Wealth and Wisdom: Week of May 17, 2021
Economists were expecting April’s Consumer Price Index to show inflation running at a 3.6% annual rate. Instead, inflation is now at 4.2% - the highest level since the financial crisis in 2008. That’s causing a lot of the volatility we’re seeing in stock prices, despite reassurance from the Federal Reserve that it’s only temporary. Investors remain skeptical, however, as our first item below illustrates.
If you’re near a radio next Sunday, May 23, I invite you to join me on The KMOX Money Show. It’s a rare occurrence during baseball season and I’ve love to talk with you.
Have a great week!
Inflation fears are growing
Americans are expecting a longer-term surge in inflation – to as much as 3.4% a year from now. (Reading time: 2 minutes)
Maximum Social Security benefits
The highest monthly Social Security benefit for 2021 is $3,895. Here’s how to qualify for it. (Reading time: 5 minutes)
Boomers still rule
Baby Boomers continue to be America’s wealthiest and most influential generation – but Generation X is coming on strong. (Reading time: 4 minutes)
Risks to your retirement plans
Keep an eye out for these speed bumps – financial and otherwise – and be ready to overcome them. (Reading time: 6 minutes)
Saving your way to a $1 million IRA
Yes, it’s possible. And here’s what it takes to do it. (Reading time: 5 minutes)
Recommended budget expenses by category
To grow wealth, you need to save. And to save more, you have to control your spending. (Reading time: 8 minutes)
Master Class: Value investing
If buying something for less than it’s worth is appealing to you, this investment approach might be worth learning more about. (Reading time: 7 minutes)
The Seven Habits of Highly Effective People
This book is one of a handful that changed my life. Here’s a nice summary of its lessons. (Reading time: 5 minutes)
Retailers that went bankrupt during the pandemic
The economic downturn caused by COVID-19 has made a bad trend even worse for America’s retailers. (Reading time: 11 minutes)
Mike’s Pro Tip of the Week
RetailMeNot is an online coupon clearinghouse where millions of users submit not only coupons but useful coupon codes. You can search your favorite retailers or pick a category – restaurants, travel, electronics, etc. – to browse for bargains.
Words to the Wise
“As investors, we think of inflation not as prices moving up but as the value of money shrinking.”
– Ronald H. Muhlenkamp
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