Gary Brooks
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Articles by Gary Brooks
Personal-finance columnist Gary Brooks bids adieu with just a bit more investment advice Original
For nearly 16 years, I’ve shared personal-finance insights monthly in The News Tribune. Writing from the perspective of a practicing financial advisor, I have covered a broad range of topics. Since personal-finance education is mostly absent from our education system, even smart, successful people lack understanding of many core concepts of managing their money. Additionally, money often comes with emotion and behavioral biases that impact our decision-making.
It’s time for a mid-year review of finances. Here are some thoughts for closing out 2024 Original
Mid-year is a crucial juncture for you to take control of your investments and ensure they are in line with your long-term financial plan and any short-term financial needs. Conducting a review every six months is a wise practice. Doing it more frequently might lead to unnecessary changes due to market noise, economic fluctuations and news distractions. On the other hand, delaying it could result in a significant deviation from your target balance of stocks and bonds.
What to do when aging parents need help with financial decisions? Here’s some advice Original
Demographic trends show that the size of the U.S. population over age 65 is increasing compared to younger ages. More people live longer than ever before, and it has an important influence on family relationships, including how families interact about personal finances. While these trends shift slowly over decades, in my experience, an outcome that has become more prominent is the number of people who are asking how to help their parents manage their financial lives.
Here’s why you shouldn’t base your investment decisions on the daily stock reports
For many people, their sense of how investments are performing comes from 30-second blitzes of radio or television news (or a quick glance at a phone app) that share the day’s return for the Dow and the S&P 500 – two different subsets of U.S. stocks. Those data nuggets have almost no relevance to how you should think about the performance of your investment portfolio.
Be mindful in choosing when to start taking Social Security. Your income depends on it
For something that contributes to the financial security of nearly every retired American, Social Security has a concerning number of complications and misuses. Partly because there are a burdensome 2,700 permutations of claiming rules in the official Social Security Handbook, many recipients realize less financial security than is available.
Here’s how tapping your tax-deferred retirement accounts first could be a wise strategy
Most people this time of year gather up their tax-related documents while preparing to file their annual return and think about how they could possibly pay less tax. For some people, it is one of several personal finance topics where counter-intuitive opportunities might deviate from conventional wisdom.
Don’t let misunderstandings get in the way of a sound financial plan for your retirement
Most people spend most of their adult years preparing for retirement. That usually entails trying to decide at what age, or amount of savings, it is feasible to stop working. It’s not just a two-factor decision, however. There are several topics to understand, some of which are greatly miscalculated. Let’s review some misunderstandings that could improve your retirement planning. You will need 80 percent of your pre-retirement income in retirement.
Here are six key factors to consider as you plan your retirement investments
The United States population reaches its age 65 peak in 2024. More Americans than ever – 12,000 per day – will turn the traditional retirement age as the Baby Boom wave rolls on. That doesn’t mean they will all retire upon the milestone, but retirement will be a prominent thought for most. Preparedness might be elusive and not solely from a financial perspective. Many people who have financial security aren’t ready to retire because they are uncomfortable with the change in their identity.
Here are six key factors to consider as you plan your retirement investments
The United States population reaches its age 65 peak in 2024. More Americans than ever – 12,000 per day – will turn the traditional retirement age as the Baby Boom wave rolls on. That doesn’t mean they will all retire upon the milestone, but retirement will be a prominent thought for most. Preparedness might be elusive and not solely from a financial perspective. Many people who have financial security aren’t ready to retire because they are uncomfortable with the change in their identity.
Charitable giving advice from Aristotle to today. Donating money can be complicated
Like many people do this time of year, 2,370 years ago – between teaching breakthrough ideas on logic and ethics, biology and economics – Aristotle pondered charitable giving. Also like people today, Aristotle was confounded by how a simple idea could quickly become complex. In 347 BC, the Greek polymath and philosopher said: “To give away money is an easy matter and in any man’s power.
Charitable giving advice from Aristotle to today. Donating money can be complicated
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Charitable giving advice from Aristotle to today. Donating money can be complicated
Like many people do this time of year, 2,370 years ago – between teaching breakthrough ideas on logic and ethics, biology and economics – Aristotle pondered charitable giving. Also like people today, Aristotle was confounded by how a simple idea could quickly become complex. In 347 BC, the Greek polymath and philosopher said: “To give away money is an easy matter and in any man’s power.
The journey to financial security includes stops and starts. The key is to keep going
Just about everyone makes a regular driving commute across town. For some people, it’s the daily jaunt to work. Others are making a recurring visit to the grocery store, gym or some other location. For many of us, our satisfaction with this commute relies on how we catch the stoplights along the way. Most days, we experience a normal mix of green and red. We progress in an expected time without thinking much about it. Other days, most or all the lights are green.
