I was asked to speak about Financial Empowerment for Men at the Infinity Diamond Club’s We are One conference in Durham. While a lot of the discussion focused on different kinds of finances, we also laid out the basics of a good life and estate plan. As we went through different topics, I was struck by the big misconceptions out there regarding finances and what we are “supposed to do” for retirement and, eventually, inheritance.

When it comes to finances for retirement, there is a large misconception that the best way to save for retirement is to max out your 401k and keep other investments in the stock market until the day you retire. Then, to provide more financial security, some or all of the stocks are liquidated and put in bank CDs and the 401k is rolled over into an Individual Retirement Account. This strategy is widespread, and it fails to address numerous financial possibilities. For example:

For some, these items are not huge revelations, but to others they may simply have never considered them before. There is a saying that knowledge is power. Actually, applied knowledge is power, so if you need more information on these or other subjects, seek out professionals who can help.

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