Father Knows Best: My Dad Knew How To Prepare for the Coronavirus

My Dad was right.  I lived with him so had no preconceived notions that he was the man stepping out of the television show.  Dad was a smart man.  He often said it was because he went to “The College of Hard Knocks.” Yet, he left me with many pieces of wisdom that’s needed to persevere through this crisis and beyond.  Here are some that feel specifically relevant right now.

Cash

Have money in the bank.  Maintain money in savings, always.  That is what you can use to protect yourself through thick and thin.  Be a saver.  He even had a poem to go with it about a tobacco box.

Real Estate

When buying real estate, buy for the long-term not today.  A two bedroom condo is better than a studio he often said.  “Be sure you have the extra room to rent in case of hardship.”  Today I would add that if you are stuck at home, you have an extra room to be in.  He also said own a bit of land.  Today this land could be grass or a porch or small deck three floors up.  We need fresh air and the light that outdoor space provides.

No Debt

My parents must have had a mortgage in my lifetime, but I never in my conscious state of finances from age 8 on, remember them saying they had to pay the bank the mortgage.  Or equity loan.  Or car loan.  I know by the time I was a teenager he was preaching no debt except a mortgage.  And then pay that mortgage as fast as you can.  

Make Conscious, Long-term choices.

Dad made the tough ones.  He never took a vacation, bought a car or a new suit that he did not have money.  And by money, I mean cash.  This included decisions as when he bought our lake house in New Hampshire.  He paid cash.   This was all he did in cash and how or why he was able is beyond my understanding.  He did all this with kids to put through college, dance lessons, sports, braces (me) and glasses (me again!)  All decisions for us and our futures. The toys, new clothes and fancy sneakers were not part of our upbringing.  Good food, simple pleasures and working hard for any extras were just our family leader’s way of being. 

Help others

Dad got people jobs, paid to bury people, and feed people who needed it.  Yet, never talked about it.  He did what he could and never complained.  I could not believe some of the things I heard at his wake about the people he had helped, even beyond the ones I saw. He did not stop as he got older.  He did not do it just for family.

Don’t Preach

Dad never gave me a sermon nor would he tell us children how to behave.  Instead, he would quote others.  These poems from his childhood were often repeated to the point we had them memorized ourselves! The message resonated. So perhaps rote learning does work if it is something of value to carry forward.  Memorize a favorite poem together with your family.

Learn one new thing every day

He also lived with one room school house education but proved education did not end there.  I believe because he was not always being taught, but had some independent learning with a teacher stretched to educate different ages, he learned to learn on his own.  He appreciated reading.  He read fast.  We certainly can learn one thing a day today from the comfort of home. 

My Dad may not have been the perfect Father from a television show.  However, he had basic principles he passed on to his family.  These financial and life learnings are some of the things that will and are getting us through this crisis.  May you carry on prepared for each day as we weather this crisis one day at a time.

Make this time productive and beneficial by following Dad’s tips:

• Learn One New Thing A Day

• Memorize a Poem

• Make Long term Choices

• Help Others

• Build a New Financial Habit

You will come out of this experience stronger and smarter than ever.

Some Rules for Surviving the Stay At Home Orders, Courtesy of my Mom

My Mom ran a “tight ship” when managing her family.  Some of her lessons are ringing so true today as we are staying at home to stay healthy.  I wish she were here to thank.  Instead, I offer them to you as a pay it forward to many others, Thanks to Mom.

Here are my Mom’s strategies for a good life:

Wash Your Hands

I  can picture the line and body bumping as we ran to the bathroom before dinner or a snack.  They would look clean to us, despite the dark line of dirt under our finger nails. However, we were hungry and would follow directions by scrubbing with a nail brush as well as the Ivory soap.

Clean up Your Face

Did everyone have to wash their face before they ate? I think this was to make us look presentable whenever and wherever we ate.  Good advice today as the easiest way to get sick is when the disease hits our face and airways.  Now I understand, my Mom wanted us healthy as well as presentable.

Make Your Bed

I am not a fan of this one, but we were required to do it every day. When I lived in a dorm room I always made my bed as it was our only living space.  As soon as I got my first apartment, I loved not having to make my bed! Felt like a protest against my Mom’s rules. Then, I came around partially because I lived in a studio and partly because of practical reasons.  As long as my bed was made, I seldom wanted to crawl back in it after my shower instead of heading to work at 6 am.  I merged the attitude and make your bed with buying a duvet.  The perfect solution.  Not military approved but surely works for me as a good compromise.

Go Outside

As kids she would send us outside.  Yes, those were different days you may say.  But I think without knowing the current research, she knew some Vitamin D and outdoor exercise was good for our health (and probably her mental health as well.)

Learn to Swim

Okay, nothing we can do with this one during the COVID-19 outbreak.  Do not share swimming water with anyone! Skip Mom’s this bit of her advice today, but look forward to implementing this one in the summer. 

Prioritize Sleep – Go to sleep. 

Before a big high school exam she would tell me sleep is better than an extra hour of studying.  My Mom had no scientific data to quote; Though, I did notice years later a study confirmed her sleep approach.  Even in college I followed her advice. I headed to bed at a decent hour on the eve of exams. If I was really feeling short on the information, I would get up an hour early and with a refreshed brain, study up a bit. The approach seemed to work.  I made it through college and grad school, too. 

