Blog Archives - PFwise.com

5 Common Mistakes Most Investors Make - Hope You Can Avoid Them

12/31/2014

At this time of the year, people tend to look back past year's performance and make predictions about next year's performance. However, in this 2014's last blog post, I would like to focus on the basics of investing. If you are keenly aware of these 5 common mistakes most investor tend to make, you will have a high chance of being a wise investor in the coming year!

1. Try to pick winners and losers
Unfortunately, for most ordinary investors, picking the winners and losers and buying and selling them at the right time is mission impossible. Just look at the fact – in 2014, few active fund managers could even beat their benchmark – S&P 500. But people still keep trying to do so, apparently confusing some of the past lucks with skills.

2. Short-term oriented
Many people make New Year’s resolutions, only quickly forget about them. Worse, many people don't even make a New Year's resolution, let alone a long term plan. Even if you do have a long term plan, did you let your short-term emotions, which are heavily influenced by the daily news media reports, TV commentators’ talks, online chatters, etc. derail your long term plan? One quick way to test - did you sell at the bottom of the market crash in 2008 and scare of going back to it, therefore missing the great come back story?

3. Not diversified enough
When is the last time you took a comprehensive view of your portfolios, which are probably spread across many different places? Does your portfolio look like a concentrated bet? Do you own asset classes that are less correlated to each other? Maybe large cap did well this year, but it doesn’t mean you should exclude other asset classes such as small caps, foreign stocks, REITs, etc. The reason is simple – no one knows when the next best performing asset class will be next year.

4. Knowing but actually forgetting costs
You thought you know costs drag down performance. But did you count your past year’s transactions? How many buys and sells have you executed? How much trading cost did they drive? Did you look at the funds’ expenses before you buying them? Did you use margins? Did you factor in taxes when you calculate returns?

5. Forget Time is your best friend
Compounding is probably the single most important factor determining an investor’s long term return, but only time can make it happen. Using dollar cost averaging method is one way to ensure Time is actually with you, not against you. But how many times did you stop at the time the market crashed and kept on chasing when the market peaked?

Happy 2015!
Hope you will make wise personal finance decisions in 2015 and beyond!

If You Run a Business - Are You Measuring What Really Matters?

12/30/2014

For any entrepreneur, you need to measure how your business is doing. Here is a list of questions that will set you on the path to measuring what matters -

1. What is the list of things you measure?
2. Which numbers do you want to go up? Why?
3. Which numbers need to go down? Why?
4. Why are each of these particular metrics important?
5. What story do the numbers tell you about how your customers feel?
6. What story do you want them to tell?

It’s tempting to want to scale, that’s what businesses do after all. As you grow it’s equally important to understand what metrics are sacred and why they matter.

What Kind of Returns Can You Expect With an Annuity?

12/30/2014

Q. What kinds of returns can I expect with an annuity?

A. There are two types of annuities: fixed and variable.

Variable annuities earn investment returns based on the performance of the investment portfolios, known as “subaccounts,” where you choose to put your money. Like any investment, the return earned in a variable annuity is NOT guaranteed. If the value of the subaccounts goes up, you make money. However, if the value goes down, you could lose money. Also, income payments to you could be less than you expected.

Fixed annuities earn interest and not "returns." This is an important distinction because investments returns could be positive or negative, interests are always positive. Cash value Life insurance and fixed annuities earn interest. Since there are no investment losses in fixed annuities, the use of the term “return” is wrong.

Unfortunately, mixing up these two distinct concepts is a common mistake made by people who don’t understand fixed annuities and who make their living selling risk-based investments.

Two Types of Interests
With fixed deferred annuities, the insurance company either calculates and determines the interest to be credited
a) based on the insurance company's earnings (for set or declared rate annuities) or
b) based on the positive performance of a market index (for indexed annuities).

The National Association of Insurance Commissioners (NAIC), which regulates fixed annuities, considers both products FIXED annuities. All fixed annuities, including indexed rate and declared rate annuities, guarantee you will not suffer losses.

6 Tips for First Time Cruisers

12/29/2014

Q. What are the most important things first time cruisers need to remember?

A. Here are 6 tips first time cruisers will find helpful:

1. Check your passport
Call your cruise line and find out if a passport is needed, otherwise you might run the risk of not allowed to get on the ship.

