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My son’s financial future. He is living paycheck to paycheck due to a divorce, child support and a general lack of understanding of real world finances.
LTC. This has taken too much thinking and analysis from me. I’m only 51 but want to set things so I don’t have to worry about them later. I guess I’m lucky that this is one of the last things to sort through before calling it quits from a career standpoint.
Having left the corporate 9-5 world a few months ago, this area is on my mind. I worry about my new profession being so tightly correlated with how the stock market performs. If the market tanks, my portfolio drops and I will likely lose consulting work. That’s one thing.
Another is health care. A significant issue can obviously hurt one’s financial situation, but even a lot of small things each year can run-up medical costs to the deductible in an HDHP and result in a material annual health care expense.
I’m also worried I’ll find the special gal who will cause my annual expenses to double. A little tongue-in-cheek here, but it’s something I must plan for. Let alone the possibility of having mouths to feed later in life.
Finally, I worry about my parents. My mother is 70 and pops is 65. Both are in so-so health at best and already struggle with stairs. There’s no plan among my family about who will take care of them, which I think is coming sooner or later. That too has a financial impact.
Lots to consider.
If that gal is special, what your annual expenses will be will not even cross your mind, see what a couple of kids do to those expenses. FI has a new meaning 🤑
I’m worried that global growth will continue to be tepid or may be even slower than it has been in the past few decade (2%+/-), which will negatively impact stock performance, and thusly inhibit my ability to retire.
The cost of college, followed by the cost of college and the cost of college. It’s endlessly frustrating that college generally delivers a positive ROI, so it’s not an option to not want to send my children to college. But colleges have pushed the cost relentlessly higher, making that ROI harder and harder to justify.
For many kids, a sensible path is to send them to a community college to complete general education credits there while getting an associates degree, before paying for a bachelor’s from a four-year school. The credits usually transfer easily. And if it happens that your son or daughter isn’t yet mature enough or academically ready for college, the tuition for learning THAT lesson will be far cheaper.
Might I recommend the book “The Price You Pay For College” by Ron Lieber? Despite my own experience and expertise in higher education, I found this book fascinating and useful.
I’m very worried about what seems to be an excess of speculation in financial markets. We’ve already seen one hedge fund blow up, badly hurting a couple of banks because of the huge leverage involved. Then we have retail investors buying stocks touted on message boards, red-hot fund managers becoming celebrities. We have a market pricing in a great future, and returns over the next 10 years, until my retirement, may be much lower. And I’m worried about potential conflict between the major powers, perhaps over Taiwan. If you think semiconductors are in short supply now, just wait until the island is under attack. I am slightly trimming my stock positions.