Most of the time, when people think of “financial planning,” budgeting, projections, and calculations come to mind. We are a fan of those things at Prism Planning Partners. However, when it comes to a personal financial plan, numbers are only part of the equation.
At Prism Planning Partners, we’re careful not to leave out the most important part of the equation: who you are as a person, what your family values, and how you’d like to enjoy spending your time on this earth.
It’s our job to help you use your wealth to achieve your retirement goals.
Are You Looking to Help a Retired, Bored Loved One? Download our Week in Retirement Planner here! Something we’ve been encountering more often with our financial planning clients is concerns around aging parents. At Prism...
Not sure how you’ll pass the time in retirement? Download our Week in Retirement Planner here! As financial planners, we are in a very unique position to get to know our clients on a deep, personal level. Of course, we dive...
Retirement planning in the Chicago, IL market can seem like a daunting task, but it doesn’t have to be. You may have heard that Social Security isn’t enough to live on during your golden years. While there is much truth to this,...
You’ve heard the old adage, “don’t put all of your eggs in one basket.” This saying is applicable to many parts of our daily lives, however, it should be turned into a retirement planning mantra, especially for individuals who have...
On one side of the coin, having too many retirement accounts can result in oversight and be detrimental to your overall retirement savings strategy. However, when you max out accounts, it pays to have other types of retirement accounts...
How you feel about your investments is important to our comprehensive financial planning team. That’s what makes understanding diversification essential, as it is a serious investment strategy! ...
A comprehensive financial plan can beat inflation if managed proactively to hedge against it through various strategies. To manage your portfolio risk properly, understand inflation’s impact on stocks/bonds and what sectors to...
Since economic uncertainty and stock market shifts are unavoidable, investors are best equipped with a comprehensive financial plan that accounts for volatility. The roller coaster tendency of the stock market is widely familiar,...
There’s a good chance that you’ve adopted your money mindset from those who raised you. Whether you are aware of it or not, money psychology plays a significant role, which has helped shape your financial worldview. Now entering the...
When are you planning to retire? Do you have a date agreed upon with your loved ones? There is so much to consider, which is why goal-based investing (GBI) is a helpful method to get you there on time. ...
Are you aware that investment strategy varies significantly among financial advisors – and not all are based on your personal goals? Investors in Libertyville, IL, and surrounding areas may be curious when they hear the term...
It’s that time of year when people take all possible measures to save more money on taxes. One of the chief ways to minimize taxes, both for 2021 and going forward, is to strategically use charitable giving — which the IRS encourages....
It’s a new year, which means newly laid plans are still fresh for individuals, families, and business owners in Libertyville and surrounding areas. How are you doing with your resolutions? If 2021 was too much to handle, maybe you...
Cryptocurrency is in the headlines enough that it may pique your interest. Some swear that it’s the wave of the future for money and finance. But should it be part of your comprehensive financial plan checklist? ...
Individuals with high net worth are probably rightly concerned with preserving their family wealth, not only for their children and grandchildren but for the generations that follow them. ...
What should you consider before investing? Investing is a relatively complex phenomenon, consisting of market conditions, economics, and your personal goals and financial situation, as well as your stage of life. Let’s discuss those factors....
A new year is coming soon! New years are an ideal time to create and review your financial wellness checklist....
So much of our finances are determined not by money, but by our personalities. Financial planning is often driven by the emotional side of things — our goals, values, priorities, and needs. And, once we define our goals and priorities,...
Financial health, physical health, and mental health all work together. But many people worry about their financial health. Many Americans lose sleep about financial worries — everything from anxieties about spending too much to fears...
Financial health is as important as physical and mental health. Without it, you’re unlikely to be living a full and productive life. But how do you know if you’re financially healthy? After all, there’s no equivalent to a physical...
It’s safe to say that everyone wants a comfortable retirement. But the best way to get there isn’t to focus only on retirement itself or a specific amount of money you need. Instead, the best way just might be to create a life plan...
When you work with a financial planner or coach in the Chicago, IL area, it’s easy to focus on money only. After all, that’s a part of the process! Looking at balance statements, talking about asset allocation, considering tax...
