Financial Life Planning

Posted on April 8, 2020 by admin

“People have the potential to live longer than any other time in history. This gift of extra time requires that we fundamentally redefine retirement and our life journeys leading up to it.” What is “Retirement’? Transamerica Center for Retirement Studies

Financial Life Planning connects the dots between our financial realities, our values and the lives we long to live. It helps both pre-retirees and retirees identify their core values and connect them with their financial decisions and life goals. It is an financial planning and investing approach which helps people manage their portfolio.

Financial life plan focuses on the human side of financial planning, including people’s anxiety, habits, behaviors and other emotions (e.g., fear and greed) tied to investing money and accumulating wealth. People struggling with retirement and other finances really need a plan that helps them manage their attitudes, habits, goals and resources.

George Kinder, known to most as the “father” of the life planning, is the founder of Kinder Institute. He views life planning as “a way of holistically delivering financial planning that focuses on delving into people’s real goals, beyond just their financial concerns, in an effort to help them use their money to deliver freedom into their lives”.

Financial Life Planning combines personal finance and wellness. It spends time to discussing life planning and to building an intentional life. There is more to living a life of freedom and purpose than money and wealth. To live a life of freedom and purpose, people are encouraged to consider George Kinder’s famous Three Questions, which are:

Question 1: Design Your Life

“I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.”

Question 2: You have less time

“This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?”

Question 3: Today’s the day

“This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? ”

Society tends to attribute personal and professional success to the acquisition of material things and the accumulation of wealth. Most of us find ourselves inextricably caught in a cycle of earning, spending, and investing often induced by societal and peer pressures to fit into a perceived definition of success.

And in spite of this, how many times have we heard from even well-to-do friends, acquaintances and relatives that they are not exactly happy with how their lives have shaped up, how they don’t enjoy what they are doing, how they are drowning in debt or living paycheck to paycheck, or how they don’t have any time to pursue their dreams and interests?

If you look closely, there is a common undercurrent running across all these statements that we find ourselves ‘enslaved’ to a script or lifestyle broadcast by social media which was not exactly aligned to our values and innermost dreams.

No one ever wanted to spend more time in the office

“No one ever said on their deathbed ‘I wish I’d spent more time at the office.’ ” Harold Kushner

Having read many anecdotal reports regarding end of life issues, it is important what truly matters to most people in the end. Typically, people do not say that they wish they had earned more money, spent more time at work, or had one more side hustle.

Most often instead, they wish they had spent more time with family and friends. They had more experiences with those that they love. They had taken better care of their health and bodies over the decades. They had saved more and planned better for their retirement. And finally, they wanted to make sure that those they left behind would be taken care of once they were gone.

References:

Do the Least Harm* | Monday Morning Outlook by First Trust

Posted on April 7, 2020 by admin

By Brian S. Wesbury, Chief Economist and Robert Stein, Deputy Chief Economist

Date: 4/6/2020

Doctors think differently than economists. They put patients with a potential for brain damage in an artificial coma to stop swelling, and when it stops, they bring them out. This fits with the Hippocratic Oath all doctors take, which states “First, do no harm.” The idea is to “limit” damage and then “restart” a more normal body with fewer problems.

The economy doesn’t work that way. You can’t just “turn it off” and then “restart it” as if nothing happened. When you turn off an economy you create permanent damage. While this is impossible to prove – there is no precedent in history from which to judge – it is easy to surmise.

We have all heard news stories about small business owners (or know them ourselves) who have been moved to close their businesses for good. They will never re-open. Some studies say the median small business has enough cash to last less than a month. That’s the median. And there are 30 million small businesses.

Shutdowns of restaurants and bars started in mid-March, and now cover most of the United States. These shutdowns spread to “non-essential” (as deemed by government) businesses over the past month. It is now April. In other words, many of those 30 million small companies are already in serious trouble. Many will be forced to close their doors for good before this is all over.

