Friday Five at Five: September 1, 2023
1) Hurricane Idalia:
So, this week was the second time that I did a webinar during a hurricane. Fortunately, I did not lose power this time!
What did I learn from this one?
Well, I learned that even the local news will STRETCH the truth if it keeps you tuned in.
The local media had us all convinced that we would be facing biblical rains and winds. Enough to make Noah proud.
The hurricane passed 100 miles offshore from us and we did get wind and rain. But nothing that was too bad.
But then after the storm, the media was out and about trying to “sell” how bad the damage was.
There was no other programming than the local news on the major channels.
I guess they really wanted to convince people it was horrible to be outside and that they needed to continue watching.
Watch the video above as our local weatherman tries to convince how deep and dangerous the water is and how he is flabbergasted that a car was able to make it through. And then watch as someone on a bicycle goes through as well! LOL
2) S&P 500 above a critical mark
On August 30th the S&P 500 has climbed to an artificially important number.
4500
Forty five hundred is the current (artificial) “ceiling” for the S&P 500.
Will it continue to forge past 4500 in September?
Obviously, no one knows.
However, if this part of the “normal” cycle that we have seen, this is where the algorithms and “professionals” will look to take their profits and drive the market lower.
Then, they will invest into it again, drive it up to 4500 and start the process over.
Unless, the “professionals” who come back to work on Tuesday decide to drive the market higher and try to create a new ceiling.
Only time will tell.
But, if you watch the stock markets the same you watch a football game (screaming at the TV like me) then you will realize that we truly do live in entertaining times!
3) Happy 49th Birthday ERISA!
The Employe Retirement Income Security Act (ERISA) was signed into law 49 years ago by President Ford over the Labor Day weekend.
ERISA is what accidentally created the 401k as we know it today.
It provides participants massive federal protections over unscrupulous financial advisors and unscrupulous employers.
Only “experts” who have a prudent written process and a signed ERISA Fiduciary Acknowledgement are allowed to work with participants.
Many financial firms will not allow their “advisors” to advise 401k participants, because if their advisors don’t do it properly, they may have to pay back all of their client losses and give back all of their fees with their PERSONAL assets.
So, if you have a financial professional who is giving you advice for your 401k plan, or they are trading your account for you, ask them for their prudent written process and for a copy of your signature on their ERISA Fiduciary Acknowledgement.
If they cannot produce these documents, ask for all of your losses back from last year!
4) Labor Day Trivia
The first Monday of September is dedicated to celebrating the American worker. This is when we celebrate Labor Day. And here some fun and interesting facts that you can use at your “end of summer” festivities this weekend.
(Although, I live in Sarasota, FL, so it’s pretty much “summer” here year round).
Q. What was the first state to introduce legislation to make Labor Day a holiday?
A. New York
Q. What was the first state to adopt legislation to make Labor Day a holiday?
A. Oregon
Q. What year did Congress pass an Act to make Labor Day a Federal Holiday to be celebrated on the first Monday of September?
A. 1894
Q. What President made Labor Day a national holiday?
A. President Cleveland
I hope that you and your family enjoy your Labor Day weekend.
I know that I will as my daughter was born over the Labor Day weekend eighteen years ago.
So, I have some celebrating to do with her!
5) Dad Joke of the Week
I asked my dog what three minus three was.
He said nothing!
Kevin T Clark, RF™ is the CEO and Co-founder of Plan Confidence Corporation (PCC).
Kevin is an ERISA Nerd and one of only a hundred(ish) Dalbar certified Registered Fiduciaries (RF™) in the United States. He has been helping hard working Americans invest their money since 1997!
PCC is an SEC registered investment firm specializing in providing advice to hard-working Americans investing in their employer’s retirement plans (401k, 403b, TSP, etc).
#401kAdvice #403bAdvice #TSPadvice #BeConfident #got401k