Blog - CandorPath

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By John Kennedy, CFP® / March 8th, 2021

I love talking with entrepreneurs, because I can actually feel the excitement that comes with starting your own business. As someone who is familiar with that route though, I know there are countless factors to consider as you make decisions. Here are three things we’ve been doing from the beginning to ensure a healthy business:

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By Matthew Marcoux, CFP® / March 1st, 2021

My wife and I have thirteen savings accounts. Yes, thirteen. Given how we use them, we call them escrow accounts.

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By Matthew Marcoux, CFP® / February 22nd, 2021

You’ve found your dream home, and you’re feeling both excited and nervous to put in an offer. Then you find out you need a pre-approval letter. But what exactly is a pre-approval letter?

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By John Kennedy, CFP® / February 15th, 2021

Years ago, when we were first married, Jackie and I sat down together to talk about whose bank we would merge our accounts under. Like any educated, responsible adults about to embark on their first serious decision together, we used a coin flip. I lost, and nearly a decade later, we are still using my wife’s bank.

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By John Kennedy, CFP® / February 8th, 2021

Let’s talk about the digital envelope system. It’s 2020, so the old-school envelope-full-of-money system doesn’t really make sense anymore. That system can be put in place digitally though, as Jackie and I have done.

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By Matthew Marcoux, CFP® / February 1st, 2021

I never thought we would see 30-year home loans touching interest rates in the high 2s, but 2020 was a weird year for all sorts of things.

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By John Kennedy, CFP® / January 25th, 2021

Losing a loved one is an incredibly emotional time, and is often made more difficult by time-sensitive tasks like funeral arrangements or turning off streams of income like Social Security or pensions. Then you may learn you have inherited assets that come with additional taxes for you.

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By Matthew Marcoux, CFP® / January 18th, 2021

Early on in your efforts toward retirement savings, it’s easier to accept market volatility given the potential for growth over a long period of time. When actually preparing to retire however, your mindset needs to change. You are no longer looking only for the best performing investment, but for the most consistent investment. In retirement, volatility has the potential to accelerate the depletion of your assets, especially during a declining market, and since statistics show most 65 year olds will live to be 85 or 90, you need your savings to go the distance.

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By Matthew Marcoux, CFP® / January 11th, 2021

Saving for college is very similar to saving for retirement. In both scenarios, we aim to have a certain amount of money put away by a specified period of time before beginning withdrawals. Here’s three things to keep in mind when saving for college:

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By Matthew Marcoux, CFP® / January 4th, 2021

In the U.S., more than 189 million Americans have at least one credit card, and on average, most consumers have four with an average balance of about $8,400. In our experience, most credit card debt stems from two issues: either someone doesn’t have a budget and has overspent, or they do not have an emergency savings for when a major expense comes up. Let’s talk about that second reason today.

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By Matthew Marcoux, CFP® / December 28th, 2020

One of the greatest retirement fears people have is outliving their money. Rather than focus on the fear, let’s focus on making sure that doesn’t happen. Here are a few tips:

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By Matthew Marcoux, CFP® / December 14th, 2020

Gone are the days of compelling financial data, printing it out, organizing it in a three-ring binder, and sending you on your way. And that’s a good thing. You see, the moment the paperwork comes out of the printer, the documents are already outdated, because your financial investments are constantly moving.

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By John Kennedy, CFP® / December 7th, 2020

What is your greatest fear of retirement? It may not surprise you to learn 51% of investors polled on this question said their greatest fear was outliving their money. As life expectancy increases, health care costs rise, and our concerns about the availability of Social Security grows, it’s easy to understand that kind of fear.

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By Matthew Marcoux, CFP® / November 30th, 2020

Let’s talk about the rule of 72. It’s a term some of you may never have heard of, but it can be a quick and useful way to estimate the number of years it will take to double your return given a fixed rate. The hardest part is assuming what a fixed rate return should be. Here’s an example: You invest $100,000 at 6% per year, so it will take roughly 12 years to double your money. You can figure that out by dividing 72 by 6% to get 12.

