Tag Archives: #FinancialLiteracy

Chinese Stocks are Risky

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Recently Luckin Coffee (LK) issued a press release admitting that their chief operating officer had fabricated a significant amount of sales from the second quarter through the fourth quarter of 2019.  This caused Luckin Coffee share price to fall 82% in U.S. trading and leaving investor with little recourse.

Luckin, a rival of Starbucks in China, happen to be a fairly new public company that opened its initial public offering (IPO) in May 2019.  In the case of Luckin, investors needed to exercise caution when a company goes from zero to a $3 billion market capitalization valuation in less than two years.  Furthermore, it is important to understand that what occurred with Luckin Coffee can occur with other Chinese companies with stocks listed on U.S. equity market exchanges since they are not required to comply with Security and Exchange Commission’s (SEC) strict disclosure and transparency requirements.

Chinese stocks and emerging-markets stocks

China is the world’s second-largest economy and is still growing as an emerging market. Investing in young Chinese companies can be extremely risky.  Although the growth available in China is clearly appealing, there are a number of inherent risks for investors.  The risks include currency manipulation, ineffectual securities reporting standards, the draconian influence of China’s communist government, and the potential for financial fraud.

Recent economic and equity market history are rife with financial frauds and illegal activity related to Chinese companies listed on U.S. equity exchanges.  Many seasoned U.S. investors advise that Americans should avoid investing in Chinese stocks. They even recommend avoiding the few larger Chinese companies with established histories and strong management track records.

Delisting Chinese Stocks

To avoid future Luckin Coffee frauds perpetrated on unsuspecting American investors, “Chinese companies should be delisted from American exchanges if they don’t follow U.S. securities laws”, according to Senator Marco Rubio.  Senator Rubio believes that increase oversight is vitally required for Chinese and other foreign companies listed on American stock exchanges. In fact, he and colleagues have offered legislation that calls for delisting firms that are out of compliance with U.S. regulators for a period of three years.

Bottomline, it is difficult to trust the financial statements coming out of some high-flying companies based there. Fundamentals don’t matter if you can’t be sure the numbers are real and it is difficult to invest in Chinese companies that might be trying to deceive investors.

References:

  1. https://finance.yahoo.com/news/luckin-coffee-chairman-defaults-loan-152735017.html
  2. https://www.msn.com/en-us/finance/topstocks/investing-lessons-from-the-luckin-coffee-accounting-fraud-debacle/ar-BB12eas4
  3. https://www.cnbc.com/2019/10/08/marco-rubio-chinese-firms-should-be-delisted-in-us-if-they-dont-follow-laws.html

Bear Market Strategy

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Billionaire investor Warren Buffett, founder of Berkshire Hathaway, provided sage advice for sustaining wealth and sanity during a bear market in his 2016 letter to shareholders by conveying to “stay in the market and buy at a bargain”. Furthermore, Buffett wrote:

“During such scary periods, you should never forget two things: First, widespread fear is your friend as an investor, because it serves up bargain purchases. Second, personal fear is your enemy.” Warren Buffett

In other words, investors with a long-term perspective, a declining market can be a buying opportunity. Consider buying ownership shares of businesses with superior balance sheets and robust free cash flow when the market has them on sale.

Bear Markets

A bear market is Wall Street’s term for an index like the S&P 500, the Dow Jones industrials, or even an individual stock, that has fallen 20 percent or more from a from the peak. On average, bear markets last 14 months in the period since World War II. The S&P 500 index has fallen an average of 33 percent during bear markets in that time. The biggest decline since 1945 occurred in the 2007-2009 bear market.

One thing every investor needs to know about bear markets is that they always seem like the world is ending when you are in the middle of one. Time and time again, when recessions and bear markets occurred, the same thing always happened, they end.

Additionally, the U.S. has gone through many challenges in the past such as the September 11, 2001 (9/11) attack, and we will get through this current pandemic virus challenge as well. By keeping a positive outlook and focusing on the things you can control, we will get through this together.

Stocks Help Build Wealth

When you are looking to build wealth over your lifetime, the more time you have to invest in the stock market, the better your chances of building life-changing wealth.

If you set aside money every month and invested those funds into a diversified portfolio over your working career, you would have benefited from stellar returns on your investments in the stock markets during the last 10, 20, 30, 40 and 50 years.

