How to Accumulate Your First Million Dollars

Hello from Sycamore,

The looming question out there for many is how do I save a million dollars? Starting off it may seem impossible, but we are here to tell you that with dedication, a strict budget, and time it is possible. It is also important to note that you do not have to make “a lot” of money for this to be possible. The earlier you start investing, the easier it will be.

Three main factors influence how quickly this aspiration might be attained and they are investment time horizon, contribution amount, and investment rate of return. We realize that some of you reading this have already reached one million dollars of investment assets, but for those who have not, let us look at a few different scenarios to see what it takes to accumulate $1,000,000 in a portfolio.

To oversimplify, we will assume a 10% rate of return on your investment compounded weekly.


As you can see, the earlier you start the less you will need to save weekly. Other important factors will come into play and this should be discussed with a financial professional. Please feel free to call us with any questions or concerns!

As always, we would love to hear from you! Please reach out with any comments or concerns you may have.

Thank you for your business and trust,

Brent Yard
Sycamore Financial Group

*** Taxes and portfolio turnover are not accounted for in the above example. All investment strategies and investments involve the risk of loss. Actual investment returns may vary. This article is distributed for general informational and educational purposes and is not intended to constitute legal, tax, accounting, or investment advice. The information, opinions, and views contained herein have not been tailored to the investment objectives of any one individual, are only current as of the date hereof, and may be subject to change. Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional to assess where the ideas or strategies that are discussed are suitable based on your own personal financial objectives, needs, and risk tolerance. ***

 

By |2022-07-21T12:10:49-04:00May 12th, 2021|2021 Newsletters|0 Comments

Taking Care of Your Family

Hello from Sycamore,

Each year as we have our annual meetings with you, we revisit the question(s) do you have a last will and testament (will), living will, healthcare power (HCP), and/or power of attorney (POA) documents. Having these documents in place not only gives you peace of mind knowing that your future wishes will be carried out, but they can also help a worried family during difficult times.

Last Will and Testament

Your last will and testament provide instruction on how your assets will be distributed upon your death. You may assume that upon dying, your possessions that are part of your estate (i.e. non-beneficiary assets, possessions, etc.) would transfer to your spouse or next of kin if not married, but this may not be the case. Without a will, your estate may be distributed based on the laws of your state of residency when you pass. For example, in Indiana, if married with children, your spouse inherits half of your estate and your children split the second half.

Living Will

A living will provide instruction on life-sustaining/medical care for you should you become incapacitated or unable to answer questions regarding your medical care. You may understand what treatments you would prefer (i.e. do not resuscitate, donate organs, etc.), and having a living will in place serves as a directive to help those you love to understand your wishes.

Health Care Power & Power of Attorney (HCP & POA)

It is important to have a trusted individual who can legally make decisions on your behalf if you are unable. An HCP gives an individual the ability to make health care decisions on your behalf. A springing POA becomes effective if you become incapacitated. These documents typically become effective after it has been deemed that you require some help in making health decisions.

As opposed to a springing power of attorney you may consider implementing a durable POA, this becomes effective once you sign the document and continues to be in effect if you are incapacitated.

As always, we would love to hear from you! Please reach out with any comments or concerns you may have.

Thank you for your business and trust,

Brent Yard
Sycamore Financial Group

***The information contained in this article does not, and is not intended to, constitute legal advice. Instead, all information and content in this article are for general informational purposes only. Neither Sycamore Financial Group, nor any of its employees have a legal background, are trained in the law, or practice law. Please consult an attorney before making any decisions based upon the material presented in this commentary. Only your attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your situation.***

By |2022-07-21T12:25:26-04:00October 7th, 2020|2020 Newsletters|0 Comments
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