Libertyville, IL investors, business owners, pre-retirees, and retirees all may have different ideas about money. Some people see money as an element to be sought after, others seek to avoid talking about it or even thinking about it. ...
Financial advice in Libertyville, IL abounds, on websites, television, social media, and more. While much of the financial advice purveyed may be helpful and sound, the sheer amount of it has also given rise to financial disinformation...
How financially satisfied are you? Some people may be financially satisfied if their finances are in alignment with their peer group, in Libertyville, IL, and elsewhere. If their financial plans, income, returns, net worth, and...
Becoming financially independent during one’s 20s and 30s is becoming that much more difficult with each passing year. Many young adults are drowning beneath student loan debt, credit card debt, auto loans, and mortgages. The cost...
Have you imagined running out of money during retirement and going back to work? You can prevent this nightmare scenario by preparing for your golden years in the present moment. The assistance of a fiduciary CERTIFIED FINANCIAL...
One of the burning questions pre-retirees in Libertyville, IL, and beyond ask is “how much should I save for retirement?” There’s no shortage of advice. People are sometimes told to save 10 times their income by their retirement age or...
Whether you’ve just started your retirement planning in Libertyville, IL, or have been retired for a while, running out of money might be one of your worries. You may have an established financial plan and plenty of money saved...
Most people understandably do not know where to start when it comes to estate planning. Whether you don’t have an estate plan or if your estate plan hasn’t been updated, it is in your interest to meet with a fiduciary CERTIFIED...
Can you imagine retiring and not having anything to do? Even worse, can you imagine retiring and not having the money necessary to enjoy the activities you have in mind? This is the nightmare scenario that some Americans face in...
The average person understandably confuses financial consultants with financial advisors. The mainstream media rarely distinguishes the nuanced differences between these professionals. However, financial consultants are not exactly...
As tax season rolls around, it’s only natural that retirees in the Libertyville and Lake County, IL areas think about minimizing taxes! But nationwide, many retirees feel at most only somewhat knowledgeable about taxes in retirement –...
Plenty of retirees and pre-retirees assume they are capable of performing DIY (do it yourself) financial planning that sets the stage for an enjoyable retirement. Unfortunately, many of those who assume they do not need the...
It’s always prudent to pay the least amount of tax you can, especially if you’re a high net worth (HNW) individual in Libertyville or Lake County IL, and are either retired or in the pre-retirement years. But what moves minimize your...
Seniors and retirees are squarely in the crosshairs of financial scammers. If you aren’t careful, you could fall into a scammer’s trap and lose hundreds, thousands, or even tens of thousands of dollars. In some cases, seniors have...
Financial fraud online is, unfortunately, very common. Senior citizens are often the favored targets. In fact, some studies suggest that 20 percent of folks over 65 have been the target of financial fraud or abuse. Retirees in...
If you’re within a decade of retirement, already retired, and/or a small business owner in Libertyville, Illinois you need a comprehensive financial plan to help you save for retirement. Are you on the right financial path? Contact...
The shift away from a Trump-Pence administration to a Biden-Harris administration paves the way for plenty of change, including changes to your personal financial situation. Whether you are a pre-retiree or already retired in...
https://youtu.be/KJKIX63iiGw 1. Don’t fixate on the news We believe markets are efficient. What that means is that the price of stocks has already accounted for all publicly available information. Oftentimes, the market is...
Emotions have run high this year In Libertyville, IL and beyond. The U.S. has faced a major global pandemic, choppy economic times, plummeting equities earlier in the year and then new highs and contentious political times. All of...
Turning 50 is a significant milestone for many reasons. Your children may be grown and leaving home. Retirement, which has seemed far in the future for decades, suddenly looms as a real thing that will occur. Are you on the right...
Owning and managing a small business in Libertyville, IL or the surrounding area during the pandemic is not exactly easy. These are perilous times for mom and pop businesses. Even some regional companies are struggling to keep their...
In many ways, 2020 has been the year of COVID-19. The global pandemic has exerted a major impact on many aspects of our lives, causing some businesses to close or cut back, creating work-at-home as the new norm for many people, and...
Comprehensive financial planning in Libertyville, IL can help retirees and pre-retirees make sure they are on the right financial track to not outliving their money. Unfortunately, many Americans facing retirement are worried...
