Let me offer some facts, an example, an update, and some advice.

Some facts:

• Average annual (in-state) tuition (no room and board) at public four-year colleges now stands at a whopping $10,700. At private colleges, the figure is about $40,000.
• Current total student loan debt now stands at $1.75 trillion (this includes both federal and private loans)
• Depending on what source you believe, the average federal borrower owes anywhere from $29,000-$37,000.

What does all that borrowing cost? Current interest rates on federal loans range from 4.99%-7.54%. Private loan rates range from just under 4% to almost 15%.

An example:

Let’s say you borrowed $35,000 at 6.54% from Sallie Mae for grad school and agreed to pay it back over 10 years. Every month for a decade you’d be writing a check for $398. You’d ultimately pay back around $48,000! 

Only time will tell if your degree was worth the expense. 

But you can see why the website www.collegescholarships.org has referred to student loans as the “gateway drug to debt slavery.”

“Okay, but isn’t the government forgiving student loans?”

An update (as of August 2023):

The Biden administration’s proposal to wipe out $430 billion in student loan debt was struck down by the Supreme Court in June. 

The President immediately vowed to find another way to offer government debt relief to those with student loans.

Meanwhile, other politicians keep touting the idea of “free college.” 

Should anyone make educational plans on the basis of such statements? 

Given the current political climate, I’d say, “Better plan on paying for whatever higher education you ‘purchase.’”

Some advice:

Let me close with 7 ways you can minimize (or eliminate) your need for any kind of student loan:

• Utilize other funding options. Look into grants, scholarships, and college savings plans first.

• Consider no-loan schools. Research colleges with policies that cover students’ full financial needs.

• Evaluate future earning potential. Ask “Do salaries in my chosen field justify me borrowing a hefty sum of money for schooling now?”

• Don’t overlook community college. Take basic courses at a good, but less-expensive community college, then transfer to a four-year college.

• Hustle. Take on a part-time job, create a small business, or get tuition assistance programs from an employer.

• Cut living expenses. Be frugal. Avoid unnecessary expenses to keep overall costs low.

• Understand repayment terms. Familiarize yourself with the repayment plans and calculate monthly payments. (And if you already have student loans, understand your options and create a plan for repayment. Two resources are the Federal Student Aid website and the National Consumer Law Center.)

Higher education might be a blessing, but student loans can be a curse. 

Just ask the 63% of college students who regret going into debt for their degrees.

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

• “We WANT to save, but once we pay our bills, there’s nothing left!”
• “Gee whiz…with inflation like it is, how are we supposed to find money to put aside?”
• “We’ve slashed our spending, but still can’t sack any money away! What should we do now?”

All of these comments reflect a faulty mindset.

They are looking at the “savings problem” from the wrong end of things. 

You see, it’s all but impossible to cut back when you see everything you buy as “essential.” You can waste a lot of time crunching numbers with one hand and clutching all that stuff “I-can’t-live-without!” in the other.

This explains why, as Forbes recently reported, “personal savings only accounts for 4.1% of disposable personal income as of April 2023.” And how in 2022, “Americans were able to save roughly $2,010 per person.” 

Those meager figures are hardly the path to financial wellness.

So, how can you buck the trend and make saving a priority? What can you do?

Begin at the end. 

You need to save 15% of your gross income. But let’s take baby steps and start with just 10%. Ten percent of your gross income. 

Let’s say you earn $72,000 per year. That means you need to save $7,200 annually, or $600 monthly. 

Before you do anything else, you pay your savings account that amount.

But, instead of figuring out how to FIND $600 monthly AFTER spending $6,000 (that math won’t work!), you set aside that $600 first and figure out how to get by on $5,400. 

(By the way, consider that not long ago you were actually earning 10% less than you are making today…and somehow you survived!)

“But,” I can hear you say, “Groceries! Gas! School supplies! Utility bills! Car payments!…”

I know. I know. But in a sincere effort to help you, I’m going to ignore all of those common economic moans and groans and ask you to look more closely in the mirror.

