Financial Advisor Shares Tips On Investments For Long-Term

Joseph Ward, is a licensed financial advisor, share tips on investments. Photo by Bennie Watkins.
Joseph Ward, is a licensed financial advisor, share tips on investments. Photo by Bennie Watkins.

Financial Advisor Shares Tips On Investments For Long-Term

By Tia Carol Jones

Joseph W. Ward has been licensed in investments and savings and life insurance for 27 years. He educates middle-income families on the importance of saving for retirement and life insurance. Or, as he called it “living too long” or “dying too soon.”

Ward believes that setting aside money on a daily, weekly, monthly basis, is the best way to save for future retirement, which sets people up for their long-term needs. He also believes that the proper life insurance sets people up for their short-term needs.

Ward said strategies for unlocking financial independence include life insurance, specifically term life insurance, and investing. He said the best way to invest is through mutual funds. He said those starting out with investing can do so with their 401(k) and for a regular mutual fund, people should look for a Roth IRA. He said a Roth IRA allows people to have tax advantages to invest for their retirement.

“If a person puts money into a Roth IRA, it will grow tax free, and as long as they wait until they are 59 ½ to access the funds, they will have tax free withdrawals,” he said.

Ward warns against investing in an insurance program to save money. He said the average insurance program is only going to yield 3% to 4% rate of return. He said while on social media platforms there is talk that with an Index Universal Life you can get 8% or 9% rate of return, it is inaccurate, it will not come to the client’s account and benefit the client.

“After the fees, after the administrative charges, after the surrender charges, all of the various charges, it comes back to what I said before, 3% to 4%,” he said. He added, if the same client put the money into a mutual fund, with a Roth IRA label, they could get 10%-12%.

When it comes to cultivating a mindset that leads to long-term success, Ward advises having a consciousness behind money and to study. He said looking up resources that are non-biased – the person that is giving the advice are not trying to sell anything – is the best place to start. He recommends Dave Ramsey and Suze Orman as financial advisers who have resources that are very helpful. He said books like “Rich Dad, Poor Dad” by Robert Kiyosaki and “The Millionaire Next Door” by Thomas J. Stanley give simple principles for people to follow to educate themselves.

Ward said even with following people like Orman and Ramsey and reading the books he recommended, people still need to find a financial advisor or financial coach who is licensed in life insurance and investments. He said finding advisers and coaches licensed in both areas means they will have someone who is an expert on both areas. He advises people, even when on social media looking for financial experts to follow, to find people who are licensed. He also believes that people should look for people who have a certain level of experience and an extensive timeline.

“Someone that has experience, has seen the ups and downs of the market, their recommendations and wisdom is going to be a little different than somebody that’s a little newer,” Ward said.

Ward wishes people knew the difference between investing in stock and investing in mutual funds. Investing in stocks is investing in one company, investing in mutual funds is a collection of companies. He said there is more safety and security in investing in mutual funds. He advises investing in stocks after the basic level investing is done. He said that while people can lose money in the market, they can make that money back and more. He advises that people shouldn’t get nervous and pull their money out. He also advises that people start as early as possible on their investment journey. He said people have to develop more of a saving mindset and less of a consumer mindset.

For more information about Joseph W. Ward, visit Instagram.com/Joewardpfs84 and facebook.com/josephw.ward.

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