Weekly Market Review
Michael Acho
Guardian of the Wealth of the Most Productive People on Earth | Creating, Protecting and Distributing Wealth for Clients
?Good afternoon,
?Are you rich?
Americans say it takes a net worth of $2.5 million to be considered wealthy in 2024, up from the past two years when they considered someone with $2.2 million to be rich. | Fox Business
Rather than focus on a number, I’ve always suggested that the more important objective is to have enough money not to have to worry about money. That target is different from investor to investor depending upon their circumstances.
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Along those lines, according to this article, here is how much money you need to be comfortable in 12 major U.S. cities.
Unsurprisingly, San Francisco, L.A. and New York top the list as most expensive with a necessary net worth of $1m or more.
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“Money won’t solve all your problems, but it will solve all your money problems.” – Naval Ravikant.
Or another of my favorite money quotes,
“Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don't have to worry about money no more. And I said, that's good! One less thing.” – Forrest Gump.
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Here is an almost perfect segue, speaking of fruit companies,
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Apple announced September 9th as the date for its upcoming 2024 event. It is expected that they will announce the iPhone 16 at that time, among other things.
This article from last year says that if you had bought Apple shares rather than iPhones over the years, you’d now have $147,000 in stock. Without doing the math, I suspect that it would be worth even more now. Hmmm. Nice real world illustration of spending versus investing. I’d expect that results would be similar if you did the same analysis for Starbucks, or Target, or Costco, or Lulu Lemon? or many other popular retailers over the course of many years.
Full disclosure: I am an Apple shareholder as well as multiple product customer.
?As we head deeper into election season and the rhetoric intensifies, I’m re-reminded of this quote as various candidates for various offices say things that may or may not be true and then make promises they may or may not be able to keep,
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“Politicians and diapers must be changed often, and for the same reason.” – Mark Twain.
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In this week’s personal travel note, I called a last minute audible and traveled to Boston last weekend for a dinner with a foundation of which I serve on the board. The dinner was to honor our founder, Dr. C. Stephen Foster, and his nearly 50 years of work in ocular immunology. Many of you long term subscribers know the story and some of you may not, and I won’t repeat it at this time, but Dr. Foster has been very helpful to my family over 20+ years and I’ve volunteered on the finance committee of the charity for many years as well, so my children encouraged me to attend the dinner. I’m glad I did. Held at the iconic Harvard Club in Cambridge, it was a nice event in honor of a very special individual.
It’s been a few years since my last trip, but I’ve been a fan of Boston since I started visiting there in the early 2000’s and that hasn’t changed. Arrived on Friday just in time for the dinner then spent Saturday wandering around Faneuil Hall, Quincy Marketplace and the North End. The North End, in case you aren’t aware, is Boston’s Little Italy. Turns out that this was the weekend of St. Anthony’s Feast in the North End. There were scores of people in the streets and vendors of all sorts along with musicians and a statue of St. Anthony. That was interesting.? I enjoyed a tasty lunch at Bencotto and then a lovely dinner at Riccardo’s. It’s difficult to have a bad meal in the North End. Capped off with a chocolate covered cannoli and a couple of cookies from Mike’s Pastry Shop. That’ll be $17, cash only please. Not a problem, the WMR is never without a bit of cash.
“In God we trust. All others pay cash.”
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?This week’s review is Australian comedian Tommy Little and a couple of his specials over the last few years, “I’ll See Myself Out” and “Self-Diagnosed Genius.” In a cut to the chase, I enjoyed them. There is some mild profanity and some of the subject matter would be considered for mature audiences, but I liked him and I like his style. He’s got great energy, his bits flow very well and he really seems to be enjoying himself onstage. He uses exaggerated storytelling about his own experiences, which I find fun. He throws in a smattering of crowd work here and there, which I don’t typically care for, but his was better than most and he ties it in nicely with bits from his act. If you don’t mind some adult language sprinkled throughout funny life stories, check him out.
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Here’s some potentially good TV news, it appears that Ted Lasso will have a 4th season.
That’s good. I enjoyed Ted Lasso.
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And finally, here is your friendly reminder that my half hour virtual office hour is back this Friday. Hop on at noon and ask me anything.
Michael Acho is inviting you to a scheduled Zoom meeting.
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Join Zoom Meeting
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This week’s chuckle is a nod to Boston, here is a funny scene from Cheers featuring Harry the Hat,
Safe for work.
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LF30 – “Wealth is the slave of a wise man. The master of a fool.” – Seneca.
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Have a great week and stay healthy.
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This material is for informational and educational purposes only. Opinions and forward-looking statements expressed are subject to change without notice.? Links to external content are provided for your convenience and for informational purposes only. They do not constitute an endorsement or approval by Osaic FA, Inc. nor does the firm receive compensation or remuneration for your access to such content. Osaic FA, Inc. bears no responsibility for the accuracy, legality, or substance of the external content or for that of any links within such content. The opinions expressed are those of Michael Acho and not necessarily those of Osaic FA, Inc. CRN-6958998-082724
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Michael J. Acho, MBA, CFP? Private Wealth Advisor --------------------------------------------------- Osaic FA, Inc. 20505 West 12 Mile Road Southfield, MI? 48076 248-948-5100 direct 248-948-5101 fax 248-933-4339 cell
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