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Monday Money Report

| December 02, 2019

The market rallied last week, reaching new all-time highs after reports that China has conceded on a key trade negotiation point around honoring our intellectual property rights. Also adding to the gain was an updated measurement for third quarter growth, showing that the US economy expanded at a 2.1% annualized rate.

All good news, until you come crashing down from the Black Friday shopping spree high. You’ve heard that money can’t buy happiness, and I disagree. Money can buy happiness in three ways.

First, money can buy happiness when you buy experiences. Of course, it’s not the money, it’s the experience that makes you happy. When you’re thinking of holiday gifts, especially for the person who has everything, consider a membership to Historic Annapolis or The Mitchell Gallery. Or a season pass to Colonial Players, the Annapolis Opera or the Symphony. For kids with way too many toys, buy them lessons, a class or a zoo membership.

The second way money can make you happy is when you give it away. Giving to a cause you believe in, especially when you know how the gift will impact the charity’s mission, is uplifting. You can also buy coffee or a meal for someone or stop by the best hot dog stand in the area, Pip’s Dock Street Dogs, and purchase a few stand-by dogs. Stand-by dogs are available to anyone who comes into Pips, hungry but unable to afford a meal. Give your server an extra-large tip. Giving generously is a way of recognizing that you don’t just have enough, you have more than enough.

The third way money makes you happy is when you use it to buy time. Paying for lawn service or a housekeeper allows you to use the time you would have spent on chores to do something you enjoy. Other ideas are having groceries delivered or hiring a handyman to tackle that honey-do list. Hate to cook? Consider using a place like Botanas Fajardo at Severn Sailing Association or April’s Table in Severna Park.

Money can buy happiness, because you can use it to help others, and spend fun times with family and friends. Remember that money is a tool; use it wisely.

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Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. CovingtonAlsina and Great Valley Advisor Group are separate entities from LPL Financial.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The opinions voiced in this show are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to investing.