Caring For an Aging Friend 2.0

This topic has become far more complicated post-coronavirus.

Back in 2017, 2018 & 2020 TGIF 2 Minutes explored “Caring For Aging Parents”… which then became “Caring For an Aging Friend”. Whether caring for a family member or friend, finding and putting into action Care (with a capital “C”) may be more stressful than ever – both for Care-receiver and Care-giver.

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What Could Happen in 2023

What is in store for 2023? Is the stock market overvalued? In answer to the second question: perhaps yes, perhaps no. When most people ask, “Is the market overvalued or undervalued?” what they really are asking is, “Where is the market going next?”

Of course, no one knows for sure. But a bit of historical data can offer information for comparison. Below (top) is a chart showing how over-priced US growth stocks (yellow-ish line) have been over 100 years and how over-priced US value stocks (greenish-blue line) have been over the same period. It would seem that growth stocks are still over-valued. But look at the period for growth stocks between 1974 (the last time inflation was as high as it is today) and 1998. Can you say that it was obvious in 1992 that growth stocks were overvalued? Probably not.

Fast forward to 2023. What could happen next? See the bottom chart for more data.

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Stay Tuned for Year-End Commentary

As Christmas and Year-End 2022 approach there is a long list of topics to consider, including:

  • How to quantify the first truly down year for the markets since 2009
  • What inflation and higher interest rates mean going forward in 2023
  • How to approach higher taxes for those still working and those receiving Social Security
  • The timeless investing paradigms that have not changed
  • How much to diversify a portfolio while still paying attention to risk and liquidity
  • How to approach Long-Term Care decisions, both present and future
  • Changes made to gifting limits for 2023 (limits increased)
  • Changes made to IRA and 401k contribution limits in 2023 (limits increased)
  • What is next for cryptocurrency trading and valuation
  • What to serve for the Holiday meal (perhaps the most urgent item on the list).

What topics might be on your mind? Stay tuned for a Year-End commentary!

Thank you for reading, enjoy last minute shopping and TGIF!

An Early Thanksgiving 2022 Thought

In a year that has been difficult in the markets and anything but predictable, there are still lots of bright spots and things for which to be thankful. In that vein it may make sense – before the Thanksgiving holiday – to dedicate extra time to giving ourselves credit for:

  • goals in process
  • progress made
  • the people who made progress possible (family, friends, colleagues)
  • successes despite inevitable failures
  • the ability to have overcome tragedy or failures
  • being able to make new future goals as a result of past failures and successes.

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End of an Era?

Just as this week’s TGIF 2 Minutes goes to press, the news of the passing of Queen Elizabeth II, the longest reigning monarch in British history, is hitting the airwaves. God bless the royal family in their mourning of an amazing woman!

The “end of an era” closer to home is the end of 3% 30-year mortgage rates. Does this mean it is time to put off a home purchase? The simple answer is NO. The longer answer is, NO, IF. The “if” stands for:

Today’s 5%+ mortgage rates are more normal and reasonable in the longer-term picture than the media is making them out to be.

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Murphy’s Law & YOLO Can Be Expensive

One of the most critical factors of long-term personal financial success is… guess:

  • The markets
  • Spending
  • Interest rates
  • Stock selection
  • Income level

And the answer is…. SPENDING. This fact is why a truly competent financial planner will spend the most time on discussing spending, both today and future projected, along with GOALS. (Goals are what people spend money on.)

Holding an amount of cash – un-invested cash savings – is key to surviving Murphy’s Law events.

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A Little More on Caring For Mom (or Dad)

A short one today, and “Semper Fi” to a very special group of friends.

Last week’s edition of TGIF 2 Minutes titled, “Alexa, Remind Mom to…” led to a number of real-life responses and more resources regarding finding care for a parent or loved one. So here goes:

  • Good morning. FYI, I had a terrible experience with “A Place for Mom.” It was an aggressive marketing machine and I felt like I was buying a time share.

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Alexa, Remind Mom to…

Thanks to a couple of smart and very caring friends of mine for today’s quick post. Everyone with a mother, mother-in-law (MIL) or even a grandmother will want to read on.

We cannot ever have enough resources when a parent or grandparent needs care or help getting around. Women tend to live longer than men, so Mom and Grandma are the ones who need the most help in their later years. Family members provide the highest percentage of help but often get in over their heads. The next step becomes researching in-home care giving – which has become exorbitantly expensive while still necessary.

Planning for care ­– and the cost of care – now will make it more manageable down the line.

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It Takes More Than Financial Goals

As the country and our world emerge from the battering of the pandemic, the Russian aggression in the Ukraine has now added a different, far-away, uncontrollable stress on our minds. Not to mention the markets’ reaction and inflation, although markets naturally experience up & down cycles. In light of all this, one of my best – and as it turns out most insightful – clients sounded in on the following:

  • Now more than ever, our health and survival in the short- and long-term depend on Self-Care. (I would add that self-care includes having personal finances somewhere near “in order”.)
  • Realize, though, the financial stability part can only come about after the self-care part is addressed.

Before deleting this message, please read on… to Part One of this edition of TGIF 2 Minutes.

Now more than ever, our health and survival in the short- and long-term depend on Self-Care, including having personal finances somewhere near “in order.”

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IMPORTANT Cyber-Security Message

In light of the recent Russian aggression in Ukraine and surrounding areas, here is a quick and important message regarding vigilance around security of personal information, including:

  • Bank accounts – including in-person, online, PayPal, Venmo, etc.
  • Credit card accounts
  • Email & Texts
  • Tax time information
  • Social media
  • Even Crypto accounts!

It should not come as a surprise to read or hear this message. Hopefully, the major news outlets are broadcasting this warning as well:

The SEC has sent notices that the Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency (CISA) issued a “Shields Up” notification.

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