Be Kind

My Mom was always thinking of others, not just us, but the neighborhood and friends.  She thought nothing of picking up the phone to check on an elderly neighbor or to touch base with an old friend.  She knew reaching out was a kindness to others whether they lived alone or not.  Maintaining connections takes effort.

Listen to Music 

Music changes everything.  My Mom loved to dance but really would do anything to music.  As she cooked and cleaned, she listened to her favorite music. Music makes life a bit easier.

Everyone will have their good days and bad days through this pandemic.  However, let’s keep moving to take care of ourselves, each other and the future.

Improve A Loved One’s Life Today compliments of Mom:

• Send Them Some Music

• Have a Video Chat

• Share this piece on My Mom’s Wisdom

You will make their day by staying in touch. 

Stay safe, Stay well, Stay Home.

What a Grandmother Teaches us to Weather these times:

I have found myself thinking of both my grandmothers during this strange time of times.  Nanie is the grandmother I knew and loved and spent time with the most.  Her influence was more of a third parent than an elder once removed.  I also have thought of Nan, the paternal grandmother I never met.  I knew her through the stories my Dad and his siblings told me of her life in Ireland with a few years in Boston as a young woman. 

Nan feels especially close during this health crisis.  My Auntie Mae, her daughter, told me how Nan had survived the Spanish flu of 1918. She was a young mother of 5 who got so sick a nurse had to be called in for daily care.  The nurse died from the flu.  Nan survived or I would not be here writing this blog.    

Nanie is on my mind because so many of her lessons are meant for today.  She lived through the depression with her own young family.  Still, she managed to hold on to their home and husband while feeding her family of five and a few more immigrants.  How did she do it?  I cannot tell you for sure as that was long before my time.  However, I do know the invaluable life lessons she taught me. I share them as a way through this pandemic for all of us:

1. Sleeping - Nanie always said an hour of sleep before midnight is better than all the hours after it.  This may have been a farmers’ tale, however I learned it best myself. I never had to get up and milk the cows.  In this time of crisis, sleep is crucial.  For health – physical as well as mental.  And a great way to relieve stress. 

2. Cooking – My Nanie could make anything taste good.  She was an amazing yet simple cook.  Leftovers were fabulous when they came out of her electric fry pan, off the stove or out of the oven.  The first time around her meals were large enough to feed an army.  She also made the best Irish bread and treats.  What was truly remarkable is that I never saw her consult a cookbook or watch a cooking show.  She was a natural.  Nothing fancy but love enclosed with practice and talent. 

3. Cleaning – I loved helping my grandmother clean her home – a direct contrast to cleaning with my Mom.  Nanie and I would dust, sweep, vacuum and wash.  Then, she would say, “We have done good enough.  Let’s have some tea and a treat.” This is true today.  Clean. Disinfect.  And do the best you can. Then, rest. Perfection is hard to come by. Do a good job. Consistency and cleaning will keep us safe. Stressing lowers our immune systems.

4. Sharing With Others - Nanie always shared what she had. This included her home with close relatives and friends who needed a place to stay. She sent money home to Ireland so others could immigrate to the United States, like herself. And she fed so many people. She never had much herself, but always welcomed others.  (See #2)

5. Daily Dressing - My Nanie was a widow who rarely had anywhere to go but was always dressed each and every day. Unless someone was coming to pick her up for church, or a doctor’s appointment or grocery shopping, she could be found at home. She looked forward to social gatherings and going out but spent a lot of time alone. So in these times we can learn something from Nanie. Get up. Get dressed, wash your face and start your day. No matter what you are doing or not doing getting ready is energy clearing. Washing the sleep out of your eyes, brushing your hair and your teeth are a sense of clarity and readiness. Having a routine is important. Start your day with one.

Remember the generations ahead of us paved the way. They may have not lived through anything like this, but they have pearls of wisdom that may just help make your today better. Practice some of Nanie’s approach to living or find a few favorites from your ancestors. 

Learnings from The Pandemic

Today I am clear on what I learned and have relearned about myself through this crisis.  I share them today so that you may reconsider what you may be learning through this crisis.

Here are my Seven Self Care Tips:

1.       Accomplishing Something  – even bake a loaf of Irish bread- keeps me grounded and appreciative during this time and any stressful life experience.  The secret is to complete some project or activity. 

2.       Exercising helps my mind body and spirit.  Not to mention contributes to a better night sleep.

3.       Going Outside – no matter the weather – relaxes and refreshes my mind and soul.  This does not have to be for long as breathing small amounts of fresh air are helpful.  Combined with # 2 enhances both.

4.       Working can be a tool for avoiding feelings.   Use appropriately and do not overuse.  Because the flip side is that work can provide structure and a routine when needed most.  A sense of competency and control when the world is unknown. 

5.       Reading is a form of escape for me.  The lighter, more interesting the book or piece the better.  Engaging something outside of the current world is a refresh button for the body and soul.

