Amanda Rock Financial Advisor on LinkedIn: 1 in 4 Americans expect to receive an inheritance. Ready to talk legacies?… (2024)

🖥️ VOLUME 5 - TECH ON TUESDAYS 🖥️ Let's talk about the risks of working in tech - job security. I know, it's not as glamorous as saving strategies, how to diversify, which investments to choose... but that's the thing about planning - it's not always exciting. While tech may have a reputation for layoffs and job cuts, the reality is - unless you work for yourself, there's always a chance your role could be eliminated. So how do we plan for it? 💭 A few posts back, I talked about an emergency fund in the 'Income Volatility' topic. While this is crucial for those of us that have varying income month to month - it's also important for those who work at start-ups, or historically experience less job security. While 3-6 months of fixed expenses is generally recommended, it may make sense to have a larger buffer for peace of mind. ❓ Have a plan for insurance during your time of unemployment. I always recommend to clients a general philosophy around this. "If it's important to you and your family, have a personal policy where you can. Don't depend on your employer." Most don't want the burden of 'What will happen to my family if something happens to me while I'm job searching'. If life insurance is important to your family - it may make sense to look into a personal policy. What's the plan for health insurance? Is COBRA an option? Can you lean on a spouse for their health insurance while you search? 📊 If you've been contributing to a retirement plan through your previous employer, what's your plan with those funds? Most clients I work with don't want to keep them with their previous employer. You have some options: lump them in with the new retirement plan you get through your new job, or move them into an IRA. This is a highly forgotten about item we see all the time - so speak with your advisor on what your best option is. 🤝 An underrated play, in my opinion, is asking for help during this time. If you're anything like me, asking for help can be difficult. However, coming from the talent acquisition space - nowadays, a personal introduction could be pivotal for your next move. It helps you stand out amongst other applicants. I try to remind my clients that in building a client base, there's a lot of introductions I can make. Keep in mind, your CPA, attorney or financial advisor has a lot of exposure to a lot of different people. While it may feel like 'bad timing' to reach out to these professionals, they could make a life-changing introduction to your next role.

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🖥️ TECH ON TUESDAYS - VOLUME 4 🖥️ "I want to have confidence that I can eventually retire, I don't want to work forever." As an advisor, I hear this all the time as a goal - it's probably my most popular topic to tackle. Here lies the issue: if you Google 'How much money do I need to retire on time?' you're going to get millions of results. Try it for yourself! Here's why - how much you need just depends.🌴 Retirement planning can feel scary, and a lot of my clients just want clarity that they'll be able to have the option to walk away at some point. With an advisor, retirement planning can become a little more clear if you figure out a few variables in the equation. 1️⃣ When do you want the option to walk away from working? Is that 60? 55? 65? Keep in mind: it can change as you age, and your goals change. 2️⃣ How much money do you ideally want to live on in retirement? Is that similar to your lifestyle right now? Is it more? Is it less? This number will look different for everyone - and again, can change as you get raises, promotions, and other job changes. Hint: don't forget about inflation in this equation. 3️⃣ What tools are you currently utilizing, or have access to in the future? Are you contributing to a work plan? Is your employer matching that? Will you have access to a pension plan? What will your social security look like? Any and all investments for retirement can be incorporated into this equation. ➗ Once we know all of these things, it's just a math equation. Don't think your napkin math will give you enough clarity? A lot of my clients feel the same. An advisor will be able to guide you through these questions, and can make projections with a little more accuracy than the napkin math. P.S. - What do you envision for retirement? In the spirit of football season being upon us, I envision a lot of Purdue Sports in my retirement.. 🏈

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When you're looking for a better way to money, you won't need to rely on what a survey says. I'll ask you better questions to get better answers to design a plan personalized to you. Connect with me to hear more.

POV: You see yourself on your FYP 😮 Check out Northwestern Mutual's newest Tik Tok ⬇ Special shoutout to Edie Yan and her creative vision!