Simply put, shutting down the economy has serious consequences. If the economy were to reopen by Easter, which seems impossible now, it would probably open with, at most, 97% of its original capacity. It’s like a muscle, without use it atrophies. And when it does, it needs physical therapy to recover. The longer it’s sedentary, the worse the atrophy, the more difficult (and painful) the recovery.

If we wait until the end of April, it will be, say, 92%. The end of May and it’s 85%. The end of June and it’s even less. These are just guesstimates, we know that, but it’s what we think is the right framework to look at things. The longer the shutdown lasts, the more permanent damage to the economy. Capacity would eventually come back, but it would take time, perhaps years. Businesses that had just the right mix of managers, workers, and suppliers, can’t just magically re-create that mix by snapping their fingers when this is done. The US economy is not Sleeping Beauty, ready to wake up at first kiss by the government.

During the Great Depression, the suicide rate in the US hit the highest level in history. Recessions are traumatic, both physically and emotionally. Anxiety and depression multiply the problems of being jobless. The consequences are very real, though often hard to track.

The faster the economy opens again, the less the long-term damage. But this would mean government has to do a cost-benefit analysis of economic damage as well as the health costs of Coronavirus. So far, that’s not happened. It’s time government set up a Coronavirus Economic Task Force.

It’s true that $2 trillion in government bailout money, and trillions more from the Fed, will blunt the damage. But it won’t stop the atrophy. It just slows it down. More importantly, it significantly grows the power of government. It also boosts demand for goods, while the shutdowns artificially hold back supply, which causes inflation because demand exceeds supply.

One thing to remember is that even leaving parts of the economy open – grocery and drug stores, gas stations, restaurants for take-out, etc. – risks spreading the virus. So, by choice, we are already taking risk. Let’s expand that risk assessment and take into account all the risks, including the economic ones.

Things need to change. Why can’t landscapers work? Construction crews in many states are still working. Why can’t factories or machine shops that normally produce 8 hours a day, go to 24-hour production schedules – three, 8-hour shifts with fewer employees? If I can pick up food, why can’t I eat somewhere 6 feet away from others? There have to be a million ideas. Let’s start thinking about them, because the costs of the shutdown must be balanced with the benefits. It may not be possible to “do no harm” in the response to this pandemic, but we can at least try to “do the least harm.”

https://www.ftportfolios.com/Commentary/EconomicResearch/2020/4/6/do-the-least-harm

*This report was prepared by First Trust Advisors L. P., and reflects the current opinion of the authors. It is based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

Estate Planning

Posted on April 7, 2020 by admin

“I want to leave my children enough that they feel they can do anything, but not so much that they do nothing.” ~ Warren Buffet

Your Estate Plan

Although estate planning can be a complex task, a well-informed plan can make a big difference in what is left for your loved ones.

Source: Fidelity Investment

Here are a few steps you can take to begin thinking about your estate plan:

Gather important documents, and make sure that key family members know where they are.
Gather a list of all the things you own, noting any liabilities (like your mortgage) as well. Record the value of each asset (properties, collectibles, jewelry, etc.). Print copies of your most recent statements from your relevant accounts. Note the values and benefits from insurance policies.
Consider and write down your objectives for your estate plan. Who should get which assets? Who should get them if something should happen to your beneficiaries? Do you have minors who need care if something were to happen right now? Who should handle your assets if you become unable to make decisions about them? And so forth.
Review your will, if you have one in place.
Review and update the beneficiaries of your retirement accounts or insurance policies.
Review and update powers of attorney for matters of health care or other affairs.
Consider if you want to establish a trust, and prepare to talk to an attorney and experienced financial adviser about it.

We never know what could happen tomorrow. But we do know that having a solid estate plan can help ease the burden of your passing on your loved ones.

Revocable vs. Irrevocable Trusts

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.

Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.

Other benefits of trusts include:

Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex situations such as children from more than one marriage.
Protection of your legacy. A properly constructed trust can help protect your estate from your heirs’ creditors or from beneficiaries who may not be adept at money management.
Privacy and probate savings. Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.Trusts are a powerful and beneficial tool when properly used.

