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Our Owner, David Wertz is Retiring so we are no longer taking clients

Financial Planning at Midlife

This Financial Planning discussion is aimed at people in their 30s and 40s. At this age you career is on its way, you probably are married and have children. In addition, you probably own a house and are possibly thinking about trading up.

There are two part to a Financial Plan

  1. Protecting what you have already
  2. Preparing for the future

Protecting what you have checklist

  • A WILL. A Will is critical if you have children because it appoints who will take care of your children if you can't. In addition, with proper planning your Will can minimize and even avoid most estate taxes.
  • Cash reserve equal to 3 to 6 months of expenses for emergencies or if you loose your job.
  • Insurance: Health Insurance for the entire family, Homeowners or Condo owner's Insurance, Disability Income Insurance which replaces lost wages if you become disabled and unable to work for a period of time, Life Insurance if you have children, and Umbrella Insurance, which covers legal liabilities not covered by your Car Insurance and Homeowners Insurance.
  • Keep you debt in check. In particular, don't carry expensive credit card balances. In addition, see our comments below on why a house is more of a liability than an asset.

We will be glad to discuss the kinds and amount of insurance that you should have. Note that we not only have the expertise you need but as Fee Only advisors you will have confidence that the advice we give is objective and unbiased by commissions or fees on the products we recommend.

WHY a House is More of a Liability than an Asset

A house more of a liability than an asset because it meets the definition of a liability. Namely, a liability is something that costs you money both now and in the future. As everyone knows, maintaining a house and paying taxes on a house is very expensive.

Of course, everyone needs a place to live so we are not telling you not to buy a house. What we are saying is:

You should buy the house that you need NOT the house you can afford.

Getting where you want to be in the future

Make Saving a Priority because starting to save early not only lowers the amount you have to save each month but it also lowers the total amount that you need to save.

Paying for College Developing a plan to pay for college is complicated: The government offers a wide array of programs to assist in paying for college. However, it doesn't want to spend a lot of money on these programs so it places numerous restrictions on them designed to restrict their use to those with lower incomes. We can help you navigate the resulting complexities.

Retirement Plan. You will be retired a long time -- there is a 50% chance that one member of a couple will live to age 95. Thus, you will need in today's dollars a minimum of $150,000 for each $10,000 in income you need to replace because you are no longer working. We can help you develop a plan that will get you there.

How We can Help

With or without a Financial Plan you are making decisions today that affect your future. We can give you options and help you decide what is best for you. As our page The Advantage of Saving Sooner shows, almost as important as the amount you save is the return you get on your savings. As the recommendation and our Investment Advice page shows we are have an excellent investment success record.

We are Fee Only advisors who get no commissions on the products we recommend. Because we get no commissions, the advice we give will be objective and guided solely by what is best for you.

Let's Get Started Planning Your Financial Success

Click for the BBB Business Review of this Financial Advisor in Mount Laurel NJNo question is too small."

Your initial consultation is free and without obligation.

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