Every three years, the Federal Reserve publishes a report about the finances of U.S. families. Based on data and interviews, the triennial “Survey of Consumer Finances,” “…collects information about family income, net worth, balance sheet components, credit use, and other financial outcomes.” In short, it reports how Americans are faring financially. But their recent report was a little different. Published in November 2023, it reflected 2019–2022, during which families experienced a pandemic, mass unemployment, and the shuttering o ...
One of my favorite sayings is that personal finance is far more personal than it is finance. For years, one of the core tenets of our financial planning has been encouraging clients to pay off their mortgages when possible. This may sound counterintuitive. The prevailing wisdom of the last decade was to instead invest that money. Low-interest rates drove the narrative that more money could be made by placing extra mortgage payments in the stock market. Generally speaking, this was factually correct. Why pay off a 3% mortgage when, on a long-ter ...
For business owners, improving investor behavior can mean more than a focus solely on financial instruments. The intent of this column has been improving investor behavior, which often discusses market investments like equities, bonds, and other financial assets. But it’s important to consider how our investor behavior applies to other critical areas of our lives, namely in the ownership and running of a business. As an independent financial adviser, I’m in a unique spot. I own a business and am responsible for running that business while h ...
Steve Booren Owner/Founder at Prosperion Financial Advisors, Author Intelligent Investing: Your Guide to a Growing Retirement Income 발행일: 2019년 8월 12일 + 팔로우 Can you imagine borrowing...
The markets are off to a rough start for 2022, with the S&P 500 down about 13.9% from its peak in January, according to data from LPL Financial. Global turmoil, inflation, supply-chain disruption, and the Federal Reserve are all supposedly to blame. The media pundits call moments like these a “correction,” which is typically defined as a broad market drop of greater than 10% but less than 20%, according to Charles Schwab. I’ve always had an issue with that definition. By definition, a correction means the current price for something is in ...
Have you ever tried shaking one of those magic eight balls found in the toy aisle? You know the gist: Ask a random but important question like, “Will the Broncos win the Super Bowl this year?” Then get a generic answer like, “Ask again tomorrow.” And finally in frustration, ask the same question and vigorously shake until you get the answer you’re hoping for: “Without a doubt.” · This is similar to cracking open a fortune cookie and hoping to find meaning in the random answer to a random question. Yet 99% of the time, the cookie ...
Did you partake in any Black Friday sales last year? The annual shopping event following Thanksgiving, named black Friday for its ability to get retailers “back into the black,” had retailers concerned in 2023. With prices rising everywhere thanks to persistent inflation, would consumers cut back on their spending? · Ultimately this fear proved unnecessary. Not only did American consumers spend, but they upped their online spending by 7.5% over last year according to data from Adobe Analytics. And some 200 million Americans took advantage ...
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Steve Booren Owner/Founder at Prosperion Financial Advisors, Author Intelligent Investing: Your Guide to a Growing Retirement Income 발행일: 2017년 10월 6일 + 팔로우 Amazing Attitude about Tax...
My coach Dan Sullivan likes to say, “Amateurs practice until they get it right; professionals practice until they can’t get it wrong.” From athletics to engineering, medicine to money management, consistent practice is the secret sauce of victory. Professional athletes always have a coach and are insistent on training. Their regimens are scheduled, predictable, and repeatable. They rely on coaching and tend to be much calmer with a focus on endurance and winning. They differ from amateurs who tend to train by pushing their limits. An amat ...