Lee McGowan |
I enjoyed talking about Financial Planning for Parents at the Goodnow Library. Thank you to the Goodnow Library Foundation for hosting the Be Bold Speaker Series. Please find a link to the slides from the November 14 presentation at the Goodnow Library in the blog post.
Lee McGowan and Byron E. Woodman, Jr. |
In a bit of a paradox, we have two books with contradictory titles about crowds on our recommended reading list. So, what is it? Are crowds wise or delusional? It helps to understand why the answer is yes, to both, and why both have shaped our investment recommendations through the years.
Most children learn the ins and outs of responsible wealth-building from their parents. As kids grow, simple conversations about saving and spending often branch out into investing, compounding, and comprehensive Life-Centered Planning. But no matter how many good financial habits your children have learned by adulthood, they could still be unprepared for their role in your legacy plan.
According to a recent report by T. Rowe Price, the COVID-19 pandemic created 2.4 million "excess" retirements in 2020. Some folks retired due to family health issues. Others retired from high-stress positions in health care or education. And many were forced into retirement due to cutbacks by their employers. If you think unretirement could improve your Return on Life, work through these three questions and share your answers with loved ones and your financial advisor.
Lee McGowan |
Behavioral finance is a field that merges the acumen of psychology with investments. The field is grounded on the belief that investors are prone to behavioral biases that cause financial decisions to be less than completely rational. In our work and studies here at Monument Group, we come across examples of behavioral biases on a regular basis.
You can’t control everything when you travel. But you can control what you know, how you get ready to get away, and what you do while you’re vacationing. And if you know these common travel mistakes, you’ll be much better prepared to get away and make it a truly great experience.