You cannot keep buying $5 coffee drinks, eating out five (or more) times a week, splurging on the latest technology, and trading in your vehicle every 3-4 years. 

Doing all that and thinking you’ll somehow “find some money to save” by choosing store brand plastic baggies isn’t going to work.

That kind of backwards thinking is what torpedoes most savings plans. It leads to a lack of willpower that results in living beyond your means, buying on impulse, trying to keep up with the neighbors, and not having adequate resources set aside for emergencies.

When people tell me they “can’t find the money” I never think they’re lying. No, indeed! I know they are speaking the truth—they cannot find the money.

That’s because they’re not serious about saving.

When you’re serious about saving, you don’t try to “find” the money. You TAKE that 10%—by force and off the top. You treat savings like a non-negotiable bill. That payment gets priority treatment. You pay your savings account first. 

Look, I know you are going to spend 100% of your income. And I know it is all going to be for good and justifiable things. 

So, what I want you to do is change the way you see that 100%. I want you to save 10% first, and then spend 100% of what is left over on all the other stuff. 

You’ll never know how effective this is until you try it. Let me warn you: You will not be able to make the math work out ahead of time. 

But once you start, you’ll be amazed at how creative you become. And you’ll see how certain “essentials” aren’t so necessary after all.

Get serious about saving.

Down the road you’ll be seriously glad you did.

And know this: If you choose NOT to save, you will one day face serious regret.

One final question around this serious matter of saving more…

As you’re setting aside money for the future, what’s your plan for turning those assets into retirement income?

If you don’t have one—or don’t have one you feel good about—email me at bmoore@argentadvisors.com. I’ll send you a link to take the RISA^® Profile for FREE. (RISA® stands for Retirement Income Style Awareness^®.) This quick and ingenious quiz can help you create a retirement income plan that makes fiscal sense and is a good fit emotionally. (You don’t want to spend your retirement fretting 24/7, right?)

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

 “A friend introduced me to a very nice Christian man who is recommending I put my money into some kind of annuity or bonds or something like that. I’m not a stock market person. I don’t understand finances, but I really like this young man. He seems so honest. Does this sound like a good deal?”

My stock answer is, “No.”

Not because I know this is a questionable deal, but because I haven’t heard enough.

When evaluating offers (financial or otherwise), there are always two pertinent factors to study: the proposal and the person.

I hope this young man is exactly what he seems. However, I also know what victims often say right after being fleeced: “Oh, but he seemed like such a nice, Christian man!”

Classic logicians call this an “inverse ad hominem argument.” You rely too much on your evaluation of the person, and not enough on your evaluation of the person’s proposal.

Again, I am not saying this young man is a con artist. I’m urging you to look deeper.

The failure to investigate is how bad deals get consummated every day. A bad idea is easy to hide inside a Trojan horse of charm and smooth talk. 

So how does all of this apply to you?

When you are evaluating any idea or proposal, financial or otherwise, I suggest balancing two parts of the value equation: character and content. 

First, evaluate the other person’s character. You like him. Great. Now, go ask others who have dealt with him over a long period of time what their experiences have been.

Check references. Don’t simply settle for murky promises from a winsome personality.

Second, consider the content of the offer. What exactly is this person proposing you do? 

In the example above, both bonds and annuities were mentioned. Those are very different instruments. Did the person really recommend both? Or is there a chance you misunderstood? 

You need to make sure you understand the content of the proposal. Here’s a good test: Can you explain the offer to a friend or family member in such a way that they understand the broad outlines of the proposal?

Until it’s clear to you, it should be a “no go.”

By focusing on the person (but not the proposal), you leave yourself open to a scam. And by focusing solely on the proposal, you may end up with a great plan/idea that is being overseen by someone who’s incompetent (or dishonest).

Character and content—both are important. Don’t leave out either in your decision process.

One last thing…is the question of retirement income keeping you up at night? Are you wrestling with the question: “How can I turn my retirement assets into money I can live on for the rest of my life?!”

If so, email me at bmoore@argentadvisors.com. I’ll send you a free link to take the RISA^® Profile. This simple, ingenious quiz takes mere minutes, and it can save you a LOT of stress in retirement.

