I hope you’re adjusting to the reality that fall is almost here – notice that I didn’t say summer is almost over (smile). Like many of you, I’m back in the saddle after some much needed vacation. My heart and prayers go out to you, or anyone you know, who has been affected by Hurricane Irma.
Read MoreI thought summer was supposed to be a time of relaxation and less stress. The events and aftermath of Charlottesville have provided just the opposite. Events like these remind me of my own purpose and humble me in the reality that I could be gone tomorrow because of hatred and racism. Heavy, right?
Read MoreThe White House is in a sad state. I can’t seem to get away from the craziness that has engulfed our highest level of office. The recent ousting of Scaramucci provides a useful lesson on trying to recover from bad investment choices.
Read MoreI hope that you are still enjoying this beautiful summer eve! I continue to receive many emails and social media questions about the financial considerations of starting a business. You should know by now that I strongly believe (and the data continues to support) that business ownership is a powerful way to create wealth, and thus I’m super pumped that you keep raising these questions.
Read MoreWe are smack dab in the middle of summer, and the year. I can’t believe it! Were you able to sit down in the last couple of weeks and do a check-in on how you are tracking on your money and investment goals, as we discussed at the beginning of the month? Well, perhaps you will be encouraged by several people who have successfully achieved their investment goals. Specifically, these are my students who just finished the 8-week class - NEXTLEVEL: How to Make Money in the Stock Market , which ended this past Saturday. Students developed their own investing strategies, are now on the road to buying and selling stocks with confidence, and learned from people who’ve had success investing. Here’s some initial feedback:
“I feel soooooo empowered and THAT much more informed!!!!”
Don’t worry, you’ll here more about how you can get some of this goodness for yourself soon.
I know focusing on you (and your money) can be difficult because so much is going on in your personal life and around us too – the health care bill saga, the stock market surge, and the challenges that some of our fellow global citizens are facing.
And, I know its probably information overload. Perhaps you may want to re-charge a bit, and I have the perfect question for you….
Do you need a break?
If the answer is “Yes,” what’s stopping you? Many people point to money or lack of time. Whatever your reason, I want to encourage you to do so. Many Charisse Says readers have shared with me inexpensive ways to take some time off, albeit doing a staycation or finding global destinations that are yearning for tourists. For instance, one member shared with me that he is on his way to Greece for $850 per person, including flight and hotel, since the country is desperately trying to attract visitors. If you take the trip route, re-assessing your money and investment goals will provide the perfect exercise to let you know how feasible this is for you.
But, I also have good news for you who are in predicaments where a trip is truly out of reach right now….You can take a break every day! Whether it’s a walk in the fresh sunny air, some quiet time in the bathroom (don’t judge me), or talking to a friend who only wants you to share what’s going on in your life.
If you have taken a break, I hope you aren’t feeling like you are back on the rat wheel between work, family obligations, and all of those personal goals (e.g. abs of steel, investing in the stock market, etc.) you want to accomplish.
I fit in this camp - I took a break over July 4th weekend to celebrate my grandmother’s 90th birthday (Remember this name – Pearl Conanan – as she is truly remarkable), and my young cousin’s 1st birthday (Remember the name – Morgan Springer – as she will have a major impact on this world). It was special, timely, and an unforgettable circle-of-life moment with my family and friends. When I got back, I was thrust back into the daily grind. I had to quickly employ the strategies I just mentioned, and all is better. Try it!
Enjoy this precious week.
I hope July is off to a fantastic start. The Fourth of July is tomorrow - yipee! I am looking forward to enjoying good picnic food and fireworks with friends and family. What are your plans? Tell me in the comments. It is a great time to take an hour or so and review your finances and investments for the year. I know - between the food and the fireworks in the evening, this might be hard. But, perhaps the morning or early afternoon might provide some good brain space. If not, set your sight on a money sit-down over the weekend. We are halfway through our 2017 year of boldness and it’s a great chance to re-evaluate the bold steps we want to take, and make any necessary changes so that you get the wealth results you want.
