The ultimate savings machine
Running Point and its chief investment officer, Michael Ashley Schulman, CFA, were quoted by Investor’s Business Daily in an article — by Paul Katzeff, “Cut Back Booze, Add $70,000 To Your IRA Over 10 Years” — regarding New Year’s resolutions and saving for retirement.
Reduce expenses, spend better, boost savings — even with a fast car!
In general, for safe drivers, right sizing your automobile insurance deductible as well as all your other insurance needs — including private placement life insurance (PPLI) where appropriate — can be effective for increased monthly savings.
Proper financial planning probably means that you already save appropriately, so your new found gains can can be applied directly to a favorite charity, investments, travel, or entertainment. Review expenses, create efficiencies, cut subscriptions, simplify routine, reduce complications, conserve, and have fun!
Quoted article excerpts are below:
Sure, you love your car. So did a client of Michael Ashley Schulman, chief investment officer of Running Point Capital. The southern California woman is a health care professional in her early forties. She recently sold her “gently used” 2020 Porsche GTS convertible at a profit. Her new wheels are a roomier BMW M4 convertible. “She will save nearly $170 a year in California DMV registration fees and approximately $200 a month on insurance coverage,” Schulman said. “The BMW is less expensive. And she raised her deductible. First-year net savings should be around $2,570. Win, win, win!”
New retirement savings: $2,570 annual contribution grows into $38,536 in 10 years.
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-23-03