In normal times, May and June are when you see moving vans that signify kids moving out of their dorms and into summer apartments, and U-hauls picking up basement furniture that will now be the best piece in the place. This rite of passage has been short-circuited this year of course, but there are plenty of parents whose kids will be leaving home with a year or two.
For those of us in Central Kentucky, this week marked the end of the 2020 school year for the majority of our kiddos. If you’re like me, you may be having a mini-celebration that you don’t have to play teacher anymore – at least when it comes to school work.
For those of you who read last week’s newsletter, we talked about all of our future plans that have been cancelled. This week, I wanted to focus on some of the things we can look forward to as we wait for life to resume some semblance of normalcy. Now, I’m not talking about going to a restaurant, or to see your favorite sports team play, or hopping on a plane to somewhere that isn’t having monsoons! I’m talking about life events that will, one way or another, happen.
Lately, we’ve seen something of a tale of two markets. The Nasdaq, which comprises primarily technology and biotech companies, has actually rebounded. The Dow Jones Industrial Average and the S&P 500, which are made up of more traditional industries that require in-person gatherings, are down. It’s an interesting study in haves and have-nots. This is why we always tell you to diversify your investments, folks, and we have been actively adjusting your portfolios since March as we’ve followed the current events.
When it comes to financial planning and investing, it’s easy to put money into your work 401(k) or investment account, and buy the indices. When the economy is roaring and the markets are up, they typically follow. On the financial planning side of the equation, when we’re seeing markets that seem to only go up, it’s simple. It just comes down to you saving money, and that pot increasing until you’ve reached the amount you need to retire. And honestly, I’m all for that type of market! I mean, who wouldn’t be?
In recent weeks, we’ve been talking about some of the things you, our friends and clients, have been doing to keep connected during quarantine. We also shared Senior Partner David Smyth’s ideas for dating in captivity, and of course he’s also enjoying lots of projects with his three boys. Today, we wanted to check in on some of our other team members and how they’ve been spending their time at home.
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