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5 Money Moves | TD Ameritrade

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Miranda Marquit, Ticker Tape Contributor

The habits you develop with your money today can lay a foundation for your future wealth and financial success. So, you can set yourself up for future financial success by considering the following money moves:

1. Create a Budget

A good first move is to create a budget so you can direct your resources in a way that makes sense for you. Start by reviewing your past spending and income so you get an idea of how money moves in your personal financial situation.

Prioritize your expenses, starting with needs like housing, food, and transportation. Look at other financial goals you have, including paying down debt and saving for a down payment on a home. All these items should be considered, along with when and how much you expect to get paid.

By having a plan for conscientious spending, you can get more from your money in the long run.

2. Save for Retirement

The perfect time to start saving for retirement—even if you have outstanding debt–is now. If your employer offers a matching contribution to your tax-advantaged account—usually a 401(k)—take full advantage. That’s free money for you. Even if your company doesn’t offer a match, it’s still a good idea to save for retirement as early as possible. If you start setting money aside now, it has time to potentially grow using compounding returns. The longer your money is in a retirement account, the more likely you are to reach your wealth goals later.

Consider having your retirement contribution taken directly from each paycheck. Make it automatic and you won’t have to think about it going forward. Then when you tweak your budget, you can base that budget on your pay after your retirement contribution is already taken.

3. Build an Emergency Fund

With an emergency fund you’re more likely to avoid debt when something unexpected, like a car repair, comes up. Even if you only have a few bucks a week to set aside for emergencies, that can potentially help you in the long run. When you have an emergency fund, you can also gain peace of mind knowing you can cover unexpected costs that crop up.

Consider using a high-yield savings account or some other account for your emergency fund. Think about your needs and how you might need to access the money, then set up an account that’s likely to fit your style. The key here is to start with as much as you can and get in the habit of setting aside money for a rainy day. As your finances improve, you can increase how much you set aside for emergencies.

4. Pay off Student Loans

Kore than 40 million Americans have outstanding student loan debt. And, now is a good time to start paying off your student debt. First, check with your employer to find out if they have a student loan repayment program. Some companies will match your student loan payments, and others will simply put money toward student loan repayment for its employees. Find out if such a program exists in your company.

Next, figure out if you might need to get on an income-driven repayment plan if you can’t afford your payments. Student loan consolidation might also help you reduce your monthly payments. However, realize that being on income-driven repayment or using consolidation can cost you more in the long run because it lengthens the amount of time you have the debt.

Finally, don’t forget to look into student loan forgiveness. Depending on your job and your employer, you might be eligible for state and federal forgiveness programs. Find out what’s available to you and make a plan to meet the requirements so you can potentially get a break later.

If you aren’t eligible for forgiveness but can afford to put more toward your student loans, consider paying extra each month. You can also consider using a private refinance to reduce your interest rate and pay off your debt faster. Carefully think about your choices and what’s likely to work best for you.

5. Plan for Life and Financial Goals

Plan for tomorrow by setting financial goals today.

Don’t forget to set aside money for other goals. Get used to thinking ahead and creating a plan to save for items that are important to you. Whether it’s a down payment on a home, having a baby, going on vacation, or buying a car, think about how you want to direct your financial resources in the future.

You can save for multiple goals at once. Prioritize them by time frame and amount and look for ways to set aside money for them each pay period. 

In the end, one of the best things you can do for your financial future is get used to prioritizing your goals and directing your resources toward the things that matter most. It’s essential to put that money to work on your behalf and develop habits that will lead to financial stability in the long run.

References:

  1. https://tickertape.tdameritrade.com/personal-finance/new-graduates-first-job-money-habits-15330

Dividends and Income

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“Income and cash flow are the priority in retirement.”

A dividend is a payment made from a company to its shareholders – often quarterly, but sometimes monthly. Dividends are a way for shareholders to participate and share in the growth of the underlying business above and beyond the share price’s appreciation.

Dividends are cash payments made on a per-share basis to investors. For instance, if a company pays a dividend of 20 cents per share, an investor with 100 shares would receive $20 in cash. Stock dividends are a percentage increase in the number of shares owned. If an investor owns 100 shares and the company issues a 10% stock dividend, that investor will have 110 shares after the dividend.

