Blog

Welcome to our Blog! At Baron Silver Stevens, we feel it is important to empower our clients with information that can positively affect their lives.

Throughout our Blog, you will find interesting articles, updates on our firm, and practical financial planning tips.

How Long Will $1 Million Last in Retirement?

How Long Will $1 Million Last in Retirement?
$1 Million used to be the ultimate retirement portfolio benchmark for successful Americans. Being a millionaire brought status as well as the peace of mind of knowing that you could look forward to a comfortable retirement lifestyle with all the trimmings. Is that still true? We ran a series of hypothetical calculations to illustrate how long an average American retiree could expect their million-dollar portfolio to last in each state. Click here to take a look... However, these hypothetical examples leave out a lot of critical details that will impact your own retirement timeline. Here are a few: The expenditures used in the calculation are just averages. Depending on where you live and the lifestyle you lead, you could spend more or less than your state's average. That's why getting a personal retirement income analysis is so important. The expenses used by the Bureau of Labor Statistics to construct an
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Passing Along Your Hard-Earned Money Wisdom

Passing Along Your Hard-Earned Money Wisdom
Jump-Start the Money Talk with these Engaging Conversation Starters: Click here to read our newsletter with four thought-provoking conversation starters you can use to jump start the money talk with young people of almost any age. These can open up an ongoing dialogue about some of the most important financial lessons to share with your children and grandchildren. Kids learn their money values from you. Have the hard conversations with them. Money conversations can be hard. Have them anyway. If you really want your children to have good financial habits in the future, you can't afford to not talk to them about money now. While it's best to start when children are young, remember, it's never too late to get the conversation started. Even if your children are going off to college or having children of their own, there are still important money lessons to share, from shopping for loans
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6 Steps to Weathering a Recession

6 Steps to Weathering a Recession
How to Potentially Survive & Thrive in a Recession Economic expansions never last forever. Eventually, they'll be followed by a recession. It's inevitable. And it's a natural part of the economic cycle. While we never know when the next recession will hit—or how long it'll last—history shows that, on average, recessions don't typically last as long as booms. We also know that, no matter when they hit, recessions will stir up anxiety and fear. And that'll trigger panic and rash decisions, which can lead to big losses. So, resist the panic trap that can come with recessions. If you can keep a level head, and follow these six steps, you'll be empowered to weather any recession—and any personal financial hardships you may face outside of recessions. Remember, recessions are normal. A lot of unknowns come with recessions. And that can make it easy to get anxious and lose sight of
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5 Critical Facts You Need to Know About Bear Markets

5 Critical Facts You Need to Know About Bear Markets
Bear Markets Are Inevitable. Here's How To Keep Your Cool. Bear markets come and go. They are a natural part of the market cycle. But we never know when they'll happen or what exactly will trigger them. While we can't predict when or why bear markets happen, what we do know is that bear markets commonly make people emotional and irrational. They can even breed a crowd mentality that causes paranoia and panic. Want my advice? Stop watching what others are doing. Focus on your own needs, portfolio, and risk tolerance. It's nearly impossible to know what other investors are thinking and doing in real time, just like it's impossible to know what the "bottom" is in a bear market. So, try to keep a level head and long-term view. And try to stay realistic. Remember, all bear markets eventually pass! You'll never get to enjoy a market upswing if you
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Harness The Power of Your Money Mindset

Harness The Power of Your Money Mindset
Money is much more than a medium of exchange for goods and services. Money reflects our personal values and the hard work we put into earning it. How we treat money, save it and spend it, is a reflection of our internal beliefs — our money mindset. When it comes to money, we all have strongly held beliefs, whether or not we realize it. Many of these beliefs grew out of childhood and come from lessons we learned from our families or picked up through life experiences. Want to learn more about how your unconscious money beliefs can affect your finances? Click here for access to the full newsletter! Your Mindset is the Key to Financial Health What does the word "money" bring to mind? Are the associations positive or negative? Beliefs about money are complicated. It's a symbol of one's self: respect, love, freedom, control, power, worth, and much more
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Could You Use a Personal CFO?

Could You Use a Personal CFO?
We get it, life gets crazy and many of our clients don’t have time to focus on their own personal financial situation. That’s why we wanted to share the term “Personal CFO” with you. It’s a service we provide to help you manage all the details and people involved in your financial life, so you can make the best decisions for yourself and live your life to the fullest. A Personal CFO is like a Chief Financial Officer for a business, except it’s for you and your lifestyle. No matter how you have built your wealth, you likely have a team of professionals that you rely on for expert advice. From attorneys to accountants, it can be difficult to coordinate these individuals and keep them on the same page in terms of your particular financial goals. That’s where a Personal CFO comes into play. Here are the three main areas we
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5 Thought-Provoking Facts about Retirement

5 Thought-Provoking Facts about Retirement
About 7 in 10 workers expect to work for pay in retirement, but only a quarter of retirees have actually done so. Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. A wide variety of emotions are linked to retirement. Some feel elation and relief, while others feel dread and unease. From financial constraints and financial freedoms, each person’s path in retirement will be different depending upon their personal beliefs and their ability to seize opportunity. Regardless of what approach you intend to take, here are five things about retirement that might surprise you: In 2017, more than two-thirds of retirees depended on Social Security as a major source of their income The average monthly Social Security benefit at the beginning of 2018
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Being a Savvy Female Investor

Being a Savvy Female Investor
As a woman, you’re expected to manage more than your share. When you’re growing up in your family, you’re more likely to have to help out with chores and household responsibilities than a brother might be…on top of school, a part-time job, and however else you spend your time. As an adult, society says you can have it all. But in reality, that’s only true if you plan to work 25 hours a day. If you’re single or married, have a family or don’t, work in the home or outside of it, being a woman means being constantly moving, working and learning. With that in mind, a woman’s retirement should be easy breezy, right? Not exactly. As it turns out, women and men are also different when it comes to financial planning and investments. Whether due to nature or nurture, women tend to take a more cautious approach in investing. And
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Protecting Yourself Against Identity Theft

Protecting Yourself Against Identity Theft
We don’t always hear about it in the news, but identity theft is on the rise. Our constant internet usage has given us a large digital footprint. And the more you are online, the greater your risk of criminals hijacking your information and using it to commit fraud. It is nearly impossible to go completely off the grid once you are on it, but there are steps you can take to minimize your risk. And understanding where your personal data might be living is a great place to start. Here are six different ways that personal information shared online can end up in the wrong hands: Retail and social media websites Data collection websites that store your information (White Pages, PeopleFinder) Old website pages you appear on (such as forums or blogs) Personal information on websites (old addresses, contact information) Outdated search results where you may still appear (such as former employer pages)
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Are You Wasting Your Money?

Are You Wasting Your Money?
Personal finance is typically spoken about in relation to big financial decisions. From things like establishing long-term savings goals to purchasing a home, choices made surrounding money are frequently thought about on a large scale. More often than not, smaller financial decisions are overlooked or disregarded, many deeming them too small to make an impact. However, seemingly tiny money choices made daily tend to add up to make a significant impact in the long run, especially when analyzed over time. Deciphering between purchases made based on wants versus needs is an important step in reassessing how you look at small financial decisions. Discretionary spending is a broad, vague category by nature, so spending some extra time to think about how you allocate money there is critical. One way to find the money to meet your spending or saving needs is to examine your current spending habits and consider eliminating money wasters.
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