Weekly Market Review

Good afternoon,

With all the craziness these days during “unprecedented” times, (how many times have we heard/read that phrase this year?) I thought this would be a good time to mix in some humor with my typical WMR content. For clarity, I will indicate which items are typical WMR fare and which are comedy relief.

Typical:

With school about to start again, in some form or fashion, I’ve been getting questions about which college costs count as 529 plan expenses and which don’t. In short, pretty much everything a college student might need are eligible, tuition, room and board, lab fees, books, etc. One notable exclusion is travel. You can’t buy your kid a new Corvette and claim that he/she needs it to get to school.

Here is a good resource for those questions, https://www.savingforcollege.com/article/what-you-can-pay-for-with-a-529-plan

And by the way, 529 plans don’t have to be just for college, certain pre secondary expenses are also allowed as are expenses for grad school, medical school, law school, vocational school, trade school, etc.

Comedy relief:

The comedian John Mulaney does a very funny bit about the cost of college. I can’t link to it here because there is some inappropriate language, so please Google it if you want a laugh.

He also has a very funny non school related bit comparing “this guy being the president” to a “horse loose in a hospital.” I can’t link to it for the same reason, so please Google if you want a laugh.

Typical:

Joe Rogan is leaving California for Texas. He sites, among other things, the homeless problem, the leadership, the traffic and congestion and the taxes. Wonder if this has anything to do with him recently licensing his hugely popular podcast show to Spotify for a reported $100 million. Full disclosure: the WMR is a huge Rogan fan, we listen/watch pretty much every podcast he releases. This is just another example of how taxes can affect behavior. That’s why wealthy people often leave higher tax states like CA, CT, NY, IL for lower tax destinations like NV, TX or FL.

Comedy relief:

Here is a short bit by comedian Tim Slagle about a simple way to teach kids about taxes. https://www.youtube.com/watch?v=dEI9z_hSGIQ No inappropriate language in this one.

Typical:

I got a request the other day about a good app to use for budgeting purposes. Long answer short is that there are many and I can’t recommend one without knowing more about the person requesting it. But here is a link with several options, https://www.cnet.com/personal-finance/the-best-budgeting-apps/

In the simplest terms, I advised the person to keep track of their expenses for a month, everything, car payment, rent, utilities, taxes, retirement plan, food, coffee, entertainment, all of it. It will become apparent rather quickly where there might be some room for improvement. That’s a very eye opening exercise. In summary, like we’re fond of saying, to get wealthier, just spend less than you earn and invest the difference. The only possible outcome is to become wealthier.

Comedy relief:

Comedian Kevin Hart does a bit called “stay in your financial lane.” Very funny and very inappropriate. Google it if you want a laugh.

Typical:

The government, all of it, both sides, local, state and federal, spends too much money. It’s going to cause inflation and it’s going to have to be paid back by someone at some time. In the meantime, we are fully capable of paying the interest on all that debt for a while, so it’s not as bad as it sounds. But it is bad. Watch this for a little info about government spending and inflation, it’s totally appropriate https://www.ftportfolios.com/Commentary/EconomicResearch/2020/8/7/inflation,-employment--the-virus

Comedy relief:

Google the late George Carlin and politicians. Also inappropriate.

Comedy relief:

Some funny stuff just to make your day better.

40 years ago the Blues Brothers was released. Not only a classic comedy but a fabulous musical as well. One of the top 3 WMR favorite movies of all time.

https://chicago.suntimes.com/movies-and-tv/2020/6/20/21294376/blues-brothers-40th-anniversary-chicago

One of our favorite comedians today is a guy named Sebastian Maniscalco. Can’t link because some of his language, only some, is inappropriate, but his stories are very relatable and very funny. Google him for a laugh.

And finally, this might be one of the funniest bloopers of all time. No bad language here, Tim Conway’s elephant bit on the Carol Burnett show. Safe for families.

https://www.youtube.com/watch?v=3qqE_WmagjY

LF26 – “Everything is changing. People are taking their comedians seriously and the politicians as a joke.” – Will Rogers.

Have a great week and stay healthy.

The opinions expressed are those of Michael Acho and not necessarily those of Lincoln Financial Advisors Corp. CRN-3202512-081420

Michael J. Acho, MBA, CFP?

Private Wealth Advisor

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