2. Book your own shore excursions
Talk to people who have taken the trip before, learn from them and book your own shore excursions, you will save a bundle.

3. Bring less stuff
If you don't want to spend money asking the cruse staff do the washing and drying, bring less stuff. You are on vacation, no one cares if you wear the same pants 3 days in a row.

4. Do bring these stuff
Bring 2 swimsuits, so while one is hanging dry, you can use the other one. Also, bring a power strip that allows you to charge multiple electronics as staterooms have few outlets.

5. Control your onboard spending
Since it is cashless onboard, you might forget how much those beverage, soda, and specialty coffee cost you money. They do, so pay attention to your onboard spending.

6. Do not bring alcohol onboard
Most cruises do not allow people to bring alcohol onboard, do not try to sneak it in as they will check bags and confiscate what you try to bring.

How to Price Your Real Estate Property For Sale the Right Way?

12/28/2014

Q. Which method should I use to price my house for sale: 1. Round price (such as $200,000); 2. A precise number (such as $203,214); or 3. Just Below price (such as $199,900)?

A. Method 3, based on a recent study's findings.

People tend to think that method 1 might attract more potential buyers, because a $200,000 price will attract buyers who are looking for price ranges $150,000 - $200,000 and $200,000 - $250,000. Or method 2 might do the trick as the precise price figure may raise the curiosity of a potential buyer to find out why the property is priced in such a way.

However, a recent academic study with results published at the Journal of Real Estate Finance and Economics shows that method 3 - just below pricing - could help you sell the property at a higher price.

The study found that for properties with 6 figure price points, what matters are the most left price figures - such as the $199 in $199,900 price, buyers tend to underestimate the price if they see a lower number (e.g. $199 vs. $200).

Knowing this, a seller could price the property about 5% higher, but using the Just Below Pricing method, so the buyer could notice and remember the seemingly lower price. Of course, the buyer will still negotiate the price, but the study found that despite the negotiation, the Just Below Priced properties still are sold 2% higher than they could if they used the Round Pricing method.

So, next time, when you sell your property, price it 5% higher than the market price, and use the "just below pricing" method.

What Does It Take to be Good at Stock Analysis

12/28/2014

I came across the following Q&A at Quora and liked it -

Q. What are the courses that make a person good at stock analysis?

A. College won't teach you how to pick stocks. Here are the steps that I've taken.

I read The Intelligent Investor (the value investing bible).
I spent a lot of time reading pitches on ValueInvestorsclub.com.
I learned how to do valuation and basic financial modeling by reading books by Damodaron and McKinsey.
I began writing articles for Seeking Alpha once I started becoming a little bit comfortable with financial analysis.
I felt like I wasn't improving, so I decided to get a summer internship with a hedge fund.
Over last summer I was lucky to find a hedge fund that took me in as a summer analyst. I built more complicated models, talked with management teams through conference calls, and ultimately improved my overall investment analyst skills.
I've realized that investment analysis is much MUCH more than just plugging a few different scenarios into an excel model. I've come to respect the economics of each company I dig into much more so than when I first started my journey, and I've also come to the conclusion that contacting management, shareholders, and industry experts is just as important. One of my best performing investments this year is an unknown micro cap with hard to find information. I had to contact the largest shareholder to find out exactly what was going on (how he originally became involved with the company, the nature of the product, competitive landscape, etc.).

I guess some things to take note are:
- what's the company's free cash flow yield?
- what are the gross, EBIT, EBITDA, FCF margins, etc.
- what are the working capital trends?
- is debt supported by EBITDA? Is the company breaking any covenants? What is the company's short term liquidity? What securities is it holding?
- whose on the management team? What's the board of director structure? What's the BOD compensation? Is management shareholder friendly (do they own significant equity outside of stock compensation? Do they have a history of share buybacks, special dividends, etc.?).
- Any significant shareholders?
- are margins similar to competitors?
- who are the customers? Are they fickle (clothing retail), or are they sustainable?

You should be aware of all of the above, and more before becoming comfortable about investing in the company.

Differences Between a Financial Planner and a Financial Adviser

12/27/2014

Q. Is there a difference between a financial planner and a financial adviser?

A. Anyone can call himself or herself a financial adviser, but what's important is if that person has your best interest in mind.

