At the risk of getting philosophical, I am going to talk about risk, uncertainty, and the difference between the two. It matters. How you make decisions in your life is greatly influenced by whether outcomes are risky or uncertain, and how you make choices when considering each. Both risk and uncertainty involve unknown outcomes, but risk is unique to statistical theory. Risk includes a … [Read more...]
Starting to Plan Retirement? First Focus on Saving
Saving for retirement? The amount you save, and when you start, is more important than which investments you select. I want to focus just on savings habits. You probably have already read that you should "pay yourself" at least 10% (preferably 15-20% for millennials) of everything you earn. I know that can be a huge challenge unless you have a great paying job. If it is not possible to save … [Read more...]