When publicly traded companies have extra cash on hand, it gives the management team some flexibility and options. With some extra cash, they can:

  • Take that money and invest it back in the business – they might do that through expanding existing operations, building factories, possibly acquiring another company that can help them grow.
  • Take that money and buy back shares of its own company – this strategy reduces the number of ways ownership of the company is sliced up, increasing the ownership. or
  • They can pay out some of that money to people who own shares of the company as a way to “share the wealth” and reward them for owning the business (dividend)

Dividends vs. Bonds

Bonds are obligated to pay interest to bondholders on a regular basis, but there’s no obligation for a company to pay dividends. When income from dividend producing assets decline, retirees may realize they don’t have enough cash flow to pay all their expenses. In order to save cash, some non-essential expenses are often cut or eliminated.

Investors who rely on income, especially those in retirement, tend to gravitate to dividend stocks because bonds pay so little. They could be in for a big shock. Many steady dividends payers have said they will cut their dividends (AT&T) or eliminate them completely (Boeing). For people who live off of dividends, a severe cut would significantly affect the amount of money they have to live on.

Additionally, dividends are taxed at the more favorable capital gains tax rates. This can be an important benefit for retirees who likely don’t have a lot of write-offs,

Long-term investors should focus on total return (capital gains plus dividend income) when thinking about how to invest your retirement savings.

Dividends importance to total equity returns over the long term cannot be overstated. Ibbotson Associates data from 1927 to 2002 show that more than 40% of the compound annual growth of its large-cap equity index can be attributed to dividend payouts. That said, the contribution of dividends over shorter periods can exhibit a fair amount of disparity. Indeed, over the decades, it has ranged from a low of about 15% in the 1990s to a high of 71% in the 1970s.

Graphing the difference between ten-year compounded growth rates from dividends and capital appreciation for the years 1947 through 2002, a picture of alternating leadership begins to appear. Clearly, capital appreciation has been dominant in periods of lower inflation and stable interest rates due to the positive impact that it has on price-to-earnings (P/E) multiples. On the other hand, dividends have carried most of the burden of equity market returns in periods of higher inflation and volatile interest rates when P/E multiples were contracting.

Consider all streams of income — Social Security, pensions, IRAs, part-time work — when devising a broader strategy (and tax plan) for your retirement years. Given that “investors using dividend-paying stocks for income must have a strong constitution,” says Richard Steinberg, chief market strategist at The Colony Group.

Dividends are not guaranteed and are paid at the discretion of the board of directors. Unlike a bond, which must pay a contracted amount or be in default, the board of directors can decide to reduce the dividend or even eliminate it at any time.

References:

  1. https://money.usnews.com/investing/investing-101/articles/how-to-live-on-dividend-income
  2. https://money.usnews.com/investing/investing-101/articles/what-are-dividends-and-how-do-they-work

Building Wealth By Focusing on the Long Term

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Americans can build wealth and achieve financial security by following proven long term financial strategies and wealth building principles.

These fundamental financial principles include to live on less than they make, avoid debt, stay invested for the long term, have an emergency fund, and remain financially disciplined and responsible. Theses are just a few of the habits and principles of Americans who have built wealth and achieved financial security.

INVESTING WITH PURPOSE

Investing is a great way to grow your money, especially for long term goals like building assets for retirement. It is important to understand and accept that building wealth has little to do with income or background.  According to financial guru David Ramsey, “it doesn’t matter where you come from…it matters where you’re going.”

What it does take to build wealth and achieve financial security is saving and investing over a long period of time measured in decades, patience and a systematic approach that creates good wealth building habits.

When you’re planning for short- or medium-term financial goals, it may make sense to put your money in a savings account or short-term cash equivalent, such as a certificate of deposit. For longer-term goals (more than 3 years away), you want to start investing a portion of your money to accelerate the growth of your savings and net worth.

It is imperative that investors avoid the pitfalls of short term financial strategies, such as reacting to equity market volatility, chasing returns, timing the market and excess trading. Instead, the strategy and focus must for financial long-term goals like retirement.

Overall, our belief is that it does not require vast investing knowledge, a large income, a streak of good luck, or a huge inheritance to build wealth or become financially secure. It takes embracing proven long term financial strategies and wealth building principles, such as to stay invested and focus on the long term.

Longevity and long term health care costs in retirement are significant challenges that must be considered by Americans.

