News and Commentary

Hear from Dougie on the importance of establishing clear financial goals.

In this video, Dougie explains why creating a budget is so important from a young age and provides some guidance on how to do so.

In this video, Dougie explains the importance of creating an emergency fund to be prepared for unexpected emergencies. This is a great habit for young adults to build in their early financial years.

Hey guys Dougie Ergood here, former division one golfer at The University of North Carolina and now Financial Advisor at Janney. Golf season’s right around the corner, so I wanted to share some tips for you golf lovers. I’m hoping this advice can not only lower your handicap but also help you become a more prudent steward of your hard-earned wealth. Let’s get started; one of the first big lessons that I learned about competitive golf is that pressure is real. On the course, pressure can make you become more conservative in your shot selection, or it can make you more aggressive. In my competitive years, I learned that having a pre-shot routine that I could rely on under pressure got me into a mental space where I had trust and commitment going into the next shot. During my senior year in practice, I made sure to diligently rehearse my pre-shot routine on the range before events. That fall when I was coming down the stretch to win my first college golf tournament that routine was what I fell back on to over

Hey guys Dougie Ergood here, former division one golfer at The University of North Carolina and now Financial Advisor at Janney. Golf season is finally here! Today, I’m excited to share some tips for you golf lovers. I’m hoping this advice can not only lower your handicap but also help you become a more prudent steward of your hard-earned wealth. Have you ever heard the term drive for show and putt for doe? I used to think practicing how to hit 300-yard drive was what I needed to lower my handicap. And hitting it long is important, but I learned the easiest way to lower your handicap is to focus on the other parts of your game like lag putting, wedge play inside 120 yards and becoming a good pitcher of the ball. A great teacher of mine once told me that I should devote 70% of my practice time to 120 yards and in refining my short game. Like having a wide variety of shots you can play in different circumstances, having a well-diversified financial portfolio is a great way to help you achieve steadiness and consistency in achieving your financial goals. My grandfather would always tell me that slow and steady wins the race, and I have learned that when investing peoples hard earned money, creating diversification within their portfolio is a great way to create growth when the market is up and maintain protection when the markets are down. Reach out to me if you want more help reducing your handicap and creating a diversified portfolio to achieve peace of mind with your finances. Thanks for listening.

Hey guys Dougie Ergood here, former division one golfer at The University of North Carolina and now Financial Shepherd with Ergood Wealth Management at Janney. Welcome back to teeing up your finances! Today we are going to discuss how to constructively review your game and how to receive feedback in a way that will help you lower your handicaps. In college I had a few people in my corner that I knew I could rely on to watch my swing and give me the right feedback at the right time. Sometimes when they looked at my swing, they would tell me that I was on the right track and that I was about to break through and other times they would tell me that we had some work to do. This periodic feedback either gave me assurance that I was on the right track, or it gave me direction as to how to improve. This was critical in my development because without a swing coach I often found myself chasing my tail in practice or never having the trust to forget about swing technique and just go play golf. Like having a great swing coach, having the right financial advisor can be an important part to achieving your financial success. Having the right advisor to periodically review your plan can either bring you assurance that you are on the right track, or they can give you guidance as to how to improve your situation to meet the long-term goals you have. It is so important to have a swing coach who knows you deeply so they can give you the feedback you need to hear at the right time. At Ergood Wealth Management dad and I strive to be advisors our beloved clients can rely on to reach their financial goals. Are you interested in running a financial plan or needing someone to review your plan? Give us a call. We would love the opportunity to meet with you, to get to know you, and see if we can help you reach your financial goals.