Thinking about money can be a daunting task – and often, we lose sight of WHY we work and save as hard as we do. It’s only human to focus first on the HERE and NOW…What about the big picture? Are you on the right financial path?...
It’s not uncommon for people to wonder about the best time to create a financial plan. Ten years before retirement? Twenty? Five? Are you on the right financial path? Contact Prism Planning Partners today! Everyone Should...
The COVID-19 pandemic has changed life as we know it. The way we work, learn, eat, and play in Libertyville, IL, (1) and beyond might not return to normal for months or possibly years to come. The pandemic is also affecting estate...
How much does it cost for a comprehensive financial plan in Libertyville, IL? The amount varies, depending on the fee structure, depth of the plan, type of advisor and breadth of the ongoing relationship. It’s important to understand...
The best way to approach your finances is to develop a comprehensive financial plan with a financial advisor. The purpose of such a plan is to work toward your goals given the resources available. But the development of a robust...
What is a financial plan? Financial plans are essential vehicles to help people get through life comfortably, reaching their goals and avoiding pitfalls, such as too little savings for retirement. A financial plan covers the following...
American capitalism has never been more dynamic, even amidst an unforeseen pandemic. The internet has partially leveled the playing field between large and small businesses. However, the federal government’s corporate-friendly...
As a small business owner in Libertyville, Illinois it is important that you keep on top of your business’s finances, of course. But you should also optimize your personal finances so that your entire economic life is well-managed and...
One of the smartest moves small business owners in Libertyville, IL can make is to consult with a CERTIFIED FINANCIAL PLANNER™ professional to set up a comprehensive financial plan. Why? Well, starting and running a small business can...
Financial advisors can provide tangible benefits in the form of investment advice that may increase net worth. However, there are also some latent benefits of working with a financial advisor. Ask anyone who has met with a financial...
By Nicole Sullivan, CFP®, RMA, Director of Financial Planning The Coronavirus is significantly impacting households of all wealth levels. For some, it might be as minor as social inconveniences. But for many, the economic impacts are...
It’s become apparent that we’re living in abnormal times. Some folks have asked us if a downturn in the market might represent a good time to invest. It’s a fair question and one that’s definitely NOT one-size-fits-all. The changing...
Although it’s been pushed back to July 15, Tax Day 2020 will be here sooner than you know! Paying taxes is never fun – but Libertyville, Illinois residents can take a number of steps to lower them. All it takes is a bit of planning....
Libertyville, IL investors – and anyone looking at the news, for that matter – have seen rapidly falling markets over the last several weeks. Fears over the worldwide spread of the coronavirus have sent broad indexes such as the Dow...
Many people think estate planning involves a lawyer more than a financial advisor. Estate planning, after all, concerns what happens should you become incapacitated or die. It’s the province of powers of attorney and wills. Are you on...
The concept of retirement is undergoing a metamorphosis. Demographic, societal, and workplace trends have all converged to offer a stage of life that is much more fluid and flexible than what most of us previously imagined. In fact,...
Advances in health care have added years to our life. However, Laura Carstensen, founding director of the Stanford Center on Longevity and author of A Long Bright Future, proclaims it is time to add more life to our years. In a recent...
As we navigate life in the 21st century, the trend that will have the most profound effect on the future of our society (and other industrialized societies) is the “Age Wave.” In other words, we are living longer and the percentage of...
In a recent editorial for the National Endowment for Financial Education (NEFE), Brent Neiser commented on “Financial Stacking: A Modern American Burden.” He wrote: Myriad choices, opportunities, and expectations generated by...
We asked some independent business coaches for their input on the challenges that business owners tend to face. What is the most common question that business owners ask you? “How can we get our culture fine-tuned to engage more of our...
Most adults are increasingly experiencing a time crunch. The result is mounting stress and compromised health and vitality. And yet, despite their best efforts, many individuals express frustration about not being able to bring tasks...
“In the same way that a good Wall Street investment appreciates in value, you want your investments of time and energy to offer high yields. They should make you feel good — happy, satisfied, energized, or relaxed.” Marc Eisenson,...
