Opposites. That’s what my two sons are. Well, not it all respects (they both love to play video games, ride bikes, get dirty, and generally annoy each other) but when it comes to money, they couldn’t be more different. My oldest is 11, going on 40. His view of money is quite simple. He doesn’t like to spend it. We live several states away from grandparents, aunts, and uncles, so holiday gifts generally involve money or gift cards, and he simply saves it all. As an Accredited Financial Counselor® this makes my heart smile, but I know saving every last penny isn’t always a good thing.
My husband and I were married on April 16, 2014, in Los Angeles, California, where same-sex marriage was legal. A little over one year later, on June 26, 2015, the U.S. Supreme Court struck down all state bans on same-sex marriage, legalized it in all fifty states, and required states to honor out-of-state same-sex marriage licenses.
Mansplaining /ˈmanˌsplāniNG/ (noun) the explanation of something by a man, typically to a woman, in a manner regarded as condescending or patronizing.
“She met with several Financial Advisors and they all treated her like a stupid girl. So eventually she got to the point where she figured she’d just have to choose one of these guys that would treat her like a stupid girl.” This isn’t the first time I’ve heard something like this and it won’t be the last. This is a quote from a woman who referred her sister to me. She’s definitely not “a stupid girl” and shouldn’t have been made to feel that way.
I recently came across a study by Benjamin Artz, Amanda Goodall, and Andrew J. Oswald that concluded that women actually are asking for raises as often as men, but their requests are treated differently. This led me to another interesting study by Andreas Leibbrandt and John A. List that found that men and women had similar negotiation behaviors when job descriptions specifically noted that the wages were negotiable. If it was not mentioned, then the men in the study were more likely to negotiate than the women.
April has become my favorite month. April 1st is not only April Fool’s Day, but it’s also Merino Wealth’s Anniversary. This year we turned 3! In my line of work, I often see that businesses typically hit their stride in the 3-5 years range so it feels great to be on this side of things.
A lot has happened in these past three years. “MeToo” and “Timesup” have taken on new meanings while terms like Mansplaining and The Mental Load have helped to articulate things some of us have been feeling for years. We have a record number of women serving in Congress. And let’s not forget “The Year of the Woman!”
Going into 2018 I set a goal for myself to establish a retirement plan for Merino Wealth. I looked into options, received feedback from my employees, and figured out the logistics. I then decided on the type of plan, the company match, and even planned to integrate Environmental, Social and Governance (ESG) factors into the investments. While presenting at financial workshops to audiences all over Chicago, I announced this as my top 2018 goal. Wanna guess what happened next?
One of the tricky things about money is the awkwardness that comes with discussing your financial situation when things are going well. I rarely see Facebook status messages regarding every day financial achievements like “Who’s got two thumbs and is maxing out their 401(k)!? This guy.” But you know what? Maxing out your 401(k) feels GREAT.
Happy October! If it weren’t for the pumpkin spice lattes I wouldn’t believe it myself. As we find ourselves treading in waters of historical market highs and approaching the end of the year, now is the perfect time to take inventory of your investment strategies.
Since I’m in my 30s, people don’t always realize that I’ve actually had first-hand experience with our last two market crashes. First, as a young investor during the dot.com bubble. Second, as an advisor during the 2008 financial crisis. I remember September 15th of 2008 when Bank of America bought out Merrill Lynch and Lehman Brothers filed for bankruptcy. It felt like the world around me had changed in a day. I learned a lot from our last recession including a few things that may help when taking inventory of your portfolio.
Now that Labor Day’s passed, summer is officially over and it’s time to head back to school. But it’s not all for the kids sometimes. We’re big on education funding around Merino Wealth so this time of year can be really exciting as we see clients move forward with the goals we’ve been planning for. One thing I’ve noticed is that many of our clients hitting 10-15 years in the workforce are making moves. It’s like we hit this point where we look back at our hard work and decide we want more. In some cases, that means going back to school to earn an advanced degree. It could mean changing industries or positions. At times, it includes taking a break from work to travel or spend time with family. In extreme cases, it may involve starting your own financial planning firm in a large metropolitan area.