We’ve had several new clients come on board recently, and I always hear a few new questions from folks as we start our relationship and planning process. “Alan Greenspan was just on the radio saying we’re heading towards another bubble,” one client recently told us. “What do you think, and how should we protect ourselves?
We’ve been exploring the topic of what money can buy in our last few newsletters. This week, I thought I’d explore this topic as it pertains to kids. I’m not sure how things were in your house growing up, but when I was a kid, I got a minimal allowance for doing chores around the house. And I always made sure those chores got done because I loved the reward of getting that money.
In our last two articles, we’ve explored the concepts of money and happiness. and what exactly you want your money to do and buy for you. We’d be remiss if we didn’t also address what money can buy after you’re gone – in other words, what’s your legacy?
In our last article, we talked about what money can buy, and we gave you some pretty silly ideas about how to blow your cash. This week, I’d like to talk to you about the more philosophical side of what you’d like your money to do for you.
In the words of country star Chris Janson, “I know everybody says money can’t buy happiness. But it could buy me a boat. It could buy me a truck to pull it. It could buy me a Yeti 110 iced down with some silver bullets.” This summer, we’re going to spend a little time exploring the topic of money, specifically what exactly it can and can’t buy.
In speaking with many of you recently, you’ve been telling me, “Hey Dave, it’s summer. I don’t have time to read your thoughts every week.” That’s cool, I understand. For those of you feeling pressed for time, click here for the executive summary of this week’s Thought from Dave.
Ask anybody who is just starting to save for retirement what their strategy is, and you’ll probably hear something simple such as, I’m putting 10 percent into my 401(k) and shopping less. This “Google search” approach to retirement isn’t hard to follow – provided you have discipline with your money. But if you take a hard look at the lifestyles and spending habits of people in their 20s just starting their careers, very few of them actually do this – regardless of what they say.
It seems like everyone is confused these days. Each client and prospect we talk to is backing a different camp, and many have expressed their outlook not just on what will happen in November, but in June as well. And no, I’m not talking about politics. I’m talking about our stock market.
When it comes to retiring as a couple, it’s best to begin the conversation and planning early. Do you call the doctor before or after you get sick? Do you call your homeowners insurance agent before or after your house burns down? Do you fill up your car before or after you run out of gas?
Well, here we are in December, and like it or not, there’s been very little change for 2015, despite the volatility in the markets that reminded us all of the 1990s! Even though what we do as financial planners encompasses much more than investing, managing investments is one pillar of our business. This year’s ups and downs have led me to ingest large quantities of Tums, and I’ve had to explain and re-explain our overall strategy to many of you due to the market volatility we’ve faced. Quite honestly, I’m tired!
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