More and more lately, perhaps as a result of the post-pandemic world, I am being asked for basic financial advice – from both young people AND those in the over-55 crowd. By the way, the over-55 crowd who ask this question are typically wealthy with comfortable lifestyles. The basic financial advice they seek includes the question, “Are we OK financially?”
A handful of smart people ask for further definition of “OK” and then ask the same question, “Well then, are we OK financially?” The answer comes down to super-basic elements, and thus today’s short edition of TGIF 2 Minutes.
I received a number of inquiries regarding my comment highlighted below in green.
The reason I said, “…I am working on ALL of them except #3 & #4…” is because I was able to achieve #3 — maxing out on retirement contributions to a 401k and IRA — long ago in my late 20’s. Being able to achieve this goal was often at great sacrifice involving less leisure travel, not owning car for the first 10 years after college, and choosing small (VERY small – and cheaper) apartments in New York City. I have remained committed to maxing out my retirement contributions over the years into the present and I pass along this advice to “max out” at every appropriate opportunity.
Here we go again…. Just three short weeks ago I wrote an article under a similar heading which led to positive feedback including relief and appreciation for the simpler things in life.
The article started,
“Trump, Comey, Mueller, Twitter, Fox News, CNN….it is all getting more than a bit chaotic. Even the stock and bond markets jumped into the fray…”
This week is more of the same, but amidst the weighty, media-driven current events several key economic news items were released with decent implications for ours and our family’s financial lives: namely HOUSING DATA and JOB NUMBERS.Continue reading “On Other Than Politics, II”