Beginning today, NAnewsweb features a column with valuable financial education.
Topics will range from managing personal finances, personal budgeting, planning for saving, investment planning and estate planning to management of risk. Risk management is the key to protecting your assets from things like large casualty claims or expenses for long-term care exposures.
Our columnist for these articles is Patrick McDowell, a series 6 and series 7 registered investment advisor affiliated with Radian Partners and FSC Securities Corp. He holds a Bachelor of Science degree with a concentration in finance from The University of Tennessee at Knoxville. McDowell maintains offices in Memphis, Union City, and Franklin Tennessee. He is registered as an investment advisor representative in multiple states and is on contract to teach retirement planning courses for the University of Tennessee at Martin. Additionally, he is the founder of a nonprofit whose focus and mission is financial education in the community, with the philosophy that people who make better financial decisions help make a better community.
Patrick received his Certified Property Manager (CPM) designation through extensive study with the Institute of Real Estate Management and prior to joining Radian Partners, LLC, spent more than 26 years in all aspects of commercial real estate and business development throughout the southeast. Many recognizable Memphis landmarks have benefitted from his expertise including Overton Square Entertainment District, the Fogelman Properties building, The Porter Building, and the Executive Suite. After many years of successful entrepreneurship and project development, Patrick has decided to focus his experience and talents on helping others pursue their goals.
Patrick will have an article posted about every two weeks in the Work and Leisure section of the homepage. Readers are welcome to make comments or suggestions. Questions may be submitted our T.C.B. PAGE, which will be linked below each article.
Patrick McDowell: How we got there, August 19, 2015
Most people surveyed feel that they could better their financial situation. However, many roadblocks prevent people from achieving their goals or bettering their situation. Frankly, taxes and inflation can become a major roadblock, but the largest offender is procrastination and failure to plan. Each generation in our society has different views about what is important and what values they hold dear.
The facts can be daunting, which is why our mission is to provide financial education in the community. According to the American institute for Certified Public Accountants (AICPA), 61% of households do not have a budget and only 44% of workers have tried to determine a retirement budget. A staggering 60% of American workers have saved less than $25,000 for retirement and 52% have saved less than $10,000. Inflation alone cuts buying power almost in half over a 20 year period. Though 65% of pre-retirees plan to work in retirement, 43% of workers are not putting any money into their employer sponsored retirement plans or IRA’s.
Since the average monthly social security benefit is now $1,204 per month, many households will not be able to meet their lifestyle needs and will have to lower their spending dramatically, or continue working. A plan to save, to operate within a realistic budget, and to protect your assets can be implemented to allow you to better meet your goals. Understanding and planning for risks is also essential. Medicare and You, 2015, estimates that 70% of people over age 65 will require medical intervention after encountering problems that impede their ability to perform basic activities of daily living, whether short-term or long-term.
We will begin to explore individual topics in future articles and we are always available for questions.
To ask a financial question or suggest a topic for future articles: Go to our T.C.B. page.
Investment Advisor Representative
*Securities, Insurance, and investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC. Radian Partners is not affiliated with FSC or registered as a broker-dealer or investment advisor.