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Most of us rationalize why we can't get our finances
together right now. Many Americans prolong these excuses
during their entire working careers. Here are three lies you
must stop telling yourself in order to build a solid
financial foundation. Consider these statistics. The average American family
currently saves less than 6% of their take-home pay. They
donate less than 2% of their income to charity. They have an
astonishing average credit card debt of $8,000.
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George Marotta and David John Marotta were interviewed for an article called "Family Affair" in Financial Planning, a resource for independent financial advisors and others interested in the world of financial planning. The article discusses the key to a successful parent-child business partnership: mutual respect.
Would you be willing to give a contractor a blank check and
no time limit to build your dream home? Beware of doing the
same thing with your finances. Without a financial plan,
your investments are controlling your dreams, not the other
way around. You need a blueprint for your financial dreams
to come true. The blueprint in sound financial planning is called an
Investment Policy Statement (IPS). A good one can put a stop
to irrational investment decisions.
[click here to read more]
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