A Certified Financial Planner (CFP) is one who has completed rigorous training and keeps up with ongoing education efforts. Not anyone can call himself or herself a CFP. Also, there is a competing designation called ChFC (Chartered Financial Consultant), which is similar to CFP (see the previous blog post about the differences between a CFP and a ChFC).

Not to confuse you, there is one more important designation, RIA (Registered Investment Advisers), who typically works at brokerage houses and charges you a fee based on the assets under management for you, although you might find it debatable whether the performance can justify the fee or not.

The Bottom Line
Whether you have a good financial adviser or not, you can tell from the way he or she interacts with you - did that person ask you a lot of questions, to understand your entire financial picture: such as your risk tolerance, your long term goals and short term needs, etc.

A Niche Market Too Small?

12/27/2014

There's no such thing a niche market is too small.

If you think so, it just means one of two things -

a. The market you are serving doesn't need you/depend on you anymore.

b. You need to produce more value for those you serve.

Does HELOC Affect My FICO Score?

12/27/2014

Q. Will my FICO score be affected if I have a home equity line of credit balance?

A. Yes, HELOC is just like your mortgage, it WILL impact your FICO score.

However, a HELOC balance is different from a credit card balance which is treated as a "revolving" debt, in other words, HELOC balance will NOT be included in the FICO score calculation that looks at your debt to total available credit ratio.

Could My Pension Plan Benefit Be Cut?

12/27/2014

Q. My employer currently offers a pension plan. But could my pension benefits be cut at my retirement time?

A. Unfortunately, the answer is yes, thanks to a recent provision that is tucked into the Federal Spending Bill and approved by the Congress - this is unprecedented and could have very bad ramifications down the road for people who are counting on pension plans for their retirements.

You can search "critical status notices" at DOL.gov, where you can find if your pension plan is on the critical status list, which means the plan is endangered and underfunded, and could face a cut of benefits down the road.

If you are near or already at your retirement, it's time to create your own pension - annuity that could pay you as long as you live.

401(k) Account Evaluation Tool

12/26/2014

Q. I kept on contributing to my 401(k) each year. Is there an easy way I can find out how much money I will have at retirement time, and how long it could last when I start withdrawing funds from it?

A. The following 401(k) Evaluation Tool was built to answer your questions.

Just plug in your numbers and assumptions to the yellow areas, you will see how much balance you will accumulate in your 401(k) account, and when your 401(k) account might run out of money, based on your planned withdrawal amounts.

If you find you will outlive your money, don't panic. This is exactly what planning is for - you have a few variables under your control - such as investment amount, investment style, retirement age, withdrawal amount, etc.

You can also explore other retirement products which could have better results than 401(k). Please contact us if you want to know more about them.

3 Simple Steps to Get Ride of Your Old Electronics

12/23/2014

Q. How to safely and profitably dispose my old electronics?

A. Here are 3 simple steps you can follow:

Step 1. Erase any personal data
For your computer, you can use free Active@KillDisk to erase data in the computer. You should also "disassociate" your Apple ID from any devides in iTunes.

For your smartphone, you should reset it to the factory settings and erase the SD card.

Step 2. Sell for a good price
There are many trustworthy sites you can sell your old gadgets for good prices, for example, see our previous blog posts here and here.

Step 3 Donate for a course
You can give your smartphone to a victim of domestic violence through Verizon's HopeLine program or support troops overseas at Cellphonesforsoliders.com.

You can also use Dell's Reconnect program to donate computers to a Goodwill store.

New Personal Tax Breaks Available for 2014

12/22/2014

Q. What new 2014 tax breaks I could use?

A. The following personal tax breaks are not new, because they were all available in 2013, but until the Congress passed the Tax Increase Prevention Act of 2014 in December, there were NOT available for 2014. But now they are!

Higher education tuition deduction
This write-off could be worth $4,000 or $2,000, it expired at the end of 2013.
Now it is available again for 2014!

State and local sales taxes deduction
If you pay little or no state income tax, you usually have the option to claim an itemized state and local sales tax deduction, but it expired at the end of 2013.
Now it is available again for 2014!

Year-end planning tip: buy that big-ticket item you have wanted to buy now, so you can deduct the extra sales taxes on your 2014 return.