6.       Staying Connected to family and friends and your spiritual practice.  Reach out.  Meditate.  Make a video phone call with one friend or family member or the whole group.  Make it a routine.

7.       Listening to Music is a the food for the soul.  Play music as much as you can when home.  Set it to the your mood or favorites or  learn some new music.  Throw in a dance move and you have combined with #2 and had some fun to boot. 

For those unable to go outside, or practicing medicine (Thank you!) too exhausted to work, please breathe deep and find one thing that is helping you cope today.

The Stock Market Voyage

March is the month in New England that brings a shift of weather. The winds are strong, the sun is higher, the snow is melting and the sap is running for maple syrup. Along with the winds of change, there is the hope of spring amidst the muddy roads. We New Englanders are used to the changing seasons. They arrive four times a year and despite the daily variety, they fall in semi regularity.

As investors, we are not used to the volatility of the stock market. I may smile and notice today started out 30 degrees warmer than yesterday or 30 degrees colder, acknowledging that is all part of New England weather. However, when investors see the market down a thousand points and up a few hundred, only to go down again, there is a sense of lack of control. The uncomfortable feeling of not knowing what to do. What we are used to is a change in the market. The change where it goes up. No one wants to see it go down. But the fact is the stock market by nature is volatile. We do not have any control over the stock market then we do the weather.

Living with market volatility is not for everyone. That is why adopting an investment strategy and sticking to it whatever the market session is doing is the way of the long term. An investment strategy means you have enough cash to weather a year of your life, you have a source of stable investments and are in the stock market that suits your personality and age.

Here are the questions I have been asked over the past week:

• What should I do?

• What do you think of the market?

• What is going to happen next?

There is no one right answer. You need to develop a strategy that works for you.

We never know in New England when a big storm is going to hit, though meteorology is getting better at predicting it. However, we can have a plan for a stash of food, fire wood for the stove and even a backup generator if we wanted. This is being prepared.

Be Prepared in the stock market means you have a strategy to sustain you no matter what happens during its unpredictability.

So if the volatility of the past few weeks is sending you into panic and a round of questioning, stress may be making you feel the need to do something in a venue you cannot control. Perhaps if you are overwhelmed with its loss, you need to ponder if the stock market is for you. Maybe it is not and the reliability of cash and consistency of bonds’ returns will better suit your personality and time of life. And if you do not want to give up on the market but are feeling unsteady, maybe a switch to less of your money in the stock market would better suit you. Then, whatever the year and decade ahead holds, you would weather with lower stress levels. After all, New Englanders are known to fly south for most of the winter and some for most of the year. The conditions are less harsh and more predictable. No one judges them for wanting a simpler life. You too can make a simpler life while staying put.

Instead of watching the news, opening your statements and wondering what is going to happen next in the economy or investment world. Think about what suits you. Are you are risk taker? Do you handle financial stress well? Then, take one small action that will fit you and your money best. Drastic measures never saved anyone.

Fiduciary

Certified Financial Planners must abide by the fiduciary standard.  Not all financial advisors do.  What is it?  What does it mean?

Terminology: “Fiduciary.”

One who acts in utmost good faith, in a manner he or she reasonably believes to be in the best interest of the client. A CFP® professional must at all times act as a fiduciary when providing Financial Advice to a Client, and therefore, act in the best interest of the Client. In this regard a CFP® professional must:

Duty of Loyalty:

1. Place the interests of the Client above the interests of the CFP® professional and the CFP® Professional’s Firm;

2. Seek to avoid Conflicts of Interest, or fully disclose Material Conflicts of Interest to the Client, obtain the Client’s informed consent, and properly manage the conflict;

3. Act without regard to the financial or other interests of the CFP® professional, the CFP® Professional’s Firm, or any individual or entity other than the Client, which means that a CFP® professional acting under a Conflict of Interest continues to have a duty to act in the best interest of the Client and place the Client’s interest above the CFP® professional’s.

Duty of Care:

A CFP® professional must act with the care, skill, prudence, and diligence that a prudent professional would exercise in light of the Client’s goals, risk tolerance, objectives, and financial and personal circumstances.

Duty to Follow Client Instructions:

A CFP® professional must comply with all objectives, policies, restrictions, and other terms of the Engagement and all reasonable and lawful directions of the Client

In honor of Jane Bryant Quinn

Jane Bryant Quinn has been a personal financial journalist I have admired and respected over the years. This month she has retired. I thought I would share some of the resources she recommends as a tribute to the woman who has meant so much to me:

Here are links to free resources that Jane Bryant Quinn has found to be helpful:

• Social Security Administration - Frequently Asked Questions https://faq.ssa.gov/en-US/

• Medicare https://www.medicare.gov/

• IRS - Information about saving for retirement in an Individual Retirement Account (IRA)

• Answers to basic IRA questions, https://www.irahelp.com/faqs.php

  1. IRA contributions and withdrawals https://www.irs.gov/pub/irs-pdf/p590a.pdf

• Bankrate.com - Directory of high-rate certificates of deposit (CDs) https://www.bankrate.com/cd.aspx 

• Securities & Exchange Commission - Investment Adviser Public Disclosure (for checking the background of a broker or financial adviser) https://www.adviserinfo.sec.gov/