Don’t wait until the literal last minute to plan your estate. Here are some suggestions
Estate planning is one of the more underutilized aspects of personal finance. Addressing our own mortality is rarely something we want to spend much time contemplating even though it is one of just a few inevitable life events and can have an impact well beyond yourself. Partly because it covers subject matter that people would rather not think about, there are several common mistakes in estate planning. The most prominent mistake is failing to get started.
Numbers rule the day, but emotion plays important role in a sound investment strategy
Personal finance is largely viewed as a quantitative exercise, one that seeks to define your financial security (an emotion-generating, life-long experience) in numerical terms. The numerical reference points that capture most people’s attention are investment returns and growth of account balances. That is only part of the story you must consider, however. To be a successful investor, you need a well-calibrated understanding of risk and how you will respond to it at tops and bottoms of markets.
Ensuring your portfolio matches your risk v. return needs is crucial to smart investing
Entering August, broad market indexes for U.S. and international stocks have reached bull-market territory with gains above 20 percent since their bottom last October. Globally, bond markets have returned to positive results after their unusually deep declines for much of 2022. While recent positive returns are welcomed, there is deeper context to understand when determining how well your individual investments or your broad portfolio strategy are performing.
Here are strategies for investing your required IRA withdrawals if you don’t need cash
Two rounds of the SECURE Act have revised the ages at which individuals are required to begin making annual minimum withdrawals from IRAs, 401(k), 403(b) and other tax-deferred retirement accounts. Most people in their 70s take these withdrawals, and sometimes more than the minimum, to cover their living expenses for the year. However, there are some people who don’t need withdrawals from investment accounts to make ends meet.
Savings bonds are tried and true, but there are other ways to help grandkids financially Original
We are in the heart of graduation season, a common time when grandparents might make a more substantial gift to their grandkids than the usual birthday or holiday items. Of course, graduation is not the only reason to make financial contributions to grandchildren. Some grandparents have grandchildren who are well past their teens and early 20s like the recent high school and college graduates.
Need a loan? You might consider borrowing money from the Bank of Mom and Dad
I first wrote a related version of this article in May 2011 when the U.S. Federal Reserve was near the middle of what turned out to be a seven-year period with its interest-rate target just above zero percent. At the time, I covered how families could use the Bank of Mom and Dad to better meet the interests of two generations during this extremely low interest-rate environment.
Take full advantage of employer retirement plans but also look at options like IRAs
Employer-sponsored retirement plans like 401(k)s and 403(b)s have come a long way over the past several years. Most now offer investment options that could be used to build a solid core for a long-term strategy. But there are several reasons that you might want to use investment accounts outside of your employer plan to save for retirement.
Here are some ways to be more strategic about income when federal tax time rolls around
This time of year, when you willingly endure a headache gathering documents for your tax return, also keep an eye out for opportunities to be more tax efficient. The tax return can identify tactics that might allow you to tighten the gap between the gross-of-tax dollars that you earn and the net-of-tax dollars that you keep. As with most topics in financial planning, this is not a one-size-fits-all exercise.
Money market accounts or CDs might be a good way to earn short-term income on savings Original
It has been a long time since money market funds and certificates of deposit (CDs) offered attractive levels of income. After a rapid rise in interest rates over the past year, investors face two decisions. First, should they move cash out of regular bank accounts to capture the higher income on their savings? Second, with relatively attractive risk-free income available, should they even bother putting money at risk in stocks?
Investments take a beating in 2022? Review your long-term strategy before making changes
You could review performance data about investment markets to evaluate the difficult year that stocks and bonds had in 2022. The recent statistics, however, might not be as useful to you going forward as a deeper understanding of risk and returns over time. The statistical measures might show you that your investment portfolio declined meaningfully. The broad U.S. bond market index had its worst calendar-year return (-13 percent) since its creation in 1976.
It’s been a turbulent year. December is a good time for a financial plan review
More so than most years, 2022 has featured several significant changes in the landscape of personal finances. Declining investment account values, higher cost of living, more expensive debt financing and improving options to actually get paid for your basic savings accounts, all provide reasons for a year-end financial plan review.
Saving money can be difficult, especially during high inflation. Here are some tips
Saving money has been tougher over the past year of increased cost of living and declining investment values. Especially at times like these, it is important to make each extra dollar you can save work hard for you. There is no one-size-fits-all recommendation for how to put your money to work – that’s why it’s called personal finance. Consider the following destinations for your savings as an order of progression from basic financial security to maximizing tax efficiency and retirement income.
