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401k Presentation
Glossary
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- “Laughing stockbroker” shares
market, life tips
-
- BETHLEHEM,
PA: The Laughing Stockbroker broke up the 500 luncheon guests of
the Visiting Nurse Association of the Lehigh Valley with his quips
about life but kept it serious when he shared investment expertise at
Holiday Inn Bethlehem.
- David Goldman
offered simple advice: Buy quality and hold on to your investments. And, he said, “Learn to spend less than you make.”
- He offered
sobering statistics when he said 2 percent of those older than 65 are
financially self-sufficient, 45 percent depend on relatives, 30
percent take charity, and 23 percent of them work.
- “How many of
you, when you were in high school, said “When I am 65, I want to
work at McDonald’s?” he
asked the audience.
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- Diversity is key
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- People are living longer, and many have
not prepared for the later years of their lives.
And, even if they have invested, he said, the returns on
investments are reduced
- Significantly when coupled with a high
tax rate and inflation.
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He said the average return
on stocks since 1926 has been 11.3 percent annually.
The average American has a 37.6 percent tax rate, “the
highest in history,” and inflation averages 3.1 percent annually.
All three help to lower the rate of return from investments.
As an example of inflation, he said the package of Twinkies
that was 17cents in 1976, costs $1.10 today.
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Goldman said investors are
learning that they will pay a “loser’s tax” this year on capital
gains from profits on stocks they sold last year, even though they
lost money on the stocks.
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Diversification is the key
to sound investment, Goldman said. “You are living longer, so keep
that in mind.”
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As to when to invest, he
quoted financier Warren Buffet: “The best time to invest is when the
market is open.”
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- Don’t believe the hype
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Now is a good time for investing in 401(k) plans, Goldman said,
because “things are low, and I like to buy things cheap.
When I grocery shop, I always buy things on sale, and that is
the same way I buy stocks.”
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Do not, he said, “chase
the hot stock or the hot fund,” because “if you are buying when it
is hot, you have already missed it.”
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Goldman said, “It is
important to ignore the financial pornographers,” such as television
channels that focus on the market, and magazines and other media.
“Why are you watching CNBC? Ten years ago, investors were not able
to see, and we all did fine. What
are you learning? If you have an investment professional, you should
be out enjoying life.”
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- Invest by need
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An action plan should be based on need, he said, adding the
investment clubs are a good way for novices to learn.
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Laugh, have fun, be a child
and save the negative statements, he advised.
Goldman said his father, Larry, used to say, “The happiest
people don’t have the best of everything, they make the best of
everything.”
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Goldman brings years of experience as stockbroker and financial
consultant to the comedy stages where he worked with Jerry Seinfeld
and Garry Shandling. In
addition to comedic routines, he offers” Humor in the Workplace”
seminars and appeared on “Oprah” and other television shows.
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