Let’s talk dirty for a moment. Scientific American, in 2017, made the public health case for a cashless society. Paper money travels amongst hands and germs for 4-15 years, coins up to 25 years (that’s a quarter century – pun intended). Going back to the ‘70’s, studies have shown just how pathogens survive on currency, both paper and coins.
As you make in-person purchases going forward, you will notice many businesses refusing cash payment, insisting instead on contact-free payment. That means if you want to transact there, you will adapt theirs or your preferred payment process. With paper checks and paper money out of the picture, we turn to mobile payments (see chart for the vast menu of options). The layers in the ecosystem are not free – someone in the process is paying for the privilege. The business or you or both.
The most popular ones include Square Cash App, Apple Pay, PayPal, Venmo, Samsung Pay, Zelle, Google Pay, Xoom, and more. In a nutshell the payment process simply connects your bank account (or credit card) to the business you are using to make your purchase.
If you have any questions about how to use a mobile payment process, we are here to guide you through it. Once you get the hang of it, it is simple and efficient.
Markets – is your head spinning yet? On 2/12/2020, the Dow was at 29,551, just 41 days later it had sunk to 18,591, and just 67 days after that as I type this on 5/28/2020, we are at 25,400 on the Dow. It is a basket of just 30 large companies, but it shows you the roller coaster investors are riding.
Clients are familiar with our crystal ball always being broken and we are not in the business of predicting “where the market will go”. Because after all, no one knows.
We do track prices for entry. Say you have $10k in your account and want to get into fund ABCDE. We determine a ‘sale price’ from the metrics we use and do our best to get that price going in. Sometimes we decide to relax the price a bit, but we feel it is important to get a good price on entry where possible.
The next priority is that it feed your goals. Determining what you want, when you want it and how much you are willing to spend on it is the essence of why we invest in the first place – to be able to fund what we said we care most about.
On any given day, the headlines will work hard to explain why the market is up or down and there are times (statistically speaking) when they most certainly would be correct. Much of the time we cannot point to a specific reason. As always, long-term money (the only kind we invest for clients in the stock market) is just that, long-term. Make a great decision going in, get a good price, and let the investment do its work.
Want to talk about it? Give us a call when time permits.
Bonnie A. Sewell, CFP®, CDFA™, AIF®, CEPA® is NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL ADVICE. All information he provides is financial in nature and should not be construed or relied upon as legal or tax advice. Individuals seeking legal or tax advice should solicit the counsel of competent legal professionals knowledgeable about the divorce laws in their own geographical areas or CPAs qualified to provide tax advice.