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Financial Clarity Blog

Helping people make smart financial decisions.  

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Be Careful Acting on Predictions

Predictions date back to the beginning of time. As hunters and gatherers, we had to predict several things. We could catch dinner, the best method for detecting it, and what the weather would be like to plan accordingly. We had to predict where predators may attack from and the best defense strategy in case we get attacked. Making short-term predictions is built into our DNA as a form of survival. However, we as humans and the world around us has evolved. The same predictions that kept us alive for thousands of years don't always apply to personal finance and investing rules.

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Why Day Trading is a Bad Idea

2020 has been quite the year. Given the dynamics of it all, people have found themselves with more free time. Combine that with a volatile stock market, and many individuals have taken up the hobby of day trading stocks. In short, day trading is the act of buying and selling stocks in a short period, usually based on price movements and headlines.

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How Much Income Do I Need to Protect

One of the most overlooked components of financial planning is income protection. Income is the linchpin that holds your entire financial world together. Unless you are independently wealthy and don’t need to work anymore, you probably rely pretty heavily on your earnings. If this is the case, you should probably do everything in your power to ensure your income continues to flow, even if you are unable to work.

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Is It Wrong to Work Less?

Ask any entrepreneur what it was like in the early years. They will tell you stories about working 16 hour days, not seeing a consistent paycheck (even not seeing any compensation some months), and walking uphill in the snow both to and from work. The majority of new businesses fail within the first five years. The ones that make it have to fight an uphill battle to establish themselves. The same goes for financial advisors. Only about ten percent of people who start a financial advising career make it past five years (we have a much better record than that at Finity, knock on wood). Starting a business and succeeding is hard. If it were easy, everyone would do it. When I started this career, I laid out a mental game plan for myself. If I wanted to be my own boss and take vacations whenever I want to without requesting time off, I was going to have to put in the work. My plan was as follows:

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How Does Tax Loss Harvesting Work

Tax-loss harvesting is the process of selling investments for less than you originally paid to offset taxable gains elsewhere. This only works in taxable accounts. In tax-sheltered accounts, such as 401k's and IRA's, this isn't applicable (because you don't pay taxes on investment earnings within tax-sheltered accounts). The concept of tax-loss harvesting is pretty simple: sell the losers in your portfolio to minimize taxes. The execution of it can be tricky.

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Impact Investing and How to Easily Get Involved

When you mention SRI, ESG, and Impact investments, too many people, including investment advisors, get this idea of liberal progressive types trying to save the environment or promote some socialist ideas. When in reality, the SRI movement spans a broad political and religious spectrum.

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6 Secrets to Investing

People are constantly looking for double-top secrets to investing success because spending less than you earn and investing the difference in a diversified portfolio isn't appealing. There must be a better way to greater riches! As it turns out, there's not. However, you can implement some additional tips and tricks to enhance your probability of optimal success.

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The Dangers of Not Monitoring Your Portfolio

Ultimately, knowing that hovering too closely over your investments has been shown to have adverse consequences. The most straightforward choice can be to go long stretches without combing through your statements. While I am not advocating for day trading, left unchecked, your investments will not behave as you might like them to. Let’s take a closer look at some potential pitfalls.

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6 Ways to Achieve Financial Success as a New Attending Physician

The 2019-2020 academic year is behind us, which means there are approximately 45,000 new doctors entering practice in America (according to the ACGME Data Resource Book). That's a lot of new doctors who have a fantastic opportunity to achieve financial independence if they get started on the right foot. Today we are going to dive into six ways to achieve financial success as a new attending physician.

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