Focus on long-term financial habits and goals

The best investor isn’t necessarily the person with the most short term successes, but rather the one with the best process and judgment. To make money safely and steadily, it is not the companies we invest in were flawless, but “the price” was too favorable to those who invest in them.  This experience produced two of my most important observations:

  • Success in investing doesn’t come from buying good things, but from buying things well, and it’s essential to know the difference.
  • It’s not a matter of what you buy, but what you pay for it.

Investors should not spend all of their time picking outstanding companies that the prices they paid were too high.  Mostly winning companies appear as poor investments in the beginning.

We’re living longer, and the world’s population is aging rapidly. In fact, the number of persons aged 50 or above is expected to double to almost 3.2 billion by 2050, according to UN projections. It will transform the way all of us will live, both economically and socially.

With unprecedented spending power, our ability to work longer and to have different retirement expectations, today’s older generation will propel innovation and economic prosperity unlike before. Their collective needs and spending, an estimated $7 trillion and climbing, will drive certain sectors, products and investments, that will have a substantial impact and ripple effect on economic activity.

References:

Honor the Fallen on Memorial Day

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“Memorial Day is a day no American should ever forget the meaning of. This weekend, we honor the men and women who died while serving in the U.S. military.”

by JOHN PETTIT, CUINSIGHT.COM

May 28, 2021

Memorial Day is observed on the last Monday of May, honoring men and women who died while serving in the U.S. military. We owe the freedoms we have to those who have given their lives to preserve them.

On this Memorial Day, here are three ways you can honor those who gave everything for all of us:

  1. Follow Memorial Day etiquette with your flag: If you don’t have a flag on display at your house, this is the perfect weekend to do so. If you have a flag pole, fly your flag at half mast (to recognize those who’ve died in service) until noon and then raise it to its peak (to celebrate all who have served).
  2. Take a moment to reflect: The National Moment of Remembrance, first proclaimed in May 2000, asks Americans to pause for a duration of one minute at 3 pm local time on Memorial Day in order to remember those who have died in military service to the United States.
  3. Visit a memorial: There are many museums, memorials, and monuments located all over the country. Find one and take time to pay respect to the men and women who are honored by these symbols of gratitude.

Reference:

  1. https://www.cuinsight.com/3-ways-to-honor-the-fallen-on-memorial-day.html

5 principles to guide you on your financial journey

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“Think long-term when investing. When times are good, be grateful. When times are bad, be patient. Focusing on the long term is a winning strategy for all seasons.” Jack Brennan

You can’t control the markets, the economy, or the performance of an individual security, according to Jack Brennan, former CEO Vanguard Investments and author of “More Straight Talk on Investing”. You can, however, give yourself the best chance for investment success by taking ownership of your finances in a sensible way.

Here are 5 enduring lessons learned during Brennan’s tenure as Vanguard’s CEO:

Develop a financial game plan

First, establish clear, attainable goals and create a plan that will help you reach them. Be conservative in your projections about how fast your money will grow. By avoiding impractical saving or spending requirements, you can help keep your plan on track.

Become a disciplined saver

4 key words for building a secure financial future are “live below your means.” Make a habit of putting money away. If saving money doesn’t come naturally to you, find creative ways to make it a fun challenge. Consider what changes you’re willing to make to set aside a little more for your future.

Invest with balance and diversification

Create a sound investment strategy by choosing an asset allocation that uses broadly diversified funds and considers your goals, time horizon, and risk tolerance.

Control your costs

While you can’t control the markets, you can control your investment costs and taxes.

The less you pay for funds, the greater your share of the investments’ returns. Be sure to avoid funds with high expense ratios.

To reduce taxes, consider tax-efficient investments like index mutual funds and ETFs. IRAs are another way to mitigate the impact of taxes.

Maintain a long-term perspective

Over time, you’ll experience both good and challenging times that can evoke various emotions. Resist the urge to make impulsive decisions. Taking a disciplined approach that keeps you focused on your long-term objectives is a winning strategy for all seasons.

Markets are unpredictable and investment fads come and go. Yet, it is not difficult to develop a sound investment program for the long term that manages risks and taxes by following these 5 enduring lessons learned.

