Without a plan it’s easy for things to get out of hand over the holidays. Here are some simple steps you can take to make sure all of your gifts get handled reasonably and efficiently: Make a list. Write out everyone you need to purchase a gift...

A recent Wall Street Journal front page story, “The Morningstar Mirage,” stated what most advisers should already know: Morningstar ratings don’t mean much. In my experience, those who rely upon star ratings do so for one of three reasons: ...

Created by Congress twenty years ago, the Roth IRA is starting to show up in seasoned retirement plans in a big way. I remember when the Roth IRA first came out, I thought of it as a tool best suited for younger people in lower tax brackets. Now...

As we get older and enter retirement, some decisions need to be made regarding insurance coverage. We know from our own experiences with elderly parents – and from what we read – that long term care insurance makes sense. However, the premiums can...

At this point, just about everyone seems to be enrolled in a high deductible Health Savings Account (HSA) compatible health plan. The escalating costs of healthcare are astounding. I was depressed for days after realizing a few years ago that my...

From time to time, clients ask me to comment on what they hear from financial advisors on the radio. The first thing I try to explain is these are paid advertisements. Local advisors pay for their time on the radio in order to generate leads. Some,...

Unfortunately, the recent Equifax data breach affected almost any American who has ever used credit; so that probably includes you and me. After a little bit of research and thought this weekend, here are some of my suggestions: 1. Don’t Panic....

I am sure many of you have experienced a similar moment in the last few days. For me, it was a picture posted on Facebook by one of my old college buddies. A picture of the house he grew up in, where I had stayed many times as a guest, completely...

I have the opportunity to review client spending patterns regularly, and it’s one of the most important exercises in our client process. Very few of us voluntarily want to discuss spending on a line item by line item basis, but our clients have...

For many of us, our house represents a significant portion of our net worth and mortgage payments dominate our monthly cash flow obligations. Therefore, the way we purchase and finance our homes can impact our finances for decades. Ideally, it...

In June, the CFP Board released proposed revisions to its Standards of Professional Conduct, for public comment. The public forums on these proposed changes just wrapped up last week. I attended the forum held in Dallas and wanted to share a...

Wow, the market is pretty hot right now with valuations at all time highs. Data suggests small investors are jumping in with both feet. A recent WSJ article quoted Martin Small, head of U.S. iShares, as saying 85% of their exchange traded funds’...

We’ve had some great budgeting discussions with some our clients recently. If you work with us, you know we regularly update cash flow statements. Knowing your “burn rate”, as we like to call it, is critical to the success of your financial...

We tend to believe once our estate documents are signed, we can lock them away only to be seen again when we are gone from this world. The sense of peace in knowing our wishes have been formally documented is gratifying beyond measure, but it’s...

In this final quarter of the year, I had the opportunity to run retirement plans on quite a few 401(k) plan participants. Whenever possible, I enjoy sitting one-on-one with employees to help them understand and formulate a retirement scenario. ...

With regard to a fiduciary standard for my industry, it’s been a long road so I won’t bore you with the historical details. From the lawsuits (see End of “Merrill Lynch” Rule Leaves BOMs in a Muddle) to the CFP Board in-fighting (see One year...

For the last week, our local news in the DFW area has been all abuzz about problems within the DPFP (Dallas Police & Fire Pension). A great MarketWatch article came out yesterday: Dallas police and fire pension plan problems caused by extraordinary...

Putting your child on an allowance is a critical step towards their eventual financial independence. It’s important to keep this future goal in mind when devising an allowance strategy. The idea is for our kids to already have some money...

Disposable is a terrible descriptor for excess income. If we’re not careful, the excess income we earn over what we need can become a trap. More often than not, we’re going to spend excess money on something. If we’re lucky, it’s a one time...

At the urging of a friend I scheduled a golf lesson last weekend. The instructor patiently watched as balls ricocheted left and right off my 8 iron. With a grunt, he disappeared. I was about to humbly pack up my equipment when he returned with a...

In America, paying down debt is a rite of passage. Most of us at one point or another have felt the suffocating effects of too much debt. Deleveraging can be a long and complicated process, but it’s necessary if we want to achieve personal...

Consumers and practitioners alike often fall into a trap. In lieu of calculating a retirement plan, we instead rely too heavily on oversimplified rules of thumb and general advice. Rules of thumb, like saving 10% towards retirement and spending...

It’s tax planning season at Schulz Wealth. From now until Thanksgiving, we’ll have our eyeshades on, reviewing accounts and client files to make sure we close out the year in a tax efficient manner. Most people do their tax planning in March and...

The Wall Street Journal did a whole series of articles last week on the big shift major mutual fund companies are seeing away from active management. See: Wall Street’s ‘Do-Nothing’ Investing Revolution. The evidence against active management has...

Do you have a fire safe at home? If you don’t, you should. It’s an important piece of any Estate plan, and too often overlooked. Some people prefer safe deposit boxes, but I like the convenience of being able to access important documents 24/7....