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Recently, while answering some listener questions about early retirement, I pointed out that every piece of your financial plan is connected to every other piece. Adjust one lever, and you might trigger some unexpected consequences if you're not working with a professional who can help you anticipate and prepare for further changes.
Many of my new clients want to know if they have enough money to retire. Once I explain that, at Keen Wealth, we don’t believe folks should be focused on hitting some magic number, the follow-up question is almost always, “OK … But how do my assets compare with other people my age?”
Longtime Keen on Retirement listeners might remember a running gag where Matt Wilson and I would joke with our co-host, Steve Sanduski, about all the bitcoin we suspected he was hoarding. At the time, bitcoin had just emerged from one of its periodic freefalls and was starting to seep back into the general public’s awareness.
When we set our monthly budgets or make a long-term plan for retirement, it's common to separate line items into three categories: needs, wants, and wishes. Then, we do the sensible thing and prioritize our needs. Once the mortgage, car payments, utilities, and grocery bills are covered, we move on to deciding if we can schedule a date night at that new restaurant. Maybe a weekend getaway will have to wait until next month.
A few years ago, I was intrigued by the many news stories I was seeing about the new “tiny homes” helping homeless veterans around Kansas City. I reached out and connected with the Veterans Community Project, and the more I learned, the more impressed I was by the impact that the VCP is having. One number really stood out: over 90% of the veterans whom the VCP work with are able to get back on their feet and reacclimate into society.
According to his annual letter to Berkshire Hathaway shareholders, not even the great Warren Buffett was immune to pandemic-induced market volatility. Berkshire Hathaway’s 2020 earnings were down 48% compared to 2019. For the year, Berkshire Hathaway’s stock rose 2.4%, a relatively small ROI by Mr. Buffett’s lofty standards.