There are two types of trusts: a revocable living trust and an irrevocable trust. Some other terms associated with trusts include “grantor” and “non-grantor” — which are the parties creating the trust.

With a revocable living trust, you still control the assets, can change the trustee at any time, or sell your assets while you’re living, because the grantor — the person who created the trust — is normally the trustee as well. The only benefit a revocable living trust provides is to ensure your assets bypass probate. It does not provide any immediate tax benefits. In fact, income from a revocable living trust is taxed to the grantor.

An irrevocable trust is completely different. It can be used when “gifting” assets in order to reduce a grantor’s taxable estate. Be aware that once you transfer assets to an irrevocable trust, changes are permanent and cannot be undone — or at best — can only be made through a lengthy process. You no longer have any control to sell investments inside the trust and will have to ask your trustee — typically your children or grandchildren — to do so. Since you don’t legally own the assets any longer, they’re either taxed at trust income tax rates or your beneficiaries’ tax rates.

By using a will or trust to legally ensure that you will not only protect the things you worked hard to achieve, you will have the final say about those assets — taking care of the people you love when you’re no longer here. That means not leaving such decisions to attorneys, state governments or the IRS.

References:

Wear a Cloth Face Covering

Posted on April 6, 2020 by admin

CDC continues to study the spread and effects of the novel coronavirus across the United States. CDC now know from recent studies that a significant portion of individuals with coronavirus lack symptoms (“asymptomatic”) and that even those who eventually develop symptoms (“pre-symptomatic”) can transmit the virus to others before showing symptoms.

This means that the virus can spread between people interacting in close proximity—for example, speaking, coughing, or sneezing—even if those people are not exhibiting symptoms.

In light of this new evidence, CDC recommends wearing cloth face coverings in public settings where other social distancing measures are difficult to maintain (e.g., grocery stores and pharmacies) especially in areas of significant community-based transmission.

Cloth face coverings should:

Fit snugly but comfortably against the side of the face
Be secured with ties or ear loops
Include multiple layers of fabric
Allow for breathing without restriction
Be able to be laundered and machine dried without damage or change to shape

CDC also advises the use of simple cloth face coverings to slow the spread of the virus and help people who may have the virus and do not know it from transmitting it to others. Cloth face coverings fashioned from household items or made at home from common materials at low cost can be used as an additional, voluntary public health measure.

Cloth face coverings should not be placed on young children under age 2, anyone who has trouble breathing, or is unconscious, incapacitated or otherwise unable to remove the mask without assistance.

The cloth face coverings recommended are not surgical masks or N-95 respirators. Those are critical supplies that must continue to be reserved for healthcare workers and other medical first responders, as recommended by current CDC guidance.

Goals, Systems, Habits…Oh My

Posted on April 6, 2020 by admin

To live the life you want, you must know what you you want!

To live a rich and fulfilling life, it important to have goals that aligns with those things you value most and habits, or a system, to achieve those goals. You must be able to distill those goals into a few seconds of spoken words you’ll remember.

Studies show that people who can clearly craft a narrative for their personal goals—and mentally and emotionally embrace their goals—have a better chance of reaching those goals.

It is recommended that people create several lists of goals: one for emotional, another for finances and another for health. State your goal for the current year, in the near future (years three and five), and further out (years seven and 10).

For example: A current emotional list includes going out for dinner with friends every month. In year five, the gal could be to take a dream vacation to Tahiti. In year 10, the goal could be to become debt-free or financially secure.

It’s about creating your own vision and speaking your goals aloud, which makes it much easier to stay focused on them. Having goal clarity is essential to motivation. Consequently, in order to get motivated to achieve your big dreams, you need to be clear on the next step or two. You’re finding clues and guides along the way. This is the process and emotional experience of pursuing a big dream.

