Your life on Netflix... Coming soon!
Good morning!
I did a little research...
OK, let's be honest, it was just a quick Google search.
Anyway, I found that there are just over 200 million current Netflix subscribers.
I'm one of them. Maybe you are too.
If you've ever browsed Netflix you might have noticed how Netflix categorizes and describes their TV shows and movies.
They use 3 words.
Here's an example:
This is for the movie "Magnolia" which is on my list to watch. No spoilers please... haven't seen it yet.
Since I haven't seen the movie, I don't know if "Cerebral, Emotional, & Dark" are accurate descriptors.
But I'm really drawn to this idea of simple, straightforward descriptions with just a few words.
In fact, I was thinking of how this might apply to my financial planning work with clients like you.
So let me ask you, if you had to pick 3 words to describe your ideal life, what would they be?
Another way to think of this is if you could have only 3 words on your tombstone to describe how you want to be remembered, what would you want those words to be?
If you need a little kickstart for this exercise, here's a list of 50 core personal values.
50 not enough?
But please don't limit yourself to these lists.
Or you can walk through free this online values exercise.
Just remember, these are YOUR words to describe YOUR life.
You don't have to use "values" words.
You can use anything you want.
I invite you to give this some thought and reply with own your 3 words.
Mine are:
Humility
Empathy
Curiosity
Hit reply and share yours.
I'm considering making this exercise part of my financial planning process in the future.
What do you think?
Listen Up! 🎧
I was happy to have Amy Refeca join me on my latest podcast episode.
Amy is someone I've known for a few years now, and she's an attorney that started her own law firm in Alpharetta, GA, to focus on estate planning for women.
Click here to listen to our conversation.
And if you have estate planning questions or would like to discuss your estate plan, please let me know.
I'm happy to help or introduce you to Amy or one of the other great estate planning attorneys I know.
Self-Employment Income, Divorce, & Social Security
Wanted to share a super-interesting article from my friend, Social Security expert, and fellow financial advisor in the Lone Star state, Devin Carroll.Â
It's about self-employment income and its potential impact on your Social Security benefits after a divorce.
It's an interesting read, and I encourage you to click here and check it out.
Fake Diversification
I've written about this idea before, and I recently created an image to try to illustrate what I mean:
If you have 3 (or more) mutual funds, ETFs, or money managers, but they own many of the same underlying holdings, you're not as diversified as you may think you are.
This can happen in a single investment account or across multiple investment & retirement accounts.
This "fake diversification" can create an additional layer of risk for your portfolio.
And for your retirement plan.
And unfortunately I see it all the time when I review potential clients' portfolios, even when they're working with an advisor.
Food for thought...
Thank you, as always, for reading.
Until next Wednesday,
Russ