Kim Snider Appears on the Daily Buzz

http://www.kimsnider.com

Retirement investment advisor, Kim Snider, appears on the Daily Buzz promoting her new book, How to Be the Family CFO (November 2008).

Kim Snider and hosts, Andy Campbell and Andrea Johnson, talk about investing for retirement in the context of the market correction that was occurring at the time. Should you put off saving for retirement when the market is going down? Kim's advice - don't panic. Retirement is something that occurs over thirty years - not a one-time event. Investing for retirement has to be viewed as something that occurs over 60 or 70 years.

Andrea also asks Kim about how younger people can open a dialog with their parents about their financial situation, given the bear market decline in asset values, and whether or not they need help. Kim's says, "Be direct." Oftentimes, they will be relieved to have that conversation with you.

Andy Campbell asks Kim about the four simple steps in her book, How to Be the Family CFO and how they came about as the result of her own personal experience. They are:

Plan Prudently - Remember that your financial plan flows from your life plan. Start with the end in mind and then work backward. What do you want your life to look like? What is your money's higher purpose? How much cash flow would it take to support that lifestyle, indefinitely into the future, without work or worry? Create personal financial statements - a personal income statement and personal balance sheet - and begin working towards the life you designed. (Sample financial statements are available from kimsnider.com.)

Save prodigiously - Pay off all credit card debt, max out employer-sponsored retirement plans like your 401(k), and put at least six months of savings in an emergency fund. Take care of your retirement income needs before you think about paying for your children's education.

Invest Wisely - Start early, manage your own investments, seek independent financial advice and invest for cash flow rather than capital appreciation.

Manage risk - There is a Yiddish proverb that says, From fortune to misfortune is but a step; from misfortune to fortune is a long way." The most important question a Family CFO can ask is, "What if?" Ask yourself this question and then try to hedge the risk in your answers.


Fine Print: Nothing contained herein should be construed as a recommendation to buy or sell a security or to provide investment advice.  All investments involve risk including possible loss of principal.  Our goal is your financial success.  Individual results may vary. Complete information can be found on our website at kimsnider.com or by calling 1-888-6SNIDER.

Category:

Education

Tags:

• Kim Snider
• The Daily Buzz
• How to Be the Family CFO
• financial education
• Investment eduction

[gfullmer]

What is with the background music?