About Nichols Financial Advice
Justin Nichols, CFP®, is founder and principal of Nichols Financial Advice, LLC, which was launched in 2007. We provide fee-only, hourly, fiduciary financial advice to people at all stages of life and we specialize in providing advice to those in their 20s and 30s.
We work with clients on a fee-only basis, meaning we do not accept commissions of any kind. We feel this is the most objective way to provide financial advice.
We work with clients on an hourly basis, meaning clients simply pay by the hour for as much or as little advice as they want (similar to a CPA or an attorney). We feel this is a very accessible way to provide financial advice.
We work with clients on a fiduciary basis, meaning our only loyalty is to our clients – not a brokerage firm or a mutual fund company. We feel this is the best way to provide financial advice.
Justin's Background
Justin is a CERTIFIED FINANCIAL PLANNER™ professional, having completed the requirements for certification in January 2007. In order to maintain his certification, Justin is required to complete 30 hours of continuing education every 2 years. As a CFP® certificant, Justin also adheres to the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.
Justin also currently works as Manager of Operations of the Garrett Planning Network, an international network of independent, fee-only financial advisors. Justin has been with the Garrett Planning Network since 2003.
Prior to becoming a financial advisor, Justin worked as Quality Assurance Team Lead in Sprint’s Real Estate Technology group for 1 year. He also worked as a Consultant in Accenture's Communications & High-Tech market group for more than 3 years.
Justin's Education
College for Financial Planning, Denver, CO
Certificate, Financial Planning, 2002 – 2004
Kansas State University, Manhattan, KS
BS, Finance, 1995 – 1999
Justin Nichols, CFP®, is founder and principal of Nichols Financial Advice, LLC, which was launched in 2007. We provide fee-only, hourly, fiduciary financial advice to people at all stages of life and we specialize in providing advice to those in their 20s and 30s. We work with clients on a fee-only basis, meaning we do not accept commissions of any kind. We feel this is the most objective way to provide financial advice.
We work with clients on an hourly basis, meaning clients simply pay by the hour for as much or as little advice as they want (similar to a CPA or an attorney). We feel this is a very accessible way to provide financial advice.
We work with clients on a fiduciary basis, meaning our only loyalty is to our clients – not a brokerage firm or a mutual fund company. We feel this is the best way to provide financial advice.
Justin's Background
Justin is a CERTIFIED FINANCIAL PLANNER™ professional, having completed the requirements for certification in January 2007. In order to maintain his certification, Justin is required to complete 30 hours of continuing education every 2 years. As a CFP® certificant, Justin also adheres to the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.
Justin also currently works as Manager of Operations of the Garrett Planning Network, an international network of independent, fee-only financial advisors. Justin has been with the Garrett Planning Network since 2003.
Prior to becoming a financial advisor, Justin worked as Quality Assurance Team Lead in Sprint’s Real Estate Technology group for 1 year. He also worked as a Consultant in Accenture's Communications & High-Tech market group for more than 3 years.
Justin's Education
College for Financial Planning, Denver, CO
Certificate, Financial Planning, 2002 – 2004
Kansas State University, Manhattan, KS
BS, Finance, 1995 – 1999
Justin's Financial Philosophies
+ Budgeting | If you track it, you can control it.
Tracking every inflow and outflow is very important, as it is the foundation for everything related to your personal finances. You can’t go wrong with this age-old guideline: give 10%, save 10% and spend 80%.
+ Debt | Some debt is okay, but less debt is better.
Debt can be good and bad. Credit card debt is bad. Auto loans are not a great idea. Student loans are okay. Mortgage debt is good and likely the only way most people can own a home.
+ Taxes | Consider taxes in view of your entire financial situation.
Being aware of taxes and their impact on your overall financial situation is important. Tax benefits/drawbacks can be a reason, but should not be the only reason, to take action. Remember this old adage: "don’t let the tax tail wag the investment dog".
+ Investments | Buy, hold, rebalance and repeat.
First, create a proper asset allocation based on your financial situation. Then, buy and hold a well-diversified portfolio of low-cost, index investments to fill out the desired asset allocation. Finally, maintain the portfolio by rebalancing about annually and/or making adjustments as needed.
+ Retirement Planning | Save early and often.
The power of compound interest is an amazing thing, so save early and let your money work for you. And remember, the next best thing to starting early is starting now.
+ Life Insurance | Keep insurance and investments separate.
Life insurance and investments should almost never be combined, like in complicated cash value type policies. Term insurance is inexpensive, easy-to-understand and simply the best choice for most people.
+ Disability Insurance | Disability insurance is crucial.
Long term disability insurance is a must, as it replaces a portion of your income if you become disabled and are no longer able to work.
+ Property and Casualty Insurance | Insure against catastrophic losses only.
Property and casualty insurance is most appropriate for guarding against catastrophic losses, not nickel-and-dime claims. High deductibles and adequate emergency reserves are often the best way to go.
+ Estate Planning | We all die, so be smart and plan for it.
Estate planning is not about you, it’s about your loved ones. Help them out by planning ahead. At a minimum, proper estate planning includes having proper beneficiary designations, a will, a financial power of attorney, a health care power of attorney, a living will and/or a health care directive.
+ Education Planning | Save for college, but save more for retirement.
Saving for a child’s college education is important, but should not outweigh a parent’s need to save for retirement. This rule of air travel applies: "place the oxygen mask on yourself before assisting others".
Justin's Personal Notes
In addition to his work roles, Justin serves as Treasurer for the Garrett Financial Education Alliance, a non-profit financial education foundation. He also serves as a Financial Coach through the United Methodist Church of the Resurrection’s Stewardship Ministry.
Justin lives with his wife and two sons in Manhattan, KS. He enjoys spending time with his family and friends, jogging, golfing and snow skiing.
Justin's own personal financial mantra is: Earn as much as you can. Give generously. Save early and often. Spend the rest to enjoy life!