Category Archives: Finance

NY and Miami Mayors Want Bitcoin Paychecks

Newly-elected New York City Mayor Eric Adams, and recently re-elected Miami Mayor Francis Suarez both want their first payments as mayor to be in cryptocurrency.

Photo care of Antana

Adams made his announcement on social media, saying that he would like to have his first three months’ worth of salary transferred to him in the form of bitcoin. Since the currency’s launch in 2009 it has been extremely volatile—from about $1,000 at the end of 2013 to $66,000 in late 2021, with lots of ups and downs in between.

Both Adams and Suarez want to make their respective cities “the center of the cryptocurrency industry” and “a hub for cryptocurrency innovation.”

“In New York we always go big, so I’m going to take my first three paychecks in bitcoin when I become mayor,” wrote Mr. Adams on Twitter

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Adams was elected in early November 2021 as New York’s second Black mayor.

Suarez established in August 2021 a new cryptocurrency called MiamiCoin, run by an non-profit organization called CityCoins. The group sends 30% of the value of the currency that is created on someone’s computer to Miami. So far the city has raised over $7 million in this way.
Adams stated that he would like to create a similar non-profit as well.

Money Management during dual crisis

How to Manage a Dual Crisis: Coronavirus and Market Meltdown

The CEO of Source Financial Advisors, Michelle Smith, has issued several suggestions for how the financial community can endure two conflating situations: the economic fallout of the coronavirus and market declines.

Be in Touch

Use technology to maintain contact with clients. Video platforms should be utilized as much as possible to offer a face-to-face personal interaction. While working remotely may mean that things are a bit more casual, it is important to keep things professional.

Be Authentic

The need to maintain decorum and professionalism notwithstanding, it is also important to be genuine with clients. They want to know that their money is in good hands, but they also want to have a sincere conversation about life. Start and end every conversation with a client by discussing their wellbeing. Ask how they are managing and feeling. Give them the assurance they need. Show them that you care about their physical, mental, and financial health.

Michelle Smith advises maintaining professionalism alongside authenticity during these trying times.

Be Pro-Active

When things are uncertain it is tempting to switch to preservation mode. We have a fiduciary responsibility to do our best for those who are already clients; we may not have the bandwidth to grow our business. But as we focus on the clients we have, we should also maintain business contacts and relationships that can help our business in the future. Look for opportunities in various sectors and actively pursue leads.

Be Thoughtful

Clients are worried about a lot of things right now. It is the job of financial planners and economic advisors to ensure that money is not an additional concern. The current health concerns coupled with economic uncertainties present people with two extremely basic fears: being alone and broke. Now is not the time to overwhelm clients with statistics and trends. Listen closely to what the clients are saying and what they feel most comfortable with at this time. This is unchartered territory for everyone. Every individual, business owner, team leader, and industry specialist is figuring out how to navigate these uncertain times. In the money management field, being attentive, genuine, forthcoming, and caring is the best business practice right now.

How to Find a Financial Adviser

Managing your finances comes naturally to some; to others it’s a real struggle. If you’re not someone who is naturally savvy with investing or finances, you might consider hiring a financial adviser. But is this an appropriate thing to do for your age bracket and your financial bracket?

When Is the Time Right to Hire an Adviser?

Certainly, anyone and everyone could use financial assistance. Realistically, however, hiring someone can be time consuming and expensive. It’s important, therefore, to do a cost/benefit analysis for yourselves and to see if it’s really time to hire someone. Some of the reasons that you might consider hiring an adviser include that you feel lost with your finances and want a more clear understanding of your financial future; you don’t want to have to deal with this aspect of your life by yourself; or you believe you could benefit from the experience and expertise of a third-party.

How Do Financial Advisers Help?

Many people who use financial advisers report that they help you to stay on track. You have a financial goal for yourself, but it’s not always easy to stick to that goal. A study from John Hancock showed that 70% of people who work with an adviser end up staying on track or even getting ahead with their retirement savings while only 33% of people who save without an adviser do so. In addition to keeping you on track, advisers can help you to rebalance how you’ve set up your savings plan, to reorganize your investments and so much more.

How Can You Find a Personal Adviser?

There are many ways to find the right adviser for your needs. You can ask friends who already have advisors who they recommend. You can look for third-party reviews, such as this review of Fisher Investments. These types of reviews are quite comprehensive and can give you a general indication of the company’s size, its assets under management, the adviser’s services and the fees that they charge.

What Other Benefits Do They Offer?

There are clearly benefits beyond just the numbers to working with a financial adviser. They help to get rid of some of the stress in your life by doing the work for you. Rather than worrying about your finances and trying to solve this piece of your life puzzle by yourself, they take this burden from you. Just as you don’t try to fix your car without consulting with a mechanic, or your heart without consulting with a doctor, you can seek a professional for your financial needs.