Charitable donations from IRAs
If you have reached age 70½, and have too much money on IRA, you usually could make a tax-free charitable cash donations of up to $100,000 directly out of IRA, it would be counted as IRA required minimum distribution (RMDs). It expired at the end of 2013.
Now it is available again for 2014.

Year-end planning tip: make that IRA donation before year-end so you can avoid taxable required minimum distribution.

How to Put $30,000 to Roth IRA Each Year Legally - Part C

12/20/2014

In our last blog post, we showed where does the $30,000 per year Roth IRA contribution amount come from. Now we will show you how to find out if you can be one of the lucky people to actually implement this strategy.

First, contact your 401(k) sponsor, such as Fidelity, Morgan Stanley, etc. and ask the following two questions:

1. Does my 401(k) plan allow after-tax contributions?
Unfortunately, not every 401(k) plan allows it. Hope you are the lucky one!

2. Does my 401(k) allow "in-service withdrawal"?
Again, not every 401(k) plan allows in-service withdrawals, hope your plan allows it!

If you have Yes to both questions, congratulations, you just received a big gift from IRS!

Your next step is to carefully budget your daily expenses, make sure your life won't suffer much as you stash away $50,000 each year towards your retirement use!

Back Date or Save Age An Insurance Policy

12/19/2014

This is a correction to our previous blog post of back dating an insurance policy.

In our previous blog post, we implied as long as you submit your application before your birthday, you can back date, or "save age", your life insurance policy.

Looks like that is not entirely correct, as we have found out that the back date or save age policy varies with different insurance carriers quite a lot.

For example, one of the premier insurance carriers allows back date if an application is signed and submitted 5 days before birthday. Another premier insurer only allows backdate not more than 6 months long from the policy approval date.

So, it doesn't hurt to check the "back date" option in the application, if it's approved, treat it as a gift!

How to Put $30,000 to Roth IRA Each Year Legally - Part B

12/19/2014

In our previous blog post, we explained that it is possible you could put $30,000 each year into your Roth IRA account.

Now the question - how is this $30,000 number derived?

First, a 401(k) plan is a "defined contribution" plan. Based on IRS guidance, the limitation for a defined contribution plan is $52,000 each year!

Second, you can contribute $18,000 (in 2015) pre-tax each year to the 401(k) plan. Your employer may also chip in with an employer match of a few thousand dollars, making the total contribution to your plan around $20,000.

This creates almost $30,000 gap between what you may have contributed each year to your 401(k) vs. what's allowed by IRS!

In our next blog post, we will show you how to find out if you can take advantage of this $30,000 gap by making it a Roth IRA contribution.

How to Put $30,000 to Roth IRA Each Year Legally - Part A

12/18/2014

Q. Can I put more than $5,500 per year to Roth IRA?

A. The answer is yes, if you are one of the lucky ones.

Most people know these two things about Roth IRA:

a) Roth IRA is probably the best of all the retirement products due to its tax-free growth and distributions (yes, you do have to use after-tax money to fund it);

b) There is a contribution limit each year (if you can contribute to it at all - if you qualify), currently at $5,500 per year (catch up $1,000 allowed if you are age 50 or older by end of the calendar year).

However, do you know you can contribute almost additional $30,000 (give and take, see explanation below) to your Roth IRA each year, legally?

That will be like a windfall for the lucky people who can do it!

In our next two blog posts, we will explain where does the $30,000 number come from and how you can find if you are one of the lucky ones.

Which Are the Biggest Dividend ETFs

12/18/2014

Q. Which are the biggest dividend ETF's?

A. Here are 4 of the biggest domestic dividend ETFs:

Vanguard Dividend Appreciation (VIG)
iShares Select Dividend (DVY)
SPDR S&P Dividend
Vanguard High Dividend Yield (VYM)

The Secret of Starting Your First Business

12/18/2014

Start your first business doesn't have to be hard, do it this way -

Start with the smallest possible project/product/service in which someone will pay you money to solve a problem they know they have. Charge less than it's worth and more than it costs you.

Repeat.

Metlife Medical Impairments Guide

12/17/2014

For people who apply for life insurance, a top concern is - how do I know an illness will impact my application?

Metlife just introduced a Combined Medical Impairments Guide that features detailed descriptions for more than 30 medical conditions, mortality (for life insurance), and morbidity (for DI) concerns defined for each condition listed.

