How has your portfolio fared during the market’s recent volatile stretch? When saving for retirement, have you avoided the 12 deadly sins outlined in this week’s first article? Doing so may help you improve your returns. The article also suggests some antidotes to help you lower the chance these actions will limit your returns. You can also read our recent blog which includes some thoughts on the market’s current volatility. Enjoy this week’s articles. I hope they help you take your eyes off the market for a little while. When volatility increases, watching the market too closely can be bad for your mental health and well-being.
Here are the links to this week’s articles as well as a brief description of each:
1. Opinion: Avoid These 12 Deadly Sins When Saving for Retirement. Would you like to improve your investment returns? This article shares 12 deadly sins related to retirement savings. They are both serious and common. It also suggests some antidotes. These sins stuck out for me:
· Impatience: Lacking the patience to take a long-term perspective.
· Sloth: Not contributing enough to get your employer’s full 401(k) match.
· Hyperactivity: Being an overly active investor.
2. How to Load a Dishwasher Correctly: The Definitive Guide. I don’t recall how I came across this article. It’s not a topic I searched for. Since it includes some good suggestions, so I decided to share it. When loading your dishwasher, where do you put your spatulas, ladles, and other large utensils? Ours usually end up standing upright with the silverware. A self-proclaimed dishwasher stickler says they belong on top. Why? They’ll block the water spray, preventing other things from being cleaned properly. Other common mistakes:
· Facing everything in the same direction.
· Putting your sharp knives in the dishwasher.
3. Wealth Is What You Don’t Spend. On the surface, the idea of losing weight and reducing spending sound very different. Could there be parallels between the two? The idea makes more sense than you think. When we exercise, we feel like we accomplished something healthy. That might justify a post-workout food binge. If we eat after exercising, we could lose some of the benefits exercise provides. Similarly, we may be tempted to spend more when our income increases. We must reject some of our opportunities to spend if we want to save more.
4. ‘It’s a Superpower’: How Walking Makes Us Healthier, Happier, and Brainier. Should you put on a pair of comfy shoes and go for a walk instead of going to the gym to work out? A neurologist believes walking regularly unlocks cognitive powers in our brain better than anything else. Getting up and walking sharpens our senses. After going to the gym, we often do little else beyond that hour or so of intense activity. The article recommends walking for at least 30 minutes four or five times a week at a consistently high speed.
5. Near Retirement? Avoid These 3 Hiccups With Your Health Savings Account. If you’re eligible to contribute, I recommend Health Savings Accounts (HSAs) as a tax-efficient way to save for retirement. If you’re not familiar with HSAs, please check this blog. (Feel free to reach out if you’d like updated figures.) If you plan to continue working through your 60s and contribute to an HSA, read this article. You must be careful about how you fund this account if:
· You held off on Social Security and Medicare
· You’re covered only part of the year
· You used your HSA to buy insurance.
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.