Garret J. Colao, CFP, CSLP Independent Advice-Based Financial Strategist

05/14/2023

“No language can express the power and beauty and heroism of a mother’s love.” —Edwin Chapin

Thank you, Mom, for everything.

02/16/2023

Human brains simply aren’t designed for long-term thinking.

MRIs have shown that our brains think of our future selves as entirely different people, and only 35% of people say they think about the future at all once a week (Verywell Mind, 2022).

This is why we can say our retirement is a priority, but actually taking action on this future day after day can be an uphill battle.

Don't struggle at this alone!

A financial professional can help you map out your next step toward financial security and then motivate you to accomplish it.

I'm happy to grab coffee to talk more about this topic. Just send me a message!

Whether you're starting to save for retirement in your 30s, 40s, or beyond, find tips and strategies for how to maximize your retirement plan and accounts.

02/09/2023

Do you know someone who could use a little encouragement on the money front?

This article is packed with tools and resources to help anyone get on track for the number one money concern in America: Retirement.

(According to a 2022 Gallup poll)

Whether you're starting to save for retirement in your 30s, 40s, or beyond, find tips and strategies for how to maximize your retirement plan and accounts.

02/02/2023

Regardless of age, retirement is a big concern.

You need to know if you're saving enough to have the retirement you desire, and if you're not on track, what steps do you need to take to get there.

In this guide, you'll find what you need to know to take your retirement strategy to the next level:

Whether you're starting to save for retirement in your 30s, 40s, or beyond, find tips and strategies for how to maximize your retirement plan and accounts.

01/26/2023

How much should I contribute to my retirement annually?

Typically, financial experts will tell you to contribute 15% of your annual income to retirement.

However, typical advice isn’t always helpful. Your specific path to retirement should account for when you started saving, your income throughout your career, other assets such as real estate and other alternative investments, and your expectations for retirement.

We recommend starting with a retirement calculator to determine if you are on track, then sitting down with a financial professional to talk through the results based on your current lifestyle and your future goals.

You can calculate your retirement readiness using my calculator here:

Use this free, no-obligation calculator to determine if your retirement contributions are on track to achieve financial independence.

01/19/2023

Did you know...

Gen Z (born 1997 to 2012) is putting away more than previous generations for retirement and has a greater understanding of things such as target date funds (BlackRock, 2022).

This focus on starting early will serve the generation most interest in retiring early and most likely to experience a long lifespan.

If you're in a Millennial or Gen Zer, you are in a great place to start putting money away to get the most out of compound interest.

Interested in getting started? I am happy to provide some insights on how to make the most of your employer's benefits package.

01/15/2023

Today, we honor the civil rights leader, activist, and orator Martin Luther King Jr., and celebrate his contributions to racial equity in America.

Here are a few ways you can meaningfully celebrate today while continuing to build a better future:
1. Educate yourself on the history and current experience of Black Americans.
2. Volunteer at an organization empowering Black communities.
3. Support a Black-owned local business.
4. Watch a movie about King's life.

Any other ideas of ways to make a difference in your own community this MLK day?

01/12/2023

Retirement is continually the top financial concern for Americans (Gallup, 2022). Unfortunately, this worry doesn’t always translate to action.

A full 52% of American workers say their retirement savings are not where they need to be, and a further 16% are not sure whether they’re on track (Bankrate, 2021).

This data can be discouraging, but it shouldn’t be terribly surprising. Human brains simply aren’t designed for long-term thinking.

MRIs have shown that our brains think of our future selves as entirely different people, and only 35% of people say they think about the future at all once a week (Verywell Mind, 2022).

The future is abstract to us. We don’t relate to that future self, and it is easy to rationalize that we’ll solve that problem when we get to it.

To succeed with retirement savings, you need to make it immediate and tangible for your current self.

You need actionable goals at each stage of the financial journey to keep you motivated and on track for the future you desire.

This is where a financial professional can help. If you're interested in talking, I'm always available!

P.S. Here are my sources for my fellow data nerds:
- Saad, L. (2022, May 16). Americans’ financial worries tick up in past year. Gallup.com.
- Royal, J. (2021, November 17). Survey: More than half of American workers feel behind on retirement savings. Bankrate.
- Ariane Resnick, C. N. C. (2022, April 21). Why are people bad at long-term planning? Verywell Mind.

01/05/2023

Talking about money is uncomfortable, especially with the people who at one point had to teach you *everything.*

However, whether your parents plan to pass down assets or you’re part of the 32% of adults providing financial support to their parents (AARP, 2020), communicating expectations for the future can alleviate some stress for both you and your parents.

You may want to prepare to have multiple conversations about your parents’ current plans and future expectations, including their:

https://bit.ly/3IrHD46

Depending on your relationship with your parents or kids and your plans for your own legacy, it may be time to stop avoiding the “money talk.”

12/29/2022

Depending on your plans for your own legacy, it may be time to stop avoiding the “money talk.”

https://bit.ly/3VwOv2V

Depending on your relationship with your parents or kids and your plans for your own legacy, it may be time to stop avoiding the “money talk.”

12/22/2022

Is your financial strategy inflation-proof?

All Articles The potential impact of 2022 inflation on your financial goals August 18, 2022 When millionaires are concerned with inflation, it’s time to pay attention. According to the 2022 CNBC Millionaire Survey, inflation is the number one economic fear among millionaires.1 While low- and middl...

12/15/2022

Have you done your annual credit score check?

Your credit history and credit scores are crucial to your overall financial health. Viewing your credit history can help to understand your current credit position, detect any inaccurate information, and help towards future lending decisions.

Before you take the next milestone purchase on your financial journey, checking your credit score can help prepare you to take the next step.

If you have questions about your findings, contact me today!