One name immediately comes to mind when we think of wisdom and guidance: Albus Dumbledore, the beloved headmaster of Hogwarts School of Witchcraft and Wizardry from the Harry Potter series. Dumbledore's teachings extend beyond the world of magic and into financial wisdom. With news of Michael Gambon passing at 82 (the actor played Dumbledore in all of the films), let's explore how sage advice from Hogwarts can be applied to investing and help you navigate the intricate world of finance. Lesson 1: "It does not do to dwell on dreams and forget to live." Dumbledore's words remind us of the importance of staying grounded in reality while pursuing our financial dreams. While investing, it's crucial to set clear, achievable goals and not get carried away by grandiose fantasies. An investment strategy based on realistic goals will yield better results. Lesson 2: "Our choices show what we truly are, far more than our abilities." In finance, your investment choices reveal your true financial character. Instead of focusing solely on your investment abilities or seeking shortcuts to quick riches, make thoughtful investment choices that align with your values and long-term objectives. Lesson 3: "Happiness can be found even in the darkest of times if one only remembers to turn on the light." Market downturns, like dark times, can be distressing. However, staying invested and adopting a long-term perspective can help you find growth opportunities even in adverse conditions. Remember to focus on your financial goals and not be swayed by short-term market fluctuations. Lesson 4: "Nitwit! Blubber! Oddment! Tweak!" While these words may seem whimsical, Dumbledore's reminder of the value of eccentricity also applies to investing. Don't be afraid to be unconventional and think outside the box. Lesson 5: "Words are, in my not-so-humble opinion, our most inexhaustible source of magic." Communication is indeed a magical tool when it comes to investing. Stay informed, ask questions, and seek advice. Effective communication can help you make informed decisions and adapt to changing market conditions. Lesson 6: "The best of us sometimes eat our words." Dumbledore's humility reminds us that even the wisest investors can make mistakes. It's crucial to acknowledge and learn from your investment errors. Avoid doubting down on losing positions out of pride or fear. Instead, adapt your strategy and move forward with newfound wisdom. Conclusion Professor Dumbledore's wisdom transcends the boundaries of fantasy, offering valuable lessons that can be applied to the investing world. You can build a solid financial future by staying grounded, making ethical choices, embracing unconventional ideas, and learning from mistakes. Just as Hogwarts students trusted Dumbledore's guidance, you can rely on these lessons to navigate the complex and ever-changing landscape of finance, turning your investment journey into a truly magical experience. Rest in peace Michal Gambon.
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Here are some common missteps people make after retiring:
Q: My husband is 60 years old, and I am 55. He is interested in turning his Social Security retirement income on at 62 and he will probably receive max Social Security retirement benefit due to his high earnings throughout his career. I was a stay-at-home mother with little earnings. What are my social security benefits if any?
A: The answer is probably easiest to follow with some assumptions about numbers. The calculation of spousal benefits starts with understanding the husband’s projected benefit at full retirement age (FRA). This is true even if the husband actually starts collecting his own retirement benefits early. If his FRA benefits is $3K/month, the base spousal benefit would be $1,500/month. FRA for the non-working spouse is age 67, and she is eligible to claim benefits as early as attaining age 62. If she claims at 62 (five years early) then
See https://www.ssa.gov/oact/quickcalc/spouse.html. Note that taking social security early in this case means a lower benefit for both the husband and the wife and will decrease her survivor benefit as well. This may not be the optimal claiming strategy! A new poll from Axios says many Americans are convinced they’ll never get to retire.
Here are some moves to consider if retirement is on the horizon:
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Patrick HueyPatrick Huey is a small business owner and the author of two books on history and finance as well as the highly-rated recently-released fictional work Hell: A Novel. As owner of Victory Independent Planning, LLC, Patrick works with families and non-profit organizations. He is a CERTIFIED FINANCIAL PLANNER™ professional, Chartered Advisor in Philanthropy® and an Accredited Tax Preparer. He earned a Bachelor’s degree in History from the University of Pittsburgh, and a Master of Business Administration from Arizona State University. Archives
September 2024
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Patrick Huey is an investment advisor representative of Dynamic Wealth Advisors dba Victory Independent Planning, LLC. All investment advisory services are offered through Dynamic Wealth Advisors. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See https:/ / adviserinfo.sec.gov/IAPD by searching under crd #151367. You can contact us if you would like to receive a copy. The tax services and preparation conducted by Patrick Huey and Victory Independence Planning are considered outside business activities from Dynamic Wealth Advisors. They are separate and apart from Mr. Huey's activities as an investment advisor representative of Dynamic Wealth Advisors.
Patrick Huey is the author of three books: "History Lessons for the Modern Investor", "The Seven Pillars of (Financial) Wisdom" and "The Gifts hat Keep on Giving: High Performance Philanthropy For Real People"; this is considered an outside business activity for Patrick Huey and is separate and apart from his activities as an investment advisor representative with Dynamic Wealth Advisors. The material contained in these books are the current opinions of the author, Patrick Huey but not necessarily those of Dynamic Wealth Advisors. The opinions expressed in these books are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. They are intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed in these books is no guarantee of future results. As always please remember investing involves risk and possible loss of principal capital.
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