Here’s what you need to move forward:

A clear direction so you actually know what to do
A hard and fast timeline
The right system

“Goals are about the results you want to achieve. Systems are about the processes that lead to those results.” James Clear, Atomic Habits

Most personal goals are hard to reach since progress is often slow and occur in small increments, they’re boring and unmotivating, and they’re difficult to ultimately achieve. In the end, most well-intended individuals tend to abandon their goals and revert back to the old bad or undesirable habits they were attempting to change or eliminate. It takes willpower to achieve a goal without a system and there is a limited supply of will power. Willpower is a finite resource.

Instead of creating a goal, implement a system. Implementing a system would go along towards forming a new habit. For example, with financial security and planning for retirement, you could spend time educating yourself about cash flow, net worth, financial planning, saving and investing. In short, we should focus on the knowledge we need to form good personal financial habits.

“The real reason habits matter is not because they can get you better results (although they can do that), but because they can change your beliefs about yourself.” James Clear, Atomic Habits

James Clear, author of “Atomic Habits”, wrote a practical book on how to optimize your habits and get 1 percent better every day. He believes the most important key to achieving most of our goals are habits. Habits are those automatic routines we follow every day, day after day after day. If we make small changes to these automatic daily routines we all have, then we will see huge changes in our life quality and success over the months, years and decades later which is why this book is called “Atomic Habits.” It’s about small changes that lead to powerful explosive progress over a long period of time.

Scott Adams, the cartoonist behind the Dilbert comics, is an vocal advocate of building systems and says that you’ll “…be more successful by ignoring goals and focusing on building great systems in your life”.

The problems inherent in goals are many. The first and biggest problem, as James Clear points out, is that “winners and losers have the same goals.” And since winners and losers have the same goals, then your goals cannot make the difference between success and failure.

Instead of goals, it’s much better to focus on systems. Systems are the processes by which we achieve our goals. For example, if you have the goal of being an investor, then your systems may be paying yourself first with saving and investing 15 to 20 percent of your income every month and increase financial literacy by reading 5 financial and investing articles every week.

A systems-centred approach puts our focus on the process or daily habits rather than the end goal. It’s about finding ways to improve our skill of saving or investing, and most importantly finding enjoyment in the activity itself as our driving motivation.

“The purpose of setting goals is to win the game. The purpose of building systems is to continue playing the game. True long-term thinking is goal-less thinking.” James Clear, Atomic Habits

Goals have many built-in problems. They make us believe happiness is found in the future and sabotage lifelong progress. Focusing on systems, which are the processes and daily habits of our lives, will make us both more happier and more successful.

Sources:

Vanguard will offer Private Equity Investments

Posted on April 5, 2020 by admin

Vanguard turns to what many view as the ‘dark side’ of investing, the world of complex, exclusive, expensive private equity investments

Vanguard Group plans to offer a private equity investments which will be managed by an outside firm called HarbourVest Partners. Initially, the private equity investment will be available only to institutions such as endowments and nonprofit foundations. But, Vanguard intends to move quickly beyond institutional investors.

Over time and as regulations change, Vanguard hopes to offer these private equity strategies to its individual, non-qualified retail investors.

Typically, private equity firms charge fees that are 2% of assets a year in management fees, plus 15% to 20% or higher of total returns in annual performance fees. Generally, money is locked up for years with little liquidity. This is why the U.S. Securities and Exchange Commission has long kept smaller, non qualified investors out of them.

In a statement, Vanguard chief executive Tim Buckley said, “Private equity will complement our leading index and actively managed funds, as we seek to broaden access to this asset class and improve client outcomes. While this strategy will be initially available to institutional advised clients, we aim to expand access to investors in additional channels over time. For individual investors in particular, this partnership will present an incredible opportunity — access and terms they could not get on their own.”

Contrasting Viewpoint

Eric Walters, founder of Silvercrest Wealth Planning, believes Vanguard’s move is “fraught with risks.” He added, “I think it could work if they are able to access top-quartile private equity managers, most of which are closed to new subscriptions”. Additionally, he added, “Managers below the top quartile often don’t do any better than public equities and often do worse. When you add the high fees and long holding periods, accessing lower-tier managers would be a bad deal for Vanguard clients.”