Don’t overlook estate planning as a key part of your financial health. Here are tips
Estate planning is often an afterthought, something that it seems there will always be time to get to later. It is an unfortunate distinction for something that can be critically important to you and your heirs and provides options to lessen (or even eliminate) many future headaches. A basic set of estate-planning documents — along with more advanced legal planning when necessary — can be among the most valuable personal financial-planning steps you take in your life.
Inflation might have some retirement investors worried. Here’s advice for handling it
Inflation erodes the value of your money and encourages you to find ways to invest that could be expected to outpace inflation over time. You likely see inflation in your grocery bills and other expenses that are essential in your monthly budget. This is evident here and now but doesn’t well represent the impact on your long-term financial security. Much attention has been paid to inflation over the past several months as year-over-year increases have been the largest in 40 years.
Here’s advice for how to ensure withdrawals from 529 college-savings plans are tax-free
Most of the attention placed on college-savings plans focuses on the benefits of investing for tax-free growth before the college years. Less attention is devoted to making withdrawals from these accounts when the college invoices arrive. To realize tax-free withdrawals, there are rules that need to be followed — some of them tedious.
Here’s advice for how to ensure withdrawals from 529 college-savings plans are tax-free
Most of the attention placed on college-savings plans focuses on the benefits of investing for tax-free growth before the college years. Less attention is devoted to making withdrawals from these accounts when the college invoices arrive. To realize tax-free withdrawals, there are rules that need to be followed — some of them tedious.
It’s been a rough ride for investors this year. A portfolio checkup might be in order
Most successful investors view the opportunity set of stocks, bonds, real estate or other assets with a strategic long-term lens. But in times as we’ve experienced through the first half of 2022, a short-term evaluation might lead to beneficial actions that help keep the long-term view on track. Broad U.S. stock market indexes, such as the S&P 500, have declined a little over 20 percent, the worst return at the mid-point of the calendar since 1970.
Unless you are invested in a small selection of stocks that are in favor amid the surge in economic and financial market uncertainty this year, you likely see discouraging numbers when you look at your account balance today. That doesn’t mean that you should avert your eyes from your finances. There are strategies you can implement during market declines that can improve your situation and set you up to capture more of the eventual recovery.
Here’s some advice for weathering double-whammy of decline in both stocks and bonds
Often, in times of stock market declines, bonds have provided a balancing effect in diversified portfolios, often maintaining their value while stocks retreat. So far this year, that has not been the case as bonds have declined significantly as well. Over the past 173 quarters (43 years), just eight quarters have experienced negative returns for both the U.S. stock market and the U.S. bond market.
What are the benefits/risks of packing your investment portfolio with U.S.-only stocks? Original
What happens if you invest only in stocks from U.S.-based companies? Mary Altaffer AP The Russian invasion of Ukraine and the associated impact on investment markets have sparked a new chapter of discussion about whether U.S. investors should be compelled to own stocks of companies headquartered outside the United States.
Putting your nest egg at risk can be scary. Here are some tips to help secure your money
There are ways to reduce risk when it comes to your personal finances. Richard Drew AP The broad U.S. stock market recently entered correction territory, meaning it declined more than 10 percent. Bond markets also have produced negative returns recently. The Russian invasion of Ukraine tops the list of geopolitical tensions. Each direction you turn exposes a form of risk that could disrupt your pursuit of financial security.
Don’t dismiss stocks as investment strategy even if you are retired. Examine your options Original
Stocks might be a wise investment for you, even if you are retired. Richard Drew AP A common question in retirement planning is how much of your investments should be in stocks when you transition from receiving a regular paycheck to piecing together your income from different sources for the rest of your life.
Over long haul, understanding risk is more important than finding investment ‘winners’
Managing risk is more important that picking ‘winners’ in the stock market, financial strategists say. Richard Drew AP Abundant resources offer investment tips about what you should buy now to prosper in the coming year. The likelihood that these recommendations find your attention might be high, but the likelihood that the picks turn out to be market-beating wonders is low.
Building resilient investment portfolios possible when return on bonds is low
No matter how your investments have performed recently, they are subject to a wide range of possible future outcomes that can shift quickly. Mixed signals for the outlook of the global economy, stocks, bonds, interest rates and other factors require your investment strategy to be resilient amid uncertain influences on performance. Some people adapt their investments seeking the optimal portfolio to address current circumstances.
Here are some things to do or consider for your financial health as 2021 winds down
Year’s end is a good time to look over your finances. Richard Drew AP As the November wind rapidly blows us toward the end of 2021, there are several items on the personal finance checklist that might need to be addressed before the new year, depending on your age and individual circumstances. If you are over 70 and own an individual retirement account (IRA) or other pre-tax retirement account, the rules have changed over the past year.
Most folks should plan for long-term care. Is new WA program or a private policy best?
