How To Talk Money!

Money questions will be treated by cultured people in the same manner as sexual matters, with the same inconsistency, prudishness and hypocrisy. Dr. Sigmund Freud. 1913 Introduction Welcome Music Retailers & MI suppliers to Part 1 of a three part series, which explores the technical and emotional roadblocks for conducting effective money conversations, key to successfully building and selling your business. Let it be known that I come with a bias- I previously was a music educator and owned an MI store. My name is Jaimie Blackman and today with 15 years’+ experience as a financial life planner and wealth manager, I created an “artful” way to talk about money using  music metaphors to help you learn quickly. Whether you are a music maker, or music lover, music has much to teach us about money. Because I capsulized dozens of issues of wealth down to 7, I call this language of money,…

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Improving Your Succession Plan & Life Through Change.

The Greek philosopher Heraclitus observed over 2,500 years ago that life itself is all about change. Just think about the many changes we have faced, or will face in our life; death of a parent, change in the market, career change, change in homes, children changing schools, change of health, change in relationships, change in cash flow needs, change of purpose, change in marriage, change from divorce, and of course the change which results from transitioning business ownership. In fact, the only constant is change. Yet self change is difficult at best. Just think about the problems people have overcoming problems of smoking, alcohol, over eating, to name a few. Let's face it.  Whether we are fearing it, or managing it; CHANGE CAUSES STRESS. Fewer than 30% of business owners  have a written succession plan. In the end, most music retailers will fall short of their ideal exit plan for reasons that are well within…

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Your Divorce Is Complete. Or is it?

With 50% divorce rates in America, (higher for subsequent marriages) matrimonial attorneys and divorce mediators are busy. As part of the settlement, their financial check list probably includes updating investment beneficiary forms including: .  IRA  and 401(k)accounts Life insurance policies TOD (transfer on death) investment accounts Annuity contracts There's one more item to look into which your attorney may have neglected to explain; your social security benefits. This is true even if your ex- spouse has not yet applied for benefits. The information below can be found on the Social Security Administration web site. Here's the readers digest version. If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has remarried) if: You are unmarried. You are age 62 or older. Your ex-spouse is entitled to Social Security retirement or disability benefits. The benefit you are entitled to receive based on…

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March 2016 Economic & Financial Speedometers

Indicators are Forward-Looking Three to Six Months Speedometer color indicates the magnitude of the impact on economic financial markets. The arrow signifies the directional change in indicator. Two arrows indicate a change from the previous month. One arrow indicates that no change occurred. Highlights Overall, indicators continue to suggest steady improvement ahead in the U.S. economy. Better consumer fundamentals should continue to support consumption. China hard landing fears, the commodities slump, and Fed tightening are all well weighing on sentiment and risk appetites. Uncertainty over the U.S. presidential election is likely to weigh on markets. With slowing global GDP growth, rising wages in the U.S. and prospects for the dollar to remain stron, profit growth is expected to be challenged in coming months. Source: City National Rochdale. As of March 2016. Please note.City National Rochdale is not affiliated with BH Wealth or First Allied Securities.

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Biting your nose to spite your face

Investors hate the thought of losing money even when the odds are in their favor. I often teach retirement classes at the 92Y in New York City. To spice things up I begin with some entertainment. I take a coin out of my pocket and I tell the class; I'm going to flip a coin. Whoever wants to play raise your hand.   If you call it correct I will pay you $500. However if you are wrong you will pay me $100 who wants to play?   In a class of 30 how many do you think want to play? If you guessed hardly anyone you are right. The problem is that this makes no sense.   You have to take a five to one bet with a 50% chance of winning.   The problem of course is that the fear of losing is much greater than the promise of winning. This simple revelation…

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The Biology of making decisions

I recently was examined by a General Surgeon. During the very brief meeting, no more than 10 minutes, the surgeon verified that I needed to have my hernia repaired. The emotions began running hot when the Doctor said he did not recommend Laparoscopic surgery. (I equated laparoscopic with less pain). He favored a direct repair mumbling some statistical research numbers about reoccurrence which I couldn't catch. My gut said to find the nearest exit. Not because I had reason to doubt the Surgeon, which I didn't. I felt that the way I was being communicated with didn't give me a warm and fuzzy feeling. Still I rationalized and made a decision to move ahead with the operation, when I was told this was a two day recovery and no intubation for anesthesia was necessary. Then the day of reckoning came. Right before the surgery the anesthesiologist presented himself and started measuring…

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The Good That Financial Advisors Do

In another life time, I was a Guitar teacher. I taught my students to perform. There was no confusion to the value I delivered. I would listen to my student perform the music, give words of encouragement, and correct mistakes. My value proposition was clear. To my students and the general public. There was little confusion. If asked what I did, I would say I teach guitar. The usual response was Oh that's so niceand said with a smile. Today If I'm asked and I say I'm a Financial Advisor, I probably wouldn't get the  smile and most don't know the good a qualified and ethical Financial Advisor can do. In Dan Sullivan's book, "The Good That Financial Advisors Do , he presents 10 reasons why both individuals and societies are better off by having increased numbers of advisors. 1- Long-term, practical financial guidance in a world where change is speeding up and…

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