Two Out of Three Isn't So Good

August 6, 2014
Hosted by Wayne Firebaugh, CPA, CFP®

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Episode Description

Traditional portfolio planning often concentrates on the proper balance between tolerable risk and desired returns. Rational investors accept that higher portfolio returns require commensurately higher assumptions of portfolio risk. Unfortunately, such traditional portfolio thinking possesses at least two significant flaws. We'll talk about these two omissions and what you need to do to cultivate your portfolio. The kids are getting ready to head off to college. If you have a college student or a soon-to-be college student, you've no doubt wondered how the financial aid system really works. Wayne will tell you just that and more importantly how to protect yourself from those advisors who say their products can increase your aid eligibility. You've always had to be careful when rolling money from one retirement account to another. A new court decision means you have to be doubly so. We'll discuss the proper way to do a rollover so you don't get stuck with a big tax bill.

Cultivate Your Financial Health

Cultivate Your Financial Health

Archives Available on VoiceAmerica Variety Channel

Some people believe money scores success in life. If that’s true, then you’re really only keeping score between your current and future selves. Financial planning allows you weigh the trade-offs necessary to achieve your goals both now and then. Consume too much now and you limit your future choices. Save all your money for later, your family unnecessarily sacrifices current quality of life and, more importantly, the memories and experiences that truly make life rich.

Just like your favorite board game, money has its own rules. However, money rules cover long stretches of your life, not just a single evening. Plus, break a money rule in an area such as income taxes, investment management, or risk management, and you lose much more than a turn. You could lose everything you’ve hoped to achieve. On Cultivate Your Financial Health, Wayne helps you understand the rules of money. You’ll learn how the choices you make now will increase or limit the choices you have in the future.

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Wayne Firebaugh, CPA, CFP®

Wayne Firebaugh, CPA, CFP®

Wayne Firebaugh owns a wealth management firm that strives to provide objective advice to families looking to create and preserve financial choices in their lives. Providing such advice requires planners to possess two traits: independence and specialized expertise. For Wayne, independence means not accepting commissions from the sale of any products. Working as a fee-only planner aligns Wayne’s advice with his clients’ needs because it removes perception of bias.

With respect to specialized expertise, Wayne is a Certified Public Accountant and CERTIFIED FINANCIAL PLANNER (tm) Practitioner. Prior to starting his practice more than fifteen years ago, Wayne was a Manager in the Financial Advisory Services consulting practice of Coopers and Lybrand, then one of the world’s largest accounting firms. He has also taught investments at the collegiate level as an adjunct faculty member. Wayne chairs the technical committee for the National College Advocacy Group, a non-profit resource for planners assisting college-bound students and their families. He graduated from the University of Virginia’s McIntire School of Commerce.

Wayne regularly lectures and writes. His articles have been published in Physicians Money Digest, the Virginia Society of CPA’s magazine Disclosures, Physician’s Practice and Valley Business Front. Recently, Wayne and a group of partners launched specialized software for use by other planners.

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