Important Tips from a Financial Advisor
I am so honored to have Cathy Brown as a guest on Loving Later Life. Cathy is a financial advisor and President of CB Wealth Management Group, which is a family-owned business in Palm Desert, CA. Cathy has her degree in Economics from the University of Notre Dame, has worked at Merrill Lynch, American Express, and Smith Barney until she realized her goal of creating her own independent financial planning company. She was also the financial analyst for the local CBS affiliate for 7 years, has received the Elite Advisor designation from her broker-dealer IFG for the last 7 years, and has enjoyed giving back to her community for the last 30 years. Cathy is also the proud mother of two sons and extra proud grandmother of two grandchildren. Last but not least, she is my financial planner, and I don’t know what I’d do without her!
Cathy has guided me over the years to create a nest egg for myself that I wasn’t able to start building until later in life because of my life’s circumstances. In this episode we cover many important topics including: how to choose a financial advisor and what to be leery of; what the most important things are for us to know and be prepared for; what to do given the stock market today; what if you don’t have a retirement portfolio—is it too late? What are some safe ways to invest our money right now? What are the most important things we should all have in place…and lots more! (P.S. this is for informational purposes only.)
Not be missed take-ways:
1. You need to know your budget. Understand your options, know what risk means to you, match your goals (short and long term) with the investing opportunities for those goals, diversify, and stick to your plan.
2. Don’t ever write a check made out to your financial planner or their DBA.
3. What, in her opinion, you should and shouldn’t do in general, and in this market.
4. The scoop about Long Term Care Insurance.
5. How to know when you can stop working.
6. Get your estate plans in order. Living Trust, Health Care Directive, make sure your beneficiaries are up to date, and plan for the unexpected.
7. The fastest growing segment of the working population are people over the age of 65.
8. How she handled re-entering the dating world after the death of her husband.
9. Life is too short to be around people who are cranky!
10. Don’t be afraid to take some risks, don’t take things too seriously, laugh as often as you can, and give back whenever you can.
11. Don’t be afraid to ask about things you don’t know.
AND MORE!
And your mission, that I hope you’ll choose to accept…
1) If you don’t have a financial planner/advisor, find one you can trust so you can be prepared.
2) Figure out your budget if you haven’t yet. (Know your number!) Many of us don’t want to look under the hood to see how much we spend each month because it can be a scary reality. However, if we don’t know, we can’t prepare for anything.
3) Make an appointment with an advisor to get your plans in order. It can be scary to talk or think about, AND we need to do it. Let’s do it together and keep one another accountable! Let me know when you do and what it was like for you! Write me at nancy@lovinglaterlife.com and I’ll read your experience on the podcast…anonymously of course!
If you have any questions for Cathy, you can email her at cbrown@ifgrr.com, check out her website at https://www.cbwealthmanagement.com/, find her on Facebook @cbwealthmanagement.
Thank you so much for listening! And until the next time, live passionately, vulnerably, and keep loving later life!
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