“You are my 50th birthday present to myself,” a woman said to me, as we sat down to meet. “I’m tired of not feeling like an adult, it’s like I have a dirty money secret.” I’ve heard variations of this same theme many times. This is what women say to me when no one is listening. I could fill a room with these women -- then maybe they would see that many struggle with this very subject. The trouble is no one wants to admit their deficiency – and if you stay silent, advice won’t find its way to you. The longer you wait, the older you get; the embarrassment never goes away, it just deepens. So for those of you who insist on silently flogging yourselves – start reading. There are free courses online, such as Highbrow. Every day a short email is sent, covering a specific topic. Just five minutes a day spent reading these emails can inform you about basic concepts. Share helpful links on your social media accounts and help other women who suffer from painfully shy financial Read on...
My Mother’s Heart
My mom, Lucy, 1945 While I think of my mother numerous times throughout the day, this week, just days away from Mother’s Day, I got a little wink from her. A client of ours sent us a note of appreciation. He and his wife have worked with us since 2015. Not to sound too sappy here, but that’s the kind of stuff that makes what we do so fulfilling. What does my mother have to do with this? Everything. As was often the case with her, she gave money to numerous charities. One such charity was Stony Brook Children’s Hospital, which has served my family incredibly well from the moment our sons were born prematurely. My mother received many thank you notes for all of her donations, but she was particularly moved by the thank you note from the hospital. She was compelled to thank them, but she wasn’t well. I tried to explain to her that she needn’t write a thank you note for a thank you note, but she persisted. Before I could resist, she had convinced me to send an email to the Read on...
A Way out of the 403(b) Maze
It has been almost two years since Tony and I formally embarked on a mission to educate and free teachers from expensive and inappropriate investments in their 403(b) accounts. Our main message has been buyer beware. A teacher, Chase Malia, has taken it a giant leap forward – proposing Resolution #41 to his union, NYSUT, which would affect all of the members, not just his district. The union acted to approve the resolution, which will protect members from financial predators by: Educating members about the importance of lowering investment fees; Providing members access to fee-only fiduciaries to provide un-conflicted advice; Advising members on how they can add low-cost options to their district’s provider list; and Seeking legislative action to offer fee-transparency and fiduciary protections that 401(k) participants currently enjoy. Halleluiah! Though this will all take time to get underway, it is a huge first step. The good news is: If you are a teacher in NY, you do not Read on...
When Values and Investing Align
Scott Dauenhauer, Tony and I caught up with Joey Fishman, Ritholtz Wealth Management's ESG expert on the Planning to Teach and Retire Rich Podcast to discuss ESG and sustainable investing. In a climate of less government regulation, some companies are taking a stance on environmental, social and governance issues to reflect their missions/values. Investors, too, have become increasingly interested in where their money gets put to use and this is creating an opportunity for asset managers who craft ESG portfolios. But, do these types of companies make for better investments? According to Sonia Kowal, president of Zevin Asset Management, a $600 million firm specializing exclusively in ESG portfolios, "In general, companies with the strongest records on employee relations and environmental sustainability, for example, often have better financial performance over the long run than those with the weakest records... Given this, why wouldn't you use this information advantage when looking Read on...