• FINRA - Information about investing and avoiding fraud, from the securities industry’s regulatory body  http://www.finra.org/investors

• NASAA - Contact information for your state’s securities regulator http://www.nasaa.org/about-us/contact-us/contact-your-regulator/

• NAIC - Contact information for your state’s insurance commissioner https://www.naic.org/state_web_map.htm

• 529 College Savings Plans - Directory of inexpensive plans that help families save for higher education https://www.savingforcollege.com/

Take an Extra Moment and Get Unexpected Benefits

Yesterday in the midst of travelling home after a lovely weekend with friends. I stopped to grocery shop at a Market Basket just off the highway. I do that because the pause breaks up the long drive but most importantly, it’s a great place to shop. – Great prices and lovely employees. (I never mind giving a plug to a business I admire.)

This was a quick shop as I was trying to get home before the early darkness of the time change. One thing on my mental and empty stomach list, was an already cooked chicken. They do a great job and I knew I was not up to cooking when I arrived home. And I am always up for eating!

I was disappointed to wheel my shopping cart by the warming spot and find no chickens – only cooked chicken legs – not nearly enough to feed my husband and myself. I did the rest of my shopping and swung back by the deli area to find still no chicken! My dinner plans will have to change. I paused in thought and considered asking the busy deli men behind the counter if there were more chickens anywhere. I decided to just skip it and head to check out.

When I turned around, I found another woman looking forlornly at the empty warming shelf. She said, “No more chicken? How disappointing!” I smiled, looked at her and said, “My thoughts exactly. I was just thinking of asking them if more were coming out. Would you like me to do that?”

“Oh, that would be great!” she said with a big friendly smile. The harried man behind the counter told me more were coming. Still considering the mountain roads ahead, I asked how soon – “They are just taking them out of the oven,” responding as if he had answered this question twenty times already. I can wait I thought. And I responded to the lovely lady that they were on their way.

The small dog in the child’s seat in basket was a perfect conversation starter. The red plaid flannel was covered with security dog. I asked about the animal. Another women approached and asked if she could pat the dog. “This is not my dog, it is my husbands. He is away. “ She started to educate us. “The dog is because he is deaf and assists him in hearing everything from the phone to the doorbell or alerting him to safety issues.”

I had never heard of a hearing dog and had many questions. It was fascinating! The dog could even tell when his migraines were coming on. She spoke of other dogs that helped with diabetes and epilepsy as well as other ailments. We marveled at the miracle of animals natural senses. They are so attuned and aligned with nature. Our conversation meandered from there about Maine – where I had just come from and where her husband was hunting, to maple sugaring because “Sugar” was the canine’s name to just smiles of understanding of the woods and beauty of nature.

Linked by chicken, we could have stood there all evening. After everyone else had wandered away and we had introduced ourselves, I started to think I would not be having any chicken for dinner. I told her I may need to give up and she said she would do her shopping and circle back. “But wait a minute, “She paused, “I’ll ask this time.”

My co-conspirator in chicken snatching, Dawn, was assured they were just labelling the chickens and our conversation continued. She was glad she was not going to have to cook something as now she had more time to read! So we were off on the pleasures of a good book… We could smell the chickens before they appeared. Our wait was so worth it. The young man informed us they could not keep these on the shelf. He was only carrying six.

I was so glad I waited. My heart was smiling as I parted from my new fleeting friend and headed to the checkout. I got my chicken – hot and fresh from the oven. But I got so much more from that moment. A wonderful connection. Education on hearing service dogs. And a recommendation for a great read for an upcoming flight! Take an Extra Moment this week. One never knows what goodness and smiles will come from the pause in your busy life.

Ready to Retire?

You want to finally retire from your job or your business? The end game is accumulate money and move on? Begin with the key points of what you want in mind.  Align with your values  - Why are you selling?  Why are you retiring? Two pieces remain to look at from your point of view.  First, the “Why now?” and second, “What are You Retiring to?”.

Remembering Anne Frank

“Despite everything, I believe that people are really good at heart.”

— Anne Frank

The Hidden Staircase and Anne Frank’s memoir will in my mind for a long time. Today is the anniversary of Anne Frank starting her diary and I got to thinking…..Her book may have begun my fascination with World War II stories. Not the battles or the war strategy. The stories. The people who lived through it. Whether they were on the front lines seeing action, living in their hometown in terror or taken as POW or worse to concentration camps, I read them all.

What I am searching for I do not know. But the tales of resilience and strength and human kindness in the midst of brutality somehow empower me to live on. These people no matter where they were or which side of the war, had parents, spouses, lovers, children and family. In their dire circumstances, they built family. They persevered beyond some things humanly inconceivable.

I never thought about going to Anne Frank’s house when I read the book. I envisioned the house. The house that was so far away in a foreign country that no one I knew had been to. I had the canal and brown clapboard house clearly pictured in my mind.

Then, three years ago, I found myself in Amsterdam. Her very city. Where Anne Frank lived. That was simply amazing to think about. More than forty years before I had read a book that changed my thinking and shifted me into much more appreciativeness. And now I was walking the streets of Anne Frank.