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🖥️ TECH ON TUESDAYS - WEEK 3 🖥️ If you're not in the tech industry, but have some ups and downs with your income - keep reading! I'm going to tackle a question I'm often asked as an advisor, "How do I create a financial plan when my income is so volatile?" There are countless fields where this is applicable - including some of my folks in tech. The equity-based compensation events we addressed a few weeks ago comes into play here - how should you plan with a larger influx of dollars coming through the door? Here are some suggestions I give for my clients that have volatility in their incomes. 📈 Find an advisor that's willing to meet more often. For tech clients, I usually meet with them quarterly as stock options or RSUs vest. Oftentimes, a simple 'Annual Review' approach might not work for you based on your needs.❄️ If you have high seasonality in your work (think landscaping, Christmas lighting, things like that) it may make sense to save more money than you usually would during the 'on' months for those low months that are to come. 📊 If you're self-employed, identify professionals like a tax accountant, financial advisor and attorney that can help you ensure all the boxes are checked with tax strategies. Those 'big' months can be fun - and a tax bill is something to prepare for, so you'll want to know how much you should pay come tax time. 💸 Have a plan for bonuses or large influxes of cash. I try to encourage clients to treat bonuses, equity events, or large commission months on a 50/50 basis. When possible, can we utilize 50% for planning (investing, paying down debt, increasing the reserves) and 50% for fun? Whatever the rule is for you - make sure there's a process, so you don't end up spending it all in one place!🚨 Consider beefing up your emergency fund higher than your peers. When you have high volatility in your income, you might find yourself dipping into savings more than normal. It may be appropriate to save more than what's 'typical'. Those with fluctuating income, what did I miss, or what would you add?

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Independent analysis shows that clients with a comprehensive financial plan understood their bigger financial picture, had confidence in the progress of their goals, and felt emotionally better in other areas of life compared to people without one. If that's what you're looking for, reach out and let's talk about a better way to money.Source: Assessing the Value of a Holistic Advisor, Dr. Hal Hershfield, 2023

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🚗 Road Trip to one of my favorite events of the year, Northwestern Mutual's Annual Meeting! Jesse Itzler was our keynote speaker and blew our minds 🎆 His word for the year is 'soul' Here was my key takeaway about soul - "You can't outsource soul. Soul doesn't live on a spreadsheet." Clients can feel when you're authentic like Jesse says - you can't fake it!🎥 Something fun I got to do this year was film with our social media team. I talked about my experience as a woman in financial planning along with doing some fun trends. Coming soon to a Tik Tok or Instagram near you... 🎞️ 💼 Above all, my favorite is seeing my peers throughout the country that I usually only see on a screen. We had a blast & counting down until next year!#NMAM24 #AnnualMeeting

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🖥️ TECH ON TUESDAYS 🖥️ Happy Tuesday! It's my second week of my new series - Tech on Tuesdays - where I'm bringing my LinkedIn community some topics that are frequently covered in my client meetings with the tech space. Today's topic is a continuation of last week's - a deep dive of a popular topic: Investment Diversification. 📈 What does it mean to have a diversified portfolio? Well - to understand that, let's take a step back. When we think of the options we have on how we can invest our money, there's 9 different asset classes we can choose from. I tell my clients it's kind of like 9 baseball players on the field, they all have different jobs to do. How silly would it look if all 9 of those players were huddled at first base? Silly as it may sound - a lot of us advisors see just that in our clients portfolios: all the players in one place - or asset class, instead of a diversified portfolio. 📊 What's an asset class? An asset class is a group of investments that have similar characteristics. Here are some examples you may have heard of: large cap, small cap, real estate, commodities.. that's just a few. Depending on your goals, having exposure to multiple or all asset classes can help our portfolio be more diversified - it's like the saying 'Don't put all your eggs in one basket'.❓ How do I know what asset class is right for me? Everyone's favorite finance answer: it depends! It depends on your goals, how much volatility you can handle, and maybe even how much stock you have in other asset classes. As usual, I'd recommend working with an advisor to determine what the best fit is for you.🕶️ Tune in next Tuesday for a post on Retirement Planning!

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When it comes to your finances, is it hard to feel seen? We hear you. That’s why we ask questions that matter and partner with you on every step of your unique financial plan. See how the Northwestern Mutual approach can offer huge benefits for you.

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