At Apprise Wealth Management, we want to help people make better money-related decisions. We also read constantly and like sharing some of our favorite commentaries each week.
We hope you will share our blog with your friends. If you are not a current subscriber, please sign up for our mailing list at the bottom of our blog page or use our Contact Us page. If you would like to discuss any of the ideas presented in these articles, please email philweiss@apprisewealth.com. You can also schedule a free 15-minute call.
Here are this week’s articles as well as a brief description of each:
1. Don’t Save Too Little, or Too Much. About one-half of all households are at risk of not having the savings to maintain their living standards in retirement. Others may be at the opposite extreme. According to a report cited in this article, one-half of retirees are afraid to use their savings. They saved money for decades so they could enjoy leisure activities in their 60s, 70s, and 80s. Unfortunately, they refuse to touch it when they get there. The reason? Once some people get in the habit of saving, they find it hard to break it. If you’re not sure where you stand, a financial plan can help.
2. How Negative News Distorts Our Thinking. Do you watch, read or listen to the news? Personally, I try to avoid it as much as I can (especially if it’s not finance-related). Why? I prefer to maintain a positive outlook. After watching the news, we can easily believe the world is descending into disaster and chaos. Research shows that what we see on the news can impact our mental health. The article shares three specific cognitive biases that negative news can activate, keeping us in a state of negativity:
· Negativity bias
· Availability bias
· Confirmation bias
3. 5 Last-Minute Tips Before Open Enrollment Ends. Is the open enrollment period for your employee benefits still open? If so, this article offers some helpful tips. Evaluating your current coverage to make sure it’s still your best option is the least you should do. The article shares some things to watch out for in the following areas:
· Health insurance
· Health Savings Accounts (HSAs)
· Future health-care costs
· Voluntary benefits
· Changes in your current plan
4. Why You Should Find Time to Be Alone With Yourself. Being alone can hurt. It can harm your health. But it doesn’t have to be bad. Solitude can help. It can calm you and make you more prepared to engage with others. The key? Learn to appreciate time alone. Why? You’re less likely to view the experience negatively. The bottom line: Embrace the opportunity for some alone time. Don’t worry about the social stigmas associated with being alone. Our minds and bodies need some time without anyone around.
5. Wait a Minute. How Can They Afford That When I Can’t? Have you ever wondered how a neighbor or friend can afford a luxury car or an expensive vacation? It’s even harder to imagine if you think you are in about the same financial bracket. Do they manage money better than you? Most likely they have either hidden wealth or hidden debt. We tend to blame ourselves for such shortcomings. More likely, we don’t know the whole story.
We hope you find the above posts valuable. If you would like to talk to us about financial topics including your investments, creating a financial plan, saving for college, or saving for retirement, please complete our contact form. We will be in touch. We can schedule a call, a virtual meeting via Zoom, or a meeting at Apprise Wealth Management’s office in Northern Baltimore County.
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Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
