Beginner Tips💰| From Rookie to Rockstar: Jumpstart Your Financial Journey Today!
Beginner Tips💰| From Rookie to Rockstar: Jumpstart Your Financial Journey Today! Just getting started in finances and investing? Here are some basics you need to know. Now, I’ve been asked to cut a quick video for those who are just getting started with investing and saving. Whether you’re still single, getting close to marriage, or just recently got married, here are some great points when it comes to getting started off on the right foot. Hello again, Dave Duley here. Not only am I a 40-year veteran of the financial markets and a licensed view this year, but I’m also married for 40 years to the same woman, with two college grads just getting started themselves. There’s no better way to tell a story than to tell your own story. Look, I understand that getting started with saving and investing is the most difficult step. It’s figuring out where to begin. Now, the first step is your first job. Most companies provide a 401(k), which is just a tax-deferred plan that lets you set aside pre-tax dollars from your paycheck. However, don’t get carried away with the idea of this. Most people think and are told to sock away all they can in these types of accounts. I say, don’t do it. Wait till you have built up an emergency fund first. Meaning, most likely, you are on your own now, and you have your own bills, apartment, car, cell phone, and all the other expenses that are part of living on your own. I want to see ten thousand dollars saved in your personal savings or your checking account first. The last thing you need early on is to have an emergency and have to tap into your 401(k) to borrow money or take a withdrawal. Trust me, it isn’t a good way to start off. The only way I’m participating in the 401(k) is if my employer matches part of my contribution. If they don’t, then don’t participate at all. Now, I know I’ll get some people arguing here about this and the idea that it is for savings and the money is out of my check before I have a chance to spend it. My response is, “Grow up! You’re not a child anymore.” I have 40-year-olds make the same comment to me all the time. Set aside that emergency savings each period, a hundred, two hundred, one thousand, whatever you can. Once you reach ten thousand, then we will begin using the 401(k) and contribute up to what the company will match. It’s free money, nothing more. If they have a Roth savings at the company, that is awesome, but again, only after I have my emergency money set up first. Now, why would I do a Roth IRA with the company versus doing it on my own? Well, because the company Roth always lets you put in a higher amount to sock away compared to doing it on your own. That’s the upside. The downside is your investment choices, again, are going to be very limited inside the company. Be careful here. Everyone is telling you to sock away all you can, but you need to balance savings with living. It does no good to save a bunch and then realize you have fifty dollars after each paycheck, and you don’t even have enough money to maybe get something to eat with it. It will take you 60 to 90 days to find that happy place. There’s no sweeter situation than to look in that investment account or savings and see a nice amount of money set aside after you’ve gotten a grasp on your finances. Okay, now getting those dollars to work is key. Open an investment account at a brokerage house, such as Charles Schwab. Do not day trade. Buy fractional shares of companies you use every day. Do not day trade. Set up a dollar-cost averaging plan where the firm will purchase fractional shares of companies such as Apple, Costco, Google, or Amazon each month, whether the stocks are up in value or down. Do not day trade or listen to some bozo friend who has an idea on a great company to buy. Stay off YouTube and don’t listen to idiots who spout the greatest and latest upcoming companies you need to own. Have I said it enough? Do not day trade. It’s the worst thing you can do, and I see it every day. Buy solid companies you use each day. Watch my video on Occam’s razor. It’s on my website under videos, and it will help you understand exactly what I’m talking about here on which companies to purchase. There’s a lot of content to help you out there. I learned a long time ago, be a great copier. That’s right, find someone who is very successful and just copy what they do. Make your advisor show you their investment accounts, yes, their personal accounts, if they want. Then run. It means that they talk a big game but are embarrassed to show you where they are financially and what they invest in. Here’s the exciting news: money makes money. Yes, the more you have put away, it begins to work for you. The first hundred thousand seems so far away, but it’s not. And once you’re there, you’ll be blown away by how it begins to go to work for you. Keep this in mind always: the rich buy assets and the poor buy liabilities. Buy things that go up in value, stocks, real estate, investing in businesses, not boats or cars or jewelry or clothing. Sometimes say no, “I can’t afford that right now.” If you’re just married and heading in that direction, it’s time to sit down with a professional. Money is a tough subject, and most newlyweds avoid it like the plague. But it goes beyond the money. It is setting your wills in place, power of attorneys, discussing how to combine accounts or
Retirement Tips | IRA Rich and Cash Poor? Not Good in Retirement!