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By John Kennedy, CFP® / November 23rd, 2020

When Jackie and I sat down to talk about joining our bank accounts, we flipped a coin to decide whose bank we would stick with. I lost, so we merged all of our money into Jackie’s bank. Of course, in hindsight I can see how silly this is.

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By John Kennedy, CFP® / November 16th, 2020

Who doesn’t love credit cards? They give you the opportunity to carry a balance while also rewarding you for your spending, providing cash back and points. Credit cards are meant to encourage you to extend yourself though. Carrying a balance from month to month will only increase the total amount you pay in interest. And even if you’re someone who pays your credit card off each month, studies show you’re still spending an average of 18 to 20 percent more than you would if you used cash or a debit card. Psychology shows us we feel differently about seeing a checking account going down versus watching the balance of your credit card increase.

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By Matthew Marcoux, CFP® / November 9th, 2020

Starting a new job is always exciting, but it can also be overwhelming, especially as you page through a hundred pages about employee benefits. There are so many choices to make, and we often focus most of our attention on things like retirement plans and health insurance. Truthfully, there are so many other benefits companies can provide, like matching contributions, a health savings account, life insurance, and prepaid legal.

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By John Kennedy, CFP® / November 2nd, 2020

Do you have family meetings in your house? Dedicated time each week or month to discuss events, changes, or money? My parents sat my sister and me down regularly for family meetings, even discussing finances with us. Admittedly, I remember my own loathing during these meetings, wishing I was somewhere else, but as an adult I recognize how influential those meetings were on my own relationship with money.

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By John Kennedy, CFP® / October 26th, 2020

At nearly four years old, my daughter is a bit young for assigned chores that will earn her money, but when the time comes, my wife and I plan to give her an opportunity to do just that.

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By John Kennedy, CFP® / October 19th, 2020

Years ago I wrote an article about making “cents” for your child’s future (catchy, I know) in an effort to provide practical tips on how to talk with your kids about money and budgeting. Back then though, I didn’t actually have kids. Now, two children later, I’m gaining much more insight into how to introduce these topics in our household.

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By Matthew Marcoux, CFP® / September 14th, 2020

We are all guilty of comparing ourselves to others, and it’s especially easy to do so based on how we share our lives through social media. A quick scroll on your phone will convince you everyone you know is happy, prosperous, and confident. But is that reality? The truth is, we all have our own internal struggles, and we are all trying to do the best we can in our own circumstances.

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By John Kennedy, CFP® / September 7th, 2020

Imagine summiting Mount Everest, and how much would be required of you to make that happen. Verne Harnish, who wrote Scaling Up, said, “Those who do it create a plan. Prepared with a set of rules and a passion for the journey, along the way, they aim for a series of camps or stop points. Then it’s a matter of focusing on the next day and, more important, the first and subsequent steps, making adjustments along the way as the mountain conditions dictate. Those who have made this personal journey suggest that it’s ultimately about staying acutely aware as you push to take just one more calculated step.”

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By Matthew Marcoux, CFP® / August 31st, 2020

Bill Gates once said, “most people overestimate what they can do in one year and underestimate what they can do in ten years.” How true is that? So many of us set goals each January for what we want to achieve in a year, and often find ourselves off track a few months later. I know this has been a year full of countless surprises, causing many of us to veer off the course we initially set out on. Still, you have the power to take control of the rest of the year.

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By John Kennedy, CFP® / August 24th, 2020

Routine sets you free. I read those words in a book that suggested routine is the driving force behind efficiency. I’ve always believed this to be true, but reaffirmations are often important when we’re searching for self-motivation.

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By John Kennedy, CFP® / August 17th, 2020

Einstein once said, “Everything should be made as simple as possible, but not simpler.”

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By Matthew Marcoux, CFP® / August 10th, 2020

In my previous blog post, I discussed how we leverage team work to ensure a successful experience for our clients. Another one of our core values is creativity.

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By Matthew Marcoux, CFP® / August 3rd, 2020

This year, John and I diligently read through a book called Traction, and found ourselves driven to better serve our clients by applying the principles we read about.

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By John Kennedy, CFP® / July 27th, 2020

What is the CandorPath way? It’s taking the time to really get to know you before we advise you on how to reach your goals.