Try investing a fixed dollar amount on a regular basis into equities. This practice will ensure that you are purchasing when markets are going down as well as going up. This practice is known as dollar cost averaging. Dollar cost averaging will ensure that you realize a better average cost over time.

This too shall pass

This period of uncertainty and challenge will soon pass and life will eventually return to normal. Businesses, places of worship and schools will begin to reopen, and governmental restrictions will be lifted. In the meantime, Americans must remain positive during periods of fear and uncertainty, help others where they can and display fortitude during this unusual period. We all must rely on one another, and we will get through this together.

References:

  1. https://www.berkshirehathaway.com/2016ar/2016ar.pdf, pg 6
  2. https://www.marketwatch.com/story/goldman-sachs-analyzed-bear-markets-back-to-1835-and-heres-the-bad-news-and-the-good-about-the-current-slump-2020-03-11
  3. https://www.kiplinger.com/article/retirement/T047-C032-S014-financial-keys-to-help-weather-coronavirus-crisis.html

Retire On Your Terms | Financial Literacy

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Updated:  March 8, 2020

 “If you have $1 in your bank account on the day you die, you had more money than you needed in your lifetime to live.”

This quip brings perspective and can reinforced one extremely important aspect of retirement: ‘putting together a plan and sticking to it’ is vitally important.

Life is unpredictable, so any plan you make for retirement has to be flexible and you must accept the undeniable fact that you can’t control everything life delivers can afford personal freedom and peace of mind in retirement.

Retirement is a great time to discover new passions and interest by taking classes, finding one-on-one instruction, or joining groups and organizations. The key to a happy retirement isn’t how much free time you have, it comes down to how well you’ve planned for retirement and how you manage whatever free time you have.

There is adage in business management…‘you can’t manage what you don’t measure’. This adage is true for business management, and is also true for personal finance and retirement. You cannot manage your personal finances or your financial readiness for retirement unless your measuring your current financial status and progress.

It is important to measure those financial activities or results that are important to successfully achieving your personal financial goals. The time to plan for retirement is now. Planning for retirement starts with having a ballpark idea of longevity and how much money you will need in retirement. Yet, many Americans are not financially prepared or have planned for their post-working years. Only 54 percent of non-retired respondents to the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) said they have some kind of retirement account.

42% of Americans have saved $10,000 or less for retirement

This statistic suggests a significant number of Americans aren’t on track to meet their retirement goals. That shouldn’t be surprising given the plethora of potential obstacles: Pensions are less common and health care costs continue to skyrocket higher. Additionally, you may need to figure out how to put your kids through college, but you might be paying off your own student loans or credit card debt at the same time.

If you’re off track, you can take a few simple steps to get right back on the road.

  • Save as much as you can, as often as you can. If you’re years away from retirement, you’ll likely benefit from the compounding effect.
  • Stay in the workforce longer (more on that in a moment) or decrease your living expenses. This may be an especially viable option if you’re close to retirement.
  • Plan and focus on what you can control and what’s important to you—planning provides perspective on what you can do to meet your goals
  • Financial experts advise that equities need to be a larger portion of retirees’ portfolios during retirement for several reasons including longer life expectancy and lower interest rates.

Retirement readiness is achievable by most Americans. But, it requires that Planning and being financially prepared for retirement become a key priority for American families. Yet, research reveals that a majority of Americans are not confident they are financially or emotionally prepared for retirement. Additionally, only about one third have an actual plan in place. Nearly a third worry they will outlive their retirement savings and many already plan to work part time during retirement.

Longevity

Use the Social Security Administration’s Life Expectancy Calculator to help determine how many years of retirement you might need to plan and save for. As a rule of thumb, a retiree should expect to live thirty (30) to thirty-five (35) years in retirement.

How Much Money

Many retirement experts estimate you’ll need between 70 and 85 percent of your pre-retirement income to maintain your standard of living after you stop working. But that formula might be too simple, and possibly too low, to account for what you’ll actually spend. For instance, you may require more if you have expensive hobbies or plan to travel a lot. You may also need more if you or your spouse are in poor health and have substantial medical expenses.

Retirement Planning

Only 1 out of 10 workers has prepared a formal financial plan

Without a plan, you may be more prone to react to market events, and you might even make rash decisions. A plan provides perspective, brings clarity to your current situation, and shows you how to make changes to your spending and saving habits. It can give you knowledge to accept responsibility for your life and the confidence to address the unknown and market volatility.