A growing number of individuals and couples are entering the ranks of the Sandwich Generation. What they have in common is that they are “caught in the middle” between the competing needs and wants of their dependent children and...
It’s undeniable that one of the best phrases you can hear in life is “you’re going to be a grandparent!” You probably picture your days as grandma and grandpa at t-ball games and ballet recitals, spoiling the kids with treats, and...
When someone starts to think about stopping working, it’s a total mindshift. For years, you’ve been in earnings mode with a constant income stream to support your needs. You’ve also been in a constant state of socialization (whether...
Retirement is a transition like many other changes in life. Are you worried you’ll wind up retired and bored to death? Retirement is the time to stick your hand in the air and say “Pick me! I can help!” Be a joiner! Here’s a list of...
Living your most illuminated retirement means going for what you’ve always wanted, and for many that can mean putting together a moving checklist, seeking out retirement relocation tips, and moving to the home of your dreams. If you...
Whether it be a holiday gift from a clueless relative, or colleagues who forgot it was your birthday, there’s nothing worse than a halfway thought-through gift. Finding the right retirement gifts can be a challenging, especially if...
If you’re contemplating retirement, I certainly hope you’ve thought about your ongoing healthcare needs. If you retire at the traditional age 65, as laws stand now, you’ll just transition onto Medicare, right? Problem solved?...
The holiday season is well over, so now it’s time to enter everyone’s favorite season of the year – tax season! (Just kidding, of course). Many folks, with the exception of the IRS, may feel as though filing taxes are a necessary evil....
For most business owners, there is very little separation between business and life. While this is a necessary mindset to have when navigating the challenges of entrepreneurship, it does make for a jolting transition when it all...
This article was written by Jason Giza. Jason is currently a sophomore at Indiana University, majoring in Finance. When your son or daughter goes off to college there is inevitably an enormous price tag associated with it. But that’s...
In the past, maybe you didn’t think twice about cybersecurity. Who cares, the internet is a place to watch silly videos! Well, not anymore. Whether you’re retired or actively employed or a teen all over social media, nearly everyone...
So you struck out on your own and started a firm. Business is promising and your new website is a hit – and you thought the hard part was over until it became clear that more capital was in demand. We interviewed Leslee Cohen, business...
One of the biggest challenges when it comes to holiday gift giving isn’t affording the gifts but rather figuring out how to give in a way that is meaningful. At the same time, successful families often feel concerned, even downright...
Forced into a retirement? Must be nice! Yes, that thought came into our heads too as we anticipated writing this article. In a very active mergers and acquisitions environment and the age of corporate buyouts, involuntary retirement is...
This article is for informational purposes only and does constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or product. It’s no secret that the average American is not the best with...
What do you think is the number one issue prospective clients bring to us here at Prism? It’s likely not shocking. Here’s the big question: Can I afford to retire and not run out of money? Some folks understand that they’ll easily be...
Too often in our society, employees and business owners alike are pressured to grind both at work and at home. Financial stress is often the motivator for being a “workaholic.” The value of taking some time off is drastically...
Have you ever lamented that you wish you could “quit your jobs yesterday?” With corporate cultures becoming more and more demanding, it’s no surprise that burnout is happening well before traditional retirement age. But, you’re way too...
When we think about retirement, images come to mind of a gray-haired guy with a fishing pole, spending all day on a lake somewhere. But, in addition to more time outdoors, it also represents a new way to pay for our day to day lives....
You’ve done a great job guiding your child through school, and now he/she is ready to graduate and start a career. We’ve all heard the horror stories about 20-somethings failing to plan ahead with their finances and the trouble it can...
We’ve all heard of (or experienced) the “annual review.” Especially common in corporate environments, this review typically goes over the following: What you did at work for the past year How well you attained goals set for you...
When children leave the family “nest”, parents feel mixed emotions; both proud and satisfied, yet unsure, sad, and nervous. “Launching” is a phase in the family lifecycle when parents watch their children move on in life; often, off to...
Close your eyes for a moment and imagine a blank calendar… Good. Now just think of how scary that would be if the blank sheet of paper was your life every day for the next two decades. As anyone who has ever been phenomenally bored...
