What is Inflation and How Can It Hurt You?
Concerns over inflation continue to be a hot issue in the economic recovery from the COVID-19 pandemic. But what is inflation? And should you be worried about it?
Concerns over inflation continue to be a hot issue in the economic recovery from the COVID-19 pandemic. But what is inflation? And should you be worried about it?
Mortgage Q&A: âWhat credit score do I need to get a mortgage?â If you’re thinking about purchasing a new home or refinancing an existing mortgage, you should know that your credit score is going to be a big factor. In fact, it can make or break your loan approval and carries the most weight when… Read More »What Credit Score Do You Need to Get a Mortgage? Learn the Key FICO Thresholds
The post What Credit Score Do You Need to Get a Mortgage? Learn the Key FICO Thresholds appeared first on The Truth About Mortgage.
How does $60 billion evaporate in one week? Let’s explain the latest blow-up in the cryptocurrency world.
âDear Mr. Money Mustache… Iâd like to retire soon. Iâve had a good career and the numbers say Iâm just over the threshold, but Iâm still afraid. It would help if I had a solid plan for what to do after retirement – perhaps even make some money eventually. Because I think it would help […]
In November 2018, the National Bureau of Economic Research published a paper called “Saving Regret” [here’s the full PDF version]. Once you wade through the study’s academic language, there’s some interesting stuff here about why people do and don’t save for retirement.
Saving regret, the authors say, is “the wish in hindsight to have saved more earlier in life”.
Obviously, you can suffer from saving regret at any age. When I met 31-year-old Debbie for dinner last week, her issues boiled down to saving regret. She wishes she’d saved more when she was younger. But for the purposes of this paper, the authors turned their attention to folks aged 60 to 79, people of traditional retirement age.
The researchers found that two-thirds of those surveyed said they should have saved more when they were working: “66.6 percent said they would save more if they could re-do their earlier life.”
As you might expect, the authors found that high-wealth and high-income people experience less saving regret. (I’m pleased that the researchers recognize that there’s a difference between income and wealth.)
But what causes saving regret in the first place? Why don’t people save more? Let’s take a look at what the study found.
In their survey of 1590 people, the authors asked about education, personality, and what they term “positive and negative shocks”. (The latter is basically trying to to determine how unexpected events affect saving.)
After compiling the results, they reached these conclusions:
“Saving regret is high at the time of or shortly before retirement but is much lower at older ages,” the authors write. They believe there are two reasons for this.
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Show Summary Welcome back to the FlipNerd Show! We have not created nearly as many FlipNerd Shows as we have in the past so I’m excited to start getting things back…
The more you accept your investing imperfection, the closer to perfect you’ll be.