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Jerry Citarella: Reflections of this year

Posted: December 4, 2012 2:00 a.m.
Updated: December 4, 2012 2:00 a.m.

As we approach the end of 2012, I thought it might be good to review. I was looking at some of my past columns and found some lines I either liked or thought were important. This year went fast, as they all seem to pass quickly lately. In case you missed my columns, here are some excerpts I’d like to share again.

- What happened? How could I have been so wrong about what it really takes to make it? Here’s the answer. You just don’t know what it actually takes to accomplish some things until you’ve been there.

- Regardless of your past decisions, you can move forward from wherever you are. Just forget about what’s gone on before.

- Now, more than ever, many “financial planning” or “retirement” seminars are product-specific. They’re using the event to draw people in but only end up promoting one or two specific products.

- When looking for a professional to add to your team, ask like-minded individuals with similar value systems. Talk to successful professionals. Ask whom they use, or whom they’d recommend.

- It’s time we take our futures into our own hands. Simply put, we must plan to live a very long life without help. If we receive assistance, that should be considered a bonus.

- Long Term Care could be the last thing you ever experience during your lifetime and it would be horrible if the experience was anything worse than it had to be — for you or your family.

- A tax refund is nothing more than the IRS giving you back your own money, based on overpayments made throughout the year. I know it feels good to get a check or a deposit into your account, but it doesn’t make financial sense.

- In simple terms, a living trust is a document that, when created, can effectively hold or receive your assets. It’ll hold them while you’re alive and it can receive them once you’re deceased. While alive, control of the assets can remain yours, but having them held in trust allows them, amongst other things, to pass to your heirs without probate, upon death.

- Company-sponsored retirement plans are a lot like Q-Tips, Band Aids or Kleenex. Each of these is actually only one brand of a particular product, but entire product lines are often referred to by these well-known names. How many times have you said “please get me a Kleenex?” It’s not a Kleenex; it’s a facial tissue, just like it’s not a Q-Tip; it’s a cotton swab. You get the picture. This also often happens in the world of finances and insurance.

- “We can’t all be in the parade. Some of us have to sit on the curb and clap as they go by.” It’s okay to clap for others and hopefully they’ll clap for you when it’s your turn. If you’re surrounded by people who won’t clap as you go by, maybe you’re in the wrong parade.

- …“keeping up with the Joneses.” I’ve mentioned it before. This concept simply refers to those who spend beyond their means; always trying to have things that are better or more expensive than the people around them. This never-ending battle leads nowhere.

- A definition of the word procrastinate is — To put off doing something, especially out of habitual carelessness or laziness. Even more to the point, is — To postpone or delay needlessly.

- Every new moment represents an aspect of your future. At the same time, collectively, these moments also eliminate a portion of your future by becoming your past. Time doesn’t stop because you can’t commit. Opportunities do. Time is one thing we have less of every moment and wasting it can be devastating.

- Referring to a very comfortable retirement: This has to be something you believe in and you can’t care what other people think, do, or have. This is your future and your responsibility. You can do this!

Thank you for reading and be sure not to miss a word in 2013. Knowledge is power and “The Truth Helps!”

Jerry Citarella is the owner of Infinity Wealth Management 23734 Valencia Blvd., Suite 301, Valencia, 661-255-9555, ext. 11. He is also the author of The Truth Helps Series of financial planning books. Citarella’s column reflects his own views and not necessarily those of The Signal. Submit questions to: Securities and investment advisory services offered through NEXT Financial Group Inc. Member FINRA/SIPC. Infinity Wealth Management is not an affiliate of NEXT Financial Group Inc.


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