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A Look at the Roaring Twenties

At the end of the first quarter, the S&P 500 had managed to record a stunning 56.3% total return, including dividends, over the past 12 months — a historic rally indeed. The purchase of equities remains firmly intact as vaccines appear to have the spread of COVID-19 in check, and fiscal and monetary policies have ignited a significant economic recovery since the second half of 2020. In this article, I will recap some of the headlines of the past year as well as highlight issues we should pay attention to going forward. The real estate industry is booming with a strong demand for houses, and the high costs of building

The Challenges of Building Wealth

The use of the word wealth automatically creates a mindset that is as different for each of us as is our appearance. For most of us, wealth is defined as assets minus liabilities — that is, net worth. As an advisor, we try to communicate that wealth is more than money, but for the most part, the public usually sees wealth as financial assets. Having an abundance of wealth is often referred to as being rich, but in my opinion, these definitions do not define what I have experienced with clients and associates who are wealthy or rich. For the sake of this article, I will focus on the meaning

The Mindset for Financial Clarity

There is nothing more frustrating than spending your time, energy, and money searching for a destination that does not exist. Have you ever been lost? If so, the most important thing is to know where you are. You cannot get to your destination until you know your starting point. Imagine being in a large airport. Your ticket tells you which gate to go to, but you are not sure where to find it. The first thing you look for is a map, and when you find it, it shows you where you are. Only then can you figure out how you need to proceed. That’s a snapshot of life. We

What’s Next?

The new year has arrived, and the expectations are for things to be better than in 2020. That is exactly the forecast from most investment firms. Billions of dollars will be pumped into the economy this year, and that will generate additional spending. More spending means more goods sold, and when more goods are sold, more profits are made. When more profits are made, the stocks of those companies are in more demand, and that results in higher stock prices. It really is not that complicated. You just need to figure out which of those companies will produce the goods that people want to buy, and then how long people

How To Be Rich in 2021

There are times when you probably don’t feel rich, but most of us are richer than we think. It depends on who you are comparing yourself to. Most people who have accumulated substantial assets become consumed with managing their wealth — as a result, they have less time to invest in others. Being truly rich is a lifestyle. It’s about how we use our influence. It’s about being aware of things that really matter. On the other hand, having substantial wealth provides you with the opportunity to invest in the lives of others and make a real difference in your community. In the next couple of months, I will be

What Should I Do With My Money?

The point is that every person’s situation is unique, and there is hardly ever a cookie cutter answer to the question, “What should I do with my money?” This is the question I hear just about every day of my life. It is an excellent question and can only be answered with another question. Some days the answers in life are simple and other days the complexity of life is beyond our imagination. The answer to this question is somewhere in between. It begins with a couple of simple questions. First of all, what is the purpose of the money you are referring to, and what is the time frame?

What’s In Your Wallet? | Thankful for 2020?

You can control both where your assets are invested and who you choose to take advice from. My favorite holiday is Thanksgiving. It is a reminder that regardless of our circumstances, there are always things to be thankful for. One of the most profound messages that I heard two years ago was on the topic of happiness. The speaker had done years of research on the topic, and one of the consistent mainstays of happiness in the people he researched is that they had an attitude thankfulness. There are people whose wallets (or bank accounts) are filled with wealth, but they are miserable; they will gladly tell you about everything

The Economic Impact of Love on Finances

Trillions of dollars are being lost or mismanaged each year due to the lack of love in our society and within our families. This figure cannot be verified, but it is my personal estimate. There is no doubt in my mind that one of the best investments in life is to choose the actions of love. After nearly thirty years of being professionally involved as an advisor and working with families and business owners in creating clarity for their current and future needs, I have witnessed tremendous financial losses and personal conflict as a result of selfish greed and unforgiveness. This attitude often flows over into health issues, with increased

What’s Next?

What’s next has many answers, but they fall into two categories: the areas beyond our control, and those that we can control. We can control our planning and who will help us make good decisions. Have you heard that pain is often beneficial? When we stop and realize this, awe know that it makes sense. I’m not sure about how you feel, but most of us do not like pain and will go to a lot of effort to avoid it. There are many situations in which we are dealing with the hurt of pain and we pray to have it taken away, but long-term, we are better off having

Retirement Has Changed | It Isn’t What It Used To Be!

Most of our parents started working around age 20 and retired when they were 65. Because life expectancy was shorter, the average retirement typically lasted about 10 years. That means people often had about 45 years to prepare for 10 years of retirement. With medical advancements and healthier lifestyles, people are living longer. This means you may enjoy 20 or 30 years or more in retirement. Back then, retirees counted on Social Security and company pensions. As a result, individuals didn’t need as much in personal savings. Today, Social Security can’t cover most retirees’ primary expenses, and Social Security faces an uncertain future. Fewer companies offer pension plans; rather they

Thomas Herlong

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