Retirement Tips | IRA Rich and Cash Poor? Not Good in Retirement! Another no-brainer for those looking to have a successful retirement. Now, last week, I gave you some insight into taking a simple approach to investing. Using a 730-year-old philosophical approach to keeping things simple and not complicating basics you should be doing leading up to or in retirement. Now, you can visit our website to look at that and a host of other great videos. Better yet, you can subscribe below and become the smartest person in the room when it comes to finances leading up to, again, or in retirement. IRA, Roth, and Cash 4 seems to be the starting point for most pre-retirees. This is what we see on a regular basis in our offices weekly. Now, I know most of you watching will agree with me on this fact, and most likely, you’re in the same position. I’ll continue to hammer home these two major points in this area. One is for you to not put a dollar more into your company’s 401(k) than the company will match. Your mindset is, “I want to sock away as much as I can,” and I agree with that. However, you’re not thinking about, as we say, the road ahead. It’s taxes, dummy. Ask yourself this simple question: Will taxes go up or down in the future? Let me help you upon meaning in retirement. Almost 40 percent of your 401(k) will be going to Uncle Sam. In a lot of cases, I want to see more cash in your savings that has already been taxed. I have countless families come in with a million dollars in their IRA or tax-deferred accounts and less than $50,000 in cash. That’s not good. Think distribution instead of accumulation. Many will say this, but Dave, this forces me to save money because I don’t see it in my paycheck. Really? How old are you? After you cash that paycheck with those after-tax dollars, have your advisors sweep those dollars to your investment account so you won’t be tempted. Believe me, you will thank me later. Secondly, once you have reached 59 and a half, move that 401(k) as soon as possible to your own IRA account. Now why? Because you can now have choices of investments that are unlimited, whereas your current 401(k) has a few and usually lousy choices. But the most important part of that is now you can protect that part of your nest egg from major market swings leading up to retirement. Now, for those of you who have left previous companies, do not roll your old 401(k) into your new company’s 401(k). No, no, no. Again, you’re shooting yourself in the foot. No protection and no choices. You want to control your own destiny and not have some huge fund company making decisions on your behalf who have no idea who you are and could care less about what your future goals are. In our field of wealth and income management, the investing side is the easy part. Dealing with individuals who have preconceived ideas and biases towards less than optimal solutions is usually where we have difficulty. Twisting arms for the do-it-yourselfers, make these moves as soon as possible, and you’ll be in a much better position to succeed when it comes to retirement. Cash is king. Remember, after-tax dollars or tax-free dollars are the best. Protecting those dollars in fast-moving markets is just plain smart. Understanding the simplicity of using options to do this is beneficial, just plain responsible. I always hear from the man how their major concern is making sure the wife is set up if anything happens to them. And it is a fact that the wives outlive the husbands by an average of 12 to 15 years. Well, if that’s the case, then protecting these assets well into the future is just a prudent move. Creating income you cannot outlive is also a no-brainer. Today, there are great opportunities to continue to capture growth with protection and create income for life. Now, listen, don’t forget to subscribe below and visit our website. Let us help you plan for the road ahead. Until next time.
Occam’s Razor | Discover the Secret to Becoming the Smartest Person in the Room!
