Markets have been up and down this year, which can be hard for many investors to live with. During periods like these, hearing stories about how other people deal with uncertainty can be helpful.
“The general is well aware that your division’s forecasts are worthless. However, they are required for planning purposes.” Kenneth Arrow, a Nobel Memorial Prize winner in 1972 who recently passed away in 2017, began his career in the Weather Division of the Army Air Force during World War II. His division was in charge of predicting future weather patterns. Given his economic and statistician background, he recommended to his general that his unit be disbanded because they were no better at predictions than historical averages for the day in question. As the quote above suggests, the division remained intact.
Summary information related to the recent Tax Law changes.
As we begin the final two calendar months of the year, individuals and families start to wrap up their financial year.
We’ve written before how a little strategic long-term thinking is good for your financial health. Tying in your personal financial goals with the goals for your investment portfolio helps you to stay the course when the course gets rocky. As with investments, being strategic with your estate plan is another best practice we encourage for our clients.
While catching up on sleep may help your health, it would take a miracle to go to sleep earlier one night and wake up with a heap of cash at your bedside. While there’s no one secret or rule that will instantly make you rich, emulating some of the financial habits of the wealthy may help you follow in their fiscal footsteps.
“Luck plays a big role. Athletes, poets and businesses get lucky. Hard work is critical, a good team is essential, brains and determination are invaluable but luck may decide the outcome.” Phil Knight, Shoe Dog: A Memoir by the Creator of Nike. An investment philosophy is a set of principles that guides all portfolio decisions.
It can be awkward, uncomfortable and even depressing to start a conversation with your parents or other elderly loved ones that centers on the fact that they may no longer be capable of living on their own. It’s hard to admit that someone who once cared for you may now need care themselves, and often seniors are not ready to accept this hard fact. However, senior living is above all a health and safety issue, and it’s important to prepare seniors for the next chapter in their lives, even if they’re not yet ready. Up to 75 percent of seniors …