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​Tim Carlin, married to Karen Carlin, is an experienced finance professional currently working at V Wealth Advisors in Overland Park, Kansas. He holds a master's degree in international relations and obtained his bachelor's degree from the United States Military Academy at West Point. Between 2012 and 2019, Tim Carlin served as president of the West Point Society of Greater Kansas City, part of the West Point Association of Graduates.

The West Point Association of Graduates (WPAOG), located at the campus of the US Military Academy on the Hudson River in New York, was formed in 1869 as the alumni association for the academy. The primary purpose of its establishment was to reunite graduates who had fought on opposing sides during the Civil War.

WPAOG now focuses on serving the academy and its graduates generally. Its activities are centered on promoting the ideals and welfare of West Point and raising private funds on its behalf. A nonprofit body, WPAOG engages in philanthropic efforts through scholarships, cultural immersion programs, and the provision of facilities.

At the academy, WPAOG's library, offices, historical archives, and event spaces provide a special place for returning graduates and guests. It continues to strengthen the bonds among its alumni, societies, and classes.

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The West Point Association of Graduates - Mission and Purpose

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​Tim Carlin, married to Karen Carlin, is an experienced finance professional currently working at V Wealth Advisors in Overland Park, Kansas. He holds a master's degree in international relations...

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Life insurance policies help individuals create a financial safety net for their dependent family members. Life insurance products fall into two broad categories: term and permanent. Term insurance has a set duration.

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Life insurance policies help individuals create a financial safety net for their dependent family members. Life insurance products fall into two broad categories: term and permanent. Term insurance has a set duration. Most policies last between 10 and 30 years. In addition, for paying a monthly premium, policyholders are covered by a death benefit for a specific sum of money.

If the policyholder dies while the term policy is valid, their beneficiaries will receive the death benefit as a lump-sum or periodic installments. In most cases, life insurance payouts are not taxable. The benefit is also protected from creditors. Named beneficiaries do not need to go through probate to collect the payout.

The main disadvantage of term life insurance is that the policy can expire. As individuals get older, they are less likely to qualify for term life insurance. Those that do must often pay very high premiums. Additionally, if the policyholder outlives the validity period, the policy has no value. This is because the premium pays solely for coverage.

Permanent life insurance addresses many of the shortcomings of term life insurance. Unlike term insurance, permanent policies remain valid as long as the premiums are paid. However, the premiums for permanent life insurance can be several times more expensive than term premiums.

Whole life insurance providers charge policyholders a set monthly fee. While the premium is high, it also will not increase as the policyholder ages. In addition to a death benefit, whole life insurance policies build a cash value.

The insurance provider commits to increasing the cash value by a certain percentage or amount. As the cash value grows, policyholders can use it to pay insurance premiums. However, it may take several years before this strategy will make the policy self-sustaining. Policyholders can also withdraw a portion of their cash value without paying taxes or penalties in many cases.

Universal life insurance offers more flexibility than whole life insurance. For instance, policyholders can increase their death benefits or adjust their premiums. However, they accumulate little cash value, so the policyholder must pay the monthly premium to keep their coverage.

There are several types of universal life insurance. Variable policies invest the cash value in vehicles like stocks or bonds. This policy can provide great returns but also comes with some risks. Indexed universal funds peg the cash value's growth to a stock market index. Some indexed plans protect the policyholder from losses by paying out a guaranteed minimum rate of return.

No matter what type of life insurance an individual buys, certain limitations and regulations regarding payouts. For example, beneficiaries must file a claim with the insurer to receive the death benefit. Most claims are paid out within 60 days.

There are some circumstances where insurers delay payouts. For example, the insurer can withhold a payout pending further investigation if the policyholder passes away within the first 24 months of coverage. Similar rules apply if the insurer believes the policyholder may have misrepresented their health status on their application.

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Life insurance policies help individuals create a financial safety net for their dependent family members. Life insurance products fall into two broad categories: term and permanent. Term insurance has a set duration. Most policies last between 10 and 30 years. In addition, for paying a monthly premium, policyholders are covered by a death benefit for a specific sum of money.

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Tim Carlin — Advisor, Author, and Veteran in Kansas

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Tim Carlin — Advisor, Author, and Veteran in Kansas

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A Certified Financial Planner® and Certified Exit Planner™ in Overland Park, Kansas, Tim Carlin draws upon more than 15 years of experience to help business owners facilitate the sale of their businesses at maximum value to ensure sustained wealth into retirement. He has worked at V Wealth Advisors since 2019, and before that led another prominent firm for 16 years. Kansas resident Tim Carlin received production and customer service awards in 2018, 2017, and 2016 for being among the firm’s top 50 branches.