I went to her house. And there it was along a canal: brown and nondescript. Walking up the hidden staircase, gave me an airy feeling – it wasn’t the steepness or the narrowness – it was what these stairs had seen and who had walked there. I was just a tourist, a passerby but so many had paid dearly by walking these stairs.

Nothing prepared me to enter the attic rooms themselves. They were left as they were in the forties. Peeling wall paper. Bare minimum necessities for even that time. The iron sink and sparse décor. A whole life was lived here. Many lives were lived here. The rooms were decent size until you consider who lived there. And how long they had to stay put in a handful of rooms.

When I got to Anne’s room, I felt reverent. Here is a young girl, an author who held strong and focused on something beyond her current situation. She shared her story. She dreamed of a future. She made her best of her time hidden away. I was honored to share the space she had lived, written and slept in.

I wondered who had turned them in. And why? For food? Benefits? Life? Whatever it was, that was their story to tell. Their life to live. I can only imagine what strain brought them to that point in life. Where they were willing to trade a handful of people for something, anything.

Like so many, I wonder what would have become of Anne Frank had she lived. That was not to be. A blessing that her Dad lived and had the foresight and tenacity to get her diary published. That may be the only thing that saved him through the postwar years of loss and loneliness. I bless the woman who saved their personal items and Anne’s diary. She loved them and remains nameless as far as I know in all this. But that is the human side of the story. There is a human side in every WWII story. And I continue to treasure humanity. An anniversary of hope is worthy of mention.

Have You Checked Your Estate Plan? Details Matter...

The teller handed me the paperwork and I left the bank with a smile.  Mission accomplished.  I was taking care of the details in life.

I felt great.  I was at the bank to set some money aside in a certificate of deposit.  They had a special interest rate.  The term was just about the time I would be buying a new car so this was a great opportunity for me. 

I had withdrawn funds right from my checking account to open the cd. So I was thinking it was more a transfer. Then, I signed the prepared paperwork and headed home.

Here is the thing.  None of us are perfect.  And certainly I include myself in that fact.  So it was not until an hour later when I was telling my husband what I did, that I pulled out the paperwork to look more closely.  The cd was opened in my name.  My name alone.  Oops!  That was wrong for two reasons.

First, no one but me could access it if I was to get injured, die or disabled and needed the money.  This was not a good plan for the realities of life which I discuss often.

Second and most important, if I did die, this money would go through probate court, delaying my estate settlement.  I can hear someone now saying: “Who cares? You will be dead.”  But I do care.  You see, my husband and I spent money and time making sure our estate plan and the documents were in order.  All of our bank accounts were either in joint name or the name of our irrevocable trusts.  Now, there was one outlier and I had caused the issue.  This Certified Financial Planner had goofed.  I signed documents without thinking it through and confirming the title of the new certificate of deposit.  I saw my name and signed.  I had also made an assumption that the new account would be in the same title since I just transferred the money in.  I know better.

Verify. Verify.  Verify.  I tell clients to do this every day.  And yet, here I was.  Luckily, I had done this mid-day and the bank was still open and I called. Ellen, the teller, was very helpful when I explained the name on the account was incorrect.  She offered to redo the paperwork and call me later in the day to sign it. 

I knew she had the trust documents – so important if a bank or investment company is to put your assets in a trust name.  So at least, I knew it could be simple from there.  Or so I thought. 

Remember, the bank consolidations that have been going on and on over the years since the Great Recession?  Well, this bank had merged five years or so ago.  So now, I got a call from Ellen, telling me the paperwork would take a few days because the system had to be updated at many stages to open the cd on every level.  I almost said I would take the money out and put it in my other bank!  But that was the impatient me speaking.  The part that also was mad at herself for doing wrong.  So I told her to keep me posted. 

That was Friday.  This is Monday.  My task is still not checked off as done.  I’m deflated but grateful to have this opportunity to remind you that if you have an estate plan, be sure you have all your financial business aligned with the estate plan.  If you do not have an estate plan with documents drawn up by a lawyer, get on it.  Sometimes we can all stray, just when we think we are on track. 

A Trip to the Actual Bank Anyone?

Making a Difference

I did not even know that Tom Brokaw was of Irish descent – look it up. But isn’t he right? I mean there are so many ways to make money. And as I reflect on my business career, I realize I chose the path which meant I could help more people. I remember sitting with a colleague, Brian, and saying we want to serve the middle class – that is who needs to hear what we have to say. The wealthy can pay for a host of experts. We can make a difference with the middle class who have never learned money facts.

Speaking is a way to serve many folks of all income levels. Writing is too. Whether I write a blog piece, email newsletter or article, my goal is for someone to learn something. I believe everyone can make a difference. We just need to know where and how our skills can be used to serve.

There is a special lady that you have heard about before, my maternal grandmother, Nanie. She made a difference in so many lives.

Nanie did not have an easy life, but she had a good life. She had five children and seventeen grandchildren. She left Ireland with one sister and one trunk in 1926, never expecting to return.

The very trunk she transported for her travels from Ireland sits in our living room, reminding me of what is possible. For this I am grateful. For her presence and learning at her knee I am eternally appreciative.

