HAHN: Older workers increasingly confronting involuntary retirement
The retirement savings crisis has been growing for several years. The COVID-19 pandemic is accelerating the impact.
The retirement savings crisis has been growing for several years. The COVID-19 pandemic is accelerating the impact.
Following my first two rules will create an inordinate amount of stress if he were to earn at or below living wage, even if he is living with you and eliminating most of his living expenses.
Your financial future will depend far more on how much you save and invest than on who wins the election.
In addition to my business review, I am taking the time to look at where I am personally.
There’s something incredibly practical about putting money into your home, in the right places. The key is to not get carried away by convincing yourself every dollar spent is wise or even an investment.
Much of the time, investors are rational and the stock market is understandable and makes intuitive sense, But when fear or greed takes hold of the steering wheel, anything can happen.
Proper financial planning does not require additional work. It requires timelier work.
We all have varying levels of human capital, and our mindset determines how we use and enhance that capital.
You can’t change your mistake. That ship has sailed. But you can resolve to never do it again.
Self-sufficiency can turn instability into stability by leveraging an abundance of time to save money.
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.
If you’re going to sacrifice your current retirement plan to save your business, you’d better make sure your business is your retirement plan.
Passively “managed” products can be fine, as long as they are just following prices in whatever market they are tracking. However, if they become big enough that they become the market and are the one setting prices, it’s dangerous.
The reality is, a financial crisis was destined to strike your household at some point.
Tricksters abound in times of crisis. They are opportunistic and clever. As the COVID-19 outbreak advances, so do their efforts.
When a complex issue seems so overwhelming that a person becomes paralyzed with inaction, it becomes important to delineate and solve your challenges independently.
Whenever uncertainty abounds, such as the present, the brain seeks to find some semblance of control—even if it is just an illusion of control.
I’m not giving up on you or anyone else. Why? Because of the thousands of people who’ve rebuilt their financial lives right in front of my eyes over the last two decades.
At some point, the uncertainty will be resolved. The fear will be tougher to dampen.
When times get tough, and some jobs get eliminated, it’s the people who have cash to pay the bills, as opposed to liquidating depleted retirement accounts, who will come out on the other side unscathed.