About Vanguard

Vanguard is one of the world’s largest investment management companies. As of December 31, 2019, Vanguard managed $6.2 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 424 funds to its more than 30 million investors worldwide. For more information, visit vanguard.com.

About HarbourVest

HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $68 billion in assets under management, as of December 31, 2019.

References:

Asymptomatic People Should Wear Face Masks

Posted on April 4, 2020 by admin

Updated: April 4, 2:53 p.m.

CDC: Use Face Coverings in Public

As more studies show that people without symptoms of COVID-19 are spreading the virus, the CDC is advising that people use cloth masks or face coverings in public.

Scientists now know that a portion of people with the coronavirus may lack symptoms – possibly 25% or higher. And others who are pre-symptomatic can transmit the virus before they show signs of COVID-19.

“In light of this new evidence, the CDC recommends wearing cloth face coverings,” U.S. Surgeon General Jerome Adams, MD, said, including in grocery stores and pharmacies. “The CDC is always looking at the data and evolving the recommendations, and new ones will come as the evidence dictates.”

The guideline discourages people from using medical-grade or surgical-grade masks, such as N95 masks, and instead, leave those for medical professionals. People can purchase basic cloth or fabric masks online or make them at home.

If people choose to wear a face covering, they should wash their hands first, Adams said. They should not touch their faces while wearing a mask, and carefully remove the mask after use and wash their hands.

“This is all about you protecting me and me protecting you,” Adams said.

The new precaution doesn’t replace CDC guidance on social distancing, including staying at home as much as possible. That includes staying six feet away from others, not shaking hands, and washing hands with soap and water for 20 seconds throughout the day.

Asymptomatic spread of COVID-19

“It’s good to think about wearing a mask as protecting your community and asking your community to do the same for you.” Jeremy Howard

However, the idea of universal face mask use in the U.S. has been gaining support with the growing belief by health experts that many people who have no idea they are infected are spreading the virus because they either have no symptoms or have not begun to experience symptoms.

A study by researchers in Singapore estimated that around 10% of new coronavirus infections may be spread by people who carry the virus but have not displayed any symptoms such as fever, cough, difficulty breathing or sore throat.

And, according to Jeremy Howard, a Melbourne-raised research scientist at the University of San Francisco who has become one of America’s leading champion of universal mask-wearing, stated that, “The primary transmission [of coronavirus] is now known to be droplet-based, and we now know that that transmission largely occurs in the first seven days after infection, when people are largely asymptomatic. So that means that if you’re highly infectious, you probably won’t know it. So we should all assume that we are potentially lethal to people around us. The way we are potentially lethal to people around us is when we speak: that’s when these micro droplets get ejected up to six feet.”

In response, the CDC has changed how it defined the risks of infection, saying essentially that anyone may be a carrier, whether they have COVID-19 symptoms or not. But neither it nor the World Health Organization changed their recommendations that everyone did not have to wear masks.

CDC reconsiders guidance to wear masks

There is a growing number of Americans and vocal proponents of wearing face masks believe that wearing a mask reduces how many times they touch their eyes, nose and mouth, “but there aren’t any data to support that that’s a useful intervention,” Dr. Schaffner says.

There has been a fair amount of person-to-person coronavirus spread by people not showing symptoms, the CDC will look at whether having more Americans wear masks will prevent transmission of COVID-19.

Nevertheless, staying at home, “social distancing” and washing your hands remain the most important things people can do to help flatten the curve and mitigate the spread of the coronavirus.

References:

Economy and Markets will Recover

Posted on April 4, 2020 by admin

“There are ‘tremendous opportunities’ in markets.” Larry Fink

To build wealth, it is advised that investors should take a long-term view of markets; and that they should take a long-term view in the way they manage their personal finances and investment portfolios. It is certain that the world will get through; and, the economy and markets will recover once the COVID-19 crisis has abated.