References:

  1. https://investornews.vanguard/5-investing-principles-that-are-built-to-last/

Jack Brennan joined Vanguard in 1982 and served as chief executive officer from 1996 to 2008 and chairman of the board from 1998 to 2009. Currently, he serves as chairman emeritus and senior advisor. He’s been in the investment management business for nearly 40 years.

Index Fund Investing

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Successful investing always starts with a goal!

Source: Napkin Finance

Investing is for everyone and it can help you reach your financial goals. And, you don’t have to try to pick the winners in the stock market to achieve long-term investing success.

When investing, you don’t have to have tons of money, trade a lot, or employ sophisticated strategies. A proven strategy is just doing the “boring” thing of determining an appropriate asset mix (of stocks, bonds, cash and real estate), owning well-diversified, passively managed index funds, avoiding the herd following tendency to “buy high / sell low,” and sticking with that asset mix over time can help you reach your financial goals.

Even billionaire investor Warren Buffett, the chairman and CEO of Berkshire Hathaway, has repeatedly recommended index funds. Buffett said at a shareholders’ conference, “In my view, for most people, the best thing to do is to own the S&P 500 index fund,”

An index fund is a professionally managed collection of stocks, bonds, or other investments that tries to match the returns of a specific index. They tend to:

  • Pool money from a group of investors and then buy the individual stocks or other securities that make up a particular index. That model helps to reduce the associated costs that fund managers charge, compared to those funds where someone is actively strategizing which investments to include.
  • Track the performance of a particular market benchmark, like the S&P 500 or the Dow Jones Industrial Average. They’re a form of passive investing, because they allow investors to buy a lot of assets at once and hold them for the long term.
  • Offer instant diversification for a portfolio, which helps reduce risk. They also tend to be low-cost investment options, which is a big reason why they’re popular with investors.

While individual stock prices can fluctuate wildly, the broader index tends to go up over time — and with index funds, you don’t have to pick the winning stocks to benefit from the market’s overall gains.

Although all index funds track an index, according to Napkin Finance, what they invest in can vary widely:

  • U.S. stocks—some index funds track a well-known U.S. index, like the S&P or the Dow.
  • Global stocks—some try to essentially track the entire global stock market.
  • A specific industry—some index funds focus only on tech or healthcare stocks or those of another industry.
  • A particular region or country—there are index funds that track only investments in Japan, South America, or other regions.
  • Bonds—some index funds try to track the whole bond market, while others focus on a specific slice.
  • Alternatives—there are index funds that track oil, gold, real estate, and more.

Putting your money to work

There are some inherent risks that come with investing in the stock market, but investing also offers a higher rate of return than the interest rates you’ll earn on a savings account. The S&P 500, an index representing the 500 largest U.S. companies, has delivered average annual returns of almost 10% going back 90-plus years.

You don’t have to be an expert or professional investor to be successful. Index funds are a low cost and easy way to beef up the diversification of your portfolio. Additionally, they are relatively low cost and you don’t need a lot of index funds to achieve diversification.

References:

  1. https://napkinfinance.com/napkin/index-fund/
  2. https://grow.acorns.com/warren-buffett-index-funds/
  3. https://rajn.co/warren-buffett-quotes-investing-business-stocks-risk-debt/
  4. https://grow.acorns.com/why-index-funds-are-often-the-best-way-to-invest/

Stop Orders

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A stop order, also referred to as a stop-loss order, is an order to buy or sell a stock once the price of the stock reaches a specified price, known as the stop price.  Stop orders are orders that are triggered when a stock moves past a specific price point. Beyond that price point, stop orders are converted into market orders that are executed at the best available price.

When the stop price is reached, a stop order becomes a market order.  

A buy stop order is entered at a stop price above the current market price.  Investors generally use a buy stop order to limit a loss or to protect a profit on a stock that they have sold short.  

A sell stop order is entered at a stop price below the current market price. Investors generally use a sell stop order to limit a loss or to protect a profit on a stock that they own.

Stop orders are used to limit losses with a stop-loss or lock in profits using a bullish stop.