I was fortunate enough to give her eulogy. I wondered out loud about her trunk and what she packed in it for a voyage across the ocean from Ireland. What would she take for a lifetime journey? Would it fit in a trunk? More than that, I encouraged her loved ones present to share a bit of her legacy: hospitality, Irish Bread and family traditions. That would make a life well lived.

What difference do you want to make? What do you want to leave behind as a legacy? It may not be the riches you imagine. The wealth is in the lessons and time together. Set your sights on what is essential to your life rather than following a trend.

This St Patrick’s Day, you will find me making Irish Bread and tapping my foot to Irish music. May you too, find some fun and family traditions that bring out the best in you.

Great Financial Ideas Start with a Vision

“A perpetual holiday is a good working definition of Hell.”

- George Bernard Shaw, The Horror of the Perpetual Holiday, 1914 Parents and Children

This quote should be in every retirement book there is. I know it will be in the book I write. George Bernard Shaw was an Irish playwright among other talents.

He captured the truth in 1914 in this brief saying. He knew something few people know today. The value in life is having something to do and a useful purpose in life. Without that bigger vision, life is empty. My first tag line for my business was, “Great Financial Ideas Start with a Vision.” I still believe that important fact. I encourage my clients to move toward something. This makes your financial life better. Yes, even those who want to get out of debt need a bigger vision than simply the clear task to make it happen. Otherwise, the numbers trip you up because they are not enough. They are only facts. Numbers are not powerful enough to move us to be proactive and consistent. We need a vision of what is going to be accomplished in our life after we are debt free or in our retirement or whatever our goal is.

I first experienced this in my early twenties. Experience is a great teacher. I had reached a milestone in life after college graduation with my first job. Like many millennials today, I was itchy and not content with the 9-5 situation. There was something more I wanted, but I had not even fully conceived of what I wanted for my career direction. I had inklings and I was exploring, but nothing was clicking in.

There was, however, something I always wanted to do. That something was to go out West to live and ski. My roommate was making plans to do just that before she headed to graduate school. She was looking for someone to go with and I quickly volunteered. “But you have a job,” she protested. “I can leave it," I said "I've always wanted to go out West and be a Ski Bum.”

Plans were made and systems put in place. Joining her and then her sister was easy even when a few snags threatened along the way. This was something I really wanted to do.

Being out West and skiing every day was a dream come true. Yes, I worked two jobs most of the time so I was not a true “Ski Bum.” But skiing was the goal. The days were sunny, the snow glorious and the small time ski vibe was perfectly inviting. In summary, I loved it.

I met people at work, in town and on the ski lift. Always practical, I did ask visitors what they did for a living. Being Irish, I guess I had two things going for me: the practical perspective and the gift of gab. I wanted to know if they liked their job and if it was something that might appeal to me. Even as I enjoyed the sunshine and freedom, I was still reflecting on my next career move though I had no plans beyond the next week’s work schedule. Aside from these interactions, the local conversation was always around weather and snow and skiing. And fun.

Then, one sunny day after a great ski morning, I was walking home from the post office and heard the life changing news on January 28, 1986. The Challenger had blown up. I remember being equally stunned by the immense loss of life and the invasion of the “Real World” into this tiny mountain town.

I'd loved the space program ever since I'd visited the location as a child. One could say that I had NASA pride. Added to that was the New England pride of Christa McAuliffe's mission. Christa was from New Hampshire.

Later in the day, I wanted to talk to friends about it. After a comment or two they would change the subject. …”How was skiing today?” “Did you have good runs?” “ Which ones were best?” Another day in a ski town. Short-term pleasure was the focus.

The same happened the next day. No one around me seemed to value the immensity of this loss. I wanted to be somewhere and do something that impacted more than the current day.

At that point, I remembered an older UVM alumni I'd met who was a kind mentor. When I'd told him my parents’ horror of my choice to go West, he'd been so helpful. He had told me at the Parker House in Boston over lunch a few months earlier, “Go and enjoy. Just know when it is time to leave.”

That day in Sun Valley, I decided it was time to leave the idyllic town. It would be so easy to be there still, yet I wanted more out of life than sun, ski and snow. I began to make my exit plans. To where I was not sure, but I knew what did not work anymore for me.

In that short time, as I was in the West less than a year, I learned more than I ever imagined. That took me to an understanding of clients as my career progressed. Because I had lived a semi-retirement of sorts without a bigger vision, I had an understanding of others who inherited money and could do nothing but needed more in their life. None of this made me envious. Rather, it made me thankful for the experience I had out West. Life is multilayered and complex.

This Week's Ups and Downs but mostly Downs

 This Week’s Ups and Downs but mostly Downs, have many people struck in terror. First of all, as of this writing, the stock market is down 2% for today. Yes, you may say but what about the week? While let’s look at the long-term picture for a better perspective. Since this time last year, the market is up. Not a lot but higher than it was on December 6th in 2017 as far as the Dow Jones and S&P are concerned.

Second, the real question is….How are your investments doing? Technology for example is up. If you have some equity diversity and bonds in your portfolio, the decline of the past few days may be balancing your portfolio to the point where the losses are not so dramatic. Look closer at what you before you panic.

