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Annette’s Greatest Hits: Music and Money

Summertime is my favorite time of the year for all of the obvious reasons – especially because it means a break from the chilly temperatures that Chicago is known for. It also means a lot of great live music. My husband and I love live music. Whether it’s a big name act rolling through town for an evening or a local band strumming away at a street festival, we love the energy of a live performance. I already have tickets for this summer’s Guns N’ Roses reunion tour and my husband can’t wait for The Rolling Stones.

As my Spotify playlists have started cranking the summer jams, it suddenly occurred to me. There is a financial how-to in every song I love. And so, I share with you some killer tunes – each one boasting an underlying message of fiscal responsibility.

  • 1

    1999 by Prince

    Party like it’s 1999. But don’t invest like it.

    When was the last time you reviewed your investment strategies and compared them to the most recent iteration of your life goals? If it was 1999 (Or anything more than then 1-2 years ago,) we should talk. A plan that never changes might as well not even exist. There is no business strategy in the world that has remained effective – without tweaking – for decades. Your Estate Plans are no different. The financial world is ever-evolving and your investment strategies need adjust to maximize the times. They are living documents. So, while I too love nostalgia and want to party like it’s 1999, I don’t want my financial strategies to be stuck in the same era. And neither should you.

  • 2

    Sweet Child O' Mine by Guns N' Roses

    Children and IRAs. Start ‘em young.

    Now that your sweet child is has the summer off and is working to earn spending money, it might not be a bad idea to redirect some of that summer income into a Roth IRA. The long term tax-free* compounding affect can be amazing. A little investment now can reap big rewards later.

  • 3

    Love In An Elevator by Aerosmith

    Love and money – before you both go down…..

    So you’ve met the love of your life!? Congratulations. And while the pillow talk stage is so sweet, don’t put off having an open discussion about merging your assets. It’s an easier conversation the sooner you have it. The more entangled your financial lives get, the harder it is to have a matter-of-fact conversation that stays fair and focused. If you are embarking on a second marriage, you may want to consider a prenuptial agreement. They are not just for the super-wealthy any more. If you have kids from a previous marriage, it is especially important to protect their potential inheritance and keep it separate from the life that you are creating with someone new. In either case, talking about money goals is always important.

  • 4

    Gimme Shelter by Rolling Stones

    Protect yourself from the (financial) elements

    Don’t put off a regular review of your homeowner’s, auto, and liability insurance. The scope of your life and the breadth of your assets are always changing and your insurance policies have to protect what you have now…not just what you had yesterday.** I have found that many people are underinsured with their umbrella liability insurance and don’t understand the coverage they have on their homes and autos. If you were sued or had a huge flood or fire – things that could happen any time – sheltering yourself from these threats is invaluable.

  • 5

    Crazy Train by Ozzy Osbourne

    Loss of mental capacity is a real concern. Alzheimer’s or Dementia could happen to any of us. It’s easy to think that everything will be fine in the future, but of debilitating mental conditions are becoming more common and planning for their potential onset now is more important than ever.

    It’s more than discussing future plans with your siblings regarding who will take over if Dad starts to lose his edge. You should be talking about all of it. What do different members of your family consider “loss of mental capacity”? Are you all on the same page? What does the “like to have,” and “need to have,” criteria surrounding a parent’s care. Do you all envision a similar approach to care? Can your parents – or you – afford to fund the care that you think to be appropriate? These conversations are hard, but they are most effective when had before a mental illness takes hold and keep you and your immediate family feeling confident in one another when and if this situation affects your family.

  • 6

    Don’t Stop Believin' by Journey

    This is the greatest feel-good tune ever and I always feel pumped after I hear it. Who doesn’t? But what I can’t stress enough is that believing in yourself is one thing – but preparing for your future with a financial plan is taking your faith in yourself and in your future to the next level. You will make it big. Your dreams can come true…and planning for the future is how you can treat yourself like you really believe yourself.


    *Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Otherwise, taxes and 10% penalty may apply to earnings withdrawn.

    **Insurance guarantees are based on the claims paying ability of the issuing company.

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