References:

  1. https://www.sec.gov/fast-answers/answersstopordhtm.html
  2. https://www.investopedia.com/terms/s/stoporder.asp

Five Money Goals to Financial Wellness | TIAA

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According to TIAA, there are five big financial goals anyone seeking financial well-being should include on their list:

  1. Max out your 401(k) / 403(b). One rule of thumb says that by the time you turn 30, you should have the equivalent of your annual salary saved (that’s all savings, not just retirement assets); double your salary saved by age 35; three times the amount by age 40. And, it’s essential to take full advantage of your employer match, if you have one: With a $50,000 salary from an employer matching up to 6% of your contributions, you’d be turning down $3,000 (free money) each year! Letting your employer match go to waste would be like you accepting a $3,000 pay cut without a fight. In the absence of an employer plan, contribute to an IRA instead, even though the target is much lower (the annual contribution rate for 2021 is $7,000.
  2. Build an emergency fund. Each year brings economic uncertainty to many and, even for the financially secure, life happens in the form of medical bills, domestic catastrophes and other unplanned expenses. As a general rule, it’s good to maintain an emergency fund that would cover three to six months of living expenses in case you find yourself unemployed. Once you’ve calculated how much you should save, set aside a certain amount from each paycheck to set you on your way.
  3. Get your financial affairs in order. Estate planning is something you can’t afford to ignore. Getting your financial affairs in order, and designating the right people to manage them in the event of your incapacity or death, takes a huge weight off your shoulders. Necessary documents include durable powers of attorney, which designate someone to manage your day-to-day affairs, and a living will or healthcare directive to instruct your doctor what to do if you’re unable to make medical decisions for yourself. Don’t forget to inform those assigned with the task of handling your estate, who need to know the location of your will and other estate planning documents.
  4. Give yourself a debt deadline. Bad debts. You know which ones they are: the loan you took out to pay for a wedding; the credit card with the sky-high interest rate whose balance keeps rolling like a New York subway car. Convincing yourself that minimum monthly payments are okay? How about setting a deadline for repayment and getting rid of this exponentially growing interest?
  5. Create a budget (and stick to it). If you find that your spending is a bit out of control, you may want to press the reset button on your out-of-control spending behavior with a budget.

Setting these five money goals is enough to start you well on your way toward financial well-being.

References:

  1. https://www.tiaa.org/public/learn/personal-finance-101/5-must-have-financial-goals

Value Time Over Money

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“It’s essential that you place a high value on your time.”

Happiness is more than simply a positive mood, according to Psychology Today. It is a state of well-being that encompasses living a good life, one with a sense of meaning, purpose and deep contentment. Happiness encompasses feelings of satisfaction and c. involves creating strong relationships and helping others. It requires also uncomfortable or painful experiences—to continue to learn, grow, and evolve.

Coincidentally, emotional well-being refers to the emotional quality of an individual’s everyday experience—the frequency and intensity of experiences of joy, stress, sadness, anger, and affection that make one’s life pleasant or unpleasant.

Time and time again, research has shown that not only do you need a finite amount of money to be happy, but that prioritizing things like time, relationships, hobbies and family may actually lead to long-term well-being. Research shows that the finite sweet spot for yearly income is between $60,000 and $95,000 a year, not a high six-figure salary. Earnings above $95,000 do not necessarily equate to increased well-being.

A study published by Science Advances in 2019 found that recent grads who valued time over money, in which they took jobs that were less demanding but also paid less money, were generally happier.

People who prioritize money are generally driven by extrinsic motivations like shopping, which bring little personal satisfaction, researchers concluded.

On the other hand, people who prioritize time are typically intrinsically motivated, focusing on hobbies, relationships and cultivating gratitude instead. Intrinsic motivations build autonomy and purpose, which lead to long-term happiness, the researchers concluded.

Although wealth offers the potential for people to spend their time in happier ways, such as by living in a more expensive apartment closer to the office, survey data suggest that wealthier individuals often spend more of their time engaging in activities that are less enjoyable, such as commuting. Research suggests that rising incomes are linked to an increased sense of time scarcity.

Takeaway

Happy people live with purpose and value time over money. They find joy in lasting relationships, working toward their goals, and living according to their values. They tend not to garner happiness from material goods or luxury vacations. They’re fine with the simple pleasures of life and cultivating gratitude.

People who cultivate gratitude tend to better appreciate and enjoy life, as gratitude creates satisfaction that is intrinsic. To practice gratitude, reflect on what you’re grateful for each morning to shape the rest of the day, keep a gratitude journal, and reframe negative experiences by finding something within them for which you’re grateful, and can learn and grow.