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

Keep reading only if: (a) you’re convinced the economy will be bad for a while; and (b) because of that belief, you’ve put a halt to investing and all other financial moves.

I understand why you feel cautious. I get wanting to be safe and watch from the sidelines.

But the choice to do nothing is problematic for at least two reasons.

One, nobody can say with certainty when the current gloom will give rise to the next boom. Sitting out can mean missing out.

Two, investing is only one facet of your total financial life. Even in gloomy times, there are other financial moves you can make while you are “waiting” for the economy to get better. 

Let me give you two.

• Stop procrastinating your PROTECTION.

What would happen if you: (1) died prematurely; (2) became disabled; or (3) needed long-term nursing home care? 

Whew, that’s a depressing list, isn’t it?

Which is precisely my point. Because these kinds of real-life scenarios are so unpleasant to think about, it’s easier to not think about them. We put them off.

Don’t do that. Just because the stock market isn’t soaring like you wish it would doesn’t mean you get exempted from a crisis potentially crashing into your life. 

While the market languishes, work with a professional and get a reasonable level of financial protection around yourself—and your family.

That’s a smart financial move for gloomy times. Here’s one more

• Start accelerating your THRIFT. 

“Thrift” is a word we don’t use much anymore. It implies financially carefulness. It’s being frugal with money—the opposite of a “spendthrift.”

It used to be a high compliment if someone called you “thrifty.” Today? Not so much. Frugal people get called “tight” or “cheap.” (Ask yourself: Would I rather be “cool” or “financially healthy”?)

Thrift starts with an attitude. You give thoughtful consideration to how you handle money. You ask questions like:

• What is really most important to me, given that my resources (income) are limited? 
• Since I can’t have it all, what’s more important—getting a new vehicle with all the bells and whistles…or moving a step closer to financial freedom and independence?

The road to bankruptcy court—to update the old saying—is paved with good intentions. And so, it’s critical to move down the thrift continuum from attitude to behavior. 

The goal is a thrifty mental attitude that results in consistent thrifty habits. 

That means things like: saving first, thinking before spending, putting away (and paying down) those credit cards, and seeking advice and counsel in the financial areas where you lack knowledge. 

Let’s suppose this economic mess we’re in lasts for a while—perhaps even years. (I’m not predicting; I’m simply making a point.) 

In that case, ask yourself two questions:

• Would I be better off sitting on my hands and grumbling about how bad things are? Or…
• Would my time, energy, attention (and money!) be better spent doing what I can with what I have? 

Then make these two smart moves:

• Improve your protection. 
• Increase your thrift. 

Is the question of retirement income one of the things that’s got you feeling gloomy? Email me at bmoore@argentadvisors.com. I’ll send you a free link to take the RISA^® Profile. This simple quiz takes mere minutes, and it can save you a LOT of worry down the road.

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

It depends on a number of factors:

• How deep are the pockets of the other investors? (Or are they perhaps inviting you to the party because of your deep pockets?)
• Could you afford to risk losing your entire investment?
• How much sleep do you lose when you engage in such deals? 
• If the deal goes south, do you know how much you’d be on the hook for? 
• If all the other investors come up short on cash at the same time…will you be asked to guarantee only a portion of the loan or the whole thing?  

Remember, when farmer Brown comes into the barnyard with a hatchet in his hand, not all the chickens are at risk…just the fat ones.

Consider the case of Mark Brunell. He was a three-time Pro Bowl quarterback in the NFL. He actually won a Super Bowl ring with the New Orleans Saints in 2009 while playing backup to Drew Brees. 

Brunell threw 30 passes that season—for which he was paid a cool $1.6 million. (Nice work if you get it, right?)

But that pay is nothing compared to his earlier contracts. According to overthecap.com, Brunell earned more than $70 million playing in the NFL.

Yet in 2010, he filed for Chapter 11 bankruptcy protection. 

The Wall Street Journal reported that “personal guarantees of numerous business loans contributed to…Brunell’s Chapter 11 filing…In court papers, he listed $5.5 million in assets and debts of $24.7 million.” 

