There Isn’t a Shortcut to Financial Peace
(00:00.574)
Yesterday we talked a little bit about the mass affluent investor. I want to get into just how pessimistic they are. Now again, we talked about how we pride ourselves on helping the mass affluent investor where they’re rejected everywhere else. the study that was done and some of the highlights are quite telling. First and foremost, the pessimism. Less than half the individuals
indicate their finances are in better shape now to a year ago. And only 46 % expect their situation to improve. One fourth, only 20, 25 % regularly work with someone with their money, financial advisor. Less than one third wants to be actively involved in the day -to -day management of their finances.
and most of them do not have much of any investment knowledge whatsoever. They’re very risk averse. Less than one third is willing to take a significant risk with a portion of their investments and 21 % say they regret not investing more conservatively in the years leading up to the financial crisis. Retirement, more than 40 % unsure of having sufficient income to live comfortably in retirement.
40 % plan to work past the age of 65. Close to 40 % of those younger than 54 say their household is not saving enough and their concerns. Again, they’re worried about maintaining their own financial position. But again, this is a big one too. Large swath, large swath, over 60 % worried about the financial situation of their children and grandchildren.
And many have indicated, again, they’re to have to be taking care of aging parents. A lot of things that have gone into this over the years, whether it be taxes and, of course, inflation and whatnot, are things to be dealt with. But they all can be dealt with. And I want to encourage these people that feel this way. There’s help out there. There’s help out
(02:17.246)
And if you’re doing things the right way, you’ve got the right process at hand. All of these things, the pessimism, the aversion to risk, the retirement issues, all of these things can be dealt with as long as you’re doing them the right way. As soon as you start looking for quick fixes, as soon as you start looking for shortcuts, that’s when things go awry. Watchdog on wallstreet .com.