Retirement Planning Requires a Plan

 “The goal of retirement planning is to create a plan. It feels silly to come out and say that, but from what I’ve seen, most investors never actually take the step of creating a concrete plan. Instead, they read a few articles about various retirement planning topics and they leave it at that. (And many investors don’t even do that much.) The more specifically you’ve planned how you’ll manage your portfolio — and your finances in general — the less likely it is that you’ll have to go back to work or dramatically reduce your spending later on in retirement.” Mike Piper, Can I Retire? How Much Money You Need to Retire and How to Manage Your Retirement Savings, Explained in 100 Pages or Less

Individuals have to take responsibility for their financial security after retirement. Unfortunately, the majority of Americans do not appear to have done much retirement planning. Forty-one percent of FINRA Foundation NFCS respondents have tried to figure out how much they need to save for retirement, while 54% have not. The act of planning for retirement has proven a strong positive indicator of retirement wealth.

When putting together a retirement plan, goals “must-have” essential expenses should take precedence over “nice-to-haves” or discretionary expenses.

Workers who were able to retire by choice were happier than ones whose retirement was thrust on them: 69 percent of the retirees who retired by choice were satisfied with their lifestyle but only 36 percent pushed into retirement said they were satisfied.

The happiest retirees are engaged in some kind of meaningful activity or actively employed, are in good health and are more connected in the physical world. In short, activities and social engagement are good for a retirees health and wellness.

The happiest retirees “eat well, sleep soundly, play often, exercise at least three times a week and maintain strong social connections. The happiest pre-retirees and retirees believe “good health” as the No. 1 key to happiness in retirement.

Save smart in accounts earmarked for retirement.

Whenever possible, use tax-advantaged savings accounts like 401(k)s to save money on taxes and boost retirement security. Contributions to a traditional 401(k) are not subject to income tax withholding and are not included in your taxable wages—and earnings on Roth 401(k) contributions are tax-free. In 2020, contribution limits increased, so you can contribute up to $19,500 to your 401(k)—and if you’re aged 50 or over, you can contribute an additional $6,500 for a total of $26,000.

Any day is a good day to start, or increase, your retirement savings and investing, and step up your planning. Understand that saving and crafting a plan for retirement is a long-term process.

References:

  1. *https://money.cnn.com/2018/03/16/retirement/average-retirement-savings/index.html
  2. http://fortune.com/2018/04/18/americans-save-less-than-10000-for-retirement/
  3. The National Financial Capability Study (NFCS) is a project of the FINRA Investor Education Foundation (FINRA Foundation).
  4. https://www.retireonyourterms.org/about-us
  5. https://vanguardblog.com/2018/11/08/financial-worries-start-planning/

Developing Good Financial Habits

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“It’s not the big things that add up in the end; it’s the hundreds, thousands, or millions of little things that separate the ordinary from the extraordinary.” Darren Hardy, author of The Compound Effect

Financial planning in small steps doesn’t take large sums of money to start.  In fact, financial planning can have a profound impact on financial security for Americans, especially lower-income households, by helping people improve their saving and budgeting habits. A written plan helps savers prioritize their goals and provides a way to measure success.

A disciplined, steady approach to saving, investing and ruthlessly managing spending wins out. Wealth-building habits don’t involve a get-rich-quick scheme —it is a slow, gradual process to accumulate wealth,” you must be persistent and consistent.

Savings habits

“The real cost of a four-dollar-a-day coffee habit over 20 years is $51,833.79. That’s the power of the Compound Effect.” Darren Hardy

While investing may appear at times to be complicated and risky, saving is pretty straightforward. Two-pronged approach to increase the saving amount:

  • Generate more cash inflow.
  • Reduce cash outflow.

Spending and saving often go hand in hand because whatever you don’t spend is potential savings. That’s why it is important to focus on buying things that will hold value or appreciate in value instead of allowing expenses to eat into savings through continuous consumption. To accumulate wealth, it is critical to manage expenses tightly. Instead of living just within your means, it is important to live below your means.

One way to reduce outflow is to maximize tax savings through retirement plans such as the 401(k). Another is to pay off debt and prioritize by paying the debts with the highest interest rate first.

