Manage Your Financial Life

Nancy Doyle

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Nancy Doyle, CFA, is an author, speaker, and advocate for financial literacy. She has thirty years of experience in wealth management, investments, corporate finance, and consulting. She is a graduate of Georgetown University and received an MBA from University of Michigan’s Ross School of Business.

The Drop Off

Lessons from Real Life

This is the time of year when many parents are faced with the dreaded “College Drop Off.” Social media is flooded with pictures of decked-out dorm rooms and beaming freshman eager to begin the next chapter of their lives. Often the comments associated with these happy images offer condolences to parents, asking “How are you doing?” and “Are you holding up okay?”, not to mention the number of sad emojis to mark this emotional rite of passage. I must admit that my first drop off ended with tears. They were primarily tears of joy, however, and not tears of sadness. We were helping our son get settled at a small liberal arts college that would allow him to pursue his dream of studying engineering. His path to college was somewhat unusual in that he decided to pursue track and field at the collegiate level toward the end of 11th grade,…

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In Case of Emergency Plan

Get Organized

My In Case of Emergency (ICE) Plan will be very helpful if someone needs to step in and help you manage your financial affairs in the event of an emergency. At the same time, going through the exercise of preparing an ICE Plan also helps you be more organized and engaged in managing your financial life on an day-to-day basis. Attached is an example of an ICE Plan. Click on the link below. ICE Plan Example

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Importance of Maintaining a Sell Discipline

Save and Invest

When you make an investment, you rely on an investment thesis. The investment thesis is based on company fundamental attributes and valuation. Why is a particular stock attractive? Is there a catalyst that will improve earnings? Will the company benefit from a changing competitive landscape? Are there operational or regulatory risks on the horizon? Is the valuation attractive? Being disciplined and considering both fundamentals and valuation are essential when investing in stocks. Being undisciplined and only focusing on fundamentals or on valuation could have negative consequences. For some “hot” sectors, exuberance and a “fear of missing out” can elevate valuations across the board beyond reasonable levels. At the same time, there is a difference between buying a stock that is misunderstood or out of favor and buying a stock that is declining in value for a valid reason. Changing Fundamentals A change in fundamentals will have an impact on your…

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Working Moms: Take Care of Your Retirement

Save and Invest

Women take on many roles throughout their lives – daughters, wives, mothers, and, increasingly, entrepreneurs. According to American Express, the number of U.S. businesses owned by women continues to rise and exceeds 12 million. The growth is not fueled by female millennials; two-thirds of women business owners are 45 or older. Women business owners need to diligent and disciplined about planning for retirement. Whatever your timeline, there are many unknowns—where and how long you will live, how much money you will need for day-to-day expenses, the state of your health. Many women find the retirement planning process intimidating. However, it is important to start thinking about the unknowns and variables now, regardless of your age. Make a Plan As we are living longer, we need to plan for a longer retirement, especially since women tend to outlive men. According to the Social Security Administration, a 65-year-old woman on average will…

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Financial Caregivers’ Roles

Good to Know

Have you been asked to serve as a financial caregiver? Are you considering asking someone to serve as a financial caregiver for you or a loved one? The Consumer Financial Protection Bureau (consumerfinance.gov) offers four free guides explaining what it means to serve as a trustee, power of attorney, guardian of property, and as a government fiduciary (for Social Security and VA benefits.) A common trait across these types of financial caregivers is that involve a fiduciary duty. These four guides explain fiduciary duty and offer helpful suggestions on how best to serve in these roles. Guides for Different Types of Financial Caregivers

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New Job Offer? Great Tool for Budgeting

Good to Know

Have you received a new job offer? Considering a job transfer to a new state? This online calculator from payroll processing provider ADP helps you determine what your take home pay will be every pay period.  There is also a version for those who are paid hourly.  Such a helpful tool as you build your budget for your next chapter in life. To give it a try, click on the link below: ADP Take Home Pay Calculator

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Helpful Tips on Holiday Tipping

Essential Home Office

Tis the season for tipping. It is a nice way to say “thank you” to those who help us out during the year. Many have questions about whom to tip during the holidays and how much to give. Here are a few thoughts: For those who help you out regularly – dog walker, trainer, hair stylist, babysitter, piano teacher – tip the equivalent of one service or session. For nannies or housekeepers who work with you more than once a week, consider one week’s pay as a holiday bonus. For teachers or coaches, consider pooling voluntary contributions from parents and putting the funds toward a gift card to be given at the end of the season or at the end of the school year. For other service providers, you could double the tip that you would give other times of the year. Every year make a list of holiday tips…

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WGN Radio – Saving For Retirement: Start Early, Be Disciplined, and Plan Prudently

Family Office Approach

Compounding investment returns are the gift that keeps on giving. This is the perfect time to re-post the important lessons I discussed as a guest on WGN Radio Wintrust Business Lunch. The topic was how millennials can save a million dollars. It is important to start early and be consistent. Save and invest every year. You also must be disciplined. Once you invest that money, you cannot touch it. Last, use reasonable assumptions for annual investment returns, or what you expect to earn on your money every year. Note – the segment begins at 23:45. WGN Radio Wintrust Business Lunch

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