Bankruptcy laws play an important role in our society, encouraging capitalists to put their capital at risk. These laws don’t eliminate risk (ask anyone who’s been through the process), but they can soften the blow and, in some circumstances, provide room to breathe and, ultimately, recover.

Brunell joined a long list of famous individuals who have declared bankruptcy at some point in their lives: Mark Twain, Henry Ford, Henry John Heinz (the ketchup king), Milton Hershey (the chocolate titan), Walt Disney, and former President Donald Trump—to name just a few. 

I personally have known multiple individuals who have gone through the bankruptcy process. Each one would tell you it was one of the most difficult events of their lives.

In every case I’ve seen—where loan guarantees were more or less blindly-signed—the basis of the deal was a personal relationship. It was some version of “My buddies were all getting into this deal together, and I wanted to go along for the ride.”

Here are some questions to ask yourself before you guarantee a business loan:

• Do I really understand this deal?
• Why am I being asked to participate?
• Have I sought counsel from my attorney and financial advisor?
• Do I understand the worst-case scenario here and am I willing to take that big of a risk?
• Are the others in this deal really wise…or simply persuasive?

Americans are natural risk takers. That’s a good thing.

But taking a risk without understanding that risk is a dumb thing.

You need to ask a lot of questions.

Speaking of questions, I meet people all the time (especially those in their late 50s, early 60s), who have questions about retirement finances.

You’re smart to ask those questions. But make sure you’re asking ALL the right ones. Email me at bmoore@argentadvisors.com, and I’ll send you my free list of “30-Something Questions for People Who Are 60-Something.” 

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

Compare that to professional baseball. In the big leagues, nobody cares that your dad is one of the coaches, that you skinned-up your knee, or that the kid playing first base called you a name.

It’s perform…or else. Get a hit, or get booed. Help us win, or look for a new job.

On the other hand, excel and you get to remain in an exclusive group: the 780 men who comprise Major League Baseball’s active rosters (30 teams with 26 players each). And you get to earn an average of $4.22 million a year! 

Make no mistake—major leaguers are talented. But they also worked their tails off to make it to the bigs. They were the ultimate “go-getters,” pursuing their dream with relentless passion. They didn’t just “get” opportunities handed to them. They took an active role in creating their own opportunities.

The same principle is at work in the business world.

Want to be an employee at one of Fortune magazine’s “Best Companies to Work For”—e.g., Cisco Systems, Hilton, American Express, etc.? Want to start your own successful $50 million business?

Hey, nobody is ever going to hand that to you. You’ll have to create that opportunity. To do that, you’ll need to remember that the secret to getting the career you love depends on your head, your heart, and your hands.

What do I mean? I mean you’ll find your greatest opportunities when you:

• Learn to think creatively. You don’t necessarily have to create something altogether new. Brainstorm an innovative way to improve an existing product, process, or service. By using your head, you can make a huge difference for your customers and/or bosses. They’ll gladly pay you for ideas that enhance lives—or boost their bottom line. 

• Learn to care deeply. Comedian George Burns quipped, “The secret of success is sincerity. Once you can fake that, you’ve got it made.” It’s a funny joke, but it’s not funny when you’re trying to fake sincerity on the job. So, quit trying. If your heart isn’t in what you are selling, promoting, and spending your days doing—do something else! 

Success in business means caring deeply about your clients, obsessing over their success. If you own a company, nobody else has to care like you do—it isn’t their life. But you have to care—from the heart. And you can’t fake that—not to your customers and least of all to yourself.

• Learn to serve enthusiastically. Who are the people you serve? Sometimes they’re easy to spot. If you’re a realtor, it’s the happy home seller or buyer. If you’re a doctor, it’s the relieved patient. If you sell cars, it’s the harried mom who will chauffeur her kids all over creation in that new SUV. 

But sometimes the beneficiaries of your efforts are not so obvious. You’re an engineer at a plant that manufacturers machine screws. You sit in an office by yourself most days writing computer code. Or you’re a consultant for the paper industry. 

