Russ Blahetka

CFP®
Personal Finance, Investing, Lifestage Based Planning
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“Russ Blahetka, founder and Managing Director of Vestnomics Wealth Management, is committed to providing his clients with personal financial planning, investment management, and other wealth management services on a fee-only basis.”
Firm:

Vestnomics Wealth Management, LLC

Job Title:

Managing Director

Biography:

Russ Blahetka, CFP® is the founder and Managing Director of Vestnomics Wealth Management, an independent, fee-only, Registered Investment Advisory firm serving individuals, families, and self employed individuals. He founded Vestnomics on the simple concept that everyone has the right to achieve their financial goals. Prior to this, he was a Financial Advisor and District manager at Waddell & Reed.

At Vestnomics the focus is on the human side of finance. Together, Russ and his team cut through the jargon and media noise and focus on the personal, human aspect of their client's finances. Vestnomics is a personal, economic advisor. The fee structure for the firm is transparent and reasonable. They offer hourly or flat fee for financial planning and also offer assets under management based fees. Russ' clients receive regular communications on their portfolio's performance as well as timely updates of market conditions. All advisors at Vestnomics are bound by the CFP® Board's code of ethics. This means Russ and his team are bound by the "best interest" standard, not the less strict "suitability" standard.

In addition to helping clients towards their goals, Russ teaches "Investments in Personal Financial Planning" at the UC Santa Cruz Extension. Additionally, he teaches "Financial Statement Analysis" in the extension's CPA and Business Administration program. Outside of his professional endeavors, he can be found taking lessons in an Evektor Sports Star working towards his Sport Pilot License. Furthermore, he serves on the board for Title IX Media, an organization which promotes gender equality in sports, and the Academy of Finance at Independence High School.

Education:

DBA, International Business, Argosy University
MBA, Global Business, San Jose State University

Assets Under Management:

$14 million

Fee Structure:

Fee-Only

CRD Number:

4547259

Disclaimer:

Information contained in this posting is informational and educational in nature. Do NOT take information provided here as legal, tax, or investment advice pertinent to your specific situation. Any information posted here is not a solicitation of any type, nor does it constitute an opinion on the appropriateness of any investment either in general or specific to the reader's situation. Do NOT act on any information or answer without obtaining legal, tax, and/or investment advice  specific to your situation from an appropriately licensed professional.   

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    Debt, Retirement Savings, Insurance
Did I make a mistake by choosing to invest in Whole Life insurance?
100% of people found this answer helpful

Hi,

You don't say whether you are married, have children, have a job that offers some life insurance (should not be your sole source for protection), etc. That said, I believe most young adults should have some life insurance if only to cover final needs and reduce the stress on their parents/spouse/SO. At 24, having some term is a good thing. Having some form of whole life can be a good thing as well as it is something you will never lose if you keep up the premiums. Later in life, you may not qualify for life insurance due to health, but you will have some money set aside for final needs, etc.

Notice, I didn't discuss whole life as a 'bucket' for retirement. This is, in my opinion, an inefficient use of money. There are, as with anything, reasons to use a whole life policy for some purpose like this, but it should only be considered once you have taken advantage of other vehicles available such as your company retirement plan, a ROTH or traditional IRA, your emergency fund, etc., AND if you are in a high enough tax bracket to make such a policy more tax efficient than other vehicles. Also, the traditional whole life policy generally pays a low fixed interest. Other types of whole life, such as Universal life or Variable Universal Life, may be a better choice based on time horizon. However, remember, the main purpose of any life insurance is to provide cash to your beneficiaries.

Unfortunately, as you realized, if you stop paying on the whole life policy, you will lose at most the premia you paid. However, if you consider what you could do with the money (fully fund your retirement contributions, start a nest egg, etc.), it could be a better choice than continuing to make payments.

Insurance is an important part of anyone's financial life. It helps shift risk to provide protection to your property and loved ones. As with any tool, it works best when properly used. You may want to sit down with a non-commissioned advisor (may cost you some money now but could save you more ongoing) for a second opinion.

Good luck

April 2017
    IRAs, Taxes
What is the tax withholding percentage for IRA distributions to Non-Resident Aliens?
100% of people found this answer helpful
last month
    Debt
Should I use my retirement funds to payoff my debt?
86% of people found this answer helpful
September 2016
    Financial Planning, Retirement, Investing
Should I continue to invest in the long-term market?
80% of people found this answer helpful
September 2016
    Personal Finance, Investing
What is the best way to invest the extra money I was using for my loans?
75% of people found this answer helpful
August 2016