For investors who keep their focus on the long-term horizon, “there are tremendous opportunities to be had in today’s stock markets”, according to Blackrock’s Chairman and CEO Larry Fink. For many of Blackrock’s clients, “the recent sell-off created an attractive opportunity to rebalance into equities,” Fink said.

Take banks as an example, “the damage has already been done” to the industry according to most financial professionals and traders. Yet, the banks are in better condition financially than they were during the 2007-2009 financial crisis. Once the virus spread stalls and the economy returns to normal operation, the Fed will still be supporting the banking system.

Positive sign for comeback

“Don’t watch their lips, instead watch their feet.”

Extraordinary monetary stimulus measures by the Federal Reserve and fiscal stimulus measures by Congress and the White House have put a proverbial floor under the market in late March. As a result, many C-suite executives are buying up their own company’s stocks at a record pace, according to InsiderSource.

“Insiders have a 35+ year track record of buying on the type of extreme weakness experienced in Q1′20,” InsiderScore director of research Ben Silverman said in a note. “A dramatic increase in insider buying volume combined with dampened levels of insider selling has resulted in the generation of industry buy inflections – our strongest, quantitative macro signal – for the entire market.”

In his 2010 newsletter to Berkshire-Hathaway shareholders, Warren Buffett wrote: “When it’s raining gold, reach for a bucket, not a thimble.” Based on his vast and highly successful investing experience, he states that in period like the present, “Big opportunities come infrequently”.

Dr. Fauci sees ‘Glimmers’

Posted on March 31, 2020 by admin

US health official Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Disease, sees ‘glimmers’ that social distancing is working in the U.S.

“We hope and I believe it will happen that we may start seeing a turnaround, but we haven’t seen it yet,” Dr. Fauci said in a Tuesday afternoon COVID-19 briefing.

https://www.cnbc.com/2020/03/31/us-health-official-fauci-sees-glimmers-that-social-distancing-is-dampening-coronavirus-outbreak.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message

Protect Your Retirement from Coronavirus Market Swings | Money

Posted on March 31, 2020 by admin

From February 19th through February 27, the S&P 500 fell more than 11%, In contrast, the Bloomberg Barclays U.S. Aggregate bond index —the benchmark tracked by core bond funds— is up 1%. If you are using Treasury bonds in your portfolio, you’ve likely seen a bigger gain of approximately 1.78%.

The coronavirus induced market collapse shows how using a three-bucket strategy can make it easier to stay the course during stock sell-offs. With a cash bucket and a bond bucket, you can generate the income you need without needing to touch your stock bucket when it is down.

3 Bucket Approach

Buckets 1 and 2 (cash and bonds) buy time for bucket 3 (stocks) to recover. Bucket 3 offer the best shot of delivering inflation-beating gains over the long-term. Inflation and loss of purchasing power of the dollar are a very real threat for a retirement that can stretch 30 years.

Bucket No. 1 holds two to three years’ worth of living expenses—reduced by your guaranteed income—in cash or cash equivalents.
The intermediate bucket—bucket No. 2—should hold three to seven years’ worth of expenses in a balanced portfolio with investments that give off a yield, such as dividend-paying stocks and bonds or bond funds.
Bucket No. 3 holds longer-term funds that may not be needed for several years. It can be invested in riskier assets, such as 100% stocks.

References:

Brownlee Global: Gratitude to Greatness

Gratitude is a Powerful Tool That Can Help People Live the Lives They Want

Author Archives: admin

Financial Life Planning

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Do the Least Harm* | Monday Morning Outlook by First Trust

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Estate Planning

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Wear a Cloth Face Covering

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Goals, Systems, Habits…Oh My

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Vanguard will offer Private Equity Investments

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Asymptomatic People Should Wear Face Masks

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Positive sign for comeback

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Dr. Fauci sees ‘Glimmers’

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Protect Your Retirement from Coronavirus Market Swings | Money

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