The markets open slightly down today, despite what Keith is giving “two thumbs up” for – Q2 earnings’ profits so far have been up 6% rather than the forecasted drop of 2% since last year. Amazon.com Inc. (NasdaqGS:AMZN), Microsoft Corp. (NasdaqGS:MSFT), and Facebook Inc. (NasdaqGS:FB) all report this week, and here’s what you could be expecting from each one. Plus, where Tesla Inc. (NasdaqGS:TSLA) ought to be trading and a personal anecdote about why the U.S. race to 5G is more important than ever. Click here to watch.
I’ve got to be honest.
Wall Street is feeding you a fatally flawed narrative when it comes to financial planning.
They make the assumption that you’re going to live this way or that and, in doing so, produce a whole bunch of fancy calculations intended to show you how much you need to save to meet their projections.
The hope is, of course, that you’ll become a valuable client – meaning you’re going to generate tons in commissions to line their pockets for having prepared a deep look into your financial affairs.
The reality is very different. Those same fancy-pants charts – which, by the way, can cost you a “planning fee” ranging from $100 to several thousand dollars – usually have the opposite effect. People realize they’re so far from meeting their “goals” that they give up without even trying.
I’ve never liked that but, then again, I’ve never played by the rules either.