Financial goals by age Financial goals evolve as we journey through life and tailoring them to each decade can set the stage for a secure and fulfilling financial future. From building a foundation in your 20s to enjoying the fruits of your labor in our 80s, this month I want to discuss some key financial goals for individuals in each decade of their lives. Last December I wrote an article on New Years financial goals for 2023. That article is a very short-term view of what you should be doing each year (e.g., maxing your IRA), but this article focuses on the very big picture. Of course, peopl ..read more

Financial Freedom Quotes Achieving Financial Freedom "To become financially independent you must turn part of your income into capital; turn capital into enterprise; enterprise into profit; turn profit into investment; and turn investment into financial independence."— Jim Rohn “When you can live in the moment, the creeping dread of “What am I forgetting?” or “How am I going to pay this bill next month?” is gone. You just exist. You can enjoy the people and places around you, without worrying about the next project or problem in your life. I think this is central to what people desire when the ..read more

Financial literacy for kids In today's complex financial landscape, it is crucial for children and teenagers to develop a strong foundation in personal finance. By equipping them with the knowledge and skills to make sound financial decisions, parents and teachers can empower young people for a successful financial future.  For years, I’ve had clients ask, “why don’t they teach this in high school?” when discussing common financial situations that most people must cope with. There is certainly a disconnect between what is taught to children (and teenagers) about finance, and what skills t ..read more

What is the “September Effect”? The term "September Effect" refers to the historical tendency for the stock market, particularly the S&P 500 index, to perform poorly during the month of September. Of course, historical patterns do not guarantee future performance, but this trend has been a very strong pattern for nearly 80 years. According to CFRA Research, the S&P 500 and its previous index have lost an average of nearly 0.75% since 1945. Interestingly, this pattern has also started to form in cryptocurrency markets as well. Bitcoin has fallen dramatically in six straight Septembers ..read more

In today's complex financial landscape, it is crucial for children and teenagers to develop a strong foundation in personal finance. By equipping them with the knowledge and skills to make sound financial decisions, parents and teachers can empower young people for a successful financial future.  For years, I’ve had clients ask, “why don’t they teach this in high school?” when discussing common financial situations that most people must cope with. There is certainly a disconnect between what is taught to children (and teenagers) about finance, and what skills they need navigating insuran ..read more

Financial planning plays a critical role in maintaining a healthy and harmonious relationship. However, it's no secret that money matters can often become a source of disagreement and tension for couples. In this article, I explore some common financial planning issues faced by couples, including disagreements managing their investments, spending, and budgeting. I also discuss some strategies and approaches to resolving these issues and fostering financial agreement within the relationship. Differing Financial Goals One of the primary sources of disagreement for couples is having different fi ..read more

How did Silicon Valley Bank (SVB) make money? It has been a tumultuous week in the stock and bond markets as investors have responded negatively to the news that the California based Silicon Valley Bank was unable to meet the demands of their clients to withdrawal funds and subsequently became “illiquid”, which is jargon for “we don’t have enough money to give our clients their money back”. It’s important to understand that SVB was not a normal retail facing bank. SVB was a bank used by primarily venture-backed tech startups. What does that mean practically? It means they were providing funds ..read more

The past several months the technology industry has been positively buzzing about the new AI chatbot ChatGPT and how its set to disrupt many industries and change how people do work. Why spend hours writing code, articles, cover letters, or doing mundane tasks when a simple AI chatbot can do your work for you? The benefits to work, productivity, and automation are massive, but on a personal level, most people could probably find some benefit to streamlining certain tasks they do on a normal basis, like organizing trips, vacations, schedules, writing speeches or presentations, and organizing i ..read more

Financial New Years resolutions January is, of course, considered the time of new beginnings and a fresh start to the new year, with many people fostering a brand-new perspective to hopefully improve their lives. “New Year’s resolutions” are notoriously filled with good intentions, but difficult to maintain by most people over the long-term. If you’re considering making changes to your personal finance journey in 2023, it’s worth having a conversation at the beginning of the year about how you are going to become (and stay) motivated to make financial changes for the rest of the year. But ther ..read more

Years ago, I had a chat with someone that told me a story that I’ve unfortunately heard many times over my career, but nonetheless, never ceases to surprise me. Let’s call her “Melissa” for the sake of this article. Melissa was near retirement, single, and had worked diligently her whole career in the manufacturing industry. She paid little attention to an old 401(k) that was rolled over into an IRA nearly ten years ago. But finally, after hearing her co-workers gush about their investment performance, Melissa took a closer look. Her investments were barely earning any interest at all and had ..read more