Wisdom on Wealth

Q: I am single with no children or dependents. Just me and my dog. I will probably work five more years. I have no one in particular I am trying to leave money to, so how do I make the most of my money? One thing I want to make sure of is that I don’t run out of money before I die because there is no one else to take care of me.

A: The fact that you are single both simplifies and complicates your choices.

Q: My husband and I are within ten years of retiring. We both work and plan to retire at the same time. I think we need to save a lot more money and he says we need to enjoy it while we have it. Who’s right?

A: Good question.

For many the final ten years of a career are truly the “definitive decade” when it comes to retirement planning. Here’s why that is true for so many:

Q: I am a young man in my 20s. I have recently been given managerial responsibility over men twice my age. They are good men, but I can tell they are not completely comfortable being managed by a "youngster." We're working through all that, but here's my question - how do I avoid being in their position when I am their age? How do I stay relevant?

A: There are a few things in life over which you can exercise near absolute control. A very, very few things.

Question: I keep seeing that the Dow is way up since Donald Trump won the election. But when I Iook online at my 401K, it’s not really doing anything. I am mostly invested in the stock market in my 401K, so why would there be such a difference?

Answer: Donald Trump’s election to serve as the 45^th president of the United States made history. It has also made for a bit of hysteria.

Question: I just got told everyone at my work with my job description is being let go. I have worked at this place for a very long time and looking for work elsewhere scares the you-know-what out of me. But I can’t retire yet. I have to work. What do you suggest?

Answer: There is no security in security.

In my work I regularly meet people who have discovered (to their great surprise) that the big corporation they thought would see them through to the end…didn’t.