Planning for long-term care is a wise financial decision. Creatas Thinkstock photo Washington is the first state to approve a payroll tax that will raise money to cover long-term care costs for some of its residents. On average, seven out of 10 people will experience some form of costly long-term care in their lifetime. Many people are surprised to learn that Medicare does not cover most assisted living or nursing home costs.
Most folks should plan for long-term care. Is new WA program or a private policy best?
Planning for long-term care is a wise financial decision. Creatas Thinkstock photo Washington is the first state to approve a payroll tax that will raise money to cover long-term care costs for some of its residents. On average, seven out of 10 people will experience some form of costly long-term care in their lifetime. Many people are surprised to learn that Medicare does not cover most assisted living or nursing home costs.
Most folks should plan for long-term care. Is new WA program or a private policy best?
Planning for long-term care is a wise financial decision. Creatas Thinkstock photo Washington is the first state to approve a payroll tax that will raise money to cover long-term care costs for some of its residents. On average, seven out of 10 people will experience some form of costly long-term care in their lifetime. Many people are surprised to learn that Medicare does not cover most assisted living or nursing home costs.
Here’s how a simple but thoughtful budgeting plan can help you be secure in retirement
Pay yourself first as part of your budgeting system. Twenty years ago this month, I made a substantial career shift from journalism to the world of investing. I had just enough money mindfulness to make the switch but far from a thoroughly developed sense of personal finance, let alone the technicalities of investment management. I can’t fully cover 20 years of learning and insight here, but what follows are fundamental ideas that I have found to be important when making money decisions.
Most folks should plan for long-term care. Is new WA program or a private policy best?
Planning for long-term care is a wise financial decision. Creatas Thinkstock photo Washington is the first state to approve a payroll tax that will raise money to cover long-term care costs for some of its residents. On average, seven out of 10 people will experience some form of costly long-term care in their lifetime. Many people are surprised to learn that Medicare does not cover most assisted living or nursing home costs.
Admitting you don’t know something can be first step toward successful financial planning
Admitting the limits of your knowledge is a good first step when planning for retirement. Richard Drew AP In an ideal world, your life goals and financial resources would lead you down a path where you must choose route A or route B from time to time, but, for the most part, the options and outcomes would unveil themselves as expected. Of course, financial planning and investing is more complex than coming to a simple Y in the path and making a decision.
Investments in Bitcoin, NFTs might not build wealth | Tacoma News Tribune
Is Bitcoin a wise investment strategy? Dreamstime TNS Financial news and social media content over the past few months have been filled with headlines, commentary and ideas for investing using products and strategies that are unnecessary for building financial security. Disciplined saving — living below the means of your current income — and diversified long-term investments in global stocks and bonds can lead to wealth creation without having to participate in speculative ideas.
More stocks or bonds coming out of COVID pandemic? Depends on your comfort with risk
Investment strategy in post-pandemic world depends on comfort with risk. Richard Drew AP Amid the common talk of a “new normal” way of life and work in the post-COVID world, there is increasing discussion in the investment community regarding a new normal in terms of balanced investment strategies. Expectations for future returns from bonds are uninspiring.
3 Tips for OEMs Struggling with Liquidity in the New Normal
Shifting to a “product-as-a-service” business model will enable OEMs to increase revenue, grow margins, and reduce cost while increasing customer satisfaction. ©MaxSafaniuk – stock.adobe.com As the world continues to come to terms with the Coronavirus disease (COVID-19) pandemic and economic crisis, many OEMs—and businesses in general—have seen their hope for a quick economic recovery dashed. To make matters worse, a harsh reality has replaced their desire for an economic turnaround.
College financial aid is complicated, so do your homework | Tacoma News Tribune
Paying for college can be a tricky business. Jupiterimages Getty Images Over the next couple of months, many high school seniors will anxiously await financial aid award letters from colleges and then try to reconcile what they mean in relation to the net price of attendance from one school to the next. As Ron Lieber writes in his new book “The Price You Pay for College”: “This is the most complex and emotionally fraught financial decision that many families will ever make.
Everything else about 2020 felt off, so why not the stock market, too?
Badly rated stocks outperformed highly rated ones in 2020. Richard Drew AP The messy, upside-down past year provided many examples of political, social and health issues that made many people eager to turn the calendar to 2021. Before we shift our perspective to the future, let’s add a financial conundrum to the list of 2020 head-scratchers. Charles Schwab provides financial services for over $3 trillion in bank, brokerage and retirement accounts.
You should consider taxes, as well as rate of return, when picking retirement investments
Consider taxing structure before choosing retirement investments. Richard Drew AP Climbing out of the COVID-19 abyss that investment balances fell into in March, many segments of global stock and bond markets have responded strongly and enter December with solid gains for the full year. How much of those gains that you get to keep, however, is unknown until you consider the impact of taxes.
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