• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Tree Fort Financial

Tree Fort Financial

Align your Money and your Goals

  • Financial Planning
  • Investment Management
    • BOC Portfolio
  • About Us
  • Resources
  • Client Login
  • Contact Us
  • Show Search
Hide Search

Women

Bringing more humanity to our professional lives

March 12, 2021 By Jacki Liautaud

BBC News via YouTube

It’s hard to believe that the famous BBC Dad episode (link opens in new tab) occurred 4 years ago. Now, we’re all BBC Dad and that’s not a bad thing.

As a quick recap, political science professor Robert E. Kelly was being interviewed on the BBC live about South Korea. He’s all dressed up, talking about serious political issues in South Korea, when his two young children come dancing into the camera. It’s hilarious to watch the children parade around while he tries not to get distracted. It’s all over when his wife runs into the room trying to wrangle the kids back out. What makes it funny to watch now, for me, are the many personal experiences I’ve had over the past year just like Kelly’s.

In my practice as a financial advisor, I try to create a judgement-free zone. During initial conversations with me, clients often say things like, I made a lot of bad decisions about money when I was young and I’m still making up for it now. Or, I feel embarrassed that I don’t know what to do about my investments. Or, I’m not sure I’ll ever be able to afford a home/to send my kids to college/to retire – what’s wrong with me?

These statements tell me about my client’s attitudes toward money and how they may have made financial decisions in the past. And, through these statements I can learn where they think their challenges are, and help them develop a more healthy relationship with money.

I try to encourage clients to bring their whole selves to the financial planning process. I want to hear about their hopes and dreams for the future – in fact, that is a critical part of the discussion as we begin work on their financial plan or discuss their investments.

But when it comes to me, bringing my whole self, I’m a little more judge-y. I take my work seriously, and part of that for me is showing up to a meeting dressed professionally, with my documents in order, my cell phone on silent so there are no interruptions. Yet, over the past year, my life has been anything but “normal” and free of interruptions.

I’ve had to get better at giving myself grace to be ok with my dog Jaguar barking every time the doorbell rings with another Amazon Prime delivery, the child remote schooling and needing something (markers! a fresh piece of paper! a snack! more water!), and the numerous other interruptions I’ve faced while in virtual client meetings. I’m still not great at being ok with life interruptions while I’m meeting with clients, but I’m getting better.

Yesterday, my son finished with remote school and came downstairs for a hug before he ran off to play Roblox. While I was on a virtual call. My client was nonplussed by the interruption and we moved on pretty seamlessly with our discussion.

Over the past year, I’ve also had honest conversations with clients when they ask, about how my life is going; what’s especially challenging; and sharing grief and sadness about how things have changed. My clients have comforted me in ways I never would have experienced if I had not been so open with them. What a blessing.

I think my attitude change about letting my personal life into my work is what made Heidi Stevens’ article in the Chicago Tribune today about BBC Dad resonate with me. She calls it the fourth wall – behind that fourth wall at work is the rest of our lives: a whole family and life outside of work.

From the article:

BBC Dad broke the fourth wall. We didn’t have to know or care what took place behind that closed (but famously not locked) office door, or what hoops he and his wife had to jump through to give him that time and space to pontificate on South Korea’s political turmoil. He had on a tie and said smart words and that was that.

Then his kids broke in.

The pandemic is reducing the fourth wall to rubble and carrying the pieces, one by one, to the scrap heap of history. We’re reminded, day in and day out, that employees have families and pets and loud neighbors and utility workers swinging by, and those are good things.

Since Covid, that fourth wall has come tumbling down in ways we never could have predicted 4 years ago, when the BBC Dad first appeared. And I agree with Stevens: that’s a good thing.

Let’s get started talking about your goals!

Schedule a Call

Affording Higher Education

November 12, 2020 By Jacki Liautaud

Photo by Vasily Koloda on Unsplash

College comes with a big bill – here are some tips on how to make it more affordable.

$1.6 Trillion Student Loan Debt

The Federal Reserve estimates that Americans held $1.6 trillion in student loan debt as of the second quarter 2020. According to the Investor Education Foundation, nearly 50% of Americans who have student loan debt regret not choosing a cheaper college.

A 4-year college education may cost over $150,000. According to the College Board (link opens in new tab), for the 2019-20 school year, average tuition and fees for a public 4-year out of state university was $26,820, and room and board cost $11,510.

How can I minimize out of pocket costs for college?

There may be actions you can take to minimize your out of pocket costs for college.

  • Begin saving now. If your student is still several years from college, consider contributing to a 529 plan. These plans are tax advantaged when used for college expenses. After tax contributions are made, but when withdrawn for educational purposes, the growth is tax-free. Take advantage of the time-value of money by starting to contribute when your child is young. Ask your financial advisor for additional details.
  • Check out this post on giving the gift of education.

