Matt Simon - Financial Advisor

07/28/2023

You have 3 options for old 401ks:

1. Leave it with your old company
2. Bring to your new company
3. Roll into your own IRA

- Option 1 leaves your old employer in control
- Option 2 gives control of it to your new employer
- Option 3 gives you full control over your investments

Before making any changes, make sure you consider fees, investment options, and the ability to borrow against your 401k but not an IRA.

That being said, it's also important to consider this-

Who do you want controlling your money?

07/21/2023

Brain Drain has ruined entire companies, communities and even countries.

But what causes it?

Brain Drain is when educated and skilled professionals leave their country, their community, or their company in search of a better opportunity elsewhere.

If you're a business owner worried about retaining your employees, it's super important for you to understand this concept.

In tomorrow morning’s newsletter we'll explore the underlying causes and long-term consequences of Brain Drain.

Join 115 other readers of Simon Says tomorrow morning at 9am EST.

https://lp.constantcontactpages.com/su/DCJaqCn/SimonSays?hss_meta=eyJvcmdhbml6YXRpb25faWQiOiA5MDIsICJncm91cF9pZCI6IDk5MTgwOCwgImFzc2V0X2lkIjogMjEwNzE2OSwgImdyb3VwX2NvbnRlbnRfaWQiOiAxMTYyMjQ1MTgsICJncm91cF9uZXR3b3JrX2NvbnRlbnRfaWQiOiAxODE4MDM3MzV9

07/20/2023

We all have resources.

- 24 hours/day
- Youtube
- Google

But we don’t all have resourcefulness.

Remember, it doesn’t matter what you have.

What matters is what you do with what you have.

07/14/2023

I’m not worried about ChatGPT replacing financial advisors, and here’s why.

On a review call last week, I asked a client how I was doing as his advisor.

He was appreciative of the question and gave some great feedback.

And he specifically said this,

“Any Google search can answer basic financial questions but you help me think through what questions I should even be asking.”

This is why I believe in goals-based financial planning.

We find out what you're aiming for, then we strategize on how to get there.

07/12/2023

This may be a little controversial…

But I think college is no place for entrepreneurs.

We’re taught to:
- Obey authority
- Show up on time
- Repeat what we’re told

If you want to run a business, the best way to learn is through action.

Another way is to study those who have already accomplished your goals.

But spending $100k+ to learn something you’re unsure about is silly to me.

Our school system is designed to create good workers, not good leaders.

07/11/2023

When it comes to setting up your finances, here are 3 key things to prioritize:

1. Budget-

Track your income and expenses, set spending limits, and stick to it.

2. Emergency savings-

Save up 3 to 6 months worth of living expenses in case of financial hardship.

3. Retirement investments-

Start saving for retirement early as possible, contribute regularly over time.

Focus on these three things before worrying about any other fancy ideas.

07/10/2023

“When you see others making $ in a new investment, it’s certainly wise to take notice.

But if you, like myself, can’t see the value of owning a picture of a digital ape on your phone, then you probably shouldn’t throw your money into NFTs.

If you’re putting money into a product that you don’t really understand, are you really investing or are you just gambling?”

Check out last weekend's newsletter about common money mistakes.

https://myemail.constantcontact.com/Simon-Says--10--3-Dumb-Mistakes-Smart-People-Make-With-Their-Money.html?soid=1139941644593&aid=LcOIIQMSfiM

07/07/2023

You don’t have to be dumb to make dumb decisions.

And smart people often make dumb decisions with money.

Here are 3 dumb mistakes commonly made by smart people:

1. Not living below your means
2. Taking financial advice from the wrong people
3. Buying financial products you don’t understand

Learn more about these mistakes and how to avoid them by subscribing to the Simon Says Newsletter going out tomorrow morning at 9am.

Link in the comments.

07/05/2023

3 habits that have completely transformed my life:

- Journaling
- Meditation
- Reading books

These 3 habits alone have improved every aspect of my life.

07/04/2023

Happy Independence Day!

Took a trip to Boston for my girlfriend’s bday and for freedom day.

06/30/2023

If you have a pension plan, don't let this be your only bucket for retirement.

The govt is not interested in getting your money the best return possible.

They are using your money to serve their own political interests.

Workers say New York pension funds can’t use their savings to serve Bill de Blasio’s policy goals.

06/28/2023

“Many people put off creating their estate plans because they believe it's only for rich or old folks. But that's not true at all!

Certain parts of estate planning, like medical directives, are important for everyone, no matter your age or net worth.

But yes, having a well thought out plan becomes even more essential if you have children, are in a second marriage, or own a business or real estate.”

Check out my last newsletter about estate planning!

https://myemail.constantcontact.com/Simon-Says--9--The-3-Key-Elements-of-Estate-Planning.html?soid=1139941644593&aid=rbn3TmlHS4o