Broker Check

Monday Money Report

| December 21, 2020

Déjà vu last week.  We reached another all-time high, only to see a slight decline as stimulus talks came down to the wire. The bigger news is that Tesla joins the S&P 500 this morning, so trading volume is expected to increase significantly today.

Over the last three weeks, my daughters and I took a road trip out west, visiting National Parks to hike and climb.  As we did this, I reflected on how our financial, physical and mental health are all intertwined. When we’re feeling out of sorts, it’s hard to be financially prudent; it’s much easier to order in dinner or succumb to the lure of retail therapy.

Many large employers have seen a correlation between the financial stress of employees, productivity, absenteeism and health care costs. They have rolled out financial wellness programs to help counter this.

Many people I talk with are worried they don’t have enough money to work with a financial professional.  And while it’s true that some firms require a certain minimum level of investable assets, there are fee-based firms will develop a plan or provide coaching for a flat fee.  You can also take advantage of the many online calculators and resources.

Our website has several of these tools, and they are a great starting point.  And we’ve found that half the battle is getting organized and getting started. Sit down and develop a balance sheet; a list of what you own and what you owe. Take a deep look at your bank and credit card statements to see where your money is going. Often, we spend unconsciously and then wonder where our money went.

The next step is setting up some automatic payments.  Whether that’s to your savings account, your debt, or your 401(k), doing it automatically every month or every pay period makes it part of your routine.  And building your savings is a great habit to have.

Another great step to take is one outside. Annapolis and Anne Arundel County have fabulous parks and trails. Talking a walk or hike is free, and it’s great for body, mind and spirit. And your pocketbook!  You can socially distance on the trail, too.

And if you’re looking for a unique or, let’s face it, last-minute Christmas present for someone, including yourself, consider a financial planning package to help them get organized and on track.  Check out our website at, or visit our Facebook page to learn more.

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 strategies or investment(s) may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to investing.