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.
How often do you set new financial goals? How often do you achieve them? Most of us aren’t very successful with our goals, even when we have the best intentions and strong willpower.1 Sometimes, that’s because we’re setting unattainable goals. Other times, we’re missing the big picture and setting our goals with blinders on.
Why do we prefer a total return investment strategy instead of seeking more concentrated dividend stock positions, even for retirees who are drawing income out of their portfolios?
There’s a popular perception that dividend stocks can deliver decent returns, while also creating a dependable income stream for spending in retirement or elsewhere. But that's not necessarily the case.
You've likely heard of the 80/20 rule. The rule suggests 80% of an outcome is often the result of just 20% of the effort you put into it.
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.
As we move past the 4th of July and head into the second half of the year, ask yourself how these three areas of financial independence are affecting your planning and how to get more Return on Life going forward.
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.
The 4th of July weekend is both the unofficial midpoint of summer and the unofficial midpoint of your whole year. While time does fly during the summer months, there's still plenty of year left for you to double down on what's working, course correct where you've slipped behind, and get more Return on Life in the second half of the year.
Noticing signs of decline in our loved ones is always hard, and making care decisions for them often feels even harder. While it's impossible to make the process entirely painless, the following guidance should be useful on your journey.
An increased lifespan is going to create some important challenges that retirees need to prepare for as early as possible. To maximize your Return on Life in your 70s, 80s, and beyond, start making purposeful investments in these three areas.