Media mentions: Dan Danford on gold

Family Investment Center’s Dan Danford was recently interviewed by Ray Scherer, a reporter for the St. Joseph News-Press, for an article on gold. Thank you, Ray!

Click here to read the article:

http://www.newspressnow.com/news/2010/oct/03/golds-shine-lingers/

Media mentions: Jason White interviewed about student debt

Our own Jason White was recently interviewed by Edward Burch, a reporter for St. Joseph's own KQ2, for a story on student loan debt.

Thanks for including us, Edward!

http://stjoechannel.com/search-fulltext?nxd_id=161015

CDs are not a good bet for most investors

We're always happy to talk to local media and share our perspectives on finances. With this story in the St. Joseph News-Press by Ryan Davis, we were able to offer our contrarian point of view that CDs are not a good investment, due to the fact that rates are incredibly low and the money that's in them is tied up. You're sacrificing flexibility, and lots of it, for security. We don't advise this in most situations. Notice that the folks who are SELLING CDs are still advising people to buy them. It's a conflict of interest, and exactly what we avoid by being fee-only investment advisors.

Read the story here and offer your comments.

http://www.stjoenews.net/news/2010/jan/18/cds-still-good-bet/

A few ideas for last minute tax planning

By Dan Danford, MBA, CRSP®

It's not too late to put a few strategies in gear to save money for the 2009 tax year. You can still fund an IRA, of course, which shaves off some of your taxable income. Here are some other strategies, which I'll be discussing and sharing in depth on KMBC in Kansas City on Wednesday, January 30, in the 7 a.m. and 8 a.m. hours.

College 529 Plans: 2009 Missouri or Kansas Tax deduction for contributions to a 529 plan.

Charitable gifts: Write a check today or tomorrow for your favorite charity, and take a 2009 deduction.

Medical expenses: Only deductible above certain levels, but – if you are there this year – stock up on contact lenses or other allowed stuff. Go on a medical buying spree today!

Defer Income: Tell the boss to pay your 2009 bonus in January. Less 2009 income means less tax in April.

Take gains or losses on investments: Sell mutual funds tonight or tomorrow to balance gains/losses. Again, less 2009 income means less tax.

Risk without regret

Investments carry risk. It's just part of the deal. Our friends at Yahoo! Finance explored the idea of calculated risk and interviewed our Dan Danford for the piece, which was published today on Yahoo!.

Our thanks to Yahoo! Finance and the writer, Sheyna Steiner.

http://bit.ly/6wq4Zm

Change habits for better 2010

Periodically, we get inquiries from journalists writing about personal finance. Often, they're seeking advice for readers and viewers. Recently, we got an inquiry from a reporter wanting to know what new advice is out there for their readers. Dan Danford had a great response, so I'm posting it here. --- Robyn Davis Sekula

By Dan Danford

There's almost nothing new under the financial sun. But that doesn't mean that we can't learn something new every day. For 2010, some of us need to incorporate some new behaviors based on these past few years. One lesson might be to turn buying inside out. In earlier years, we used a credit card to buy things today and pay for them with future earnings. A newer and better approach is to put money aside today so we can buy things later. It's inside out.



Another good idea is to treat your home mortgage like a very good friend. Some folks hate debt and focus a lot of attention on "paying it off soon." Maybe a better way is to maintain it like a vintage car, and lavish attention on maintenance and repair. Keep current with the payments, refinance when desirable, and only pay it off when no better option for investing exists. There is almost always a better option for long-term money.

My take is that many people think they are doing the right things, but they are not! We learn financial things from our parents, grandparents, and friends, and much of it is twisted by myth and self-interest. Tough times create an opportunity to learn some better things for ourselves.

On risk: it's there, even if you can't see it

Editor's note: We occasionally respond to media inquiries and I thought this answer from Dan to a reporter was particularly astute. I'm posting it so you can read his thoughts on this - he makes great points. - Robyn Davis Sekula

By Dan Danford

Of all the bits of financial information available to consumers, risk is the least understood. Study after study shows that people routinely misjudge risk, and personal finance is a bad place to mess up. It's hard to see the risk in a rising stock price - until the shares plummet. Similarly, a good job seems stable right up to and until the pink slip arrives. Housing prices in a new neighborhood have never fallen; then they do. I once worked for a bank that had several decades of non-stop rising dividends. Safest bank ever! It failed 18 months after I started working there (not my fault, either!). The point is that most folks are terrible at understanding the risks in their financial lives.

There are several ways to hedge those risks. First, diversify everything. Have two family jobs instead of one. Go to school to keep your skills current or to learn a second trade. Keep emergency reserves in a savings account. Buy ten stocks instead of one, or, better yet, a good mutual fund. Financial advisors work in these realms every day, and they work with dozens of other families and situations. If nothing else, they have a better grasp on family risk than the typical consumer. Let a professional guide you to solid solutions and profitable actions.

You can save a lot of premium money by avoiding health insurance. And you might say that - based on your personal history - there's not a lot of risk in that strategy. But that's not really accurate. You may not see the risk, but it's there all the same. That's true of many family financial issues. Risk may not be obvious, but it's there anyway. Do you want to know now - or later?

Dad's Divorce: Dealing with high debt

How do you handle high amounts of debt? It can be daunting. Financial expert Dan Danford talks you through it in this recent podcast from Dad's Divorce.