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A Certified Financial Planner® and Certified Exit Planner™ in Overland Park, Kansas, Tim Carlin draws upon more than 15 years of experience to help business owners facilitate the sale of their businesses at maximum value to ensure sustained wealth into retirement. He has worked at V Wealth Advisors since 2019, and before that led another prominent firm for 16 years. Kansas resident Tim Carlin received production and customer service awards in 2018, 2017, and 2016 for being among the firm's top 50 branches.

Complementing hiswork advising business owners, Tim Carlin worked as director of operations at two companies and implemented best practices to maximize value in preparation for sales. He is also a published author whose book, An Extraordinary Ordinary Life: Lessons Learned, draws on his prior experiences to teach readers to look toward the future (as opposed to dwelling on the past) and avoid taking the easy way out in certain situations.

Prior to his career in financial services, Tim Carlin spent more than two decades with the US Army. He is a graduate of the United States Military Academy at West Point and holds a master's degree in international relations from Boston University. He was president of the West Point Association of Graduates for the Greater Kansas City Metropolitan Area from 2010 to 2019. Along with his wife Karen Carlin, he supports organizations benefiting foster children and individuals without homes.

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Tim Carlin - Advisor, Author, and Veteran in Kansas

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A Certified Financial Planner® and Certified Exit Planner™ in Overland Park, Kansas, Tim Carlin draws upon more than 15 years of experience to help business owners facilitate the sale of their businesses at maximum value to ensure sustained wealth into retirement.

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Strategies for Achieving Long-Term Savings Goals

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Strategies for Achieving Long-Term Savings Goals

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Financial advisors often advise their clients to divide their savings goals into three different timelines. Individuals make short-term savings goals, such as home repairs and vacations, in three years or less. Medium-term savings goals, such as buying a house or new car, are meant to be achieved within three to seven years. Long-term savings goals include retirement and college tuition plans for young children. Investors may keep this money in a savings account for years or even decades before they spend it.

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Financial advisors often advise their clients to divide their savings goals into three different timelines. Individuals make short-term savings goals, such as home repairs and vacations, in three years or less. Medium-term savings goals, such as buying a house or new car, are meant to be achieved within three to seven years. Long-term savings goals include retirement and college tuition plans for young children. Investors may keep this money in a savings account for years or even decades before they spend it.

Since long-term saings do not need to be liquid for several years, individuals can invest long-term savings in stocks, bonds, individual retirement accounts, or college savings accounts. While investing can be riskier than holding the money in a simple savings account, investing is an effective buffer against inflation.

Determining the amount for a long-term goal, such as a retirement nest egg or future tuition costs, is tricky. Investors must consider inflation and other factors. Retirement planning calculators, for example, often include variables such as anticipated lifestyles, life expectancy, and health conditions that alter the amount an individual needs to save.

Couples must plan their future by their current and expected income and life expectancy. Financial advisors can help calculate complex long-term savings goals.

Once the amount is determined, individuals should create a plan to reach their goals. Most long-term financial goals include small milestones that help buffer the individual from unexpected expenses. Before saving for retirement, many financial advisors recommend paying off consumer debt and other high-interest loans. The interest on these debts can quickly outpace the interest earned on savings.

Financial experts advise individuals to purchase income protection insurance and set aside an emergency buffer of three to 12 months of expenses. In this way, a life crisis, such as a job loss or the untimely death of a spouse, will not create a financial crisis.

Because the end goal is far down the road, some people find committing or working toward long-term savings goals difficult. Some people spend their money because they think they won't reach retirement age.

A common misconception is that people can delay saving. However, starting late reduces the effectiveness of compound interest, one of the drivers of long-term savings growth. For example, a 10-year delay in depositing $1,200 a year into a 5-percent interest savings account results in a loss of nearly $73,000. To counter the irrational decisions many people make, some companies make employees opt out of making contributions to an employer-offered retirement account rather than opting in. Individuals can create similar systems by asking their bank to automatically deduct a certain amount from their checking account each pay period and move it to an interest-bearing account or investment vehicle.

As with any other goal, motivation helps people commit to their long-term savings goals. Mental exercises such as writing down and reviewing the purpose of the savings or visualizing the result, such as life after retirement or a child graduating from college, can make individuals more determined to reach their goals. Individuals should also align their day-to-day finances with long-term goals. Following a budget and avoiding credit cards contribute to a better financial future.

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Strategies for Achieving Long-Term Savings Goals

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Financial advisors often advise their clients to divide their savings goals into three different timelines. Individuals make short-term savings goals, such as home repairs and vacations, in three years or less. Medium-term savings goals, such as buying a house or new car, are meant to be achieved within three to seven years.