Wealth and Wisdom: Week of November 8, 2021
We are now at a major turning point for the economy, thanks to change in Federal Reserve monetary policy. Last week, the Fed announced that will soon begin to “taper” its $120 billion-per-month in bond purchases – a long-running program to stimulate the U.S. economy. There’s a good chance now that the Fed could start raising interest rates by next summer, now that inflation has taken hold.
That should give us a few things to talk about on the radio this coming weekend! KMOX has me penciled in to host The Money Show on Sunday, November 14, from 3 to 5 p.m. Feel free to listen in if you get a chance.
In the meantime – have a great week!
Could tuition hikes be slowing?
COVID-19 is causing college enrollments to decline – and costs are now rising at a slower rate than inflation. (Reading time: 2 minutes)
Fixing Social Security
Congress is trying – once more – to shore up the Social Security system. The plan largely targets higher-income taxpayers. (Reading time: 6 minutes)
An alternative claiming strategy
What might happen if you file for Social Security benefits early – and then invest the money yourself? (Reading time: 6 minutes)
Will you have enough money to retire?
Follow this process to see if your retirement plans are on schedule – and see what you can do if it comes up short. (Reading time: 5 minutes)
Finding money to invest
Here are five clever ways to find money to put toward your financial goals. (Reading time: 4 minutes)
Things invests can (and should) ignore
Some things you can control; some things you can’t. And lots of things don’t matter in the first place. (Reading time: 5 minutes)
This ‘crazy’ market
Morgan Housel on why financial markets are destined to push the limits of sanity. (Reading time: 3 minutes)
Inheriting a 401(k) or IRA
I have revisited this timely topic a lot lately, because recent changes in the tax law have made inheriting retirement accounts more complex. (Reading time: 5 minutes)
Estate plan essentials
Get started with these basics, then work on the details with a qualified estate planning attorney. (Reading time: 7 minutes)
Mike’s Pro Tip of the Week
Play the “Would You Rather?” game the next time you’re considering a significant purchase. For example, if you’re thinking about spending $100 on a new jacket for the fall, stop and ask yourself if you’d rather have someone give you the jacket – or the money. The answer will help you make the smarter choice.
Words To The Wise
“Every dollar you save is like owning a slice of your future that might otherwise be managed by someone else, and whatever their priorities are.”
Morgan Housel
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