by Randy Chalmers on November 4, 2022.
We’ve discussed how people think they don’t have enough money to invest, so instead, they spend what they could have saved. But, what about those who are not yet investing, the ones who are on Dave’s Baby Step 2: pay off debt utilizing the debt snowball method? I know a lot of people reading this...
by Dave Conley on October 21, 2022.
The hamster wheel literally describes the concept of lots of activity but making no progress. In times of crisis, either real or imagined we are encouraged to do something. If your house is on fire or if you witness a car accident you must do something and quick. Why is it that doing nothing when it comes to our investments is so difficult. When clients ask "what are you doing..." sometimes the better question is "is there anything that needs to be done" related to our investments? Are you OK with doing nothing when nothing needed to be done?
by Dave Conley on October 14, 2022.
Ralph and Betty recently bought a new Ford Explorer SUV for $40,000, after carefully research before the purchase. Surprisingly, over the next few months they began to receive offers to buy the vehicle from them at smaller and smaller amounts of money. As far as they knew the vehicle was still in great shape, it had a few thousand miles on it, a ding or two but apart from that the engine still purred and ran like it did when they bought it. Still, Ralph and Betty considered selling the Ford Explorer for half of what they paid for it because they worried that something might be wrong. Should they have sold the vehicle?
by Randy Chalmers on October 14, 2022.
I’ve been asked many times “if Dave Ramsey says to fund a Roth IRA, why would I ever choose a traditional IRA”? Well, much like any advice, there is no absolute in reference to what will work best for everyone in every situation. Let’s examine the main characteristics of both types of IRAs. As...
by Dave Conley on September 30, 2022.
Just like we do not know when we are in a recession (until after it has started), the markets begin their recovery in the midst of bad news. It is critical top your wealth to understand this fact: the markets (stocks & bonds) typically reflect where the economy is headed in 3-6 months from today. If you wait for the news to tell you the markets have recovered, the economy has turned around you probably missed out on a good portion of the initial recovery.
by Randy Chalmers on September 23, 2022.
Have you ever heard someone say something to the effect of “a dream is only a dream until you write it down, then it becomes a goal”? This concept examines how we view seemingly impossible things, like getting our “dream” job, living in the “dream” town, climbing Mount Everest, or completing a marathon. You wouldn’t...
by Dave Conley on September 23, 2022.
Most of us make the same mistake with our money over and over: We buy high (when the economy and markets are up) out of greed and sell low (when the economy and markets are down) out of fear, despite knowing on an intellectual level that it is a very bad idea.
by Randy Chalmers on September 16, 2022.
There should be no shock to you when I state that 2022 has been a tumultuous year for the stock market. Seemingly everything that could happen to negatively affect the market, has. The lingering pandemic, inflation, monetary policy tightening by the Federal Reserve, Russia invading Ukraine, investor panic, and the cyclical mid-term election impact….? Mid-term...
by Dave Conley on September 16, 2022.
Each and every month we get a question that is similar to the statement above. The questions are sincere but based on the assumption that one can invest in the markets painlessly. What I mean by that is I can get marketlike returns when the market is going up, then jump out of the market...
by Randy Chalmers on September 9, 2022.
South Carolina taxpayers can deduct 100% of their contributions on their state tax returns (one of only four states that offer 100% of contributions to be claimed). There are two types of 529 plans: prepaid tuition plans and education savings plans. Prepaid Tuition Plans allow the account holder to purchase credits for future use at...