LTC FAQ's

Article 1: Understanding Long-Term Care InsuranceIt's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of extended care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI).What is long-term care?Most people associate long-term care with the elderly. But it applies to the ongoing care of individuals of all ages who can no longer independently perform the basic activities of daily living (ADLs)--such as bathing, dressing, or eating--due to an illness, injury, or cognitive disorder. This care can be provided in several settings, including private homes, assisted-living facilities, adult day-care centers, hospices, and nursing homes.Why you need long-term care insurance (LTCI)Even though you may never need long-term care, you'll want to be prepared in case you ever do, because long-term care is often very expensive. Although Medicaid does cover some of the costs of long-term care, it has strict financial eligibility requirements--you would have to exhaust a large portion of your life savings to become eligible for it. And since HMOs, Medicare, and Medigap don't pay for most long-term care expenses, you're going to need to find alternative ways to pay for long-term care. One option you have is to purchase an LTCI policy. However, LTCI is not for everyone. Whether or not you should buy it depends on several factors, such as your age and financial circumstances. Consider purchasing an LTCI policy if some or all the following apply:You are between the ages of 40 and 84You have significant assets that you would like to protectYou can afford to pay the premiums now and, in the futureYou are in good health and are insurableWhat's it going to cost?There's no doubt about it: LTCI is often expensive. Still, the cost of LTCI depends on many factors, including the type of policy that you purchase (e.g., size of benefit, length of benefit period, care options, optional riders). Premium cost is also based in large part on your age at the time you purchase the policy. The younger you are when you purchase a policy, the lower your premiums will be.

What determines if you're entitled to benefits?LTCI policies differ on how benefits are triggered, so it's crucial to examine your policy. Here are some typical ways you can become eligible for benefits:You're unable to perform a certain number of activities of daily living (ADLs) without assistance, such as eating, bathing, dressing, continence, toileting (moving on and off the toilet), and transferring (moving in and out of bed). Look in your policy to see what ADLs are included, the number you must be unable to perform, and how your policy defines "unable to perform" for each ADL, as criteria can vary from one company to another (e.g., does the definition require someone to physically assist with the activity or simply to supervise the activity?).Your doctor has ordered specific care.Your care is medically necessary.Your mental or cognitive function is impaired.You've had a prior hospitalization of at least three days (this is rare with newer policies).An LTCI policy may contain one or more of these provisions. The more specific the language in the provision, the less room for disagreements about coverage.Who determines if you're entitled to benefits?Just as important as what triggers benefits is the question of who decides if you've triggered them. These gatekeepers are an integral part of any LTCI policy--after all, they're the ones whom insurance companies rely on before paying out claims.The best policies let you qualify for benefits if your own doctor orders specific care, rather than require that you be examined by an insurance company physician. Similarly, it's insurance companies that define performance criteria for ADLs, as well as create and administer tests to see if you satisfy the mental impairment threshold. Make sure you know who the ultimate decision maker is under your policy.When will benefits start?Most LTCI policies have a waiting period, commonly known as an elimination period, before you can start receiving benefits after you're judged medically eligible. Common waiting periods are 20, 30, 60, 90, or 100 days. During any waiting period, you're responsible for paying for your care, whether it's in a nursing home, an assisted-living facility, or in your home.Keep in mind that the calculation of the waiting period can vary from company to company. Some companies may count the days cumulatively (e.g., adding up the total number of days you spend in a nursing home, even with gaps), while others may count the days consecutively (e.g., adding the total number of days you spend in a nursing home without interruption). Also, some companies require only one waiting period for the life of the policy, while others require a waiting period every time you apply for benefits (unless you become eligible for benefits again within a certain period of time, such as six months or a year, in which case only one waiting period will need to be satisfied).The mechanics of filing a claimIdeally, you should know how to file a claim before you actually need benefits--you don't want to lose coverage on a technicality. Typically, filing a claim means submitting a written notice to the insurance company, along with a proof-of-loss form (supplied by the insurance company) and relevant medical records.Most policies require you to give written notice of a claim within a specific time after needing care (e.g., 30 or 60 days). In addition, you may need to verify your condition in writing every 30 to 90 days. The company may also require you to submit to an independent medical evaluation by a physician of its choosing to verify your claim.