None of us are independent. Last November, I wrote the following: “A young person is dependent on the financial resources of parents. A gainfully employed person is dependent on a company to pay their wage and to maintain their employment. An entrepreneur is dependent on its customers’ willingness to pay and capability of paying. A… Continue reading My Greatest Coronavirus Takeaway (So Far)
1.Should we sell now and get back in when the dust settles? This is perfectly understandable. Until you’re staring down the barrel of your retirement and watching your life’s work dwindle in a matter of days/weeks, I don’t think anyone can quite understand this particular anxiety. The scenario can make the most rational person, turn… Continue reading The Top 3 Questions I Was Asked This Week And My Answers
While on the phone Monday, a concerned client developed his own analogy during the steep market decline. He’s in wealth accumulation and will likely save close to $100,000 this year, so his lens of a market decline is likely different than a retiree in draw down. I’ll also later address the archetype of a retiree.… Continue reading Stock Market Woes? Let’s Head To The Gym.
Social psychologists reference the “Boomerang Effect” as a reaction to being persuaded. When we “boomerang”, we do the opposite of what we are being persuaded to do – this reaction helps us feel like we’re taking back control while being persuaded makes us feel like we’re losing control. Said differently – people hate being sold,… Continue reading Where Do You Boomerang With Your Money?
This is the time of year when the locker rooms at the gym are a little less crowded, the change from wine to nighttime tea switches back to wine, and the morning meal preparation for the day reverts to the sandwich shop. As we near the end of the second month of the year, financial… Continue reading How’s Your New Year’s Resolution Going?