Since it is a holiday week, I want to share some quick yet insightful reads. You can read these at the beach, the pool, or the comfort of your couch:
Millennials are not buying homes. I am a border baby (I sit right on the cusp of Millennial and Gen X), so this realization hits home. This a big change from (our) their parents who saw homes as the ultimate American dream. So what are (we) they doing? Business Insider explains. I do believe these trends will have an effect on overall wealth in our generation.
Did you see Blue Apron make its stock debut? Well, this Market Watch article features the good and the bad. I've not used Blue Apron, but this one should be interesting to follow in the months and years to come. Let me know if you took the plunge and bought.
As a human interest piece, this article from Business Insider talks about life on Wall Street for young financial professionals. These young chaps are often involved in the decisions that affect our money, regardless of age. In short, inclusion and impact matter. As a former Wall Street financier, I can appreciate the spotlight on the industry.
Have a wonderful and safe holiday! I look forward to hearing how you spend the day.
I hope you are gearing up for the last week of June. Oh my! Like you, I’ve been spending a lot of time reading about the Senate Health Bill. Man, we are living through a difficult time in our country. Between our President and our Congress, sometimes I just want to bury myself in a hole. Unfortunately, we don’t have that luxury.
I’ve come to the conclusion that the bill is bad for all of our wallets. While we may not think we’re affected, the bill has an impact on the entire health care system. And when the system gets impacted we all suffer, as the indirect effects find a way to impact our finances. The New York Times reported on the Congressional Budget’s report on how the bill will affect us. Here’s several main points that make me angry about the bill:
While the Affordable Care Act is far from perfect, I believe that everyone should have access to quality healthcare, and that it should be affordable. Even as I reflect on my own insurance coverage through my employer-sponsored package over the last few years, it’s apparent that I have been paying more for less services that are covered. Hmmmm…
We all will continue to allocate a significant portion of our income to spending on health care, and thus we should continue to watch (and speak about) how we will tackle these issues as a country in the months and years to come.
What else has grabbed my attention? Amazon Foods – That’s my own name for the Amazon’s announced purchase of Whole Foods. I’ve been processing this one for the last week and a half and I’m still fascinated by the $13.7 billion dollar price and the decision. If you saw Bloomberg’s article, "Expensive New E-Commerce Operation Compete With Amazon?," describing how Wal-Mart bought Jet.com to keep Amazon from dominating e-commerce, you know that it’s now a show-down between the big gorillas in shopping. Who will win on making the experience for customers like you and me affordable, easy, and different?
With Amazon’s announced purchase of Whole Foods, we have the master of online in Amazon (raise you’re glass if you’re an Amazon Prime junkie like me), and the master of seduction in Whole Foods, who lures you into a store to take your whole paycheck (me too).
Time will tell whether Amazon will benefit most from the Whole Foods’ data treasures, brick-and-mortar presence, supplier base, or distribution integration opportunities. I am confident that Amazon will find a way to disrupt and make anew how we spend our money and thwart off Wal-Mart. You won’t want to miss what happens here in the years to come.
If you own Whole Foods stock, please share with me in the comments if you’re pleased with the acquisition and your thoughts on where Amazon is going next.
Amidst the craze of today I hope you are standing in good spirits this Wednesday. First, I want to extend thoughts and prayers to all of those affected by the events in DC today. Second, I am wishing you an early “Happy Father’s Day.” And, if you’re not a father, I hope you enjoy the fathers in your life. In that vein, I’m sending an early special shout-out to my terrific father, Frank Conanan! Even if you’re not a big basketball fan like me (which I owe to my Daddy), you couldn’t have missed all the hoops and hollerin’ about this past week’s NBA finals, starring the redemptive Golden State Warriors and the defending Cleveland Cavaliers champs.
In case this doesn’t ring a bell, the Warriors won! They added an ace in Kevin Durant to this year’s line-up and Durant is now on top of the hill – NBA champ and NBA Finals Most Valuable Player - because of his brilliant decision to leave the Oklahoma Thunder for the Warriors. I can only smile and be happy for a man a man who spent 10 long years on a B team before upgrading himself to an A team in the Warriors to give himself a better chance at a prized championship.
We can all learn something, particularly when it comes to our money and wealth, from Kevin Durant’s decision. Here’s what we can draw:
Do you have another wealth lesson from the NBA finals? Share it with us.
