Are you familiar with the cool movement called FIRE or Financial Independence Retire Early? As the word Early implies, it’s taken hold of a younger section of savers looking to get out of the rat race. They’re looking for their island life, if you will, and it’s a lifestyle I support a thousand percent. For one, once you start thinking about living off your savings, you become serious about SAVING—a huge part of the process. But you also think twice about SPENDING and the benefit of deferred gratification you’ll FEEL. This pandemic put FIRE strategies to the test—especially during the market … [Read more...]
If You Can, Tell Retirement “Not Yet”
Not many industries have been devastated by COVID-19 like the airline industry. Airlines are firing personnel, including highly skilled pilots, and asking others to go into early retirement. Many older pilots, for myriad reasons, are resisting retirement. The Wall Street Journal tells the story of Garry Krasnov, who would like to tell retirement "not yet," but in the end made the gut-wrenching decision to take an early retirement offer from Delta Air Lines. With a vaccine approved in the U.K. and more approvals expected, airlines are hoping travel will begin its recovery later next year once … [Read more...]
Is Your Cash Safe? Probably not This Safe
How well are you securing your cash and valuables? Do you have a safe at home? A safe is an obvious choice for convenience, but unless you have serious security, you wouldn't want to leave major wealth sitting unattended while you're at the office or on vacation. You need a better option. The most obvious choice for most is a safe deposit box. That is the route an increasing number of the world's wealthiest are taking. Disasters like the wildfires and hurricanes that have hit the United States in recent years have made securing wealth an urgent endeavor in the minds of many. Benjamin … [Read more...]
How to Treat Your Money (Hint: Not Like this Guy)
You and I know retirement income is hard to come by today—it’s what the weather is. You and I also know we can’t do much about the weather. But we can invest in all types of weather. One of your key components to successful investing in any weather is harnessing the power of time or, in other words, compounding. The only way to do that successfully is to treat your money with the respect it deserves. You need to protect it. You never want to lose it. You never want your money saying, “I get no respect!” like Rodney Dangerfield. You must respect your money and understand how hard it is to … [Read more...]
Joe Died Suddenly, What If It Were You?
What if you die suddenly? It’s a question that’s been on my mind because it happened to a long-time client of mine. We’ll call him Joe. He was the friend who would send you political emails at all hours of the night. We all know someone like him. He kept you in mind as he fumed about the direction of the country, and he was on your mind because he was clogging up your inbox. This was Joe’s way of taking his mind off of other things. Yes, he was fed up with what was going on in politics. It made him angry, but it also helped mask his sadness. You see, Joe’s only child, his son whom he loved … [Read more...]
Why You Are Your Most Valuable Asset
You have the unique ability to understand your financial situation if you can take emotion out of the equation. But unless you have an investment counselor you speak with regularly, that's a hard ask. We all get a little uptight when it comes to our money. I'm here to help you breathe a little deeper and to gain some much-needed focus. Here are my top five boxes for you to check as a mental exercise for goal setting. You'll know which ones apply to you. ☐ You're out of debt. You own your home. You and I know homeownership is an expensive endeavor. The cash goes out the front door, … [Read more...]
Pension Funds in Blue States are Playing You
If you are relying on a pension fund in a blue state, you're being played. Blue states that have mismanaged their fiduciary obligations are playing the country, waiting for the finish line, aka a federal bailout. The expected return targets of most of these pensions are 7%, on balanced portfolios. You can see from the chart of 10-year Treasuries below that the current state of fixed income is not supportive of those expectations. So pension managers must be relying on the stock market, which has recently endured its third major collapse in less than twenty years. The return expectations … [Read more...]
With Headlines Like These, Is it Any Wonder Americans Are Escaping the City?
You know by now that Americans are rushing to escape the city. They're looking for a better America where they can raise their children, build their businesses, and retire in peace. The Wall Street Journal editorial board listed headlines from last week. Read them below and ask yourself, is it any wonder Americans can't wait to get away? July 21: “Authorities found the charred body of a man in the wreckage of a south Minneapolis pawnshop, nearly two months after the building was torched in the rioting that followed George Floyd’s death.” July 24: “A public hearing Tuesday night was … [Read more...]
Anyone With Success is Fleeing Blue State Cities
"I'm outta here." Those were the words Joe Rogan told his guest Joe De Sena recently. "Here" meant California, where Rogan has lived since 2003. Where is Rogan moving? Texas. Rogan's criteria for choosing his destination: Center of the country Easier to travel to both coasts A little more freedom An uncrowded area Implied in his point "a little more freedom" is the lower--read: zero--income tax rate in Texas. Rogan recently signed a mega-deal to move his popular podcast, The Joe Rogan Experience, to Spotify. The deal is worth $100 million, and moving to Texas could … [Read more...]
Who’s Got Your Back in Times Like These?
Sometimes the most dangerous risk to your portfolio is you—because one of the more difficult actions an investor faces is when to sell a stock. Instinctively investors want to add to their winners (even when there’s no more meat on the bone) and sell the (temporary losers) because the losses are too hard to stomach. In both cases, inertia takes hold, and years later, the right choice becomes crystal clear. Too often, investors bet their savings on “ideas” and not “value.” Ideas are a dime a dozen. Discovering hidden value takes work, years of experience, and over time, is quite … [Read more...]
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