The holidays are full of emotions whether you’re single, married, newly divorced, remarried, or divorced for a while. That isn’t an exhaustive list by any means, so suffice to say that the holidays can bring up complicated emotions. As a matter of fact, it is immediately after this time when divorce filing rates spike.

Should you be contemplating divorce right now, know that you are not alone. Here are a few resources to help you weather the storm so you can thrive after divorce! In this post, I share links across all facets of my specialties from Great Lakes Divorce Financial Solutions and Great Lakes Investment Management. If you’re interested in diving further into their topic, I’d suggest browsing the blogs on those sites as I have a ton more information and I couldn’t link to all of it!

Increasing Your Income To Help You Thrive After Divorce

One of the first things I usually hear when I work with couples at Great Lakes Divorce Financial Solutions...

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Tony, an accountant with a passion for personal finance. He started the blog, Budget Chew, to document what he has been doing in his personal finance life and hopes his experiences can be useful to others.

What is the biggest money mistake that you ever made and how did it impact your life?

The biggest mistake I made was when I invested in the stock market. When I invest in the stock market, my tendency is to look for short-term gains.

About four to five years ago, I was making a very good profit on a specific stock. I was able to follow the pattern and keep profiting for months. One day, I got carried away and started using margin loans to increase my buying power and therefore increase my profit. Back then, I was so confident that I thought using a margin loan was a no brainer: make a quick profit...

Fear of stock market volatility often holds investors back. However, historically, investing in stocks has been an important tool in building wealth and can serve as an important part of a diversified portfolio. Today we're exploring why investing in the stock market matters.

Related post: What to Know About Stocks Before Investing

What are stocks?

Wondering how to invest money wisely? While there are no guarantees when it comes to investing. a solid portfolio is a key factor in your success. If you learn how to make your portfolio the best it can be through diversification and risk assessment, you’ll be able to increase your chances for success while simplifying the investment process.

How to Invest Money Wisely - Choose Categories

Diversification comes down to choosing the categories of investment you hold in your portfolio. It allows you to stretch out the money you have to invest over several different areas. Instead of putting all of your money in one place, you can allocate it to different styles of investing to reduce your risk while increasing your chances of success. Big events and major losses will create less of a blow when you have successfully diversified your portfolio.

The most common choices, especially for new investors, are stocks, bonds, and cash. Some investors may choose things such as...

As you learn more about investing, it can become apparent that there are many investment myths out there, ranging from absolutely ridiculous practices to things that may seem almost legitimate. No matter whether you get the information from a peer or an investment professional, be sure to keep an eye out for these common investment myths. 

Don’t Believe These Investment Myths 

Of course, each investor is different. There are no hard and fast guidelines that apply to everyone when it comes to balancing risk, but it does help to have a good understanding of what to look for.

Myth #1: Risk Definition is Static

Risk means different things to different investors. The way you manage risk has to do not only with the amount of money you’re investing but also your personality. Outside of investing, look at how you manage risks and how you associate them with your day-to-day life. Rather than focusing on whether something is “risky” in the market, consider...

This week we continue to explore investing fears. For some, they know that they need a financial advisor, but they feel intimidated when thinking about meeting one. That could be because they have no idea what to ask during the meeting. While the financial advisor will guide the conversation, you want to make sure they address your questions and concerns. Here's a checklist for the first meeting and subsequent meetings.

Related post: Investing Doesn't Have to be Scary: Selecting a Financial Advisor to Be Your Guide

First Meeting: Financial Advisor Checklist

1. Why did you become a financial advisor?
2. How long have you been a financial advisor?
3. What credentials do you hold?
4. What types of clients do you typically work with?
5. What services do you offer?
6. How are you compensated?
7. Are you held to a fiduciary standard?
8. What is your investment philosophy?
9. How do you typically communicate with your clients?
10. Will I have a written financial plan? How frequently will it be reviewed?

Annual...

For the next week, we are going to explore why many people are fearful when it comes to investing. If you don't have much knowledge of investing, it is essential to work with a financial advisor. However, what if it's choosing the advisor that has you at a standstill?

As a financial advisor who has worked for a few different financial institutions in my career, I have known A LOT of financial advisors. As with any profession, there are some excellent financial advisors, and there are ones that leave a lot to be desired.

Often, when I sit with prospective clients, they talk about being worried that their existing financial advisor is taking advantage of them. I think it's valid to be worried about getting taken advantage of. I have seen many portfolios come across my desk where it is clear that the financial advisor who sold the investments made more than the client ever did. 

How to Choose a Financial Advisor

Choosing the right financial professional is...