Most of us enjoy the conveniences of shopping online. But in this digital age, it is more important than ever to protect yourself against cyber-crime and identity theft. What can you do?
Q: What is the best financial gift for a young worker? A: Teach them to save as much as they can now. Here’s a lesson for your adult children and adult grandchildren: It’s easier to save $400 per month toward retirement than to save $6,000 per month. To save something out of every paycheck might be the hardest thing a young person can undertake. The reward, however, is a more secure retirement with greater financial independence.
If you do not have enough money to retire, what should you do? Should you consider investing in riskier investments to compensate for not having saved enough? During the final races at horse tracks, gamblers tend to bet on long shots. In Las Vegas, there is a pronounced tendency for people to place long-shot bets near the end of the day. Gamblers who lose money during the day desire to go home as winners.
Do you or your parents need long-term care insurance? Let me give you my perspective as a financial professional who does not sell insurance. People use their retirement income for what they value the most: family, friends, personal independence, and dignity. People need long-term care when a chronic condition limits their ability to carry out basic self-care tasks.
Do you enjoy betting at the casino? Would you consider spending your time at a casino a sound way to prepare for your retirement? Most people I talk to who enjoy gambling are smart enough to set a budget for their gambling, maybe $100 or $500, to go and have some fun at the tables or slot machines. Sometimes they come out ahead, but when they lose, they consider the money they lost as part of their vacation expenses.