Women’s issues are getting a lot of well-deserved attention lately, and I’m not just talking about the #MeToo movement. While the courageous women of #MeToo have shined a much-needed spotlight on the problem of sexual harassment and assault, women face other vital issues that are too often ignored—sometimes by women themselves.
Q: I’ve been working with the same stock broker for the past several years. My performance wasn’t very good last year and this year isn’t looking any better. I’m starting to wonder if the arrangement is as good for me as it is for him. How do I know if I can trust my stock broker?
A: I’m not sure if your real concern is your broker’s trustworthiness or the quality of advice you are getting. Either one would be ample reason to look for a new financial advisor, but
As we discussed in last week’s column, few things will have greater impact on your financial future than the decisions you make about how you save and spend money. However, sound financial planning also entails carefully developing your capacity to produce income. If you want to build your wealth, you need to give careful attention to nurturing your career.
Q: The market just finished a very strong year and I’m feeling a little nervous that the bottom might fall out. Should I take my profits and move to the sidelines?
A: I understand why you might feel nervous. Even casual investors know that market rallies don’t last forever. However, if you want to be a successful long-term investor, you need to settle your mind on one very important principle: time in the market is more important than timing the market.
Most of us remember the market meltdown in 2008. Some of us remember other market debacles. Since my first job as a government bond trader in 1986, I have experienced the dot com bust in 2000, the Russian crisis in 1998, the Asian crisis in 1997, the Mexican peso crisis in 1994 and Black Monday in 1987.
With Christmas behind us, now is a good time to think about New Year’s resolutions. Here are five financial resolutions that can help you enjoy a prosperous 2018.
1. Improve your financial literacy. Start the New Year right by getting smart about personal finance. If you haven’t read it already, I highly recommend Dave Ramsey’s bestseller Total Money Makeover. Although I have reservations about some of Ramsey’s investment assumptions, I think his ideas on personal financial management are outstanding.