Whatever the case, never forget that whatever you do, somewhere out there is a person being helped by what you do. You’re not just helping an impersonal corporation turn a profit. 

When you can make that connection between “what I do” and “how my efforts are making life better for someone else” it gives your work new significance, value, purpose, and even joy.

Is all this rather idealistic? Sure.

But only the idealistic have heads, hearts, and hands capable of creating the opportunity to “play in the big leagues.”

Speaking of opportunities, I’m guessing you have a portfolio that you hope will afford you lots of opportunities to enjoy retirement. What’s your plan for turning those “nest egg” assets into monthly living expenses once you stop drawing a paycheck? Do you have a plan like that?

And, if you do, does that plan align with your “financial personality”? If not, I’ve got a free gift for you. Email me at bmoore@argentadvisors.com and I’ll send you a link to take the RISA® (Retirement Income Style Awareness®) Profile. There’s no charge. It only takes about 15 minutes, and it can save you years of worry. 

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

I told him, “I understand that feeling. But the truth is you could create a smart financial plan. It really is possible.”

(That’s a book I want to write one day: “How to Do Seemingly Impossible Things.”)

Have you ever listed the interesting things you COULD do, but for whatever reason, you’ve never tried to accomplish? My list looks like this: become fluent in French, skydive, play the piano, cycle coast to coast, travel to Africa, write a book (hmmm…).

I’m guessing your list, like mine, is both inspiring and intimidating. Some of your items might seem impossible. They’re not. You could do them.

Just like the man above could create a wise financial plan.

How? By taking these six steps:

1. Make a choice. The first step is to make a choice that, yes, I want to do this thing. Until you decide to pursue a thing, it’s not a serious goal, only a vague wish. And you need to state your decision in specific terms. “Lose weight” is weak. “Stop eating sweets and lose 10 pounds by June so I can get back into my swim suit for our family vacation” is much better.

2. Engage a coach. Have you ever heard of a great athlete without a coach? Me neither. Coaches keep us focused and supply motivation when ours runs out. One reason we accomplish so few goals—despite all our good intentions—is that we run out run out of motivation. If you really want to do a thing, get some “coaching”—it may be a financial planner for financial fitness, a personal trainer for physical fitness, or a tutor for a foreign language. 

3. Draft a plan. No one ever drifted into greatness. You and your coach must draft an intentional plan of action in order for you to achieve you goal. It’s not enough to simply know your destination. You need the turn-by-turn directions that will get you there.

4. Embrace discipline. If your goal were easy, you would already have accomplished it. It takes discipline—i.e., the practice of saying no to one thing so you can say yes to something else. You need discipline to spend less and save more every month, to attend language classes weekly, or to practice the piano or run or walk two miles daily. That’s why celebrating small victories is important. Little successes keep us going, all the way to the finish line.

5. Accept accountability. Ever failed in pursuit of a goal? I have. When we stumble, we want sympathy, but pats on the back won’t get us to our goal. We need someone on our side—a coach or friend—who will lovingly kick us a little lower in the backside and get us moving again! 

6. Refuse to stop. Your progress won’t be even. You’ll have seasons of spectacular progress. You’ll have other times when you think the goal you set was a foolish mistake. When things get hard (and they will), it’s easy to lose perspective. It’s common to want to give up. 

But if you determined ahead of time this was a thing you can accomplish, here’s what you have to do: Forget your feelings of failure and forge ahead. Your coach is there is to provide perspective. It’s his/her job to know when to throw in the towel, not yours. Refuse to stop.

Accomplishing hard things isn’t easy, but it also isn’t complicated. These six steps are proven. They will work if you stick with them.

So…what do you want to do?

If creating a financial plan (like the man above) is one of those things you want to tackle, you could benefit from my free list of “30-Something Questions for People Who are 60-Something.” Email me at bmoore@argentadvisors.com and I’ll send it to you right away.

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

What would you advise this businessman?

Here’s what I’d say:

It doesn’t matter if you are the CEO of major corporation, a government official, a small business owner, a church leader, or a marriage partner. You have people who trust you. We’ll call them your “trust audience.” 

