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A couple of summers ago the online news brought the wonderful story of a Brattleboro, Vt., janitor and gas-station attendant named Ronald Read, who died in 2014 at age 92, having quietly saved $8 million (here’s how). When the will was finally probated, neighbors learned that the unassuming man driving to the store in his second-hand Yaris had left $6 million to his local library and hospital.
When you’re making minimum wage, the concept of stashing away $1 million (much less way more) for retirement might seem like a pipe dream. After all, the federal minimum-wage rate has been stuck at $7.25 an hour since 2009. Over the course of a 40-hour workweek, a minimum-wage earner is only bringing in $290 – just over $15,000 a year. (For more, see Can a Family Survive on the U.S. Minimum Wage?)
Wealth industry experts say a growing recognition of the value of rigorous tax efficiency across household accounts gives traditional financial advisors a potential advantage over no-frills rivals. This article, the second part of a two-part series, looks at ways advisors use off-the-shelf and purpose-built technology to provide comprehensive advice for entire families. If you are unable to follow the link, please Click Here for a PDF Version.
A hurdle rate is the minimum rate of return on a project or investment required by a manager or investor. The hurdle rate denotes appropriate compensation for the level of risk present; riskier projects generally have higher hurdle rates than those that are deemed to be less risky. In hedge funds, the hurdle rate refers to the rate of return that the fund manager must beat before collecting incentive fees.
On its own, the request for an extra $5,000 a month wasn’t particularly worrisome. But the financial adviser’s internal alarm bells went off when his longtime clients, a wealthy couple in their late 50s, said they’d need the cash indefinitely.
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