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Class of 2015: Financial Advice That will CHANGE YOUR LIFE

  • May 28, 2015/
  • Posted By : admin/
  • 0 comments /
  • Under : Behavior, Best Practices, Personal Finance, Saving Money

PDS-CommencementThe following is a brief excerpt from the commencement address by Dr. Chris Mullis to the graduating class of Providence Day School on May 31, 2013. The full text of Dr. Mullis’ speech, that includes career advice, financial guidance, and a few pearls of wisdom, can be found here.

At my investment advisory firm, we developed complex computer algorithms and use them to manage our clients’ investment portfolios. But the basic steps you need to take to manage your own money well are deceptively simple. First, live within your means and avoid being caught up in rapid lifestyle inflation. You will not live like your parents when you first start out. Second, save and invest your money wisely. Let me elaborate on this point.

Wealth accumulation depends on three factors: how much you save, the rate at which your money grows, and how long you save. That last factor, time, is very, very important. There’s an urban legend that Albert Einstein once said that compounding interest is the most powerful force in the Universe. That quote is likely misattributed but the message is spot on. If you save $5,000 a year for 40 years and earn 8% annually, you will eventually have $1.3M. But if you delay starting for merely 5 years, your results after 35 years will be only $860k. That 5-year delay preserved $25k of short-term capital but ultimately cost you >$400k in the long run. Time is the most powerful lever in the machinery of investing. Nothing else comes close to it.

So what do you need to do? Start saving and investing right out of high school regardless of how hard you think it hurts or how unpleasant the tradeoffs. Even if you set aside only 5% of your paycheck starting out, do it to get into the habit of saving. Delaying getting serious about investing until my 30s was a significant financial mistake on my part. No one ever sat me down and explained how important it is to start investing early. Now that we’ve had this little talk, you’ll never be able to say that no one told you.


Finance Needs an Ethics Class

  • May 21, 2015/
  • Posted By : admin/
  • 0 comments /
  • Under : Scams & Schemes, Seeking Prudent Advice

wallstreetA new report on the financial industry describes a very troubling situation.

  • A third of the people surveyed who make more than $500,000 annually claim that they “have witnessed or have firsthand knowledge of wrongdoing in the workplace.”
  • “Nearly one in five respondents feels financial service professionals must sometimes engage in unethical or illegal activity to be successful in the current financial environment.”
  • One in ten say they have been directly pressured “to compromise ethical standards or violate the law.”

More than 1,200 traders, portfolio managers, investment bankers, and hedge fund professional were surveyed.

Clearly not all financial professionals are unethical, but given the high degree of bad operators, we continue to counsel our clients and friends to ask good questions, be skeptical, and do your due diligence when making financial transactions.

 


Renting vs. Buying: Which is Cheaper for You?

  • May 14, 2015/
  • Posted By : admin/
  • 0 comments /
  • Under : Best Practices, Personal Finance

The decision to rent or buy a home depends on where you live, and also on your mortgage rate, tax bracket, how long you’ll stay put—and whether you’ll need to pay homeowners’ association fees. ‘Cause in some markets, this added cost makes renting cheaper than buying.

Click for an interactive graphic.

rent-vs-buy

Source: Trulia


How to be a 401(k) Millionaire

  • May 7, 2015/
  • Posted By : admin/
  • 0 comments /
  • Under : 401(k), Behavior, Best Practices

5thingsFidelity Investments, one of the largest retirement account administrators in the U.S., published a study that analyzed the characteristics of their 401(k) account  holders who have amassed more than $1 million but make less than $150,000.

Here are 5 key lessons:

#1 — Start saving early
Beyond the obvious fact that the longer you save, the more you’ll potentially accumulate, contributing steadily over 30 to 40 years is especially beneficial in a tax-advantaged workplace retirement savings plan.

#2 — Contribute a minimum of 10% to 15%
Contributing 10% to 15% might sound like a lot, but that amount is meant to include contributions from your employer—such as your company match or profit sharing.

#3 — Meet your employer match
You’ve probably heard it many times, but it bears repeating that failing to contribute up to the full amount of a company match is like turning down “free” money.

#4 — Consider mutual funds that invest in stocks
Historical data suggests that a diversified portfolio of stocks can deliver higher returns than bonds or other fixed income investments over time.

#5 — Don’t cash out when changing jobs
Taking a distribution from your 401(k) account when you change jobs is hardly ever a good idea. It could trigger significant tax liability and early withdrawal penalties. When you take money out of your 401(k), you lose the opportunity for it to grow.

Source: Fidelity


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