The retirement savings crisis has been growing for several years. The COVID-19 pandemic is accelerating the impact.
In addition to my business review, I am taking the time to look at where I am personally.
We all have varying levels of human capital, and our mindset determines how we use and enhance that capital.
In economics, there are only three ways to produce income—land, labor and capital. If you want to stop laboring [retire, reach financial independence, whatever], you need to acquire the other two.
Tricksters abound in times of crisis. They are opportunistic and clever. As the COVID-19 outbreak advances, so do their efforts.
The challenge is to create a spending strategy that allows individuals to optimize spending over an uncertain time frame without depleting a portfolio.
Every situation is different, but some objective measures can be used as a snapshot and tracked over time to measure progress.
Between all the holiday parties and batches of eggnog, there are some financial tasks to check off your list before Dec. 31.
The estimated median household savings of retirees is $75,000. About 9% do not have any savings, 31% have savings of less than $50,000, and only 38% have savings of $100,000 or more.
While there are substantial benefits to electronic trading, there are ethical concerns.
As a long-term investor, I like the fact that the earnings on my money will not be taxed when withdrawn.
While not every purchase will bring great happiness, five principles of money will help answer, “Am I getting the biggest bang for my buck?”
As I read and learned more about handling money and finances, I was able to see how my actions undermined my long-term goals, and I was able to make changes.
My clients and I spend a lot of time working on the balancing act of spending enough while they are healthy vs. saving for the possibility of living longer.
Everyone needs a financial plan, but not everyone needs a financial adviser. At times, it is OK to go it alone, and other times you could benefit from sound advice from a fiduciary adviser.
How can you manage money disagreements and keep your relationship on track?
People mistakenly believe a large windfall will solve their problems, but if they are not prepared, it can have a dark side.
I know from experience, it is much harder to make smart choices in an emergency or crisis.
behaviors gained to help live a healthier life can also be used to improve financial health.