The Rotary Club hosted a “financial round table” on Dec. 6 featuring past and present members of the accounting and financial services professions. A number of ideas were offered about investing, building retirement savings, tax shelters and more. Club members Tom Harris and Mark Huntley joined Derick Karner and Jeff Graham for lunch in the Gold Room at Calcuttas Restaurant.
Financial advice from professionals like these is regulated by the SEC and other government entities. Comments were offered free and are presented here as individual opinions, unattributed to any particular source or person.
Everyone should have a financial plan and contribute regularly to a 401K, IRA or 529 plan for educational expenses. Also important is to have a will and/or trust and to E-file your taxes to avoid the IRS backlog.
Stay away from crypto currency – referred to as Crypto Bunko – and recently compared by legendary investor Jamie Diamond to “a pet rock.”
Reduce household expenses by buying bulk food (get a second freezer), cancel the cable subscription (consider Peacock, Discovery Plus, Hulu and other streaming services) and avoid variable rate loans and credit cards. “Buy stocks now when there’s blood in the streets,” one person said. Over the long term, stocks continue to outperform many other investments. Look for companies that carry low debt and pay dividends, including food and energy producers, oil companies, utilities and companies that transmit electricity. Whenever possible, move savings out of regular bank accounts and into 6-month (or longer) CDs.
The Dec. 6 meeting was Rotary’s last weekly meeting for the year. Rotary usually meets shortly after noon for lunch on Tuesdays at DJ’s Restaurant.