Kevin Durant is very wealthy, and while he is definitely amongst the top 1% of American earners, we might not be so far from him when it comes to how we think about privilege.
Specifically, I read this weekend’s New York Times piece, “Stop Pretending You’re Not Rich,” which raises some serious questions about American class privilege. My favorite quote:
“The American myth of meritocracy allows them to attribute their position to their brilliance and diligence, rather than to luck or a rigged system.”
I love the British author’s constructive outside perspective. But, the author doesn’t offer up concrete solutions to solve the problem or deal with the complexities of why this is the case. Do you have any ideas for solutions to not simply “raise our consciousness about class,” as the author purports, but also do something about it? Share your thoughts.
This Wednesday I think we are all taking time to reflect on what happened in England Monday evening. Innocent lives were taken, and there are so many mothers, fathers, brothers, sisters, and friends without their loved ones. While I preach that money matters, what matters most is the gift of our lives and the right to not have that life taken from us. I'm keeping those affected in my prayers, and I hope one day we will be free of senseless violence. Summer Boldness
As we get ready for vacation season it is time to make some BOLD decisions about how we spend our vacation money. Remember it is our year of boldness. Do we splurge for the five star hotel or use some of the funds for a once in a lifetime excursion? Is the fancy restaurant worth it or can we do a deli instead? I've found that shopping around for hotels and car rentals can make a big difference in how much we spend. I also love discount websites for things like museum passes and restaurant deals.
How are you spending your summer money this year? What BOLD decisions have you made about prioritizing your vacation money? Are you skipping the vacation altogether and doing a staycation instead? I love hearing the ideas people have.
In Case You Missed It
Chicago Booth put out a great piece on how pricing strategies can have an impact on debt. Companies that rarely change their prices are more likely to go into debt than those that practice price flexibility. This is all interesting, because it can easily explain the problems the car companies had before the bailout. Car prices rarely change, and as a result the money eventually runs out.
I hope you all enjoy the rest of your week. I am looking forward to the long weekend.
I hope this Wednesday afternoon finds you well. I had plenty of “Oh Snap” moments over the last week, and here’s the top 3:
Your NEXT LEVEL seat – only 1 Left
I am waiting for YOU to take the leap of faith and there’s one lucky seat waiting for you. Tired of working hard and still feeling like you can’t get ahead with your money? Well, this class will help you learn to make your money work for you in the stock market. I extended the final deadline a few hours until 9pm CST tonight so that you have some time to sign-up after you get home from work. If you missed it last week, I also now allowed a monthly payment plan. If you have any last questions, please let me know. One enrolled student has already expressed her expectation on how the class will help her:
“I see this class a way to empower myself as work with my financial advisor so that I am more knowledgeable about my money and where it’s going.” Claim the last spot now HERE.
SNAP took a nose dive
One of the cardinal rules for companies that IPO is this - set reasonable expectations for the investment community. And by reasonable, I mean expectations that you can beat with no problem. SNAP did the opposite. When the company released earnings last week, revenue and user growth fell short of expectations. As a result, the stock tanked. If you need a refresher on how earnings announcements affect stock prices, please see my video on why they matter. At the same time, SNAP’s CEO took home a $750 million dollar bonus for taking the company public – think about that one.
That said, its stock has rebounded nicely (as of yesterday’s close) and gained back almost half of the value that it lost a week ago. See the chart below. Are you still interested in the stock? What's changed?
The Inequity of Mortgage Interest Deduction
The NYTimes article, “How Homeownership Became the Engine of American Inequality,” is probably one of the best I’ve read in laying out the history behind this tax benefit, and its effect on the wealth divide. One of the major takeaways is that the mortgage interest deduction has been a main vehicle to help people grow their wealth over time. I have personally benefited from deducting mortgage interest on my taxes as it has effectively provided more money back into my pocket. That said, what are we doing to provide any relief for rent-burdened individuals? Feel free let me know your thoughts.
#WealthyGirl
“Most of us want to be wealthy, but more often than not, don’t have a handle on how to achieve this goal. I will share with you the secrets and strategies on how to do so. ”
