Chris Harris, LPL Financial Advisor

11/26/2024

Thankful that I get to do what I love with this great group!

We embrace the words of the late, great Poet Laureate Maya Angelou, who said, “People might not remember what you said, but they remember how you made them feel.”

Happy Holidays!

Learn more: https://lnkd.in/e_AFr64t

11/25/2024

History reminds us that the greater the risk, the greater the potential reward.

As we look at the S&P 500 over the last 30 years, we can see that it provided a return of approximately 9%. Compared to government bonds which have yielded 4%. While the average savings account right now offers less than 1%. Inflation has steadily increased around 3%. This eats away at the value of money, making it critical for individuals to invest in vehicles that can outpace inflation. As a kid, I would ask my parents to stop by the local grocery store to use my funds from my piggy bank to get my favorite Fanta soda. At that time, it was just .50 cents out of the vending machine. Now I'm lucky to find this same drink for less than $2. Over time, taking on investment risk can more than compensate for inflation, allowing individuals to build wealth and protect their purchasing power. How are you outpacing inflation?

11/22/2024

Highlight of the week!

This week, I was asked a thought-provoking question: What is the easiest part of my job? My immediate response was that it's incredibly fulfilling to help people gain confidence in pursuing their goals and dreams through the planning we've accomplished together over the years.

Upon further reflection, I realized that the most rewarding aspect of my work is volunteering within our community. Many teachers and administrators have profoundly influenced my life, and I feel a strong desire to give back. It's gratifying to nurture the growth of young minds and plant seeds where flowers are already blooming. The future is bright, and I’m excited to play a part in shaping it!

(Given permission to post images)

10/11/2023

Investing overtime is important!!

When you are newer to investing it is more important to contribute

money 💵 to your account than it is to picking the best stock.

The goal is to develop a solid foundation as quickly as you can. 🏡

(Of course picking the appropriate allocation of investments is important, but it's more important when you have more dollars.)

Picking a stock that may get you 10% vs. 8% doesn’t move the needle when your account is $500. The extra effort to possibly get a higher return doesn’t really reward you much early on.

🎯 Focus more on how you can increase the amount of money you invest each month and how you can make it automatic.

🌱 Adding more systematically will cut down on the time it takes to start really compounding.

🌳Soon, your portfolio will be able to grow more than you are able to add to it.

📢 In the process you’ll also learn long term investing is not really about picking extremely popular, short-lived stocks. It’s about being intentional, consistent and patience .

10/02/2023

Driving on the freeway is fun. The open road, just you and your thoughts. It's oddly peaceful if you think about it. But one of the downsides of freeway driving is if you miss your turn. Unlike the city, where you'd be able to make a U-turn easily, that's not the case on the freeway. If you miss your turn it’s going to be a long time before you can turn around!

🚧

Unlike with freeways, when we come to the end of our careers there is no turning back. There isn’t just a long time to wait before we can do a U-turn, there are no second chances. We can't just do a U-turn once we have lived our lives. There are decisions we make. There are decisions we and others make on earth that impact how we will spend our retirement. It’s important to make pit stops along the way to make sure you're on track. It’s important to fund various accounts like your savings, retirement and taxable accounts throughout life because once we get to the end of the journey, what can we do about the time that has passed.

Consider reviewing if you are on track for your destination.

08/28/2023

Should income protection be a part of your overall financial plan?

You most likely purchased auto insurance, pet insurance, homeowners/rental insurance and maybe life insurance to protect yourself and the ones you love.

Many people think that their home or their investment portfolio is their biggest asset. In reality, their earning potential is usually their most important asset.

Everything from paying your mortgage to saving for a child’s college education depends on your ability to earn money from your job. The lost income from a serious illness or injury that prevents you from working can be substantial.

Financial hardship from an injury or illness could lead you to burning through your savings, sacrificing your quality of life.

One of the best ways to protect your future earning potential and keep you and your family on solid financial ground is through a disability insurance policy.

Disability insurance steps in to help you cover expenses; it pays you a percentage of your salary if an illness or injury prevents you from working. Depending on your policy, disability insurance can cover your lost income from a few weeks to your entire working life.

This can become significantly more essential for individuals that don’t have group benefits.

Just over 1 in 4 of today’s 20-year-olds will become disabled before reaching 67*

*Social Security Administration Fact Sheet, 2021

08/22/2023

How much life insurance do you need?

A quick method that I like to use to determine an estimated amount is considering a D.I.M.E.

Debt you owe
Income replacement
Mortgage
Educational expenses

Two main type of life insurance

Term
*Lasts only a set period
*Less expenses
*No benefit if you live past term

May be best if you: only need insurance while you have a mortgage

Whole Life
*Lasts for life
*More expenses
*Pays benefit no matter

May be best if: it’s part of your estate plan

I plan to financially support our kids over the next 20+ years but if I was to die prematurely, I want to make sure that my spouse and kids have enough resources that will allow them to live the same quality lifestyle as if I was still here. At this stage in my life, life insurance will allow me to do this.

Insurance planning is an essential piece to our financial plan.

08/18/2023

When it comes to developing a budget, it’s all about doing some simple things to help build momentum.

Let’s consider two easy ways you can get moving on your budget and gain some confidence right away.

#1. Build an emergency fund

•Aim to have 3-6 months of living expenses saved
•Keep separate from your checking account
•No or (very low transaction fees)
•Easy access
•No penalties for withdrawals

Studies show that the average American has less than 3 months of expenses saved.

#2. Pay yourself first
•IRA
•Employer-sponsored retirement account (401k/403B)

Whether it’s a plan offered through your employer or an Individual Retirement Account (IRA), make sure you pay yourself first through
an automatic payroll deduction via your employer or through an automatic monthly transfer of funds from a personal bank account to
your Individual Retirement Account.

You worked hard this week, pay yourself. 😉

08/17/2023

Step #4 Create a realistic budget ✅
To make your first attempt at a budget, add your monthly expenses from Step 3 to the monthly goals you calculated in Step 1.
Then subtract that total from your monthly income. Below is an example.
If the balance is positive, you’ve created a budget that works well with your current lifestyle.

If the balance is negative, you have some more work to do 😉

Step #5 Revisit your goals and expenses ✅

If your initial budget came out negative, rework the numbers and try again.

Think about what areas you may be able to change in order to create a budget that’s manageable and still fits your needs.

For example, you can revisit your expenses and decide which are priority items that need to stay in your budget, and which you can do without.

If your income fluctuates from month to month, below are four expenses that you should consider covering first.

*Housing 🏡

*Transportation 🚗

*Utilities 💡

*Food 🥑

08/16/2023

Learn about Medicare Advantage and the choices it offers you for health care coverage, prescription drugs, and more.

Overview of Medicare Advantage, what’s in them, special rules, and more.

08/16/2023

Steps for creating a budget ✅

Step #2 is to know your income.

Make sure you only include the exact amount of your paycheck rather than your gross pay.

This is the Income you receive after taxes, medical and dental benefits, contributions to retirement, material and equipment expenses.

Step #3 is to know how much money you’re spending every month. When figuring this out, be sure to include the following:

•Groceries
•Rent or mortgages
•All debt payments (including car loans, student loans, and credit cards)
•Cell phone service
•Cable
•Entertainment
•Remember to include occasional expenses, like doctor visits and birthdays and holiday celebrations

Look through bank and credit card statements to get a realistic picture of your spending.