For Older Children

  • Examine your family’s assets. Often, assets in the student’s name are expected to be depleted first towards college expenses. Regarding family assets, typically a parent’s primary home principal and retirement accounts are excluded from consideration.
  • Look into grants and scholarships which don’t need to be repaid. Many organizations offer special grants and scholarships that your student may qualify for. Ask the guidance counselor at your student’s high school for suggestions.
  • Complete the FAFSA or CCS financial aid request forms. These forms typically use tax returns from 2 years earlier. If your family’s situation has materially changed since then, you’ll need to complete additional paperwork from the school.
  • Get a job. Encourage your high schooler to get an after school job. By working on weekends and over holidays, they can save up money towards college, and learn valuable life skills in the process, including time management, responsibility, and hard work.

Discuss Expectations

Maybe most important, have a serious, realistic conversation with your student to discuss expectations with your student before they get their heart set on a school that’s unaffordable. Talk to your student about what your family may be able to contribute towards their college costs.

Many experts recommend only taking out as much in student loans as the student expects to earn in a year after they graduate. Others say future monthly payments should only consume 10% of after tax take home pay. For example, a graduate earning $50,000 might afford a monthly payment of $270, or college debt of about $26,000 at the current undergraduate federal student loan interest rate of 4.53%.

Either way, talk with your student about the cost of college, the implications of student loans, and what’s realistic given your family’s budget and situation.

Get an Associate’s Degree First

A two-year associate’s degree from a local community or junior college is typically significantly lower than the cost of a 4-year school. Students can transfer to a more prestigious 4-year school to complete their degree, while getting the prerequisites out of the way in a more affordable manner.

Consider the Trades

A 4-year college degree is not the best route for every person. Becoming a skilled tradesperson could be a great alternative for some. Mike Rowe, famous for his tv shows and podcasts, started the Mike Rowe Works Foundation (link opens in new tab) to give scholarships to people interested in getting educated in the trades. From their website: “We recognize that a good education doesn’t always require a four-year degree. That’s why we look for people who aren’t afraid to learn a useful skill and work their butts off.”

Let’s get started talking about your goals!

Schedule a Call

Estate Planning for Everyone

November 5, 2020 By Jacki Liautaud

Photo by Glenn Carstens-Peters on Unsplash

Take some action steps to get your financial estate in order.

Estate Planning For All Ages

I’d like to offer a reminder to make sure your estate affairs are in order. In today’s environment, having your estate and financial matters organized can help if your or a loved one’s health were to be compromised. Estate planning isn’t just for older people!

When you think of estate planning, you might immediately think of a will and/or trust. These are typically the first documents to be prepared, and can help you decide how your assets will be distributed, not the state. Consult an estate planning attorney to get started. I can offer referrals for Chicago-area attorneys who do this work – use the Contact Us form to send me a message.

Beyond a will, here are some other considerations

In addition to a will, there are several other areas of estate planning to consider. Here are some of them:

  • Powers of attorney for health care and financial matters. These documents give authority to a loved one in the event that you are incapacitated. Often when drafting a will, attorneys will also provide these documents for you to complete and sign. Make sure yours are up to date and properly reflect your wishes. Contact an attorney for assistance.
  • Beneficiaries on retirement accounts. If you have a retirement account (such as an IRA, Roth IRA, 401k, 403b), you have the ability to select a beneficiary who inherits these assets directly. Check your accounts to be sure your beneficiary is identified. And, if you don’t have a Contingent beneficiary listed, consider adding those in the event that your primary beneficiary predeceases you.
  • Passwords. Store your usernames and passwords in a safe place and let your family know where they are. This includes the password to your smartphone, online photos, and social media accounts, in addition to your banking and other financial relationships.

I am not an attorney and this information is not intended as legal advice. Consult with an attorney for your specific situation.

Reach out for a financial affairs summary sheet

I have a summary sheet that outlines a variety of financial documents and other materials to collect and have on hand in a physical folder. These materials can help your loved ones know where to go for all the important financial matters. It takes some time to assemble the documentation, but it can be very beneficial in a time of need. Reach out via this website’s Contact Us page if you’d like a copy of the financial affairs summary sheet.

Let’s get started talking about your goals!

Schedule a Call

Financial Mindfulness and Covid-19

October 8, 2020 By Jacki Liautaud

Photo by Jen Theodore on Unsplash

Covid-19 can teach us about mindfulness by helping align our lives with our values.

What Covid-19 can teach us about mindfulness

Mid-March, 2020. States across the country announced massive economic shutdowns in order to slow the spread of Covid-19. We ran to the store and bought up toilet paper and canned goods, then we hunkered down at home, yelled at our children to get back to “school” (the kitchen table), and wiped down every package from the grocery store with bleach.

In the months that have passed since then, so much about our world has changed. Everyone wonders when 2020 will ever end. It’s been 7 months that feels like an eternity. Many people have been tragically affected by the loss of life and health. My heart goes out to all who have been affected in these terrible ways.