Third, do you have cash? Not just in your pocket but in the bank. Perhaps as part of your asset portfolio where you can access it if you needed. Remembering that cash is one of the three main forms of investment is essential to managing your money. Despite its poor return record of the past ten years, the reason cash is always in style is for its dependability. The currency is always there and insured if parked in an FDIC insured account.

Finally, if you are truly affected in your daily life by the market swings, this is a time for a two pronged improvement to your life. One, take the time to create an investment strategy that matches your age, needs, and personality. Talk to a professional investment person who can educate you and create this for you, before making any changes. Two, do some important work on yourself by finding ways to decompress more in your life. Your health is worth it.

Meantime, know what you can control and cannot. You cannot change the market. You can change your investments. Most of all, you can lower your stress level with some good information.

A Must for Every Investor... Learn about Fiduciary Responsibility

A Must For Every Investor….
Learn about Fiduciary  Responsibility

At first a confusing term, once you know what it means, you can take better care of your money. And you can take better care of others if you are a fiduciary. Most importantly, you can ask the right questions of those who are managing your money.

Investopedia says the following:

“Under the U.S. legal system, a fiduciary duty is the legal term describing the relationship between two parties that obligates one to act solely in the interest of the other. The party designated as the fiduciary owes the legal duty to a principal, and strict care is taken to ensure no conflict of interest arises between the fiduciary and his principal.

In most cases, no profit is to be made from the relationship unless explicit consent is granted at the time the relationship begins. Fiduciary duties come in a variety of forms under the legal system, including but not limited to, trustee and beneficiary, guardian and ward, principal and agent, and attorney and client. “

Read more here - https://www.investopedia.com/ask/answers/042915/what-are-some-examples-fiduciary-duty.asp

Objective Views of Financial Educators

Investment and Financial folks who do act as a fiduciary do not have any issue with this law. Many organizations like the Certified Financial Planning Board are supporters of it. Good financial advice can be given without conflict of interest or high fees.

As the possibility of a law change was being discussed, Jane Bryant Quinn wrote the following piece. It is an older but clearly objective and powerful.

http://janebryantquinn.com/2016/03/brokers-say-theyll-lose-money-if-they-have-to-give-you-better-advice/

SEC Guidelines

No matter what your politics, learn what the Security and Exchange Commission(SEC) is up to when it comes to Fiduciary Responsibility guidelines and laws.

https://www.financial-planning.com/news/warren-chides-sec-on-proposed-broker-standard?utm_campaign=Dec%2026%202018-regulatory&utm_medium=email&utm_source=newsletter&eid=b1f3ad638ceb78d6bc35428398f3aa57

I have and will keep on this subject because it is important. Read more from my email newsletters. Sign up for free here: https://www.moneypeace.com/email-newsletter-archive/

Does Your Mood Match the Market Swings?

This Week’s Ups and Downs but mostly Downs, have many people struck in terror. First of all, as of this writing, the stock market is down 2% for today. Yes, you may say but what about the week? While let’s look at the long-term picture for a better perspective. Since this time last year, the market is up. Not a lot but higher than it was on December 6th in 2017 as far as the Dow Jones and S&P are concerned.

Second, the real question is….How are your investments doing? Technology for example is up. If you have some equity diversity and bonds in your portfolio, the decline of the past few days may be balancing your portfolio to the point where the losses are not so dramatic. Look closer at what you before you panic.

Third, do you have cash? Not just in your pocket but in the bank. Perhaps as part of your asset portfolio where you can access it if you needed. Remembering that cash is one of the three main forms of investment is essential to managing your money. Despite its poor return record of the past ten years, the reason cash is always in style is for its dependability. The currency is always there and insured if parked in an FDIC insured account.

Finally, if you are truly affected in your daily life by the market swings, this is a time for a two pronged improvement to your life. One, take the time to create an investment strategy that matches your age, needs, and personality. Talk to a professional investment person who can educate you and create this for you, before making any changes. Two, do some important work on yourself by finding ways to decompress more in your life. Your health is worth it.

Meantime, know what you can control and cannot. You cannot change the market. You can change your investments. Most of all, you can lower your stress level with some good information.

Don't Count On It!

 “I am going to retire early.  My investments are doing well and I can now, “ another professional said to me.  This plan was relayed to me by over lunch.  Not my client, I did not have to say much in response but “Good Luck.”

In my head I thought of so many other things.  Mainly, does this person have an investment strategy to carry them through thirty years of retirement?

The Stock Market is up.  I am hearing enthusiasm and optimism all around in public.  In private, I hear financial professionals being cautious.  Perhaps no one knows the future.  What is one to do?  There is not a clear and easy path.  Getting educated is a first step.  Second step, dig deeper into your own financial and investment situation before you follow the herd mentality.

This is the ninth year of the longest running bull market in financial history.  Some sharp investors say it will continue.  Others “in the know” say to brace for a down turn.  Either way, this upswing will not last for the decades that the average person will be in retirement moving forward.  Creating a plan based on the good times and bad will be sure to devise a life of leisure without worries. And Peace of Mind.

