Recently, I have seen many articles stating that the stock market will drop by 5%-20% by the end of the year. Despite these many predictions by pundits, analysts, and economists, no one knows the market’s future direction—even if they guessed right previously. I can say this with certainty because the world doesn’t have a trillionaire.
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We live in a world of unknowns. In the finance world, insurance is used to offset financial risks—the risk of having your car totaled in an accident, the risk of your house flooding or burning down, the risk of being unable to travel because you get sick, etc. Life insurance is a specific tool used to offset the risk that a primary breadwinner or homemaker dies without sufficient savings for the remaining spouse to live on.
I recently had an acquaintance of mine pass away suddenly from a heart attack—he was in his 40s. He had an active business and a family, but he didn’t have a will or a trust.
Since no one knows the exact moment when they will die, do yourself and your loved ones a favor and don’t procrastinate.
In my previous report, I said that I believed the Fed “will not touch interest rates for the foreseeable future, which means that 2021 will likely be a year of higher-than-usual inflation.”
Since that report, the Fed has made some announcements which make me think that my previous statement will be the understatement of the year!
Retirement is often more complex than it needs to be. Ideally, it would be nice to have a single retirement account that you can withdraw from at a fixed tax rate—similar to capital gains. Unfortunately, the government has created a plethora of retirement options with varying degrees of benefits and taxes.
Most people fail to get started with their retirement savings because they think that it takes a significant monthly contribution to make any headway. Don’t fall for that trap! Contributing $25/month towards a retirement plan is doable for most people and it will make all the difference in the world the earlier you start.
Scammers are everywhere! Unfortunately, there are people from all around the world who would love nothing more than to steal your money.
There is nothing more frustrating than to be taken advantage of by an unscrupulous individual, so here are some tips to protect yourself from fraud.
There are many different types of retirement accounts—401k, Roth IRA, SEP IRA, Traditional IRA, etc. While each account type can facilitate retirement for a wide range of scenarios and they have district advantages and disadvantages, my favorite is the Roth IRA for most people.
Over 40% of Americans under the age of 60 believe that Social Security is a Ponzi Scheme. That’s probably because the two systems sound very similar. I am calling for congress to stop kicking the can down the road.
For many of us, retirement is a distant goal that seems nearly impossible to attain—this is mostly because everyone has an opinion of how to get there, and there is a ton of discipline needed to save for something that won’t happen for 40 years! For some, retirement is so scary that they would rather try their chances at winning the lottery than learning the financial discipline needed to get there.
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