Keep an eye on the prize

“There is a one thing that 99 percent of “failures” and “successful” folks have in common — they all hate doing the same things. The difference is successful people do them anyway.” Darren Hardy

Following the adage that it becomes easier to reach your destination or to achieve a successful outcome with an end goal in mind. Those who gain wealth believe that everything they do is ultimately done to fulfill their financial goals. For example, people should set a “retirement number” and a deadline for reaching that number. That number is the goal for how much cash and investments they need for a comfortable retirement and the deadline is the date to achieve the goal. Every time you put money toward saving, you’re a step closer to the prize.

Set It, But Don’t Forget It

Setting up an automated savings and payment system is one habit highly successful people practice to keep their financial house in order. They automate their savings, investing, bill payments and money transfers. But they don’t ‘set it and forget it’ once they set up the automated system. They know it’s important to maintain awareness and manage regularly, at least weekly, where their money’s going.

Automatic saving and investing

People have to be consistently reminded that to develop habits of saving and investing. The more you do develop the habit of saving and investing for the long term, the easier it will become. Consequently, it is recommended to set automatic savings protocols, if necessary, so a portion of your earnings goes directly from your paycheck into a separate savings account.

Habitually and automatically save 10% to 20% of every paycheck.

References:

  1. https://www.bankrate.com/finance/investing/financial-habits-of-wealthy.aspx
  2. https://jamesclear.com/book-summaries/the-compound-effect

The Wealthy Next Door

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To accumulate wealth, you should start by reading and studying the behaviors of people who have successfully accumulated wealth and achieved financial independence.

In the groundbreaking financial book, “The Millionaire Next Door: Surprising Secrets of America’s Wealthy”, written in 1996 by William Danko and Thomas Stanley, found that people who appear wealthy may not actually be wealthy.

Their findings reveal that people who appear wealthy tend to overspend or live paycheck to paycheck. They often overspend on symbols of wealth like luxury vehicles and large homes — but actually have modest or negative personal net worths. On the other hand, wealthy individuals tend to live modestly in middle-income communities, drive modest vehicles, and shop at Costco Warehouse.

Lessons Learned from “The Millionaire Next Door” are enlightening on how the wealthy actually spend and save. Instead of appearing to be wealthy, they tend to:

Understand that Income Does Not Equal Wealth

It is a fact that higher-income households tend to have more wealth than lower- and middle-income households. But the size of a paycheck explains only approximately 30% of the variation of wealth among households. What really matters is how much of the income is not spent on discretionary things, but is saved and invested. On average, wealthy individuals invest nearly 20% of their income. And, it finds that those in the top quartile of wealth accumulation are prodigious accumulators of wealth (PAWs), according to Danko and Stanley

Work with a Budget

The majority of wealthy individuals have a budget. Of those who don’t, they have what the authors called “an artificial economic environment of scarcity,” more commonly known as “pay yourself first.” In other words, they invest a good chunk of their income before they can spend any of it. As the authors wrote, “It’s much easier to budget if you visualize the long-term benefits of this task.”

Manage their Spend

Nearly two-thirds of the wealthy can answer know how much their family spends each year for food, clothing, and shelter. In contrast, only 35% of high-income non-wealthy answered yes to this question. The wealthy manage and track their spending.

Have Defined Financial Goals

About two-thirds of wealthy have clearly defined short-, intermediate- and long-Term goals. Many of the wealthy are retired and have already reached their goal of financial independence.

Dedicate Time To Financial Planning and Education

Creating a budget, goal setting and financial planning all take time, but the wealthy were willing to spend it. Danko and Stanley found that people they labeled “prodigious accumulators of wealth” (PAW) spend many hours per month planning their investments. In fact, they found “a strong positive correlation” between investment planning and wealth accumulation. Each week, each month, each year, the wealthy plan their investments.

Buy and Hold Smaller Homes

Your purchase of a home — and how often you choose a new one — will determine your ability to accumulate wealth. According to The Millionaire Next Door, that wealthy family has been next door for quite a while. Half of the wealthy have lived in the same house for more than 20 years.

Stay Married

The majority of wealthy people are married and stay married to the same person. Several studies have shown that people who are married accumulate more wealth than those who are single or divorced. Conversely, it’s important to partner with someone who possesses similar healthy financial behavior and habits.

Buy and Hold Pre-Owned Vehicle

The majority of wealthy individuals own their cars, rather than lease. Approximately a quarter have a current-year model, but another quarter drive a car that is four years old or older. More than a third tend to buy used vehicles.

Live Happier Lives

Bottomline, living below your means is the one sure way to accumulate wealth and to live happier. Since, there exist a peace of mind living below your means and saving money. Danko and Stanley’s research indicates that, “financially independent people are happier than those in their same income/age cohort who are not financially secure.”