Occam’s Razor | Discover the Secret to Becoming the Smartest Person in the Room! Have you ever heard of the philosophy of Occam’s razor? I didn’t either until I spent three years in seminary classes in the late 1980s. But if you use it, you may be the smartest person in the room. Hello, my name is Dave Dooley, a 40-year veteran in the financial markets and lead advisor here at Georgia Advisory Group, a full-service financial planning firm located in North Atlanta. In my last video, I delved deep into a specific strategy we have to use to choose the best companies to own and when to buy or sell them. You can check out our website to see the previous one called “Are Stocks Predictable?”. Certainly, you have heard the saying “keep it simple, stupid.” Now, back in 1285, William Ockham, a philosopher, had his own version of the quote, and it was coined Occam’s razor. Now, what exactly was it? The principle gives precedence to simplicity of two competing theories. The simpler explanation of an entity is to be preferred. The principle is also expressed as “entities are not to be multiplied beyond necessity.” Okay, now it seems I’m getting deep here, but hang on for a few more minutes. You see, in life, and specifically in investing, this approach is really remarkable and can save countless headaches and heartache. I have incorporated it into my financial philosophy and in my day-to-day life. Why? Because it works. The coined phrase “Occam’s” obviously refers to his last name, and “razor” means to shave away those things that don’t matter or are harder to implement into your reasoning and that are not essential. Thus, we keep it simple. Galileo himself, in the sciences, used it constantly to explain many concepts of the heavens. So, how in the world can we today apply this approach when looking to take on secure retirement or a great plan to build wealth? Over the next two weeks, as you start your day, begin to jot down companies you use every day, all day. Let me give an example. Let’s get started. I got up and I looked at my iPhone first thing in the morning. I made a cup of coffee, went back to look at my iPhone, took a shower, shaved, put on my makeup or cologne, dressed, headed to my car, drove to work, jumped on my PC, ate lunch, went back to the office, drove home, then headed to the gym, made dinner at home, looked at Dave’s YouTube channel, picked up my deliverance, watched the movie, back to my bed. Now, let’s look at this same day from a company standpoint. Sleep Number, Apple, Dunkin’ Donuts, Coffee-Mate, Colgate, Old Spice, Gillette, Estée Lauder, Polo, Old Spice, Lululemon, Johnny O, Peter Millar, Nvidia, Microsoft, Costco, Hewlett Packard, Nike, Adidas, Amazon, Netflix, Google, and the list goes on. We just looked at our day through companies we regularly do business with. If we compile that over 30 days, then we get our Occam’s razor philosophy, and we shave down what companies are basics and essentials. We look at their competitors in each of those areas. We will find those that have too much competition from price or product. We eliminate them. But those that leave that particular category they dominate, provide great service, and have great management, we keep them. And it’s simple, stupid. We don’t overthink and add unnecessary reasoning to our choices. Bam! There you have it, a short list of great companies that not only you but most likely your immediate friends and family use every single day. Now, if you multiply that by thousands regionally, we can see where other companies may come into play. But keep it simple. Globally, we see where other companies come into play also. But keep it simple. Own these stocks, and you will outperform the guy who is complicating every choice and overthinking. Hey, it has worked for Warren Buffett, and I bet it’ll work for you and me. As Paul Harvey once said, now you know the rest of the story. Occam’s razor. I bet you will remember that. Go look him up. Subscribe below, and you’ll continue to get great content. Visit us at our website and look around to see why we continue to be a leader focusing on the road ahead. Until next time.
Crack the Code: Is the Stock Market Predictable? Unlocking the Secrets of Market Movements
Hello, this is Dave Duley from Georgia Advisory Group, and I wanted to give you a market update for today, November 10, 2022. Let me ask you a quick question. Maybe you can help me figure out how many of you go out there and get your house appraised every week. Nobody does that, and the reason is that we don’t plan on buying or selling it every week, so the value fluctuating up and down doesn’t cause us much concern. My point is that if we look today, we’ll notice that the market is on a tear today based on what information? Well, based on information the CPI number that came out early this morning was about two to three-tenths of a point less than what three-tenths ago. You see all that green, right? We’re seeing a tear in the market today, right, with the Dow reaching over a thousand points and the NASDAQ reaching over 600 points, yet yesterday we saw a huge downturn after the big red wave didn’t occur. My point is, is it correct that the reason we went to cash back in April was to have dry powder to be able to purchase things over the last three to four months continuing to do so this is a great indication today that when the market gets on a tear I believe we’ll see record moves in the future over a period that are higher than we’ve ever seen before because, once again, companies have been beaten down unreasonably and thus you’re going to see just a tear when it comes to returns on your investment but the bottom line is you’ve got to be with a firm that has a plan we’ve got a plan we’ve stuck with our plan and it’s funny my phone doesn’t ring when the market
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The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
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The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
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The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
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The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
Don’t Gamble with Your Retirement!! Discover Simple Strategies to Safeguard Your Wealth
Estate Planning for Retirement: Prioritize Your Needs | Important Points for Estate Planning
The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
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Estate Planning for Retirement: Prioritize Your Needs | Important Points for Estate Planning
The typical first meeting with an advisor usually begins with how many accounts do you have? and the value of those accounts, or what is your current income and expenses?
