All in Life Goals

Talking Financial Planning, Family and Takoma Park

Talking Financial Planning, Family and Takoma Park

David Creekmore
Values, Life Goals

Lifetime Financial has morphed into something more important to me. My wife, the mother of my two daughters, died from breast cancer in 2012. We spent the years before she passed travelling to over 40 countries with our young girls. It was financially risky, but we did it anyway. I would have a larger 401(k) now if we hadn’t, but who cares? We have stellar memories and stories with her. I’m trying to keep that ethos alive with clients. Last year I became a Registered Financial Life Planner with the Kinder Institute. I learned how to encourage clients to do fulfilling things they might otherwise have been afraid to do because of money fears. I still develop a safe, smart plan for retirement, but together the client and I find balance that leads to a flourishing life.

Estimating the future cost of college

Estimating the future cost of college

David Creekmore
Common Questions, Life Goals, Education

College has a big impact on a family’s long term finances. It’s a large expense that comes relatively quickly in the family financial lifecycle, so there isn’t a lot of time to see salary improvements and allow for beautiful, beautiful compound interest to do its magic. Most of us know college prices have gone up a lot faster than the Consumer Price Index, our general benchmark for inflation. But how much faster? What should you and I assume today about the cost of four-year college in 18 years?

A better way to manage your emergency fund.

A better way to manage your emergency fund.

David Creekmore
Life Goals, Common Questions

The question I get the most is ‘Should I invest my emergency fund in the stock market?’ Bank interest rates are at all-time lows and are not rising with interest rate hikes any time soon. Banks have enough consumer deposits and don’t need to compete. With inflation surging and the S&P 500 returning a blistering 14.36 % for the last 10 years, it’s painful to see your .5% bank account lose money in real terms.

Pursuing "enough" is harder than pursuing "more."

Pursuing "enough" is harder than pursuing "more."

David Creekmore
Life Goals, Values, Estate Planning

Imagine you pass away and leave $75,000 in a bank account (approximately the median inheritance for the 50th-90th percentile of total wealth.) That sum represents money you didn't you didn't need to earn, right? Effectively, says author of 'Die with Zero' Bill Perkins, you worked for 'free'. I would add you might have missed out on experiences (like travel) . You could have taken an amazing safari or two with that money!

Some things cannot be adequately explained to a virgin.

Some things cannot be adequately explained to a virgin.

David Creekmore
Investing, Life Goals, Common Questions

The other week, a client called me from Mexico on her new vanlife journey around North America. She has modest assets and is trying to define herself less by her job, which she is doing part-time remotely. I’m proudly responsible for the financial plan supporting her life goal. I mentioned to her that the US stock markets were down over 11%. “Oh yeah, look at that,” she said, reviewing her online statements, with interest but not worry. If, like her, you were living your best life last month and not paying attention to the stock market, kudos. It’s not good for investor health or wealth to pay close attention to stock market returns.

You won't believe how much your pension is really worth.

You won't believe how much your pension is really worth.

David Creekmore
Retirement, Investing, Life Goals

On a coarse level, it was the German Empire under William I and Otto von Bismarck that created the first general (non-military) welfare program for older workers introducing the concept of retirement for the working class. It was a plan, along with mandatory health insurance, to counter growing support for Marxism. One would get a modest pension from the state at age 70, a seemingly cynical choice for a population with a life expectancy in the mid 40’s that was declining.

How will you change your life?

How will you change your life?

David Creekmore
Life Goals, Values

My favorite book last year was the “The Myths of Happiness” by Sonja Lyubomirsky. In a year end ‘best of’ post, the website and magazine Financial Planning featured my book choice along with the favorite titles of a dozen other planners. Having come through my own tough life events, I opened this practice wanting to help people on a deep level.

Eating your own dog food

Eating your own dog food

David Creekmore
Life Goals, Values

I want to travel more with my girls and one of the things we love is to scuba dive. So, I made the decision to go with both on a trip last summer. It felt financially scary because my risk-averse brain was telling me not to take a not-cheap vacation right then.

But I treasure the time spent traveling with them more than anything on the planet. Travel is what we do, it’s our identity. As my coach said: “What possibly could get in the way of something that important?”

Job satisfaction > salary?

Job satisfaction > salary?

David Creekmore
Life Goals, Values

How much of a pay cut would you take to be more job satisfied?

A 2016 study of nonprofit professionals in the UK from 2016 estimated that individuals would need around 22,000 GBP or about $30,000, to make them equally ‘happy’ were they to take a job outside the nonprofit industry. Aside from the crass economics of equating a degree of happiness with a dollar of income – it’s a provocative thought experiment.