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Hi. My name is Laura Scharr-Bykowsky and I am a fee only Certified Financial Planner
professional here in Columbia, SC. I specialize in holistic financial planning and especially
retirement planning. My passion is educating individuals about all things financial. I
think that most people are fearful or perhaps confused due to so much information out there
about investments and financial matters; they don’t know whom they can trust. That is
one of the main reasons I went into the field….I knew that financial literacy was so important
to my financial security. I grew up in a home where we often had to go without and it was
hard to make ends meet. I was fearful of money but also had a healthy respect for it. I built
my own wealth the old fashioned way watching my expenses, aggressively saving and investing
in low cost index funds. I realized that if I could do it anyone could and that I could
help others do the same. My goal as a planner it to first best understand
what my clients wants out of life. In other words, what is their ultimate destination?
I assist people in envisioning their future in concrete terms. This is very important.
Sometimes, they have not thought about how they want to live in retirement, what schools
they want to send their kids to or where they want to live in the future. Often couples
haven’t discussed these goals among themselves. But by envisioning and clarifying these goals,
they becomes motivated and empowered to plan their future; couples are on the same page,
so it reduces the potential for friction in their relationship. Also, when they see the
future in a more crystal clear fashion, they are inspired to act. They become more motivated
to save; and they start making progress toward their goals.
Once we have established these customized goals, we can then begin to map out how to
get there. A common question I receive is “how much money do I need to retire?”
“ will I outlive my money?” Well there is no one number for everyone. Each of us
is unique in our dreams and goals for the future. Each financial plan is as unique as
client’s fingerprint. For example, if you have ambitious travel plans and want to hold
two homes in retirement, your cash flow needs are going to be greater, especially if you
do not have a traditional pension or other guaranteed source of income. You may have
aggressive gifting plans for your children or favorite charity; or perhaps your family
has a history of longevity. All of these factors must be taken into consideration. Financial
planning is more than just your investments; it embodies your life plan—spending needs,
charitable intentions, lifestyle, health etc. all of these factors.
Why do we construct the financial plan? The essence of a financial plan is confidence.
The majority of Americans, especially women, are concerned that they may outlive their
funds. They are perhaps getting a late start on saving for retirement or they need help
prioritizing their savings goals. A good financial plan will set a course for you from now into
the future and address how to best get from here to there. Of course, things change, so
the map will need to get updated. It is a dynamic process not just a one and done. But
the power of the financial process is that it provides perspective and helps keep you
accountable so you do ultimately reach you very important life goals and are able to
experience items on your bucket list and live the life that you always dreamed of. IT is
about making those dreams, whether an early retirement, traveling around the world or
spending more quality time with loved ones, a reality,
How do I invest in retirement? Once your roadmap or path is determined, the
next step is to design a recommended investment strategy. Here the goal is to keep it simple.
The more I find out about investments the more I realize that is it not rocket science.
In fact, you are better off keeping things simple. My main objective is to simplify,
diversify, and reduce the costs of my clients’ investments so more of their money is working
for them. Clearly this is a tough time to invest. Stocks
are overvalued, bonds are overvalued and you are not getting much return from cash. It
is so important to invest in high quality bond funds and low cost stock funds that minimize
the overall risk you need to take. Preservation of capital is perhaps more important in this
environment than growth until we see better valuations in the market place. An integral
part of designing the investment portfolio is to understand the risk profile of each
investor so that they are not taking too much risk if they don’t need to be.
Will you be able to stay invested when markets change dramatically?
Financial planners add value by keeping emotions in check during times of market volatility
during both up and down markets. If you can maintain your emotions both during
market peaks and troughs and rebalance your low cost investment portfolio annually you
will be ahead of over 90% of your peers. This requires selling winners and investing in
the losers in your portfolio which often goes against our instincts. This is something individuals
have a hard time doing so as an advisor I help them do what’s rational.
What is the biggest problem most people make with their finances?
Unfortunately, many Americans either don’t plan much for retirement or wait until the
last minute. This is a common mistake. It is never too early to start. Probably the
best time to start planning for retirement is when you first start working. But if you are considering
retiring in the near future or are just starting out I invite you to take advantage of the
financial planning process. I can help you work through various issues such as:
Show visuals * when you can retire and what your chances
are of success, * when to take Social security and your pension,
* when and how to take withdrawals, * how much to estimate for medical costs in
retirement, * whether or not you should consider long
term care insurance, * how much risk (or exposure to the stock
market) you will need to take to reach your goals.
I’ll help you reduce the cost and complexity of your investments by recommending low cost
funds that you can implement yourself, or if you want professional management, I can
recommend a low cost fee only investment manager to execute a diversified portfolio which is
automatically rebalanced. Providing perspective when you need it most.
Having a professional help you navigate the complex decisions will give you more peace
of mind about your financial life. If you feel frustrated, confused, or just need some
perspective regarding where your finances stand, I invite you to give me a call or email
me to get the process started. (Show numbers and logo and tagline).