Welcome to Episode 1 of Young and Oldish Money
Welcome to the first episode of ‘Young and Oldish Money’! We’re glad you stopped by. In this episode, we discuss the tumultuous stock market and whether it is time to sell, how little we know about managing our own money, and how long to keep your financial records.
(Published December 25, 2014)
Is it Time to Sell Your Investments?
In the article, “ROBERT SHILLER: ‘I’m Not Selling Yet’ – Business Insider, Myles Udland digs into the current market valuations as discussed by the recent Nobel Laureate. We use this article as a springboard to talk about whether it’s time to sell your investments and other related topics.
Even though stocks have risen close to 200%, Nobel Prize winner Robert Shiller isn’t selling yet. We discuss why you should listen to Shiller. In addition to the Nobel Prize on his shelf, this luminary devised the well-regarded CAPE index and predicted the 2000 bursting of the dot com bubble.
As of December, 2014 Shiller claimed that the stock market is overvalued, but not at an extreme level. We discuss that no one knows when the market will crash because, as Shiller iterates; the stock market is driven not only by value, but by investor’s emotions as well.
We riff on market valuation and investing strategy. Learn how Bobby invests and get some actionable investment advice from Barbara.
Uncover a tip about how you can game the market and boost your returns a bit in this episode. Finally, how do you know when it’s time to sell?
From Time to Sell to Managing Your Money
We love quizzes on Young and Oldish money. In this segment we talk about the results of this money query; Most People in the World Have No Idea How to Manage Their Money – The Atlantic (Quiz), by Moises Naim.
Take a look at this sample question. Listen to the episode and find out the answers to the money questions and how the public fared on a simple money test. You may be surprised at how poorly the public performed.
“1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After five years, how much do you think you would have in the account if you left the money to grow? A) more than $102; B) exactly $102; C) less than $102; D) do not know.”
Some of the solutions to help the public with their money smarts are:
- Help lower income folks with financial knowledge.
- Improve your education.
- Emphasize learning about money management in your own life.
- Teach financial literacy in schools.
To help teach kids financial literacy, we referenced the Money Confident Kids website by T.Rowe Price. This is a great site to teach children basic financial concepts.
Queue up this podcast episode to find out how you would fare on this quiz as well as more money tips to help you manage your money.
How Long to Keep Financial Records?
In spite of the availability of online record keeping, most of us haven’t arrived at a paperless system. Both Bobby and I continue to strategize on the best ways to manage those ever growing receipts and important documents.
Here’s how BusinessInsider and Bankrate weigh in on how long to keep financial records:
- Here’s How Long To Keep Any Financial Record – Business Insider by Keith Klein
- How Long to Keep Financial Records – Bankrate.com chart
As organization buffs, we shared a lot of ideas about taking care of the ever expanding receipt and record keeping problems. In this episode you’ll find out that there’s more to keeping financial records than sticking them in a shoe box and forgetting about them.
We also talked about a service, Neat Receipts, which auto scans receipts for you and organizes them by category.
Discover how long to keep your tax returns…hint, hint, it’s longer than 7 years.
Additional Reading Resources:
(Featured image courtesy of ipdegirl on Flickr)