There’s always a reason not to save for retirement.
When trying to teach teens about money management, most parents put a lot of focus on limiting spending. While this is certainly an important part of budgeting, teens also benefit from learning about things like compound interest, credit card use, and savings accounts, too.
If you’re on a tight budget, a relaxing vacation probably seems out of reach. After all, how can you save for a vacation when you’re already stretching every dollar so thin? And even if you could, how can you enjoy yourself if you feel guilty about spending money on a trip?
Most people know that diversification is important when it comes to retirement savings. Having the right mix of stocks, bonds, and mutual funds improves your chances of long-term success, but what about tax diversification?
Given the rollercoaster impact of volatile markets and the need to pay attention to what’s happening to your investments and financial plan, clearly understanding the impact of your advisor’s scope of advice and deliverables is critical. Emotions play a large part of how people select and interact with their advisor. For example, the fear of loss is a more impactful influence on behavior than potential gain. An investor may be wishfully thinking something to be true, even without evidence, lacking objectivity, which is a condition called cognitive bias. Several prospects we’ve talked to recently have just come to the realization that their performance from their current advisor has been flat over several years despite the decent returns from most indices. They unfortunately sat idly by and after 4-5 years had elapsed, woke up to the reality that they virtually achieved no net gains on their portfolio. An investor may assume they’re doing ok, are properly protected from all the crazy volatility or their financial plan is relevant in today’s environment, or that their financial professionals, financial advisor, CPA, attorney, are collaborating together on their behalf.
There are a lot of things to worry about when it comes to your retirement savings. Are you saving enough? Will you outlive your nest egg? Can you maintain a comfortable lifestyle?
When you start a new job, enrolling in the company sponsored 401(k) plan is a no-brainer, but how much thought do you put into the 401(k) you had at your old job?
The start of each New Year inspires hope and enthusiasm for everyone. That’s exactly why so many people use it as an opportunity to make big changes. Some plan to improve their health by quitting smoking or heading back to the gym. Others aim to enjoy life more by committing to traveling or spending more time with family and friends. That said, the start of the New Year is also the perfect time to take a close look at your finances and make the changes needed to get on the right track for the future.
Despite China’s announcement that it would not pursue additional tariffs on U.S. vehicles and the unexpected high performance of both retail sales and industrial production in the U.S., the markets continued their rapid selloff throughout Friday’s trading session. All three of the major U.S. indices fell, a move that was set into motion not only by weaker than expected economic data from China but also growing concern over the international economy. Basically, various positive and negative economic forces continue to dramatically drive the U.S. markets up and down.
Please enjoy JP Morgan’s take on how investors should think about the current market’s historic run. “On Wednesday, August 22, the current bull market turned 3,453 days old, surpassing the bull run of the 1990s and officially making it the longest bull market on record. Despite generating a total return of over 400% since the market low, this bull market has felt unloved, and investors are now feeling more anxious than ever and wondering how much longer it can continue.
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