Is Financial Planning Worthwhile?

by Richard E. Reyes, CFP with sincere appreciation to Carl Richards for his insights

I have never had a financial plan for clients that has been right. Its not because I am a bad financial planner but because our life is not lived based on assumptions input into a computer and printed on glossy pages in a binder. Life happens to us all. However, here is what is truly vital about financial planning. Read More

Buy Low / Sell High on Autopilot

by Richard E. Reyes, CFP

Everyone has heard of a simple strategy “buy low/sell high” meaning sell equities when prices appreciate and buy them when their prices are low. Easy right? Anybody can do that. Well frankly, it is simple to understand, but harder to do when you’re caught up in the stress and excitement of investing. Read More

Because Its Not About Your “Feelings”

by Richard E. Reyes, CFP

Imagine an advisor coming to you with an investment plan which sounds something like this….when times are good, when stocks are higher in price, and you feel good…we are going to buy because we want to make sure you feel good. And, of course, when times are bad, when stocks are bad and they are going down and you feel fearful, we are going to sell and go to cash. Because it’s always more important that you feel good.

I am describing it sarcastically and it sounds ridiculous – Right? But that’s actually what people want to hear, what they have come to expect, and what most of the financial advisors and many in the financial industry preach that they can do. Read More

The Common Question: What if the Market Hits ZERO?

by Richard E. Reyes, CFP

If you are watching this video you obviously know that the world did not indeed end this past weekend. The more time that passes and I am in this great business the more I am absolutely amused not only by peoples behaviors but by their concerns and questions on certain things. It even seems there is often a big disconnect between the questions people ask and their true behavior.

Now don’t get me wrong, I encourage clients to question as well as have concerns. But undoubtedly, I get asked one single question every single time I meet with someone and we put together a plan. This is a question that I think God in his infinite humor at some time programmed us to ask over and over again. And no matter how much we know that it is very very difficult for it to actually happen. People ask it anyways.

The famous question is: So what happens to my money if the market goes to ZERO? Read More

What Happens If You File Your Tax Return Late

by Richard E. Reyes, CFP

File an Extension Here.

Its the morning before taxes are due and you might be freaking out right now. Well for that reason I thought it might be worth talking to you about what happens if you miss the deadline and wind up filing late or maybe not filing at all.

The short answer is that you might run the risk of the IRS coming after you for penalties and interest, and actually the IRS feels that failing to file is much worse than failing to pay on time. As the penalty for failing to file is stiffer than the penalty of failing to pay on time. Read More