As we age, we slow down physically and cognitively. The physical aspects of aging are more noticeable than the cognitive.
As I’ve aged, my fondness for amusement parks has waned. I grew up in Illinois, and our park of choice was Six Flags outside of St. Louis. As my kids were growing up, we ventured to Holiday World and later Kings Island.
I was at a retreat recently with fellow planners, and one of the topics was, “Lessons Learned from the ’08 Meltdown: How Are You Preparing Your Portfolios and Clients?”
We know a bear is coming; we just don’t know when or how hungry it will be. I don’t worry about individuals like my son, who are young, well-educated and financially sound.
Unfortunately, I got a song stuck in my head this week—Kenny Rogers’ “The Gambler.” As I had financial planning on my mind, I wondered if there was any sage advice for investors from the old gambler. I found the three main parts of the chorus held valuable lessons for approaching financial goals and objectives.
“You’ve got to know when to hold ’em.
It’s been a while since I was in London and rode the Underground. Passengers are warned to “mind the gap” when boarding a train.
If you have never taken a subway, that first time can be intimidating to navigate the route, figure out how to get a fare card, then determine on which side of the platform to wait.
As investors continue to look for increased yield, I have noticed a lot more interest in closed-end funds. The concept of closed-end funds has been around since 1893, 30 years before the advent of open-end mutual funds and long before the introduction of exchange-traded funds. A “closed” mutual fund may be closed to all new investment or just to new investors.
This recent headline in Forbes caught my attention: “Price of College Increasing Almost 8 Times Faster Than Wages.” Other headlines focus on the student-debt crisis.
A third of Americans have a college degree; they earn 56 percent more than those without a college degree. That helps explain another trend: More high school graduates are starting college.
I am often asked my opinion on various financial strategies, and my favorite answer to just about any question is, “It depends.” One of the most frequent planning topics I address with clients is when to file for Social Security benefits.
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Target-date funds can be wonderful investments if used correctly. However, many investors just pick a fund, or use the 401(k) default, and hope for the best.
Investing with a purpose. Aligning your money with your values. Investing your conscience. Funding change.These concepts all fall under the larger umbrella of socially responsible investing. The premise is that you evaluate investments from a broader lens than just financial. While this is not a new style, it is growing in popularity.