And we know at least two things about trust. One, it takes a long time to build. Two, you can lose it in a moment.

A crisis of trust erupts when you don’t live up to your trust audience’s expectations. Consumers expect safe products. Citizens expect their elected officials to actually serve them. Church members expect exemplary behavior from their leaders. A spouse expects honesty from her partner. 

Interestingly, how you handle a trust crisis in large part determines how extensive the damage. Mishandle a trust crisis moment, and you may never recover. 

However, if you handle it honestly, you can minimize the repercussions. In some cases, a genuine, humble response can actually allow you to emerge with even more trust.

In any trust crisis, you have to look in the mirror.

If the looming problem is the result of willful actions (i.e., you intentionally did something wrong), there’s only one path to restoration. Immediately admit what you did. You can’t rationalize, make excuses, or blame others. You have to take full responsibility for your actions. Then, you need to start working to make things right, no matter how long it takes. This is hard. Really hard. And there are no guarantees.

But let’s suppose you didn’t willfully do wrong. You made an honest mistake. (Stealing money or having an extramarital affair wouldn’t apply here.) Or maybe you were negligent or careless…perhaps due to arrogance or laziness. Even though you didn’t intend a certain outcome, your actions resulted in the breach of trust. This is the person who installed the wrong part, forgot to relay the message, messed up the order—or failed to set aside enough money for taxes.

What steps should they take?

• Forget a cover-up. Deliver the full set of facts to your trust audience. If you know what went wrong, say so. Give a full and honest account. If you do not yet know where the proverbial wheels came off, promise to work full time to find out what happened. But turn the spot light on. In your case, this means a full disclosure of the facts to your wife.

• Begin a clean-up. You messed up. Own it. Make it right. In order to restore trust, your trust audience needs to be convinced that you’ve done everything in your power to clean up the mess you have made. The good news is that most folks will have a pretty fair assessment of what you can and can’t reasonably be expected to clean up. If you’ll give it your best effort, most people will meet you halfway. In your case, I’d say work with your CPA to contact the IRS and work out a payment plan for the taxes you owe.

• Promise a check-up. Dance partners with sore toes won’t be eager to dance with you again until you’ve taken lessons. What are you doing to make sure you don’t mess up in this area again? In your case, that means working with your CPA to set up a special tax account for your business. For every dollar that comes in the front door, a certain percentage will go into the tax account for the payment of the taxes you know you’ll owe.

Nothing I’ve suggested here is easy to implement. But there’s no asset as valuable as trust. 

Pay the price to get it back.

If you’re like most people, you have lots of financial questions. Make sure you’re asking the right ones. Email me at bmoore@argentadvisors.com and I’ll send you my free list of “30-Something Questions for People Who are 60-Something.”

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

I’m retired and widowed. My two adult sons still depend on me to pay some of their bills—even though one of them has a job. (The other can’t seem to keep steady work.) I’m worried that when I’m gone, they are going to fight over my money, even though I don’t have much. Should I consider a trust?

Sadly, I see this problem more often than I’d like. It’s never pretty, and it rarely ends happily. It typically starts when parents confuse leniency for love. 

Children can always sense when a parent is afflicted with “leniency-love confusion.” And they will manipulate the heck out of those that do.

“Johnny, go finish your homework.”

“But I wanna watch TV!”

“Now, Johnny, you know the rules…”

“You don’t LOVE me!” 

(Nothing eats at an insecure parent like that statement.)

“Okay, you can watch. But just this once.”

Ugh. This dynamic is bad for kids, it invites trouble for parents, and it’s cringeworthy for onlookers.

I love those rare occasions when a parent quietly flashes “the look.” You know, the stern glare that says, “You just messed with the wrong Marine!” 

Instantly, the offending child shrinks and slinks away, knowing he/she is in serious trouble, with a capital “T.”

May I state the obvious? If nothing is done to squelch this kind of behavior early, the manipulative seven-year-old will grow up to be a manipulative 17-year-old…and a manipulative 27-year-old and… The longer you wait, the more complicated the cure becomes—if it can ever be cured.

