Financial Advisor Aspect 1 lottery winners
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Personal Financial Advisors : Occupational Outlook Handbook : U.S. Bureau of Labor Statistics

Personal Financial Advisors : Occupational Outlook Handbook : U.S. Bureau of Labor Statistics | Financial Advisor Aspect 1 lottery winners | Scoop.it
Personal financial advisors give financial advice to people. They help with investments, taxes, and insurance decisions.
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Private banker and wealth managers are personal financial advisors who work for people who have a lot of money to invest. There approach for helping is different than the general public.  Private bankers manage a collection of investments, called a portfolio.

 

"Personal financial advisors typically do the following:  Meet with clients in person to discuss their financial goal, Explain the types of financial services they provide to potential client, Educate clients and answer questions about investment options and potential risks, Recommend investments to clients or select investments on their behalf, Help clients plan for specific circumstances, such as education expenses or retirement, Monitor clients’ accounts and determine if changes are needed to improve account performance or to accommodate life changes, such as getting married or having children, and Research investment opportunities."

 

Personal financial advisors work with financial needs of individuals and help them with decisions on investments including; stocks and bonds, tax laws, and insurance. Advisors help clients plan for short-term and long-term goals, which could be education expenses or retirement. According to there goals they suggest investments. T

 

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Claiming the Mega Millions jackpot? You need to read this

Claiming the Mega Millions jackpot? You need to read this | Financial Advisor Aspect 1 lottery winners | Scoop.it
If you're lucky enough to hit the jackpot, the right financial planner can help you avoid mistakes that have bankrupted other winners.
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The track record of lottery winners shows many ended up in debt or broke due to mismanagement of their new money.  The National Endowment for Financial Education cites "research estimating that 70 percent of people who suddenly receive a large sum of money will lose it within a few years."

 

Financial Planning Assciation helps people assess financial health, set realistic/ personal goals, and develop comprehensive plans to meet those goals.  Most ordinary people who come into large sums of money become victims of their own lack of financial discipline. People also come under great pressure from friends, relatives and a host of others wanting money.

 

Some winners are inspired to do new things (open a business, invest, buy new homes, help family) advisors can address income taxes and help create an ongoing stream of income benefits. 

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The Downsides to Winning the Lottery

The Downsides to Winning the Lottery | Financial Advisor Aspect 1 lottery winners | Scoop.it
Financial advisor Ric Edelman and his firm provide the financial planning and investment management services you need to help reach your retirement planning goals.
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It’s true: $3 invested every day for 45 years would be worth nearly $1 million, as long as it grows at the 10% annual return which the S&P 500 Stock Index has earned on average since 1926 according to Ibbotson Associates.

 

Studies show that lottery winners have a greater link to depression, drug and alcohol abuse, divorce, estrangement from family and friends and suicide. Ironically a surprising number eventually file bankruptcy and end up worse off than before.

 

State and federal taxes take a large portion of your winnings. Some winners, through poor planning or bad financial advice, lose most of their winnings to taxes.

 

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Advising a Client Who Has Won the Lottery

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Lottery winnings are taxable like normal income.  Each state that has a lottery, withholds federal income taxes according to the law.  Sometimes the amount withheld is not sufficient enough to cover the lottery winners total income tax for the year.  Which can lead them to not having enough money to pay it the following year and going bankrupt . So many winners are lacking this knowledges and advisors are here to set aside some winners to pay income taxes for the following year. 

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