We have been through this before or I have seen in as a Certified Financial Planner.  At the beginning of 2000, the tech boom was exploding.  The market was up.  Many, many folks retired based on those numbers.  When the bubble burst, those without a long-term plan went back to work.  This was not work by choice but work for cash flow to support their retirement years.   A little foresight can go a long way and prevent a forced return to the working world.

Think about what you can count on in life.  The list may be short.  We used to have pensions for life, some companies gave medical benefits as well, even our weather was a bit more predictable.  Today the world is a bit more complex and your personal situation has to be considered.  Now is the time to get educated no matter how far you are from retirement.

Want to read more?  Read and explore beyond the daily news feed or nightly news.  Here are some places to start:

https://www.cnbc.com/2018/09/20/dow-hits-new-high-amid-five-very-bullish-signals-for-stocks.html

https://www.nasdaq.com/news/

https://www.wsj.com/news/markets

And of course, please read, listen and watch more on my website: www.MoneyPeace.com

A Rainbow Kind of Day......

Amazing! One glance at the sky and I could not stop looking.  The rainbow that greeted me yesterday morning was high, and wide and situated just perfectly for my viewing.    I paused and took the moment to reflect on the beauty before me.  This time of the day I do not typically see a rainbow.  Right or wrong, they seem to me to be an afternoon occurrence. 

What could the rainbow mean?  Why today?  Why right now? The light rain that fell on me was refreshing and matched my thoughts.  This is going to be a rainbow type of day!  I smiled. 

I believe we are all able to put good intentions out there and make the kind of days we want.  Attitude matters as does our intention. 

Smiling, I thanked the universe for the reminder and carried on for my drive through the beautiful roads of Vermont to work. I never saw the rainbow again on my drive.  The smile never left my lips or heart. Rainbows represent so many things to so many people.  There is the LGBTQ movement.  There is the Irish mythology of the pot of gold at the end.  There is the Judy Garland song.  All of them are of hope and possibility.  All of them speak of beauty, of something special.

A couple of hours later, one of my dear clients came in to my office for our meeting.  She had a white paper gift bag that she dropped ceremoniously on my desk. 

“For you,” Patricia says, “I had it made by friend of mine especially.”

Imagine my smile when I opened the bag to a rainbow, a rainbow of peace signs.  I was and am still amazed.  I told her my story of intending to make it a rainbow kind of day.  Her gift radiated beauty of the giver, the purse and the peaceful intention.  I will be telling the story many more times.  I cannot wait to use my new bag!

What is your intention for the day?   Make it a Rainbow Kind of Day!

Stock Market Wave or Wobble?

These are turbulent times.  The stock market is reflective of that on many levels. The average person is watching the financial returns after the stock market “corrected” itself by over 10% on February 8th. A correction is defined by a 10 to 20 % drop from a peak.  The peak of late January was 26,616.  On February 8th, it had the largest one day point drop, losing 1033 points. 

In October 1987, I was in my mid-twenties and working at a large mutual fund company in Boston.      The market dropped 508 points on Monday October 19th.  That was nearly a 22% drop. In a day! There was a sell off across the globe.  The date is now universally called Black Monday.

After that momentous fall when the Dow Jones declined to 1,738, regulators made some changes.  They developed new rules that allowed exchanges to temporarily halt trading if there are large declines.  The idea is to reduce market volatility and prevent large panic sell-offs.  The market can still go down, but more than 20% it will be halted for the day. 

I mention this to add perspective.  Perhaps thirty years ago, you were not invested in the stock market and were not paying attention.  I was because my job was on the line as well as my investments. Now, each time I hear a significant drop in market value, I look to what the percentage of the decline is.  The percentage tells the story.  This is how you should look at your investments as well.   Look at the overall percentages.

We tend to pay closer attention when the stock market goes down then up.  Leading us to be complacent about our investments until something changes.  Fear and loss are strong motivators.

Save yourself some trouble and stress.  Do not watch the stock market every day. There is so much going on in the world complicated by our government, business climate and even Facebook.  There is so much going on for one person to digest and process every day.  Better to turn off the news and take the time to take care of yourself and money for the long-term rather than be reactive in the short term. 

Let the world be turbulent.  You keep yourself on the steady path by managing your expectations, getting educated and focusing on the important things both in and out of the stock market. 

Post Script:

When I started this blog post on Friday afternoon, the market was down thirty points.  When I finished an hour or so later, the market was up 40 points.  This on a day the tariff legislation was expected to be signed and cause a market decline.  At 3 pm, I left my office for a couple of appointments.  At the last appointment as it neared 5 pm, a person commented on the large decline on Thursday.

“Did the market do the same thing today?” he wanted to know. 

My response? “ No last I looked it was up a bit.”  An hour later I saw the news.  The market had dropped by 424 points.  In the last hour of trading. This is why predicting its behavior from past actions are difficult, even during one day.  I will note that the percentage drop of the day was less than 2%.   

The Stock Market Continues to Roller Coaster, As It Should. You Do Not Need To...

Thinking, Worrying & Stressing about the stock market? This is the time to fall back to your investment strategy. Don’t have one? Remember have a MoneyPeace safety account and a balance of stocks and bonds for your long term retirement monies. Need money for a home, college or car in the next three years? That money needs to be only invested in an insured cash place.