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The corona-virus sell-off sent investors fleeing and into money market funds, which ballooned well above $5 trillion, far surpassing the peak of the financial crisis. Nearly 1/3 of all adult investors made the catastrophic mistake of selling at the market bottom.....the big questions is what do they do next? Mike discusses in this weeks' #AskTheAdvisor.
Predicting the future is dicey business, especially when it involves the future of business. Drawn-out uncertainty, as we’re experiencing with the impact of states retracting their shelter-in-place mandates, only makes it more so. Covid-19 startled the world with its ferocity, spreading viral contagion and economic chaos at an accelerating pace. The federal stimulus packages, in addition to actions by the Federal Reserve to decrease short-term interest rates to zero and buy bonds, increased the money supply and injected liquidity into the financial system, but consumer sentiment is about as low as it can go. Everyone is anxious about their health, jobs and finances. The silver lining? The economy will recover… at some point. What will the recovery look like? We discuss on #AskTheAdvisor .
The #1 question we are hearing these days is how can the market keep climbing higher with so many Americans unemployed and so many businesses shuttered?
What if I told you the market doesn't care about "good" or "bad".....but instead sees the world through the lens of "better" or "worse".
We know things are tough right now for the economy...but things appear to be "better" than they were a month ago, and for now that is what the market cares about most.
Mike explains in this week's #AskTheAdvisor .
If you put your money in the right places, it can grow substantially over time, thanks to the power of compound interest. It could even double, while you don’t have to do a thing.
Want to figure out just how fast your money could grow? The “Rule of 72” approximates how many years it will take for your money to double, given a fixed rate of return.
This week on #Asktheadvisor we take a look at this simple math equation, and how it can help you with setting goals for your investments.
The federal response to the COVID-19 pandemic has been historic in its magnitude, speed, and nearly unanimous congressional support. But it has also created many unintended consequences for small businesses due to the government imposed lockdown policies.
As the US continues to suffer from the economic destruction that lockdown policies create, it's time to think big and bold about how we can save the US economy.
Here's Mike's take on how we can save the US economy.....hint: the answer lies in the hands of the US consumer.
Now, you've been hearing everywhere else about the Coronavirus and the latest numbers and the medical response. But I want to focus on what I think is an even bigger crisis, and that is the economic, social and above all, human cost of the total shutdown policy.
But there is a huge gap between sensible social distancing and the total shutdown spreading across the country. Just as the spread of coronavirus creates a curve of the number of people infected, this economic shutdown is creating a curve of the numbers of people affected, losing their jobs, their homes, their businesses. We discuss in this week's #asktheadvisor
When the stock market gets hammered, it's not just your portfolio that takes a beating, it's your brain too. Stress wreaks havoc on the human brain, and you’ll need to work hard to keep it from panicking and laying waste to all those long-term investing goals you put in place for yourself.
This week on #AskTheAdvisor 147 we discussed the science behind behavioral finance, so you can have a better grip on your emotions the next time markets get choppy.
With the US likely in a recession, the fear mongering media has a new favorite buzzword....."depression". Everywhere you turn these hacks are telling you that this recession is guaranteed to be a depression (because, ya know, they know so much about economics). I am here to tell you why this will not be a depression.
The stock market just wrapped up it's best week since 1974......yes, you read that right......the best week in 36 years. How on earth could the market trade higher with the news around coronavirus seemingly so bad? We discuss in today's podcast.
Today is Monday March 30th, 2020 and the markets just closed for the day. We're here to tell you everything you need to know, and to answer one big question on investors minds...."Have we reached a turning point?". Listen to find out.
Late last night the senate passed the Care Act (finally). This stimulus package is aimed at helping families, individuals, and business weather the storm that is the Coronavirus. There's a ton of stuff in this bill, so we break down everything you need to know.
Markets roared higher today as the ineptitude of Congress is now on full display for the world to see. If anyone ever wondered why Americans have such a burning hatred for Congress, look no further. Their lack of action in America's most crucial time is disgusting, abhorrent, and we should make them ALL pay at the ballot box in November.
When stock markets crash, most investors feel a sense of panic. There’s nothing remotely comforting about seeing your stocks falling more than 10% in a single day. We humans are, by our very nature, loss-averse.
The first thought that may come to mind, especially for inexperienced investors, is to start selling stocks. But history has shown us that doing this can be disastrous. We should be buying stocks at market lows and selling them at market highs (or better still, holding them and banking lots of juicy dividends), not the other way round. Check out this week's pod to hear my thoughts.
If you have an investment account, it's very likely you have encountered capital gains at some point in the past.
With tax season approaching, it's natural that investors will have a lot of questions about long term and short term capital gains. This week on #AskTheAdvisor we break it down simple and easy to give you the info you need to know.
The sports world lost a titan on Sunday January 26th, 2020 when Kobe Bryant, along with 8 others including his 13 year old daughter, died tragically in a fiery helicopter crash. Kobe's influence extended far beyond the NBA, and through his talents and stardom he amassed over $680 million dollars of earnings throughout his career.
In this week's episode we discuss the importance of estate planning, and how we can be prepared for what life throws at us.
The 30-day Rule is a Simple Method to Control Impulse Spending.
