A wise young couple came to see us yesterday. They were wise because they took the advice of their wise grandmother who told them they needed the services of a financial planner.
Too often, couples starting out in life take a do-it-yourself approach. There are any number of reasons. But what this means is that they make all the mistakes that amateurs make. And while there is no bill attached, those mistakes are very expensive.
Young couples have lots of financial questions. Questions about spending and saving, about whether to rent or buy a home, how to invest their 401k, what kind of IRA is best, how to create a budget, and how to create a long-term financial plan.
The wise grandmother told the couple that they should find a fee-only financial planner; someone who did more than simply manage money but could help answer the questions that arise from day to day. A financial planner who they could call any time they had a question involving finances. One who would meet with them whenever they wanted. One who had experience in the issues that affected them as they begin building their future.
If you know a young couple like this, you can be like the wise grandmother and tell them to contact us at Korving & Company. We are just the kind advisor they need.
Trouble in Euroland
The Swiss national bank ended its policy of pegging the Swiss franc to the Euro. It had pinned the currency at 1.20 francs per euro for the past 3½ years. It abandoned the cap which led to an immediate increase in the price of the Swiss franc by 30%. Today, the Euro and the franc are trading at par.
What this means is that prices for Swiss goods are higher than they were a few days ago for people outside of Switzerland. That’s bad for Swiss companies and Swiss stocks fell 8.7% as traders worried the stronger franc would hurt Switzerland’s exports. Switzerland’s top exports are gold, medical products, watches and chemicals.
The sudden and unexpected move caught currency traders by surprise and created turmoil in world markets as investors tried to anticipate what the move means.
Stay tuned.
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