It's for professional use, but as a consumer, it's very informative to browse it.

5 Most Common Life Insurance Mistakes Consumers Make

12/17/2014

Now that it's September, many people are focused on getting into the swing of the school year and putting behind them the more-relaxed pace of summer. Not many are focused on thinking about life insurance. But actually, September is Life Insurance Awareness Month (who knew?), so it is a natural time to focus on this topic.

Over the years, I've seen that there is a lot of confusion around this topic - from what type of insurance is best to how much you need and where to get it. With that in mind, below are the five most common mistakes people make when it comes to life insurance. Hopefully, through this list, you'll be able to get a better understanding of how life insurance works and why it's a good tool for you and your family.

Mistake #1 - Having no life insurance at all

Many people simply overlook the importance of life insurance. It doesn't appear to be something they need and it can be viewed as an added expense. But take a second to stop and consider all the important people in your life. If you weren't there, how would they be impacted financially? It's not fun to think about, but by "playing dead" you can begin to understand that life insurance is a critical tool to ensuring your family feels financially supported should anything happen to you. For instance, if you have any outstanding debts or other financial obligations, a life insurance policy will help to ensure that those burdens do not fall entirely on your family members. Remember, it is also important to get life insurance sooner rather than later because the cost can increase exponentially as you age.

Mistake #2 - Relying solely on employer-provided workplace life insurance

Life insurance provided by your workplace is an excellent benefit and can serve as a good starting point for your base coverage. But remember any life insurance provided automatically as a benefit is just that - a starting point. You can purchase additional coverage through your employer or on your own to help fill the gap.

Mistake #3 - Only considering term life insurance

Term life insurance provides a "death" or "survivor" benefit, which is the amount beneficiaries receive if you pass away, for a certain period of time (15, 20 or 30 years are common increments), after which the coverage ends. An alternative solution would be to adopt cash value life insurance, which similarly provides a death benefit, but will grow over the years as long as you continue to fund the policy. Furthermore, cash value life insurance can help with financial obligations in a tax-advantaged way, whether it is paying for college, a business venture or retirement. These policies are generally more expensive, but can make a lot of sense if you are able to commit to regularly funding the policy.

Mistake #4 - Leaving retirement savings vulnerable

If you do not have any/enough life insurance, your family is likely to look to your retirement savings for financial support. This may seem like a safe solution for finding additional resources, but I would advise against using funds saved specifically for retirement for another purpose. If you are the higher earner in the family, your spouse may have been relying on those savings for his or her own retirement. Similarly, if your spouse is forced to liquidate or take large loans from the retirement account, it will hurt the potential long-term investment gains that would have benefitted your family down the road. It is important that the money you are saving is allotted for different goals - from life insurance to retirement - so that you are making the most of each savings opportunity.

Mistake #5 - Guessing on how much life insurance you need

Many people who walk into my office have no idea how much life insurance they need. Is it five times annual salary? Ten times? Some other figure? There are many factors to take into account to figure out how much life insurance is right for you. Often this is where a financial professional can really help with the process. We can help quantify how much and what type of insurance makes the most sense for you and then help get that coverage in place. There are also many online calculators available to use as a starting point. Voya FinancialTM has a helpful calculator to help you figure out your life insurance needs.

At the end of the day, we all just want to know that our loved ones will be taken care of after we're gone. I have seen firsthand the peace of mind a life insurance policy can deliver. So this month, as life speeds up again, take a few minutes to pause and think about the future. Life Insurance Awareness month may only last 30 days, but a good policy will last for years to come!

4 Steps to Follow Before Launching Your New Business

12/16/2014

Step 1. Identify your Core Competency:
A core competency is the special skill, technology, process, knowledge, expertise, or ability that is unique to your new business and could be done better than your competitors. Some examples are:

Valuable – a large revenue generator
Rare – not easily found in other businesses
Non-substitutable – it’s cannot be replaced by any of your other capabilities.
Costly to imitate – it will be expensive for your competitors to try to duplicate

Step 2. Test the Concept
Develop a proto-type of the product or service and bring to prospective customers so you can gauge customer interest, desirability, and purchase intent. Try it with at least a few dozen people and get their feedback.

Step 3. Study the Market
Obtain information about the current market by researching trends and analyzing the competition.

