenues.

And sure, you could attempt to sell the watch to the end-user yourself. Invariably though, you’ll end up wanting to advertise it online, via a reputable platform (to avoid scammers and time wasters) and that will come with a hefty advertising fee, shipping costs and the risk of posting high value items. 

Diversification: Beyond Watches and Wall Street Hype:

As a seasoned professional, it's imperative to consider diversifying your investment portfolio beyond the conventional choices of stocks and real estate. While the allure of watches may seem enticing, there are more prudent options that warrant serious consideration.

When one looks at the value of watches on the secondary (or ‘Grey’) market, in recent years they have proven to be something of an unstable commodity. Certain hype models rocketed in value during the pandemic, but have since halved in value and continue to drop. 

The same has been true of Bitcoin, and while yes: there are huge gains to be made overnight, the inherent volatility that comes with it, is not worth the gamble with a significant proportion of your investments. 

Roth IRA: A Strategic Investment Approach:

One such avenue deserving attention is the Roth IRA. Rather than succumbing to the appeal of quick profits, channeling your capital into a Roth IRA can offer a strategic and tax-efficient alternative. 

Even if this is not your only source of investment, you should consider it for a significant proportion. 

Research: The Cornerstone of Informed Investing:

Before deploying your capital into any investment, be it watches or Roth IRAs, diligent research is non-negotiable. The seductive headlines may grab attention, but a discerning investor delves deeper. Understand the intricacies of the investment vehicle, weigh the risks and rewards, and align it with your long-term financial goals.

Conclusion: Get Your Money Right

In the dynamic world of investments, it's crucial to look beyond the surface and critically assess the opportunities presented.

Remember, getting your money right is not just about avoiding the pitfalls; it's about making choices that withstand the test of time. We are talking about being able to retire after all, which requires a considered approach to risk. 

As you navigate the investment landscape, let wisdom, research, and a forward-looking approach be yo

OK so I know that this is a strange topic for the host of the ‘Retire as You Desire’ podcast to be talking about, but believe it or not; there are a multitude of reasons why you shouldn’t retire!

Retirement is often hailed as the golden age. A time to live life on your terms. What this tends to translate as though, is; stop working, play golf and shuffle off this mortal coil in short order. 

I want to challenge this outdated, conventional notion of retirement and offer you three reasons why one might want to reconsider the notion of stopping work altogether. It really depends on your relationship to your professional life and how well integrated it is with your dreams, goals and aspirations. 

1. Alignment of Purpose

If your profession is not just a means to an end but a passion, quitting abruptly might not be the best move.

I preach all the time that you should retire as you desire, however,— if your purpose is deeply tied to your work, you probably won’t want to just go “cold turkey” once your retirement fund reaches maturity. 

Why? Because work, for some, is not merely a way to make ends meet. It's a source of fulfillment, a reason to leap out of bed each morning. If your passion aligns with your work, and you've built something that fuels your drive, hitting the brakes on it might lead to an unexpected void.

Your money is set up, and that's freeing in and of itself. If you know your income streams are set up in retirement, that gives you the opportunity to really be the buyer and say; “I want to keep working because I love doing what I do.”

In essence, retirement doesn't have to be an ‘all-or-nothing’ game. It can be a gradual transition. A slowing down of work hours, allowing you to savor the joy your work brings while maintaining control over your time.



2. Freedom to be of Maximum Service

"Get your money right. Get your income streams set up”

The second reason not to retire lies in the power of passive income. Retirement doesn't mean a complete cessation of income; it's about shifting from active to passive income streams.

By setting up passive income sources, you gain financial freedom. This financial stability doesn't just afford you the luxury to retire when you desire; it allows you to dictate the terms of your retirement. You become the architect of your life, deciding when to clock out and stop working.

As a result: you’ll be able to make choices based on where and to whom you’ll be of maximum service, rather than which choices will earn you the most money. Not only will this bring you greater fulfillment, but (ironically) it will boost your authority and enable to you put a greater premium on your time. 



3. You’re not Ready!

Just because your company/pension provider/convention is telling you that you’re of an age to retire, that doesn’t mean necessarily that you’re ready to!

The goal should always be to retire on your terms. Set up, your income, always get that aligned. So then that way you're in control.

The other side of that is, you might not have enough in your pension pot to support the kind of retirement life you’re seeking. Don’t take the leap until everything is in place, or you could find yourself in trouble down the road.

In conclusion, retirement isn't a one-size-fits-all concept. 



Retirement shouldn't be a forced exit; instead, it should be a conscious choice, a decision made when everything is aligned. By having your income streams set up and aligned with your goals, retirement transforms from a distant dream to a tangible reality.

The key isn't to retire early or late, but to retire as you desire, ensuring that the next chapter of your life is as fulfilling as the one that precedes it.