One of the most critical factors of long-term personal financial success is… guess:
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).
With inspiration from the Archives of TGIF 2 Minutes… and in light of graduation season, it can be beneficial to celebrate the basics of personal finance for future peace of mind – both for ourselves and the kids, grandkids, nieces, and nephews who mean the most to us.
College graduation may have been a long, long time ago or more recently – and experienced from the perspective of a parent, grandparent, or friend.
Inspired by last weekend’s graduation at the University of Notre Dame and “graduation season” in general, consider these pieces of financial advice that hold meaning for nearly everyone at every age:
From the Archives of 2016… updated for the “Coronavirus Life Experience”.
Money and Therapy. Two things that people may love or hate. However, among other things, money and therapy help.
Recently I finished a must-read book for all ages – wealthy or building wealth, married or single. Anyone who wants to have a “life” someday… or even have a life NOW. The book is called The Number* and was written in 2006 by Lee Eisenberg (long time editor-in-chief of Esquire magazine) but reads like he wrote it yesterday.
It is only fair that if there was an edition two weeks ago titled “Biggest Losers” there be an accompanying edition, “Biggest Winners.” Because there are A LOT of winners out there. But the financial and news media do not sell advertising talking about winners.
Here are the most obvious Winners, especially financially speaking:
Married, Single, Divorced or Widowed – women tend to live longer than men. There are also new statistics of how mentally sharp and physically fit women stay longer into life. Why is this important? If you guessed that these facts mean that women need to save and invest more then you guessed right. Men AND women, please keep reading!
This past week, at a neighbor’s drive-by 11-year old birthday gathering, I learned a new term: The Corona Purchase. The term refers to money spent on a larger one-time purchase amidst the sadness of being forced to stay home for the past three months. The concept also confirms an observation mentioned in a recent edition of TGIF 2 Minutes about families experiencing lower spending overall the past several months – so therefore possibly accumulating extra savings here and there.
Items reported to have been purchased or installed include:
Quick note for your weekend thoughts.
As difficult as it has been to find a silver lining to the pandemic, there have been one or two recurring themes that could be classified as positive, or at least opportunistic. One theme is that a fair number of people with whom I have spoken have reported far lower overall (or at least discretionary) spending in the past couple of months compared to “normal” times. Think:
Lifestyle, goals and spending are what drive a successful investor’s attitude in volatile markets.
Whew! What a stretch in the markets. During record-breaking volatility both UP and DOWN I have been on the phone continuously with clients and friends for 2-3 weeks. The BEST part is that 99% of the phone calls have been positive in confirming:
Continue reading “Three Factors at Work in the Financial Market”
It is still early in the year – there is still plenty of time to evaluate how to start or tweak a savings and investing plan. In fact, it is ALWAYS a good time (January, February, March, July, October, December…) to evaluate savings and investing. But after the amazing past year and decade in US and global stock and bond markets, it may cross your mind to say,
Cash flow. Wouldn’t you like to have more of it around tax time? Well then, it may be time to delay or reconsider that new cell phone purchase.
Recently this “sticker shock” issue came to the forefront for me when I forked over $1,100 for my new Samsung Galaxy Note cell phone. OK, you may say, “Why didn’t you go with the zero-interest payment plan?” or, “Where have you been, Kerrie?” To which I would respond,