Simple financial rules for families

Dan Danford regularly does podcasts for Dad's Divorce, a web site that advises fathers on all aspects of single parenthood and divorce. It's a great site and we're happy to be a partner with them. Here's a recent installment in which Dan discusses setting some financial rules for families.

Get serious for success

Investor's Alley recently published an article I penned on why investing isn't a game. The first part of the article is posted below plus a link to the rest. Tell me what you think in the comments section.

By Dan Danford

I can understand the allure of chess. It’s pure intellectual challenge; just you and an opponent, focused on making the right moves and winning the ultimate battle. Every move by your opponent creates a new challenge. You adjust or you lose.

Investing offers similar challenges. Important variables change every minute of every day whether it’s the economy, world tensions, the management team at companies you own, competition or technology. Everything changes.

So it’s not surprising that so many people enjoy the challenge of investing. Like chess, it’s a game. It’s a game that tests your intellect, your instincts, your ability to think and act quickly.

But it’s not really a game. Results matter. Will your children or grandchildren go to college? Will you retire in comfort? Will you outlive your savings? Will there be anything left to pass along to chosen family members or charities? Truthfully, the world of investing is a very serious business.

And you need to treat it that way to succeed. Although it’s nearly impossible to beat the market on a consistent basis, there are time-proven ways to invest for success. Follow these eight rules of investing and it’s likely that you’ll achieve your financial objectives. Ignore them at your peril.

Read on: http://bit.ly/SQ4ky

Jason White makes Business Week

Our very own Jason White, ph.D., made Business Week. The magazine interviewed Jason, 41, about how he's saving for retirement.

We're delighted to see him featured. He's truly an asset to our firm and to his students at Northwest Missouri State University in Maryville, Mo.

Here's a link to his story:

http://images.businessweek.com/ss/09/07/0702_rethinking_retirement/11.htm

Dan Danford appears on KMBC-9

This morning, I appeared on KMBC-9 to discuss financial matters. I am really pleased to appear there from time to time and happy to answer questions from viewers as well as their own staff. If you have something you'd like to see me address in one of these future appearances, let me know and I'll be glad to do it.

http://tinyurl.com/oxlbs2

Famously optimistic

It’s hard to say how reporters choose the subjects that they do. But somehow, a reporter for USA Today zoomed in on Mexico, Missouri, and particularly, my uncle Randy Sawyer. The story centers around a recent poll that indicated that while many Americans are still in an economic tunnel, more are beginning to see the light, and believe that the recession is on its way to a conclusion. I like that brand of optimism, and agree with it. Congratulations to Uncle Randy for a few moments in the spotlight.

Read the story here:

http://tinyurl.com/my74qu

Dad's Divorce: 60-minute financial makeover

We provide regular commentary and podcasts for Dad's Divorce, a web site that helps men through the process of divorce. My podcasts concentrate on financial issues. A link to my latest podcast is posted below.

http://www.dadsdivorce.com/blog/tags/Dan-Danford/

A little help from our friends in the media

Editor's note: Here are a few more links to some stories written by folks who tapped into some of our expertise. Always happy to help - especially when we're working with people who get it right and sincerely want to help readers, as these reporters do. As much as the media gets bashed, we've had so few bad media experiences we can't recall but a handful. It's a tough job and we appreciate what they do.

Happy to be of help in this U.S. News story on credit card reforms: http://tinyurl.com/lkcu9m

Move over, Dr. Phil. I seem to now be a relationship expert! Remember, finances and love are often entwined. http://tinyurl.com/lv7ucd

Dad's Divorce: Kids and Money

I regularly provide commentary to users of Dad's Divorce, a web site that offers advice for men going through a divorce. The information is appropriate for anyone, though. I'm posting a link below to my latest, which is on kids and money.

http://www.dadsdivorce.com/blog/tags/Dan-Danford/

Options for paying for college

By Dan Danford

We get asked by members of the media periodically to give advice for specific financial situations. One that we've often run across is paying for college. We answered a few questions this week from Geoff Williams, who is a regular contributor to WalletPop.com, an excellent personal financial blog.

I'm happy to be quoted on any financial matter, but especially on paying for higher education. When it comes to higher education, there's a vacuum for solid information. People with children see it as an "eventual" need, and use all the usual avoidance techniques to ignore it. Finally (and much faster than anyone expects), it's upon them. Whoa. The college learning curve is way steep and very brief. This type of post really helps.

Here's a link to it:
http://tinyurl.com/racp3v

ABC News turns to us for help on explaining 529 plans

ABCnews.com recently contacted us for thoughts on saving for college. As always, we're happy to help members of the media, and by extension, the public, understand the finer points of financial education. Here's a link to the story. Dan Danford is quoted in the last section.

http://a.abcnews.com/m/screen?id=7392258&pid=74

Resources for those getting a divorce

We're delighted that writer Geoff Williams caught our e-newsletter about our affiliation with Dad's Divorce - and happier still that he decided to expand upon it and find more sites that help people through divorce.

Geoff's post on Walletpop.com went live this morning. You can read it here:

http://www.walletpop.com/blog/2009/05/21/breaking-up-is-less-hard-to-do-with-divorce-related-websites/

Pay attention to your credit score

Credit scores are a crucial factor that helps determine many things in the world of finances. This story, written by Janene Mascarella and posted on the AOL site Walletpop.com today, explains how what you do contributes toward boosting your credit score - or drags it down. Nice piece, and I'm happy to be quoted in it.

http://www.walletpop.com/credit/experian/make-or-break-your-credit-score