Essentially, when it comes to financial security and retirement planning, adopting the lifestyle of the wealthy means you can save more toward your financial goals and destination. That’s a formula that can help anyone to accumulate wealth and achieve financial independence.

  • References:
    1. Thomas J. Stanley, and William D. Danko, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy Paperback, November 16, 2010
    2. https://www.getrichslowly.org/nine-lessons-in-wealth-building-from-the-millionaire-next-door/

    Written Financial Plan

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    “Establish a financial plan based on your goals.” 

    Research continue to show that creating a written financial plan is more effective and beneficial than simply thinking or talking about your goals. The research finds that more than two-thirds of people who have a written financial plan say they feel financially stable, whereas just 28% of those without a plan feel the same way, according to Schwab’s 2019 Modern Wealth Survey. Planners generally know what they’re saving for, how much they need to put away, and how long it will take them to reach their goals.

    “Long term thinking and planning enhances short term decision making. Make sure you have a plan of your life in your hand, and that includes the financial plan and your mission.” Manoj Arora, From the Rat Race to Financial Freedom

    Multiple surveys show that less than a third of Americans have a financial plan in writing. And among those without one, 2 in 5 Americans say it’s because they don’t think they have enough money or assets to merit a form and many say simply that it’s too complicated or they don’t have enough time to develop one.

    But in reality, financial planning is not inaccessible, too expensive or too complicated. A written financial plan is simply formalizing a person’s short-term goals and long-term goals and determining a path with saving and investing to achieve them. 

    Planning in small steps doesn’t take large sums of money to start.  In fact, financial planning can have a profound impact on lower-income households, by helping people improve their saving and budgeting habits. A written plan helps savers prioritize their goals and provides a way to measure success.

    Elements of a financial plan:

    • Create short, intermediate and long term goals
    • An emergency fund
    • A budget to determine cash flow and calculating net worth
    • Paying down and avoiding debt
    • Health and disability insurance
    • Start saving and investing early, pay yourself first and put it on automatic
    • Pay yourself first
    • Saving and investing for retirement and/or college
    • Saving and investing for shorter term goals like vacations or a home purchase
    • Trusts, wills and estate planning

    After creating your financial plan, you are bound to have times when you don’t reach your goals or you diverge from your plan. But, just like with a diet, if you make a bad food choice, it doesn’t mean you throw out your new way of healthy eating or exercising. Same thing with financial plan.

    Planners demonstrate better money and investing habits

    For those looking for a way to stay the course, Schwab’s survey shows that more than 60 percent of Americans who have a written financial plan feel financially stable, while only a third of those without a plan feel that same level of comfort. Essentially, those with a financial plan maintain healthier money habits when it comes to saving.

    A financial plan leads to better habits since financial planning isn’t just about investing. Many sound money management habits and financial decisions are more easily explained in quality-of-life terms—such as controlling consumer spending, the security that life insurance offers, or the peace of mind that having an emergency fund can provide. There are healthy money habits and there are good investing habits; a written financial plan can lead to both.

    “Spending is not the enemy, but it’s important to balance saving and spending so we can both enjoy life’s experiences along the way and achieve long-term financial security.”

    Creating financial goals and a financial plan isn’t going to help unless you stick to your plan over time. One good way to do that is to create a detailed quarterly schedule of money-related tasks.

    Successful planning can help propel financial security and net worth for those who stick with their plans.  Research shows that those sticking with their financial plans achieved an average total net worth three times higher than those who didn’t plan.

    References:

    1. https://www.aboutschwab.com/modernwealth2019
    2. https://content.schwab.com/web/retail/public/about-schwab/schwab-modern-wealth-survey-2019-atlanta.pdf
    3. https://www.schwab.com/resource-center/insights/content/does-financial-planning-help
    4. https://www.schwab.com/public/schwab/investing/why_choose_schwab/investing_principles
    5. https://www.schwab.com/resource-center/insights/content/10-steps-to-diy-financial-plan

    10 Steps to a DIY Financial Plan | Charles Schwab

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  • Key Points
      • A financial plan isn’t only for the wealthy and it doesn’t have to cost a penny.
      No matter how much money you have, you can start with a DIY financial plan that will set you up for future success.
      With a good foundation in place, you can feel more confident about your finances and, when the time comes that you might need the help of a professional, you’ll be that much farther ahead.