What is the estimated size of the market for your product/service?
What is your projected market share?
Is the current market attractive for your product/service?
Are there any predictions for future trends?
Based on research refine your target market

Step 4. Conduct Feasibility Analysis
You have a good concept with a target market, but can you serve your customers profitably? Can you do it alone or with a team? What resources do you need?

Evaluate non-financial resources – is there a sufficient labor pool (quality and quantity), availability of office space, protection for property, patents, etc.?
Prepare a Financial Feasibility Analysis: evaluate start-up and other capital requirements, your projected rate of return, and the overall attractiveness of the investment.
1. Estimate Sales on monthly and/or annual basis – Do not count on promises; be conservative; estimate sales using different methods and compare figures (both in units and dollars).
2. Estimate Costs – Identify both fixed costs and variable costs.
3. Estimate Break-even Point and Profitability

If the business opportunity:

Has a core competency
Passes the concept test
Has a market that demands it
Is financially viable

Then, it is time for you to move forward!

7 Things Every Landlord Needs to Know

12/16/2014

Q. Any practice advice for a landlord that plans to sell the rental property soon?

A. Here are 7 things that I believe every landlord should do:

Do not sell with the tenants still live there, because it creates difficulty for the new buyer, also very difficult to sell with the tenants still live inside it.
Put up fresh paint, clean up if needed, do proper staging, these small investment will have the biggest payoffs.
Time the lease to about 1 month before the peak selling season. This means advanced planning of your last lease agreement with the tenant.
Always inspect the rental property before putting on the market (it just costs $350, but you could prevent any landmine that might jeopardize the closing)
Light staging goes a long way.
Weekly check ups by the listing agent so no surprise happens, since no one lives there anymore.
Don’t over price it (a property that sells in the first 30 days always sells at higher price).

10 Common Rollover Mistakes

12/15/2014

Here are the top 10 rollover mistakes people, including professionals, tend to make:

Non-Spouse rollovers, these are not allowed.
Spousal rollovers, including special spousal options.
401(k) rollovers to IRAs (the mistake here is not exploring the other options before doing the IRA rollover).
After-tax rollovers from plans to IRAs and Roth IRAs.
Roth conversions, which are technically rollovers from IRAs to Roth IRAs.
In-Plan Roth rollovers, i.e., 401(k) to Roth 401(k) conversions.
IRA to IRA rollovers, as well as Roth IRA to Roth IRA rollovers (there is an once-per-year rule).
Rollovers to any other retirement account (there is a 60-day rule).
QDRO rollovers in divorce (from plans only) to the ex-spouse as alternate payee.
Rollovers from IRAs back to plans.

5 Strategies to Deal With a Possible Stock Market Correction

12/14/2014

Q. How to prepare for a coming stock market correction?

A. While many pundits forecast 2015 is another up year for the stocks, the fact is stocks' are at a premium at historical levels. How to deal with a possible correction? Here are 5 steps to follow:

1. Assess your cash needs
Do you need large amount of cash soon, for example, for college tuition bills, retirement income, down payment of a house? If yes, it's time to make sure your asset allocation is appropriate to address those needs, because stock gains may have skewed your portfolio too much to the stocks, and a sudden drop could seriously impact your cash needs in the near term.

2. Rebalance if necessary
If indeed stocks are in a very high level that is no longer appropriate to your risk tolerance level (check here to assess your risk tolerance level), you should rebalance (check here to see how to rebalance), by adding short term bonds such as Treasuries to the portfolio.

3. Diversify your stock holdings
Not all sectors and companies will be hit equally in a correction. You might want to allocate more funds to blue chip stocks, for example, purchasing S&P 500 index funds, such as Vanguard or Fidelity 500 Index funds.

4. Keep dollar cost average investing
Keep investing a set amount every month or quarter, this will get you more stocks if a correction indeed happens. Do not try to time the market by investing in the absolute bottom, it's simply too elusive.

5. Take profit if possible
There is a saying - let profit run, however, if this run is over 5 years, maybe it's time to lock in gains so you have enough ammunition to catch some stocks you have been wanted to add to your portfolio but couldn't because they have been too expensive. Also, a correction might not hit all sectors equally, if you have cash ready, you can participate a sector's rolling up as it happens.

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