Many successful people make the same mistakes with their money. It’s hard to make great choices and be truly ready for retirement. Here are nine mistakes to avoid.
If you are a farm business owner, an urban professional, or a farmer, success in your business does not mean success in wealth accumulation and preparing for retirement. Many mistakes are very common.Read Full Article
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The Important Succession Questions Around Whether or Not it’s Worth it
Have you ever asked yourself life’s most important question, “what is the point to what I am doing?” Or maybe it’s more like, “why am I am doing what I am doing?” For our farm clients at Dunncreek Advisors, it’s a valid question that runs through the minds of every farm owner that walks through our doors. Honestly, have you thought about what your purpose is? Many of our clients come in and tell us that they are working hard and building something that will hopefully bless their next generation. However, is building up your farm truly going to bless others? Is it your true purpose? Dunncreek Advisors can help to be a third party resource when important decisions like your farm legacy come into play, regardless of your purpose. Read Full Article
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When Was the Last Time You Reviewed Your Life Insurance?
Lots of folks have life insurance. Often they got it a long time ago. Mostly they think that it’s handled and they don’t need to think about it. But, often, they are wrong. A quick check is worth the trouble.
If you got “hit by a grain cart” tomorrow and were gone, what happens to your family? If you have life insurance, everything would be fine, right? But, what if that insurance has your first wife listed as the beneficiary?
It may seem far-fetched, but beneficiary errors are quite common. And they are just one thing to check in a routine insurance update. Read Full Article
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Are You Making One of These 6 Retirement Errors?
It might surprise you the mistakes that can derail your retirement plan.
Retirement planning can be a tricky area to navigate because it involves hundreds of rules, and violating them can result in unnecessary taxes and penalties. It’s no surprise that many retirees have made costly errors in their golden years. It’s just another reminder about the benefits of an independent, fee-only, fiduciary financial planner. Read Full Article
Is Your Nest Egg Enough?
When you get serious about retirement, one important question is, “How much savings will I need?” Even if you plan to rent out farmland for retirement income, you still need a nest egg.
Part of the challenge to answering the “how much is enough” question, is accurately predicting what your retirement will look like. There are a few moving parts to consider: Read Full Article
Thinking About a Farm Transition? Start with Questions. Part 2
Farm business transition requires careful consideration. These questions help.
This is part two of our list of questions that can help you decide if the time is right for a farm business transition. Read Full Article
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