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You just left a meeting with your financial adviser, and your nest egg is looking bulletproof, with a projected worth of well over $1 million at age 95. But wait a second, are you sure about that?
If your financial projections look too good to be true, they might well be, for a variety of reasons.
When the pandemic hit home in March 2020, the stock market crumbled and many people saw their investment portfolios drop. Fortunately, the markets eventually recovered; but the sudden drop caused many people to review their investments and projections.
While reviewing a new client’s portfolio at that time, we learned that his previous adviser projected his net worth as double our estimate by age 70. Naturally, the client was confused by the different scenarios. We discovered that the underlying growth assumptions the former adviser used were far too optimistic, giving the client an unrealistic view of his financial future.
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Any other year, the holidays would be a time to get together with relatives who live near and far. But of course the pandemic has changed the way we celebrate, especially as coronavirus cases continue to rise across the United States.
So, does that mean we should cancel our Christmas, Hanukkah, Kwanzaa, or New Year’s celebrations altogether? Not exactly but some adjustments are highly recommended. Like it did for Thanksgiving, the Centers for Disease Control and Prevention (CDC) released guidelines on how to safely be festive for the 2020 holidays. What is Safest?
Only celebrating with people who you live with you and have been practicing COVID-19 safety measures is the best way to celebrate any holiday this year. In-person gatherings with people from different households, including college students who are heading back home, is considered a threat.