“Having a million dollars in the bank may seem like plenty of cushion, but when treatment for a single catastrophic illness or an extended nursing home stay can absorb funds in chunks of $250,000, that nest egg looks a little less secure,” says Kimberly Foss.
Kimberly Foss, the president and founder of Empyrion Wealth Management and author of Wealthy by Design, notes that while prioritizing debt over discretionary spending should be your priority, “in real life, sometimes we need the emotional lift of a little ‘retail therapy.’” If that’s the case, “use this selectively and ideally as a reward for reaching a debt-reduction or savings goal.
Moms and dads spend twice as much on their adult children as they do on contributing to their own retirement accounts. This is a financial decision that parents should avoid at all cost.
“The first step in helping your children make a solid decision on which college to attend is achieving good communication with them about their life goals, professional aspirations and motivations,” Foss said.
Men and women have different financial needs and approaches to money, says Kimberly Foss, the founder and president of Empyrion Wealth Management in Roseville, California.
Want to retire in San Francisco? Kimberly Foss, President of Empyrion Wealth Management, discusses long-term considerations and average assets needed to spend your golden days in the city by the bay.
Make sure the bank you select has account insurance, Kimberly Foss, a financial planner and the president and CEO at Empyrion Wealth Management, told Business Insider.
Kimberly Foss offers tips for helping your clients avoid some common mistakes during turbulent markets.
Because women bear the brunt of the responsibility for caring for aging loved ones, advisors need to be ready to help them and their families cover the costs and preserve their own retirement plans.