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You are here: Home / Articles & Videos / How can I take control of my money?

How can I take control of my money?

~ About Kevin Ellman, CFP ®

How can I take control of my money?

Illustration by Janet Atkinson

If you want to take control of your money, the first thing you need to do is learn the basics of investing so you can better navigate the financial sphere. Something as “simple” as knowing the difference between a stock and a bond will help you in your financial endeavors.

Next: Get the facts. Find out what you have. What are your investments? What are your expenses? What is your income? You can’t move forward until you know where you stand today.

You should get a second opinion from someone other than your existing advisor, who can really help you understand your current financial situation.

In this process, you also need to layout your goals and objectives, your risk tolerance and your time horizon.

Goals and objectives: If you know where you are and what you have financially, you can start to think about what you want to do. Do you want to sell your house and move? Undertake a new business venture? Do you need to set money aside to pay for your child’s college and education?

Risk Tolerance: How much risk are you willing to take with your money? How much risk can you afford to take? Can your financial situation handle some fluctuation?

Time Horizon: Think about your age. If you are 45, you have many years to continue to invest your money. If you make a mistake financially, you have time to recover. You also, however, need money to support your needs for a longer period of time. If you are 75, while you have less time to make up for a financial blunder, you don’t need your money to last another 50 years. In addition, your time horizon requires you to ask the question: When will you need to spend a lot of money?

Once you know where you stand, you can direct an advisor to implement your plan, or you can do it yourself.

If you use an advisor, be sure that you understand how they are compensated. Ideally your advisor’s financial interest should be aligned with yours. Consider the difference between a fee-based advisor and a commission-based advisor. A fee-based advisor gets a percentage of the money that is under their management. This means that when you make money, they make money. The incentive for a fee-based advisor is to make your money grow. When you use a commission-based advisor, they make money when you buy and sell a stock, bond or mutual fund, whether or not it is a profitable decision. This is not necessarily bad, but it is an important distinction that you should be fully aware of.

Watch Kevin Ellman’s video Finding the right financial advisor.

Learn about the Wealth Preservation Solutions Estate Planning and Asset Protection Process.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Wealth Preservation Solutions is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS are not affiliated with any other entity listed herein.

Investor Disclosures: https://bit.ly/KF-Disclosures

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situations, and individual needs. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances.

Exit Planning content © copyright Pinnacle Solutions. All rights reserved. Beri™ and ODI™ are trademarks of Pinnacle Solutions.

About Kevin Ellman, CFP ®

As a financial advisor for over 25 years, Kevin Ellman provides the full array of financial, estate, and retirement planning services to high net-worth business owners, families, executives, and individuals. He has appeared as a financial commentator on CNBC (Morning Call, Portfolio Make-Over, Make Your Money Work, Power Lunch), and on ABC, and has been quoted in Business Week, CBS Market Watch, Fortune Magazine and The Wall Street Journal. Learn more about Kevin Ellman...

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Kevin Ellman Podcast

Work. Life. Money. Insights by Kevin Ellman CFP
Work. Life. Money. Insights by Kevin Ellman CFP
Kevin Ellman, Certified Financial Planner, shares the stories of his life as the foundation for his outlook on the economy, market, and current events. Please see website for additional disclosures at https://wealthpreservationsolutions.com/kevin-ellman-cfp-podcast/

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Episode #8: Kevin Ellman Certified Financial Planner: Markets don’t like uncertainty… Looking ahead to 2021 and beyond…
by Kevin Ellman, Certified Financial Planner

What do we do? How do we plan? Should we wait? We all have a lot of questions as it relates to our current plan and the effect the upcoming election may have. Listen in to hear Kevin’s perspective on what to expect, how to prepare now and most importantly, how to be ready to move in the best direction for your plan…

For your free copy of Kevin’s book, The 7 Biggest Money Mistakes People Make and How to Avoid Them, text WEALTH to 88799.

Contact Kevin Ellman, Certified Financial Planner at https://wealthpreservationsolutions.com/about-us/kevin-ellman-certified-financial-planner/

Please see website for additional disclosures at https://wealthpreservationsolutions.com/kevin-ellman-cfp-podcast/

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Episode #8: Kevin Ellman Certified Financial Planner: Markets don’t like uncertainty… Looking ahead to 2021 and beyond…
Episode #8: Kevin Ellman Certified Financial Planner: Markets don’t like uncertainty… Looking ahead to 2021 and beyond…
October 8, 2020
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Episode #7: Kevin Ellman Certified Financial Planner: 1, 2, 1-2-3! Just like that, it came back to me, and my hands started to move.
September 2, 2020
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Bonus Episode #6: Stress Test: How will your Wealth Plan actually work if and when it’s triggered?
August 17, 2020
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Episode #5: Kevin Ellman Certified Financial Planner: You can learn an awful lot by paying attention.
July 20, 2020
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Episode #4: Kevin Ellman Certified Financial Planner: "I was an excellent driver for a 4 year old”
July 6, 2020
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Episode #3: Kevin Ellman Certified Financial Planner: From rowboat to speedboat; Thinking outside the box
June 15, 2020
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Episode #2: Kevin Ellman Certified Financial Planner: Coat room boy, cigar and mint boy, cashier and restaurateur, all by the age of 10.
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Episode #1: Kevin Ellman Certified Financial Planner learns lifelong lessons at age 16 on an African safari during summer break.
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The Wealth Preservation Solutions Team

  • About Us Overview
  • Dennis J. Amico
  • Kevin Ellman CFP®
  • Paul D. Miller
  • Robert W. Davis CFP®, RICP®
  • Dolores White
  • Susan J. Forman CFP®
  • Carrie Ware
  • Michael Csedrik
  • Elizabeth D’Aleo

Articles & Videos On Investing

  • Finding A Financial Advisor – Part 1
  • Finding A Financial Advisor – Part 2
  • Exchange Traded Funds Part 1
  • Exchange Traded Funds Part 2
  • Exchange Traded Funds Part 3
  • Dollar Cost Averaging
  • Dividends Part 1
  • Dividends Part 2
  • Strategies to Help Maximize Your Money
  • Our Investment Planning Process
  • Estate Tax and Succession Planning After the Cliff
  • Estate and Business Succession Planning

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Wealth Preservation Solutions is not affiliated with Kestra IS or Kestra AS.

Investor Disclosures: https://bit.ly/KF-Disclosures

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