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Austin Colby

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Focus On Planning

Focus On Planning | The Lifeboat Drill

Placeholder ImageWhat happens if your financial world was turned upside down tomorrow? Are you prepared?

I often make clients sit down to run through what I call a “lifeboat drill.” Although not a fun exercise, it is a very practical and powerful one to practice NOW to bring you peace LATER.

It works simply like this: What exactly do/does I/my spouse do in the event of the other’s death? Continue reading “Focus On Planning | The Lifeboat Drill”

Equal OPPORTUNITY is not the same as Equal OUTCOME.

Recently Facebook’s Founder and CEO, Mark Zuckerberg, spoke at Harvard’s commencement ceremony and mentioned one of the more ludicrous things I’ve heard in quite some time.  He commented that “everyone should have a cushion (financial) to try new ideas.”  And that having a form of “universal basic income” is a way to accomplish that.

WHAT?   Continue reading “Equal OPPORTUNITY is not the same as Equal OUTCOME.”

Focus On Planning | How much do I need to save to get to my “number”?

start early.jpgOn any given day, you can turn on your television and see a variety of commercials that ultimately ask you, “What is your NUMBER?” The commercials are referencing the number you need saved for retirement, or financial freedom, or some other finishing point.   Continue reading “Focus On Planning | How much do I need to save to get to my “number”?”

Financial Fitness | What Have You Earned So Far?

IMG_3612Here is an interesting little experiment to discover how much you have earned so far and determine what you have to show for it.  We are about to participate in one of my very favorite activities…MATH.  Ready?

Add up your lifetime earnings.  This information is available at  www.ssa.gov.  (Along with your lifetime earnings, you will find your estimated benefits based on a variety of assumptions, and a bunch of interesting [and frightening] statistics about the financial security of your future social security benefit.) Continue reading “Financial Fitness | What Have You Earned So Far?”

The WHY and HOW of Life Insurance

I believe that everyone needs life insurance at some point during their lifetime.  Few people need life insurance for their entire lifetime.   Continue reading “The WHY and HOW of Life Insurance”

Focus On The Future | College Conversations

Somewhere along the way college became a taboo conversation in most households.  I’m not talking about the idea of attending college, I’m talking about the costs involved, whose responsibility it will be to pay for it, and the coordinating plan to go along with those intentions.

I speak to so many clients who are taking on the burden of paying for college for their kids (more often than not that means financing and not actually paying for…) without ever actually TALKING with their children about the cost, the course of study, and the mutual responsibility involved in the whole process.

Continue reading “Focus On The Future | College Conversations”

Financial Fitness | Know Your G.S.S.

IMG_2278.JPGLet’s keep it simple with budgeting for a minute. Budgeting can be overwhelming, but that is NOT an excuse to ignore it.

G. S. S. =  Give. Save. Spend. Continue reading “Financial Fitness | Know Your G.S.S.”

Focus on Planning | Ratios & Percentages.

IMG_6622.JPGI frequently get asked questions like:

  • “How much money should I spend on groceries?”
  • “How much money should I spend on kids’ activities?”
  • “How much money should I be saving each month?”
  • “How much money should my car payment be?”

For each family the answer to those is completely different.

Except the car payment one: the answer is zero. For everyone.

I have seven children that prefer to eat multiple meals each day. I am guessing that my monthly spend on groceries will be substantially higher than my niece who is a recent college graduate that lives alone. Continue reading “Focus on Planning | Ratios & Percentages.”

Focus on Planning | Investment Planning and Asset Allocation.

img_7353When talking about investing or portfolio construction, one of the core philosophies you should learn about is asset allocation.

What is asset allocation?  It is an investment strategy that aims to balance the risk and reward by apportioning a portfolio’s assets according to an individual’s goals, risk tolerance and investment horizon. The three main asset classes – equities (stocks), fixed-income (bonds), and cash – have different levels of risk and return, so each will behave differently over time.

Continue reading “Focus on Planning | Investment Planning and Asset Allocation.”

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