When the Rolling Stones sang, "You can't always get what you want, but if you try sometimes, well, you just might find, you get what you need," they described our personal search for acquiring more. With those lyrics in mind, let's dedicate this edition of the Prosperity Wealth Planning newsletter to Spending and some of the issues that can affect our unique buying habits.
The holidays are behind us, and I hope everyone reading this had a wonderful time with friends and family over the past couple of weeks. For many of us, the arrival of the new year is accompanied by a reflection of the past and a desire to look forward, with a renewed interest in setting goals for the coming year. In the song, It's My Life, Jon Bon Jovi's thoughts on goal-setting remind us that "Tomorrow's getting harder, make no mistake. Luck ain't even lucky, got to make your own breaks… It's my life, and it's now or never."
In the Pink Floyd song, Breathe, the listener is encouraged to, “Breathe, breathe in the air, don’t be afraid to care. Leave, don’t leave me. Look around, choose your own ground.” Most of us strive to build a life that allows us to live comfortably and leave something behind for our families and friends when we’ve left. Determining the most appropriate and meaningful way to pass your legacy on to the next generation is often fraught with challenges, especially when it comes to navigating the legal choices that come with estate planning.
In the song My Wish, Rascal Flatts gives voice to the thoughts many parents have this time of year when watching a child heading off to that first day of school: “But more than anything, my wish, for you, is that this life becomes all that you want it to. Your dreams stay big, your worries stay small, you never need to carry more than you can hold. And while you're out there getting where you're getting to, I hope you know somebody loves you and wants the same things too.” For parents of college-bound children, there is a feeling of pride in what their child has accomplished to get to this point, tempered by a mix of concerns: Is he/she ready to be on their own?
Living life to the fullest takes on different meanings for different people. For some, it may mean white-sand beaches, majestic peaks, or treks to remote areas across the world. For others, it’s spending more time with friends and family, or possibly buying that cabin on the lake, or touring the country in an RV.
This week featured a lot of churn and rotation between growth and value stocks, which made for a lackluster performance at the index level. The Nasdaq Composite (+0.3%) rose modestly, while the S&P 500 (-0.4%), Dow Jones Industrial Average (-0.5%), and Russell 2000 (-0.4%) ended with modest losses.
Financial planning is vital at every stage of life. When you are young and just starting out, the goal may simply be to cover monthly expenses, get out of debt, and save for the future. As you get older and your financial life becomes more complicated (think of juggling saving for your kids’ education costs while saving for your own retirement),
When it comes to creating a personalized financial strategy, it is critical to understand what you might consider an acceptable risk level.
The year 2020 proved to be one of the most tumultuous in modern history, marked by a number of developments that were historically unprecedented. But the year also demonstrated the resilience of people, institutions, and financial markets.
If you’re not the type of person who feels comfortable betting your life savings on a long shot, the good news is that you don’t have to find the next big stock to win in the stock market. Concentrating your whole investment on one or two companies means the stakes are high enough to expose you to unnecessary risk.
In the song Brand New Day, Sting asks, “Why would you want to put yourself through all that again?” Indeed. It is now 2021 – a brand new day and a brand new year. It’s time for a fresh start, with the confidence that this year will be better than the last.
The Supertramp song, Give a Little Bit, includes a lyric that says, “there's so much that we need to share, so send a smile and show you care”. This sentiment has never been truer than in this year of struggle.
Anyone who knows the pangs of anticipation can relate to the lyrics in Tom Petty’s song, The Waiting when he sings “The waiting is the hardest part”.