    Did you know that 78 percent of people with a financial plan pay their bills on time and save each month vs. only 38 percent of people who don’t have a plan? That’s a pretty powerful statistic if you ask me. Or would it surprise you to learn that 68 percent of planners have an emergency fund while only 26 percent of non-planners are financially prepared to cover an unexpected cost?

    When I hear stats like these that were recently reported in a Schwab survey, it just reinforces my belief that everyone—no matter their financial situation—can benefit from a financial plan. So why aren’t more people planners? Usually it’s because either they don’t think they have enough money or they think a financial plan costs too much. But, as I’ve said many times, neither is the case.

    In fact, you can map out your own financial plan. That way, not only won’t it cost you a penny, but you stand to reap the long-term benefits. Here’s how to get started mapping out your financial future with a DIY plan.
    — Read on www.schwab.com/resource-center/insights/content/10-steps-to-diy-financial-plan

    Accumulating Wealth

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    The wealthy accumulate wealth by being frugal

    Frugality – a commitment to saving, spending less, and sticking to a budget – is a key factor in accumulating wealth, according to DataPoints’ founder, Dr. Sarah Stanley Fallaw.  Dr. Fallaw is also the co-authored “The Next Millionaire Next Door: Enduring Strategies for Building Wealth“.

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    In an University of Georgia’s financial planning performance lab research paper examining the topic of “what does it take to build wealth over time”, the key findings were that those who were successful at accumulating wealth frequently exhibited the following behaviors:

    • Spending less than they earned
    • Having a long-term outlook on their financial future
    • Maintaining sound financial records
    • Keeping up with financial markets
    • Saving regardless of income level

    Essentially, her research shows that anyone can accumulate wealth if they know the right steps to take. And, if individuals possess a certain set of characteristics, they may be more likely to become wealthy, according to Dr. Fallaw, who is also director of research for the Affluent Market Institute.

    In her research, she found that six behaviours, which she called “wealth factors,” are related to net worth potential, regardless of age or income:

    • Frugality, or a commitment to saving, spending less, and sticking to a budget
    • Confidence in financial management, investing, and household leadership
    • Responsibility, which involves accepting your role in financial outcomes and believing that luck plays little role
    • Planning, or setting goals for your financial future
    • Focus on seeing tasks through to their completion without being distracted
    • Social indifference, or not succumbing to social pressure to buy the latest thing

    In order to accumulate wealth, it is imperative for investors to understand that their underlying financial behavior and habits matter significantly. DataPoints research supports the notion that, “…individuals who successfully accumulate wealth often engage in basic and identifiable productive financial management behaviors.” And, they are often “socially indifferent” to the latest “must haves” and they resist the “lifestyle creep,” which is the tendency to spend more whenever they earn more.

    To properly build wealth, financial experts recommend saving 20% of your income and living off the remaining 80%. Many wealthy individuals, who religiously follow this principle, espoused the freedom that comes with spending and living below their means.

    Reference

    1. Grable, J. E., Kruger, M., & Fallaw, S. S. (2017). An Assessment of Wealth Accumulation Tasks and Behaviors. Journal of Financial Service Professionals, 71(1), 55-70.
    2. https://www.datapoints.com/2017/04/06/tasks-of-wealth-accumulators/
    3. https://apple.news/A4YIQ2ahsSKqzUG3rh1PmTQ

    Seniors Are Stressed About Income in Retirement. What To Do. – Barron’s

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    A large number of American workers closing in on retirement are showing anxiety not just over how much they’ve saved but also over how to manage their different income sources during their post-career lives.

    A new study by Charles Schwab found that most pre-retirees—defined as those within five years of retirement—have at least one fear about their income in retirement. The findings were gleaned from a survey last summer of 1,000 Americans aged 55 and older with $100,000 or more in investable assets, half of whom fell into the pre-retiree cohort. 
    — Read on www.barrons.com/articles/most-seniors-stress-about-income-in-retirement-heres-what-theyre-most-worried-about-51582977602

    3 mistakes to avoid during a market downturn | Vanguard

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    Following a decade-plus of generally rising markets, a meaningful downturn in stocks may finally be here. We don’t know how bad it will be or how long it will last.

    We do know that some investors will make costly mistakes before prices rise again. Here are 3 common errors worth avoiding.
    — Read on investornews.vanguard/3-mistakes-to-avoid-during-a-market-downturn/