• Nate Baim, MBA, CFP®

Financial Success Begins With Behaviors


Enjoy this week's edition of the Planner's Beta


Beta (n) - climber's jargon that designates information about a climb This digest's purpose is to share observations, ideas, and treasures found this week which you may also find insightful. Sharing does not mean it's an endorsement. I am endorsing the pursuit of knowledge and exploration.




Workers Don't Want to Return to Offices. Start Preparing Now (Inc.) - A recent survey conducted by IBM found that 54% of American workers want remote work to remain the primary means of working, while 70% said they want it to remain an option after this pandemic. It will be interesting to see how businesses respond to allowing remote work. I think it will come down to raw cost vs. benefit. Those business leaders who are adaptive and deploy best practices for managing productivity, team dynamics, and technology will likely find ways to cut overhead and improve outcomes. However, in the long run, businesses that fail to think within the new paradigm will operate with an antiquated cost structure and fail to retain talent. Behaviors, Now More than Ever, are Important Financial planning is more than dollars and cents, and financial success is tied to how we make decisions every day about money. Working with Pursuit Planning and Investments, LLC, you'll learn about your wealth-building potential with an assessment based on the research that went into The Millionaire Next Door. Using your results, we'll work together to identify how you can enhance your money-related behaviors to help you meet your financial goals. Learn more by placing time on Nate's calendar: https://go.oncehub.com/vmnatebaim Why Being Laid Off Can Hurt So Much (JSTOR Daily) - Unemployment is rising quickly in America. For some, loss of work can be an opportunity to leave work where they were unsatisfied with, or a chance to catch up on other needed items in life. With businesses told to shutter their doors, it may be hard for those who see this as an opportunity to pursue other options. Additionally, for many (men especially), losing work can be more than losing a paycheck. It can be a loss of identity and purpose.  Fed's Kashkari Says Worst Is Yet to Come, Congress Must Step Up (Bloomberg) - There are two primary ways for policymakers to assist the economy through difficult times. The first is monetary policy. The central bank (the Federal Reserve), directs monetary policy by controlling the cost of money. They do this by either increasing or decreasing the amount of cash in the economy. The second way governments can influence economic conditions is through fiscal policy. Congress and the executive branch manages budgetary policy. Congress appropriates the funds, and then the executive administers those earmarked funds. Kashkari, a key decision-maker inside the Federal Reserve, is signaling the central bank is doing everything it can within its monetary policy powers to soften the blow of the current economic downturn. He is saying Congress needs to exercise additional fiscal policy because he expects worsening unemployment. Fiscal policy often looks like large infrastructure projects, lower taxes, and/or putting cash in the hands of Americans. Fiscal policy is an attempt to spur economic activity by using the purse of the federal government. Congress is currently debating. I see more and more information suggesting action needs to be taken sooner than later.


 

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