Fixing financial mistakes

Read Time: 
43 minutes
Posted by 
As the team's Capital Markets Analyst, Jacob conducts market and investment research and assists in the development of business strategy to serve our clients more effectively.
May 10, 2023

On this week’s episode Tom, Jacob, and Noah talk about how to fix financial mistakes, what impact interest rates have on stock market valuations, money and happiness, the debt ceiling and how it’s politicized, regional banking crises, ChatGPT’s first victim, large tax revenue losses in pandemic exodus states, and Apple found strength in India and the Middle East.

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Show Notes


How to fix financial mistakes

Most content you consume regarding personal finance can be summed up by one sentence.

Spend less than you make.

There are over 200 million adults in the United States and I’d argue that most of them would say this exact sentence.

People, myself included, make mistakes, tragedy strikes, bad things happen. I’ll name a few.

  • A 35 year old that hasn’t saved for retirement.
  • A 55 year old who gets laid off, and takes 1 year to find a new job.
  • A 19 year old on track to graduate college with $150k in student loans
  • A 45 year old, saving 4% of their income, taking out a loan for a $25k recreational vehicle.

They find themselves in a hole that they need to dig out of.

So what’s the solution.

First, get help.

Second, execute where you can.

Third, win bigger.

It can take years to fix bad financial problems, it’s just the way it is.

And if you currently out of financial problems, stay that way, you only need to become wealthy once.

What Went On

Quote of the Week

“It's always a sad day when you see a bank fail but we are all very pleased to get the major source of uncertainty that was remaining from the recent bank turmoil addressed… This is a case of a small handful of banks that were poorly managed and getting this addressed is very important.” CEO of JPMorgan Chase, Jamie Dimon, on the First Republic acquisition

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