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By John Kennedy, CFP® / July 20th, 2020

Investopedia defines a financial advisor as someone who “provides financial advice or guidance to customers for compensation. Financial advisors can provide many services, such as investment management, tax planning, and estate planning. Increasingly, financial advisors are providing a range of services from portfolio management to insurance products as a one-stop-shop.”

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By John Kennedy, CFP® / July 20th, 2020

With the uncertainty of our current circumstances, it’s impossible not to experience some level of fear. And while we can’t prevent feeling it, we can prevent it from controlling us.

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By John Kennedy, CFP® / July 13th, 2020

Recently I sat down with some clients who own their own business, and let me know they were working on outsourcing and automating a number of things within their business so they could take a step back. Then they asked, “Now what?”

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By John Kennedy, CFP® / July 6th, 2020

You’ve married the person you want to share your life with. So how do you share your finances?

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By John Kennedy, CFP® / June 29th, 2020

There is an enormous amount of research concerning the psychology of money, and to me, the most fascinating research surrounds our spending habits, in particular how they change between using cash versus credit cards.

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By John Kennedy, CFP® / June 22nd, 2020

The current world circumstances are greatly impacting the news and market, and it’s easy to allow the negativity to infiltrate your thoughts and daily routine, disrupting what truly matters.

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By Matthew Marcoux, CFP® / June 15th, 2020

We are often asked the same question by many clients during times of extreme market volatility.

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By John Kennedy, CFP® / June 8th, 2020

We are often asked, “When should we start estate planning?” The answer is, if you’re even thinking about the need for estate planning, it’s time to begin.

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By John Kennedy, CFP® / June 1st, 2020

We all possess a fight or flight response to stress. Its origins are primal; the lives of our ancestors often depended on their ability to react logically in duress.

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By Matthew Marcoux, CFP® / May 25th, 2020

Like all good financial advisors, we work hard to facilitate thoughtful dialogue, listen carefully, broaden perspectives, and act as financial therapists, all in an effort to come up with smart financial strategies to optimize your money.

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By Matthew Marcoux, CFP® / May 19th, 2020

At least once a year we meet with our clients to talk about everything BUT finances. Why? Because the better we know you, the better we can support you.

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By Matthew Marcoux, CFP® / April 20th, 2020

Almost two months into this extraordinary pandemic, and I am more thankful than ever for an infrastructure that allows us to continue with business as usual here at CandorPath. In these past weeks, we have been reiterating these five points to all of our clients:

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By John Kennedy, CFP® / April 13th, 2020

A recent article shined a light on how Warren Buffet prioritized wealth ethic over work ethic. Intrigued, I came to understand that wealth ethic pertains to the idea that the pursuit of money over the importance of enjoying how you are making money is no longer the priority. We would all love to make a living by following our true passion, but it often seems too difficult to do. Minda Zetlin explains that “one of the main reasons passion-seeking has gotten such a bad reputation is the presumption that there’s only one passion out there for each of us, and that whatever it is may not always translate to something you can do for a living.” But is that really true?

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By John Kennedy, CFP® / April 6th, 2020

We often talk with those who are in the “build wealth” phase of life about the importance of establishing good financial discipline. When you are at the beginning of this phase, looking years ahead to retirement, it’s difficult to really appreciate how much the extra money going toward your retirement plan or current debt will benefit you, but the rewards of your good habits will only compound over time, multiplying your wealth. There is no shortage of examples of millionaires who attained their wealth through hard work and financial discipline.

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By John Kennedy, CFP® / March 31st, 2020

More than ever, we should be searching for contentment with what we have, as focusing on what we can’t control only brings unnecessary stress.

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By Matthew Marcoux, CFP® / March 30th, 2020

You already know how important dollar cost averaging and re-balancing is to long term financial success, so I won’t go into either of those. During our time in quarantine though, I do want to give you 3 other components of financial success to think about.

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By John Kennedy, CFP® / March 29th, 2020

If you argue with reality, you will lose 100% of the time. What an “aha” moment I had when a client shared that statement with me. We’ve spent so much of our recent time talking with people about this phase of economic uncertainty, but I was never able to simplify my thoughts the way that statement did for me.

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Words of Candor

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