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,
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?“Are your clients underpredicting their life expectancy?”
That’s the title of a workshop to which I have been invited. I often make fun of workshops, especially ones regarding “uncertainty” or “market outlook” or “election volatility” or whatever, because they rarely add anything new to the discussion. But this one might be appealing. Running out of money before you run out of time is a big problem. Better to overestimate your life expectancy and make sure the numbers work rather than vice versa.? Another variable to remember is that the life expectancy calculated on two people, a couple for example, is longer than the expectancy of a single person. #mathwins. So that needs to be considered as does the fact that women generally live longer than men. Which is why I’m only half joking when I ask clients how long they plan to live.
Being educated WMR subscribers, I’m sure you can assume which type of company would present such a topic. An annuity company of course. Because they have solutions that you cannot outlive. Regardless of how long that may be.
“Always go to other people’s funerals, otherwise they won’t go to yours.” – Yogi Berra.
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I’ve crunched the numbers on my own life expectancy and in golf terms, I’m on 12 fairway about to hit my approach shot. At my golf course, we have a snack shack at the 14th tee box. I haven’t made it there yet, but I’ve definitely made the turn and am a couple of holes into the back 9. #mathwins.
At least I consider myself in the fairway.
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At the longest end of the life expectancy spectrum, I have a non-profit foundation client that I’ve worked with for many years. By definition, their lifespan is forever. New members are added from time to time and committee assignments change, but the organization is ongoing. They’ve already been around more than 165 years. The objective of the group is to grow their portfolio in perpetuity in order to give away a certain percentage of the assets to worthwhile causes. The foundation itself will still be fulfilling its mission long after I’m gone. Knowing an investor’s time frame certainly helps for our planning purposes.
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Another workshop which came across my desk that sounds interesting is “Behavioral Finance: The Science of Fear and Greed.”
It’s interesting because it’s true. All decisions, whether you believe so or not, are made emotionally. Then later we persuade ourselves that we made some sort of calculated, logical choice. We didn’t. Emotions are first and foremost in decision making. And with respect to fear and greed, fear is more influential. Fear of potential loss is more powerful than greed for potential win.
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Several of you have asked if I know an attorney by the name of Jim Acho who’s been in the news recently.
Why yes, yes I do.
Jim is my cousin, and a long time WMR subscriber, and he has filed a landmark class action lawsuit against the NCAA. It’s a big deal. Rather than me trying to explain it, here is the story directly from his firm’s website. Good luck Jim!
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Have you updated your passport recently? They suggest you do so when its expiration is within 6 months of your estimated travel. What you don’t want is your passport not to be valid when you’re trying to return from wherever you may find yourself. My expiration was in that window, coming up not too soon, but soon enough in January of 2025. So I looked up how to renew it. Did you know that you can renew it online without even going to an office? I didn’t either, but it sounded reasonable so I gave it a try. And it was relatively painless. Until you have to supply a picture of yourself for the new book. I tried for nearly 45 minutes to use various recent pictures of myself that I have on my phone and none of them seemed to satisfy whatever criteria the website needed. I cropped them, zoomed them, brightened them, and whatever, but none were acceptable. I tried using a professionally produced headshot that I had done not that long ago. No luck. Finally, out of frustration, I donned a white dress shirt from my closet, held my phone at arm’s length and clicked a photo. IMO, not nearly as flattering as some of the others I had attempted to use, but this one worked. Only took a week or two for the new passport to show up. Not too bad.
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Nate Bargatze had trouble with his ID at the airport, https://youtu.be/pL8kelqk9zw?si=mfLvJd9tecMw_vWW
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1994 called and they’d like their internet back.
领英推荐
This is an actual sign still posted on the wall at a local hospital waiting room. It was located right next to the pay phone.
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?This week’s comedian review was an in person show at the Detroit House of Comedy.? New WMR favorite Zoltan Kaszas. You might remember that I discovered him a couple of months ago via his various YouTube specials and then discovered that he was coming to town so I grabbed some tickets. He was excellent. Very funny, very fun show, small venue, only 300 people and we were in the 3rd row. 3 opening acts which were just ok, followed by 60 minutes of Zoltan and he was great. His takes on everything were really good. He began with some humorous Detroit observations which were good then proceeded with his act which was very funny. One of the best live shows I’ve seen. Nearly every bit made me LOL. A smattering of adult themes but nothing inappropriate or uncomfortable. Then dinner at London Chop House, which is always a treat. Leather and mahogany appointed restaurant in the basement of a downtown building. Old school rat pack vibe which is fun. I recommend looking Zoltan up and watching his free specials on YouTube. Start with his most recent special “Honorary Jones” and then watch some of his previous work as well. I predict we’ll be seeing more of him and I look forward to it. He’s got a podcast as well which I will have to check out.
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This week’s chuckle is a slightly older clip of Zoltan talking about one of his bits that went viral a few years ago and now he’s a cat comedian.
Safe for work.
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This week’s bonus chuckle is 5 minutes of Zoltan last year talking airport travel,
Safe for work.
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LF30 – “Those who cannot change their minds cannot change anything.” – George Bernard Shaw.
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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-7026861-091724
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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
947-258-0289 texts [email protected]
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