References:

  1. https://www.psychologytoday.com/us/basics/happiness
  2. https://www.pnas.org/content/107/38/16489.full
  3. https://www.synchronybank.com/blog/millie/money-and-happiness/
  4. https://advances.sciencemag.org/content/5/9/eaax2615.full
  5. https://www.inc.com/jessica-stillman/5-things-science-learned-about-happiness-last-year.html
  6. https://www.psychologytoday.com/us/basics/happiness/how-find-happiness

Money and Happiness

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“The great Western disease is, ‘I’ll be happy when… When I get the money. When I get a BMW. When I get this job. When I get the relationship,’ Well, the reality is, you never get to when. The only way to find happiness is to understand that happiness is not out there. It’s in here. And happiness is not next week. It’s now.” Marshall Goldsmith

Research shows that after you make enough money to pay your essential expenses and save for the future, making more does little for your happiness. A 2010 study by economist and psychologist Daniel Kahneman found that, where wealth is concerned, a person’s satisfaction with their life no longer increases after about $75,000 ($90,000 in today’s dollars) a year.

If anything, once people start making a lot of money, they begin to think they’re doing worse in life, because they become obsessed with comparing themselves to those who appear richer and appear to be living a relatively larger and more luxurious social media embellished lifestyle. But, it important to remember that, “Money has never made man happy, nor will it, there is nothing in its nature to produce happiness”, Benjamin Franklin quipped. “The more of it one has the more one wants.

Instead, research suggests that spending money on experiences rather than tangible goods, giving to others with no thought of reward, and expressing gratitude for what you have, results in the greatest feelings of happiness.

Pitfalls of chasing money

Focusing on chasing the accoutrements of wealth is a trap, because it leads only to an increased focus on chasing wealth. Even multimillionaires make the mistake of believing that money, and not time, experiences and gratitude, will enrich their lives.

“These days, in our materialistic culture, many people are led to believe that money is the ultimate source of happiness. Consequently, when they don’t have enough of it they feel let down. Therefore, it is important to let people know that they have the source of contentment and happiness within themselves, and that it is related to nurturing our natural inner values.” Dalai Lama

A few thousand of the world’s wealthiest people were surveyed and asked how much money they’d needed to be “perfectly happy”, according to Harvard Business Review. Seventy-five percent (many of whom had a net worth of $10 million or more) said they’d needed “a lot more” ($5 million to $10 million, “at the very least”) to be happy.

It doesn’t take a PhD in psychology to see how misguided the mindset of “needing a lot more money” is not related to achieving happiness.

Money may not buy happiness, but there are some things you can do to try to increase happiness such as writing down what you’re grateful for. Literally “counting your blessings” can help you feel more positive. Instead of thinking about what you don’t have, think about the things you do have.

Nothing less than your health and happiness depends on reversing the innate notion that money alone leads to happiness. It’s important to start seeing time, daily habits, being grateful, and lifestyle are the main drivers that determines your happiness:

  1. Convince yourself that your time, expressing your gratitude, and your health are more important than money and your bank account balance.
  2. Remind yourself that your values and that your closely aligned goals when faced with critical life and financial decisions.
  3. Make deliberate and strategic decisions that allow you to have more time across days, weeks months, and years.

Among millionaires, past studies reveal that wealth may be likely to pay off in greater personal happiness only at very high levels of wealth ($10 million or more), and when that wealth was earned rather than inherited.

Takeaways

Research concludes that money can buy life satisfaction and that money is unlikely to buy happiness, but it may help you achieve happiness to an extent through experiences, expressing gratitude, and giving to others. Look for experiences and opportunities that will help you feel fulfilled and that are aligned with your values. And, remember to count your blessings.

And beyond that, you can find happiness through other nonfinancial means, like spending time with people you enjoy or thinking about the good things in your life. Since, “Happiness comes from spiritual wealth, not material wealth…”, according to Sir John Templeton. “Happiness comes from giving, not getting. If we try hard to bring happiness to others, we cannot stop it from coming to us also. To get joy, we must give it, and to keep joy, we must scatter it.”

References:

  1. https://www.pnas.org/content/107/38/16489.full
  2. https://www.cnbc.com/amp/2020/10/19/even-millionaires-make-this-money-mindset-mistake-says-harvard-psychologistheres-the-real-cost-of-it.html
  3. https://www.healthline.com/health/can-money-buy-happiness