Learn the latest insights related to the economy, markets, and personal insights from Shaun Melby, CFP®. He offers financial planning and investment management services in Nashville, TN.
What To Do During A Market Decline When You Don't Know Where To Start
A decline in the stock market is rarely something to find joy in. They can cause a pit in your stomach and make you think “What if this is the big one?”. This post is to help ease those fears and encourage you to come up with a plan to deal with a market decline.
The 5 Mistakes Investors Make Everyday
Investing isn’t for the faint of heart. One needs to have a plan and stick to it; yet, it’s easier said than done. Falling victim to one of these mistakes is easy to do. Being aware of what they are will provide you with the right mindset to know if one of these thoughts is making some noise.
The Power Of Time and Consistency: An In-Depth Look At Historical IRA Contributions
A river cutting through sedimentary rocks throughout millennia can create something mind-blowing like the Grand Canyon. Just like the Grand Canyon wasn’t created overnight, your investments need consistent contributions and decades of appreciation to build generational wealth. Too often, we invest for a couple of years into a 401(k) or IRA thinking our few thousand-dollar investments should be a hundred-thousand dollars. And when that isn’t the case, we give up contributing altogether.
Are You Saving Enough For Retirement?
In short…probably not.
According to a study by Northwestern Mutual, 21% of Americans have zero retirement savings and 33% have less than $5,000 saved for retirement. Also, 33% of Baby Boomers have less than $25,000 saved for retirement. According to the same study, the average amount Americans have saved is $84,821 and only 25% have more than $200,000 saved for retirement. What’s more crazy is almost 75% of Americans believe Social Security will “not at all likely” or “somewhat likely” be available when they retire. A study by Provision Living states Millennials would like to have $687,000 saved for retirement, but will likely only have $357,000. At least Millennials have time to change investing contributions. Baby Boomers are right at the doorstep of retirement and are in bigger trouble as their ideal retirement would have $574,000 savings but realistically will have $228,000. The dichotomy between fantasy and reality is great for all generations. We know there is a problem but are not taking the necessary precautions to deal with that problem.