“You give a poor man a fish and you feed him for a day. You teach him to fish and you give him an occupation that will feed him for a lifetime.”
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Budgeting doesn’t have to leave you feeling restricted. It should be a tool you use to stay on track toward your financial goals. It’s a key part of your personalized financial plan. It helps you see your progress.
This Friday, July 28th, we’ll get the economy's ‘report card’ in the form of the latest Gross Domestic Product (GDP) number for April through June. The GDP is the value of all goods and services produced during a specific period of time. Economists expect that spending from you, the consumer, improved enough to push economic growth to 2.5%, which would be better than the first quarter's 1.4% growth rate. However, it's still not as strong as most were hoping for a few months ago. Simply Money Advisors expects that the U.S. economy will grow around 2% (or slightly higher) for the 2017 calendar year.
Today, the Department of Labor’s “fiduciary rule” goes into effect. This means stockbrokers providing financial advice on retirement accounts must now prioritize your best interest. According to the White House Council of Economic Advisors, conflicts of interest with financial advisors and brokers account for client loss of $17 billion every year. This may seem surprising that financial advisors and brokers weren’t always required to have your best interests in mind.
Buy, sell, hold! How can you determine when to buy or sell stocks? The financial media has made the stock market confusing and hard for you to understand. Every “expert” has an opinion and nothing seems to make sense. Many investors, like you, are in a constant search of that one person who knows all the answers and can “beat” the market.
Have you started saving for retirement? Vanguard’s “How America Saves 2016” report shows that one third of Americans contribute less than 4% of their income to their retirement. Saving any amount for retirement can be challenging, but it’s important for a strong and secure financial future.
Stocks were only modestly lower last week amid reports that President Donald Trump allegedly asked former FBI Director James Comey to drop the investigation concerning former National Security Advisor Michael Flynn's connection with Russia.
As you plan for your retirement, and try to save for retirement, we know your money is getting pulled in about 100 different directions. Competing needs can make setting aside your monthly “profit” a challenge. But here’s why you need to make it a priority.
Wall Street investors may eventually focus on President Trump's decision to fire FBI Director James Comey, but at this point, there appears to be little economic downside because of this.