Dunston Financial Group Featured in MagnifyMoney.com – 7 Money Rules Freelancers Should Live By

Dunston Financial Group Featured in MagnifyMoney.com – 7 Money Rules Freelancers Should Live By

Dunston Financial Group was recently featured in a short article over at magnifymoney.com. The article is about cash flow management strategies for freelancers and people who are self-employed. The article offers up the following 7 tips: Base your budget on your lowest grossing month Set your lifestyle now Anticipate large expenditures Always plan ahead for taxes Have multiple income streams Save at least a year’s worth of expenses Make sure your money is working for you You can read the entire piece over at...
How Your Relationship Choices Might Dictate Your Money Habits

How Your Relationship Choices Might Dictate Your Money Habits

Writing for CNBC Money, Ester Bloom explains that it wasn’t her financial savvy that helped her save $100,000 for a new apartment while only earning $30,000 a year in New York City. Instead, she maintains, “the most important decision I made was to surround myself with like-minded people, both romantically and socially.” This is interesting. I’ve long known that the core tenets of financial success are simple: Be frugal; save money; and, invest your savings. But what if you’re in a relationship where a partner doesn’t share the same values of frugality, or what if your friends are always encouraging you to spend more? As Bloom asks, “What good is a minimalist mindset, after all, if you’re living with someone who eats out two or three meals a day? Eventually you too will succumb to Seamless.” There are really important aspects of finance and investing that we in the financial advisory business broadly understand to fall under the rubric of behavioral finance. I suppose this would be a good example of a behavioral finance topic. What fascinates me, however, is that it’s not just the individual’s behavioral patterns that have a bearing on one’s financial health, but also the behavioral patterns of those in one’s direct social circle. We often hear of the importance of emotional, sexual, and physical compatibility in relationships, but what about money compatibility? According to Bloom, money compatibility is paramount: This is what relationship advice-types mean when they say to make sure you’re with people who share your values. If you want to be an ant, don’t shack up with a grasshopper. Don’t even go out drinking...
The 21 Questions You’re Going to Need to Ask About Investment Fees

The 21 Questions You’re Going to Need to Ask About Investment Fees

Dunston Financial Group is excited to announce that we were recently featured in The New York Times. Working with Your Money columnist Ron Lieber, we helped contribute to his article “The 21 Questions You’re Going to Need to Ask About Investment Fees”.  In light of the new Administration’s desire to delay and potentially do away with the Department of Labor’s Fiduciary Rule, we had an opportunity to talk about the ways in which consumers would benefit from the Fiduciary Rule, and how consumers can protect themselves against excessive financial services fees. The fiduciary rule ultimately comes down to the fact that some people are making a lot of money at the expense of other people who have no idea how much their adviser is getting paid,” said Lynn M. Dunston, who runs a financial planning firm in Denver, where the only fees he earns come directly from clients. Also, be sure to check out our blog article that was featured in the article as it provides some helpful context behind some of the issues that were...
5 Things Couples Should Discuss about Money

5 Things Couples Should Discuss about Money

  Do you ever find it difficult to talk with your spouse or partner about money? When meeting with clients, we regularly find that couples have very different perspectives on money. This is often due to the variegated ways in which each partner’s parents handled money; other times it’s a result of personality, and sometimes it’s due to partners having very different careers and personal interests. In any event, talking about money in a relationship is important, and Ashley Marcin over at Wisebread.com offers up five important questions every couple should be asking: 1. Where Is Our Money Going? 2. How Do We Each Deal With Money? 3. Should We Bank Together — Or Not? 4. How Can We Save for Something Big? 5. What Do We Want Our Future to Look Like? Point number one is important. Financial success begins with an understanding of what’s going on in one’s finances. If one spouse or partner has no idea where funds are or where they’re going, this can lead to relational frustration. To help with this, Marcin suggests that couples find some time to simply talk about their spending patters: Take some time — over candlelight and wine, perhaps — to delve into your check registers and online accounts. Do you see any patterns? Were you both aware that all that money was going toward the groceries each week? Or what about those online magazine subscriptions? Unused gym memberships? You may be able to quickly spot some areas that need work before they turn into shouting matches. Communication is key. Many couples come from families where parents never talked about...
Where People Go Wrong with Their Understanding of Money

Where People Go Wrong with Their Understanding of Money

  Scott Sonenshein, Management Professor at Rice University, gets it right when he points out that people often misunderstand how money relates to their broader life goals: People often misunderstand that their relationship with money and how they manage their personal finances don’t exist in isolation of their well-being and the pursuit of their life goals. Since money is a component of our well-being, and a means to supporting our life goals, it warrants careful consideration. […] Too often we mindlessly chase after money (and lots of other things too). Sometimes the pursuit of more money might lead us astray from a meaningful goal, such as having enough time outside of work to enjoy family and friends, or the pursuit of a deep interest, such as learning a new language or how to play an instrument. There are even times when we’re so focused on accumulating money that we miss opportunities to do things that would bring us real pleasure, such as a barbeque with friends or a playing a recreational sport. This is something we talk with our clients about every day. In fact, helping people understand where money fits within their broader objectives and values is one of the greatest ways a financial planner can help, and this is why it’s a critical part of our own financial planning process. Again, Sonenshein, is spot-on when he says that “The best way to figure out the role of money is to reflect on and define our life goals.” This is important because it not only helps one have a holistic view of money, but it also can drive important tax, investment,...