Wealth and Wisdom: Week of January 25, 2021

Wealth and Wisdom: Week of January 25, 2021

The presidential inauguration is behind us, and things seem to be settling down a bit – good news for us all. The financial markets seem willing to ignore bad news these days, which raises concerns for a pullback at some point. And that’s not necessarily a bad thing, just something for you to be psychologically prepared for.

What’s your plan? If your goals haven’t changed and your portfolio is aligned with those goals, you probably don’t need to make big changes right now. If rising stock prices have pushed your asset allocation out of whack, this might be a good time to consider “rebalancing” back to your original percentages. The markets often tell us what we need to do – if we’re able to stay calm and listen.

Meanwhile, enjoy some Wealth and Wisdom – and have a great week!

Where are the qualified workers?

Employers can’t find enough qualified applicants to fill jobs in accounting, finance, and human resources – even as millions of Americans are looking for work. (Reading time: 2 minutes)

IRS delays start of tax filing season

The IRS says it won’t be ready to accept your tax return until mid-February – but the filing deadline remains April 15. (Reading time: 3 minutes)

Even $100 can make a difference

A new study says having just $100 saved can rescue low-income American families from financial peril. (Reading time: 3 minutes)

How do your savings stack up?

Here’s a breakdown – by age group – of how much U.S. households have saved for retirement. (Reading time: 5 minutes)

Auto insurance by-the-mile

If the pandemic has cut down the number of miles you drive each year, you might qualify for cheaper car insurance. (Reading time: 7 minutes)

How to set financial goals you’ll actually stick to

The greatest journey begins with the smallest step. (Reading time: 4 minutes)

Buying last year’s best idea

In investing, we call it “chasing the hot dot” – and it’s invariably an expensive, bad idea. (Reading time: 5 minutes)

The worst – and best – of times

Before you write off 2020 as a complete disaster, take a look at the financial facts. (Reading time: 14 minutes, but worth it)

2020: The Year in Cheer

And if you’re still looking for something to be happy about – 112 things to make you smile. (Reading time: 12 minutes)

Mike’s Pro Tip of the Week

You’ve heard of the Pareto Principle, which says 80% of results come from 20% of the causes? Try using it to make big, positive changes in how you spend money. Instead of depriving yourself of a well-deserved latte, focus on where you’re actually spending most of your income. Here’s how.

Words to the Wise

“Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay.”

– Milton Friedman

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