mike@theterriogroup.com | 772-807-4628
Date: Saturday, November 12, 2011
Tee Time: 1PM Shotgun, 11:30 AM Registration
PGA Country Club
Husbands and wives increasingly are switching the traditional roles of breadwinner and household manager. But many of them haven't followed through with an appropriate financial tune-up.
In recent decades, women have outpaced men in education and earnings growth. According to the U.S. Census Bureau, some 29% of wives in dual-earner couples brought home more pay than their husbands in 2009, the most recent data available. That's almost double the 16% figure in 1988, when many of today's 40-year-olds were finishing high school.
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Once you have the income needed to sustain your current lifestyle, focus on liquidity, says Michael G. Terrio, investment advisor representative and president of The Terrio Group. "When it comes to liquid assets, it is much more important that you have a reserve liquid rather than trying to become a millionaire overnight, says Terrio. "This money needs to be available for short-term expected, yet unexpected, events, including car repairs, short-term medical events or potential loss of income. It doesn't make financial sense to pay 28% [credit card] interest on a car repair when they could have planned for the inevitable."
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Mike Terrio, president of The Terrio Group, says annuities' lifetime income guarantees and upside growth potential are real benefits. But the biggest advantage of annuities is that they allow you to save money on a tax deferred basis, says Weisman. Unlike other tax deferred investments, such as IRAs and 401(k)s, there are no annual contribution limits.
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