Welch Group founder and managing partner Stewart Welch III, AEP, CFP® and other firm partners provide a weekly financial column for AL.com via The Birmingham News. All of the AL.com columns are archived here for your reading pleasure. Mr. Welch has co-authored numerous books and regularly appears on various TV and radio shows including FOX 6 (Birmingham, AL), CNN (NY), Fox News Network (NY), CNBC (NJ), and is often quoted in national press including The Wall Street Journal, Fortune, Money and TheStreet.com.
If you have a financial question to be answered in the weekly column, fill out this form. Consult your own professional legal, tax or financial advisor before acting upon this advice.
Ok, I know life insurance is one of the more boring topics in financial planning but let me begin this topic with a true story. Not long ago a gentleman in his early seventies called asking to meet to get our advice regarding a life insurance policy he had purchased decades earlier. During the meeting, […]
Term life insurance is purchased by the billions every year to solve a myriad of potential problems. Perhaps the most-often reason is to provide financial protection for the family should the primary income earner die prematurely. A case in point… Many years ago, as part of a routine financial planning survivorship analysis, we recommended a […]
Financial planning can be helpful for everyone, regardless of their income or their experience handling their money. Deciding on which planner to hire is a key decision, akin to finding a physician or attorney. Since you don’t want to make this decision more than once, you should make your choice very carefully. Here are the […]
By now, most folks are familiar with the advantages of saving for college through a 529 college savings plan. The State of Alabama passed similar legislation that allows people to save and invest on behalf of people with disabilities. It’s called the ‘Achieving a Better Life Experience Act’ with the nick-name ‘ABLE’ accounts. Here are […]
In a perfect world, you’d be debt free. If you must borrow money for purchases, stay within following guidelines. These guidelines will allow you to meet your obligations and still leave you money for investments, charitable giving, vacations and other expenses. Debt Guideline #1: Your Total Debt Payment. Your total debt payments, including your mortgage […]
Last week, I made the case that inappropriate debt was perhaps the single greatest roadblock to financial success and financial freedom for most people. The topic was the misuse of credit cards along with solutions for dealing with credit card problems. This week I’ll continue the debt discussion with three additional common debt traps. Debt […]
When counseling couples who have financial problems, too much and inappropriate debt is almost always part of the root cause. Too much debt will make it very difficult for you to achieve financial independence. While it’s impractical to avoid debt completely, you should be able to maintain appropriate control of your debt. Years ago, a […]
The following is an excerpt from my soon-to-be-released “Couples Guide to Personal Finances”. After thirty-plus years advising hundreds of couples, it has become evident that when couples have problems, invariably, disagreement about finances is in the mix. Therefore, if you can solve the money equation, you can go a long way towards creating and keeping […]
Reader Question: Our daughter who turned 19 in January will start her sophomore year of college in August. Last year we used $5,000 from HER mutual fund and were hit with a $1,000 tax bill. We want to avoid that this year, can you give us advice on the best way to pay college expenses […]
Last week, I began this two-part series with three smart strategies for your IRA. To review those strategies, visit the Resource Center at www.WelchGroup.com and click on ‘Stewart’s Commentary’. Strategy #4: Split out multiple beneficiaries. Typically, a parent will name multiple beneficiaries such as children and grandchildren. Left unchanged, each of the beneficiaries must use […]