By: David Smyth, August 13, 2020
During the last few weeks, I continue to hear concerns from folks about the upcoming election. Click here to read my thoughts on that.
Now, I want you to read this newsletter with a sense of humor. I'm going to rant a little, but it's all in good fun. Most conversations I have these days go something like this: "I'm happy with my portfolio, but am I going to lose it all after the election?" Again, for my thoughts on the upcoming election, click here. Rather than banter on this November's vote, I'd appreciate it if each of you would learn a joke, think of a funny family story or a cool experience you've had recently and tell me during our next conference call.
With less than 90 days to go, I'm burnt out on talking about the election. I'm also burnt out on Covid, and debating whether or not we will (or should) have a football season this year. Think about this: if football is cancelled across the major conferences, we might have to decide which military academy to root for in the National Championship. They already operate in bubbles! I mean, fighter jets are cool, but did you Air Force folks ever think you'd win a football championship?
My three boys and I recently spent a week at the beach and had some great father/son time. We did practice social distancing, and I turned down an invitation for cocktails from out-of-town friends who happened to be down in St. Augustine while we were. I'm trying to be responsible for my family and for the clients who've put their trust in me to make good decisions. But during one of my walks on the beach, I did some thinking about some of the things that have been going well during this crazy pandemic.
First, the majority of you have been pleasantly surprised in our meetings to see that you haven't incurred many meaningful losses, and many of you have seen noticeable gains because of the asset allocation decisions we've helped you make.
Second, we've added DocuSign, an electronic signature function that saves time in the mail and is safer than in-person signing - for you and for us. Your accounts can go from discussion to set-up in a much shorter time-frame, and folks can put money to work faster.
I've talked to several people who are still working from home who've been able to sock away a good bit of cash during the pandemic. For many, it's starting to make sense to invest that emergency fund surplus and put it work. If you're in that situation, let me know. But when you call us, don't forget to tell a joke! I'll be happy to talk about anything except Covid and the election. And football. (How often do you hear me say that?!) On the other hand, should you desire to talk election, we've got a whole team who would be happy to share their opinions!
We are also in the process of auditing mortgage rates on home and commercial properties. Why? Well, with interest rates at historic lows, a 30-year refi rate is around 2.875 percent. Depending on what rate your mortgage is at currently, that could shave several hundred dollars off your monthly payment. And if you are saving a few hundred extra dollars a month, our recommendation would be to look at other areas of your financial plan that that money could be redirected to. Anytime you have additional cash flow, let us know so we can find another goal to help you work toward. And if you'd like a referral to a mortgage broker who can answer questions about a refi, we can provide that as well.
That's my update from the proverbial therapist's couch, and I hope you read this with a grain of salt. We're all just as frustrated as you are, and we're doing our best to get you and your financial plan through this in one piece. If there's anything we can do to improve the service our team provides you, please, give us a call.