In the midst of this tragedy, there are wonderfully beautiful things that have arisen, if we just take the time to look carefully and mindfully. Here are a few financial-oriented examples of people turning challenges into reasons to be grateful during these very difficult months:

  • During March/April, American’s savings rates (link opens in new tab) increased significantly due to the lockdown. Some of my clients used that savings to make significant payments to student loans, pay off credit cards, and accumulate rainy day funds.
  • My business owner clients have shown resourcefulness that reinforces my view that an entrepreneurial spirit is one of the backbones strengthening our American culture. They gave themselves pay cuts or paid themselves last. They offered work-from-home stipends to help their employees continue working, from home. They pivoted their business models and developed new ways of delivering their services – all over an incredibly short period of time. I asked some of my clients the question, What would it take for the pandemic to be the greatest thing that happened to your business? And many of them answered by making their businesses stronger and more profitable than ever. They figured out a need consumers had, and developed creative ways of meeting that need.
  • Some of my clients expressed a strong desire to give back, beyond anything they had previously articulated. They gave loved ones meaningful gifts. They gave their time and financial assistance to specific causes or charities. In recognition of their own blessings, they wanted to offer up to others that blessing. Personally, I’ve given money to several organizations and causes during this time, including local restaurants Go Fund Me pages, the Council for Economic Education (link opens in new tab) and Association of African American Financial Advisors (link opens in new tab).
  • Many people are changing their lives to align more with their values. My friend moved to rural Wisconsin for the space and outdoor recreation, after wanting to leave the city for years. Another family is moving to the south to be closer to her parents and sister. Still another family is making a retirement dream of living abroad their reality now while in their 40s. Personally, I spent almost 3 months this summer working from our family’s lake home where my son was cared for by my parents and played with cousins every day, building relationships that I hope will last a lifetime.
  • More people than ever seem to be concerned about being good stewards of their financial affairs. They have old employer retirement programs; they have recently inherited money; they have a job that remains stable despite all the year’s disruptions; they are starting a business after losing their job due to Covid-19. The uncertainty caused by Covid-19 has prompted these individuals to reach out to a financial advisor to talk about their personal situation. Now more than ever it seems important to get financial affairs in order. And more people reaching out means more families I might be able to help.

It can be easy to get down about so many things happening in the world right now – the world can feel like a scary place, filled with uncertainty and hate. But if we look a little closer and deeper, beyond social media and attention-getting headlines, we can see the good.

My America is made up of neighbors who rake each other’s leaves and hold the door when my arms are full of groceries; daughters who move across the country to be closer to their parents; grandparents who give up their free time to help their grandchildren with remote learning; and kind people everywhere. It just takes a bit of mindfulness to see it.

What has Covid-19 shown you about changes you might want to make in your life?

Let’s get started talking about your goals!

Schedule a Call

Single Women and Investing

July 24, 2020 By Jacki Liautaud

Photo by Christina @ wocintechchat.com on Unsplash

A study indicates single women aren’t as comfortable with investing as single men are. Reach out if you’re interested in getting more comfortable with investing and your financial affairs.

45% of Single Women Agree They Know A Lot About Investing

A UBS investor watch study (link opens in new tab) from April 9, 2019 found some interesting discrepancies between single women and single men when it comes to their money. According to the study, 61% of single men agree that “I know a lot about investing” while only 45% of single women do. When it comes to making long-term investing decisions, 74% of single men agree that “I’m confident I can make long-term investing decisions”, but 67% of single women agree.

A Bit of Good News

In good news, the majority of single women say they know how much they are saving for retirement. 69% of millennial women, 90% of Generation X women, and 93% of Boomer women.

These research findings align with some of my personal experiences working with women. In my experience, when women feel confident that they know exactly what to do (contribute x% of salary to your 401k; save $x monthly towards your goal of buying a home) – they are likely to do it consistently.

People experience confusion when they don’t know what to do. As a result, I’ve seen that they often take no action, which creates its own set of problems (not enough money saved for retirement; purposeless spending; no real plan of what to do with their money). And for some reason, according to the study, women are less likely than men to feel that they know what to do when it comes to investing.

That’s where I can come into the picture. One of the aspects of my work that I love most is educating my clients about investing: everything from risk tolerance (what does that mean, what risk tolerance works for me) to investment vehicles (what’s an ETF?) to investments to choose in a 401k with often limited options available. No question is too basic or stupid. Actually, the only stupid question is the one that’s not asked!

If you’re interested in learning more about investing and Tree Fort Financial’s approach, reach out!

Let’s get started talking about your goals!

Schedule a Call
  • Go to page 1
  • Go to page 2
  • Go to Next Page »

Primary Sidebar

  • Email
  • Facebook
  • LinkedIn
  • Phone

Categories

  • About Tree Fort Financial
  • Advisor Definitions
  • BOC Portfolio
  • Budgeting
  • Business
  • Financial Planning
  • Investment Management
  • Kids and Education
  • Retirement
  • Women

Resources

About BOC Portfolio

Investment Management Returns

“Traditional” 60/40 Investment Strategy and TFF’s Investment Management

A Sailboat and a Plan

Advisor Survey Results

Affording Higher Education

Bringing more humanity to our professional lives

  • Email
  • Facebook
  • LinkedIn
  • Phone

Copyright © 2021 Tree Fort Financial, Inc.   ·   Disclosures  ·  Privacy Policy  ·  Sitemap   ·  Website and Watercolor by Make It Radiant