Kathy Roeser is the Executive Director/Wealth Advisor of The Roeser Group, Morgan Stanley.
Here’s her best advice to take control of your finances:
What can I do today in 30 minutes or less to take better control of my finances?
Sit down with a blank piece of paper in front of you, and do a quick back-of-the envelope calculation of what you spend every month—and on what. Multiply that by 12 to get a rough idea of what your annual expenditures are. Then add up your annual income: salary, investment income and money from any other sources. Now, turn the paper over and write down your top five goals in life. Are they to send a child to college? Buy a new home or second home? Start that dream business? Take a safari in Africa? Or retire to your idea of paradise? Whatever they are, list them in order of importance. Then pick up the phone and make an appointment with a financial advisor. The information on the paper in front of you, combined with some professional help, puts you on your way to creating a real financial plan.
How can I make my charitable gifts have the most impact?
Most of us want our giving to count. Taking the time for self-discovery, by discussing your values, motivations and ultimate goals for your charitable gift with your family and prospective nonprofit grantees can help you shift your philanthropy from being merely transactional to transformational. A transformational gift is when it transforms not only the recipient, but you, too, because of your involvement in the project and the joy you experience from the results. For your gift to achieve the most impact, you need to be transparent and candid with the recipient organization. Ensure you receive simple, clear, relevant reporting on how your gift is being used and leveraged. Make sure you are specific about your expectations for timing, numbers, recognition and that the gift will be leveraged (many other donors will be solicited to follow your lead).
Unless the gift is very significant, it’s usually not necessary to require detailed reporting. Regular updates, a site visit and conversation with leadership can usually give you enough information to know your gift is making an impact.