Here's how it works:
Whenever you feel the urge to splurge — whether it's for new shoes, a new videogame, or a new car — force yourself to stop. If you're already holding the item, put it back. Leave the store.
When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.
Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
For the next thirty days, think whether you really want the item, but do not buy it.
If, at the end of a month, the urge is still there, then consider purchasing it. (But do not use credit to do so.)
That's all there is to it. But it's surprisingly effective. The 30-day rule works especially well because you aren't actually denying yourself — you're simply delaying gratification. This rule has another advantage: it gives you a chance to research the item you want to purchase. This can save you from grief.
When it comes to money and investing, we're not always as rational as we think we are—which is why there's a whole field of study that explains our sometimes strange behavior. Where do you, as an investor, fit in?
Behavioral finance attempts to understand and explain how human emotions influence investors in their decision-making process. You'll be surprised at what they have found. Check out this week's #asktheadvisor and let us know what you think!
The FIRE movement — which stands for financial independence, retire early — has been quickly gaining mainstream appeal in recent years.
But there are alot of misconcepitions with this movement, so this week we break it down on #AskTheAdvisor .
Ever wonder how you can improve your relationship with money? Many people have a complicated relationship with money. Hang-ups carried over from childhood experiences get mixed together with positive and negative experiences from adulthood. Few people ever take the time to reflect on what money really means to them and how they can “get right” with money to make smarter decisions.
Take time to answer these 5 questions and you’ll do a better job of living your best life possible with the money you have.
In our work with entrepreneurs and executives we often hear alot about business growth strategies. Media, advertising, marketing, and branding are all terms that are thrown around alot, but many people don't know the difference between all of them. There are some important distinctions, and it's crucial to know them to ensure you are spending your time, money, and energy wisely to grow your business.
If you work in marketing, we would love to hear from you! How do you help your clients navigate these complicated waters?
Investment discipline isn’t easy. Despite best intentions and claims to the contrary, many investors chase performance, and react emotionally to market moods. Even when there is a long-term plan in place, if it’s not followed, the plan is useless. Over the years, I’ve seen good intentions go by the wayside time and again because discipline was not followed.
Anything worth achieving in life is going to take discipline. This week on#asktheadvisor we discuss why it's so important if you want to achieve your financial goals.
For many Americans, their dreams of a prosperous retirement are giving way to nightmares. They have significantly unprepared themselves during their 40 years of work for their 25-30 years in retirement. With many of these folks growing up during an economic boom, how in the world did we get here? Committing the 7 deadly sins of retirement, that’s how.
It’s tax filing season once again, and while everyone rushes off to their accountants hoping for a windfall in the form of a tax refund, we’re here to tell you why that is the LAST thing you should want.
Bad spending decisions are crippling to your financial health, but I bet you would be shocked to find out what’s causing the biggest damage to your finances. Check out this week’s episode to find out what it is, and what you can do about it.
If you didn't already know it, YOLO is an acronym which stands for You Only Live Once. So far as we know that is certainly a true statement. But when it is stated in connection with finances, it is also associated with a spendthrift attitude, which is probably best summed up with the phrase "spend now and worry later."
The problem with following that path is multifaceted, not least of which because all debts eventually come due. Worse still, it could destroy your financial future. Check out this week's episode and let me know what you think.
As you probably noticed, the stock market took investors on a wild ride last week. At times like this it is more important than ever that you keep your cool and stay grounded to your plan. We have 5 tips to help you out and make you better off for the next one.
Social security plays an essential role in providing the income that Americans need after the end of their careers, yet many people don’t fully understand everything they should know about the program. What you don’t know can end up costing you after you retire, so tune in for some valuable info.
Americans are faced with a host of issues when it comes to retirement. Will social security remain solvent? Will Medicare be affordable? Am I saving enough money? In the end you don’t need to worry about all Americans, you only need to worry about yourself. Want a comfortable retirement? Follow my 10 commandments.
On August 16th the world lost the queen of soul after a long battle with pancreatic cancer. For all the success she had in her lifetime she failed to take care of one very simple estate planning basic......creating a will. She leaves behind an $80 million estate, and that will come with a hefty price.
We all do dumb stuff with our money, especially when we’re young. But there are a handful of bad financial moves that almost always come out negative. Nobody’s perfect, but if you avoid these mistakes, you’ll probably be in good shape money wise.
Developing a meaningful retirement doesn’t just happen. In fact, many people actually become a “failed retiree”. That is someone who is depressed with long days ahead and no fun or meaningful activities that they partake in. By following these five action steps, you can avoid becoming a failed, miserable retiree.
Even if your savings aren’t on track, you don’t have to resign yourself to a life of poverty in retirement. In fact, you can retire rich enough to have a comfortable lifestyle by following these power moves for your money.
You likely already know the standard advice about binding wealth: live below your means, max out your retirement accounts, pay off your debt...but in addition to those tried and true methods here are a few lesser known ways to build wealth.
The only thing worse than making a financial mistake, is making it a 2nd time. This week we serve up a healthy dose of reality and challenge you to stop telling yourself lies to feel better about the dumb decisions you make with money.
This week we discuss the number one threat to your financial success, instant gratification. The need to see immediately results, or have the things we desire in an instant has a detrimental impact to your finance. Today we tackle the notion and what to do about it.