We often think of parenting as “raising kids.” A better goal is raising responsible adults, who can stand on their own two feet financially (and in other ways). 

So, let me say this as clearly as I can:

It’s not healthy for a healthy adult child to be dependent on regular infusions of “rescue cash” from mom or dad. 

My greatest concern for my questioner is that this unhealthy pattern is draining her assets at a time in life when she can least afford it. Here’s what I advise:

• Tell your sons that the gravy train just ended. If they can’t manage to pay their own bills, you can’t count on them to take care of you when your money runs out. 

• Create a trust in your will. If you don’t have a will, have one drafted by a competent attorney. The will should stipulate that the assets of your estate be placed in trust, to pay an income for life to each of your sons, equally (if that is your wish). 

This way, there is nothing to fight over, and they can’t get their inheritance right away and spend it all. (And, yes, they would.)

• Get a professional trustee to carry out the specifications of your estate plans. Your trust document contains your estate plan. Your trustee is the one who must carry it out. 

Parents who financially support their able-bodied adult children obviously do that out of love. But I encourage you to start loving them with “tough love.”

It will be best for them…and best for you.

To help you think through such issues in greater detail, I’ve created a thorough checklist of financial questions for people who are 60-something. It’s free if you’d like a copy. Email me at bmoore@argentadvisors.com, and I’ll send it to you right away.

Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.

For many of us, the day was full of family, feasting, football and Friday…endless advertisements about Black Friday and the “don’t you dare miss this” sales that go with it. 

One of my family’s simple traditions is to go around the table during the Thanksgiving meal and each share (at least) one thing for which we are thankful. Over the years of doing this, Melinda and I have heard everything from the silly and trivial to the profound and meaningful. 

For me this year, my “thankful” was “for hope in hard things.”

Hard things are part of life. But if you’re like me, you really hope you won’t experience those hard things. 

Let me admit it. I hate hard.

But in a way, I also love it. But always and only afterward. Never during.

This year’s financial markets give us a picture of the pain and yet the productivity of hard. 

When the Fed raised interest rates so severely, not only did the stock market give up the ghost, but so did the bond market. Most of the time, bonds are a useful ballast to the volatile nature of stocks. When stocks go down, bonds have historically held their value or even gone up.

Not this time. This time bonds fell almost as much as stocks did. In fact, this was the worst year for combined stock / bond performance in a generation. 

This market has been…hard.

Yet, in the midst of this hard market season, the seeds of hope for tomorrow have been sown. When markets decline, pencils sharpen and companies tend to regain their focus. The strong tend to survive and the weaker, less profitable companies are plowed under. For the broadly diversified investor, these “bear” markets create a distinct survivorship bias, automatically sending our capital to enterprises better able to steward it. 

It isn’t a pretty or a perfect process…in fact, it’s downright hard. But for those with eyes to see, it is a thing we can be thankful for…eventually. 

There’s something else I’m thankful for this year.

My daughter lives in New York City. When the COVID-19 pandemic hit in spring 2020, New York City was dubbed “the epicenter of the worldwide pandemic.” Struggling to find an appropriate response, Elizabeth and her friend Audrey Elledge turned to their artistic tool of choice – words. 

What began as a simple offering to their church became a newly published book, Liturgies for Hope – Sixty Prayers for the Highs, the Lows, and Everything in Between. 

Elizabeth’s book is about hope in the hard things of life. Hard things like doubts about God, doubts about yourself, fears, broken relationships, career disappointments, financial setbacks, health struggles or paralyzing self-consciousness. 

Life is hard. And I won’t lie – I hate that part.

But in my more reflective moments, I’m also thankful that life has woven in with the hard times, reasons for hope. And in that hope, paths to healing.

My advice this week is pretty simple – get Elizabeth’s book Liturgies for Hope. Either you or someone you love needs to know there is hope in the hard.

Let me know what you think.

If “hard things” describes your financial life, I’ve created a comprehensive checklist of pre-retirement questions for people who are 60-something. It’s free if you’d like a copy. Just email me at bmoore@argentadvisors.com, and I’ll send it to you right away.

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