For all of the outsiders that might be reading this, the southeast region was dubbed the “Bible Belt” due to its socially conservative political leanings and an extremely high Christian Church concentration. This area is home to me, and it has had quite an impact when it comes to how I view finance and how I disperse advice.
Wall Street Steward Blog
“I do not invest in the stock market. To me, that is gambling!”
One cannot imagine how many times I have heard this statement over the years.
If someone were to type “youth + investing” into a Google search, it returns over 8 million hits. Needless to say, trying to read every article on this topic would create “paralysis by analysis.”
One of the most common financial questions people ask me goes something like this: “I used to work for <insert name here> and I had a 401(k) there. I left my job but never did anything with my retirement account. Should I just leave it alone or do I have other options?”
Me: “Who would you like to name as your beneficiary?”
Mr. X: “Ummmm….hmmm….do I have to name someone?”
One misunderstood aspect of buying and selling stocks is the “bid” and “ask” price. When you see stock prices scrolling across your TV screen, is it showing the bid or ask price? Why do “bids” and “asks” matter? Let us begin with some basic definitions:
I do not give tax advice. Please seek the assistance of your tax advisor before making any decisions involving your tax situation.
In the last blog entry, we covered how to know WHEN you should start investing. The next question to cover is “WHO should I choose to help me with my investing needs?”
One of the most commonly used clichés in the investment business is “it is never too early to start investing” or “it is never a bad time to invest.” As is the case with most clichés, they contain an element of basic truth but are not widely applicable in most cases.
Whenever someone asks me “what do you do for a living,” I have a momentary mental pause and recall the dozens of canned and insincere answers that I have heard other advisors spew. You know the ones…..the “elevator speeches” (ones so rehearsed and brief that one could deliver it to a prospect in an elevator).