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Behavioral Finance Takes Nobel Prize for Economics

This month, University of Chicago economist Richard Thaler was awarded the 2017 Nobel Prize in Economics by the Royal Swedish Academy of Sciences. This was a controversial decision, for a number of reasons. 

Thaler is a proponent of behavioral finance, which is the study of economics and finance from a psychological perspective. Up until recently, mainstream economic theory was based on the assumption that people behave rationally. Professor Thaler's theories, on the other hand, pioneered the view that people, especially when it comes to personal finance, often behave in ways that contradict traditional economic rules and reason. 

The traditional economic approach was to view human financial choices like particles in physics. The outcome could be predicted by a few established rules. All of us—and especially professional financial planners—know that these assumptions are far from what we have observed in the real world. After receiving the award, Professor Thaler commented, "In order to do good economics, you have to keep in mind that people are human." 

Thaler spent his entire career exploring the differences between these unrealistically idealized economic assumptions and actual human behavior.  He demonstrated that people take mental short-cuts—called “heuristics”—when they make what they believe to be logical decisions.  He showed that in the real world, human decisions are often impulsive, and self-control is more often an aspiration than a reality. Although investment selection and globally-diversified asset allocation are important investing tools, it is often behavior that ultimately determines whether a portfolio will help an investor achieve fulfillment and satisfaction in life.

Thaler also developed a theory of “mental accounting,” which explained how people make financial decisions by creating separate accounts in their minds—one for college funding, say, and another for retirement, and still another for vacations or a new car.  He explored those mental short-cuts and found that people tend to expect more in the future of what they’ve recently experienced (short-term bias), and often believe they have more knowledge about their decisions than they actually do. 

Although his views have been regarded by radical by some traditionalists, they have already had broad impact in the real world. In his 2008 book, "Nudge," Thaler and his co-author Cass Sunstein discussed ways to help people make better financial decisions, and argued for public policy changes that would help average people by "nudging" their behavior in a positive direction. For example, there was a pervasive problem that most people were not saving enough for retirement. It was difficult for many people to control their impulses. If they had money in their hands, the tendency was to spend it, rather than put it away for the future.

Thaler suggested "opt-out" retirement savings plans. Previously, employees had to take individual action to enroll in their company's 401(k) retirement plan. Even though the money they contributed to the 401(k) would grow tax-deferred, would reduce their taxable income, and in many cases would be supplemented by an employer's matching contribution, many employees failed to enroll. Thaler's studies sparked a sweeping shift towards automatic enrollment into employer-sponsored retirement plans. In other words, participation is now the default option, and you have to take individual action if you choose not to enroll. This shifted inertia to the side of the preferred decision.

Thaler's thinking is especially relevant today. In a perfectly rational world, all-knowing investors and consumers would never have market bubbles or market crashes, since every market price is right and fair at any particular moment. We have had 8 years of fairly-sustained growth in the market, but we know that every 8 to 10 years on the average, we have a market correction of 10% or more. This is normal and healthy for the market, and is a way for stocks to find their true value. If we were perfectly rational people, we would recognize that the market has always recovered from these corrections, and will likely proceed to hit new highs. However, the emotional, irrational side of us could take over, and cause us to sell all our holdings at the bottom on the market. Not only would we be locking in the losses, but losing the long-term growth could prevent us from accomplishing important, long-term goals. As financial advisors, we do our most important and valuable work when markets are down, guiding our clients through those difficult periods and helping them manage their behavior.

Thaler’s prize suggests that the world of economics is starting to catch on to the messy decision-making that actually goes on in the real world.

 

Sources:

* Washington Post, 10/9/2017

* The Guardian, 10/11/2017

* New York Times, 10/9/2017

* The Economist, 10/23/2017

 

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

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ADJUST YOUR ASSET ALLOCATION FOR CHANGING TIMES

These days, it's difficult for me to watch the news without a feeling of dread.  The Breaking News is a stream of political turmoil, division, violence and geopolitical stress.  If it's not a mass shooting next door, it's a prediction for World War III around the corner.  It makes for exciting evening news headlines, but I would prefer calm, reason and compassion.  

When something unexpected happens, it’s important to understand the facts and risks without panicking.  In the short term, political disorder may result in temporary market disruption, or a fluctuation in the stock market.  For younger investors who have a long investment window, stock market turmoil isn’t as concerning because they have time on their side and can ride out the temporary ups and downs.  However, retired investors who have less time to recover from market volatility, and rely on their investment portfolio for steady income, may want to consider making a conservative adjustment to their investment portfolio.  

Analyzing Your Asset Allocation

As we know, financial markets can be unpredictable, no matter how much we might hope for comfortable stability.  Although good times can make us exuberant and tough times can make our stomachs churn, reacting to market ups and downs isn’t useful.  There are few guarantees in life, but taking sensible precautions and staying focused on your important long-term goals can make a real difference as change inevitably comes.

A practical starting point is reviewing your asset allocation to ensure it is still appropriate for your life circumstances.  Typically, investors start with an asset allocation that is appropriate for them with a balance of US equities and International equities for growth, and fixed income or bonds for downside protection when the market experiences a decline.  A well-constructed asset allocation can reduce the volatility of your portfolio, and serve you well over reasonable fluctuations in the market.  

However, when significant life events occur, such as retirement, it is important to review and revise your asset allocation to reflect the change in your goals.  During your working years, your investment goal may have focused primarily on growth.  In retirement, the goal of preservation may take priority instead.  

Understanding Fixed Income

Fixed income or bonds are often a significant portion of an investor’s portfolio.  Commonly investors will say, “That bond fund hasn’t been doing well – maybe it’s time to sell it!”  However, fixed income is never added to a portfolio with the intent that it will be the best performing fund in the batch.  Rather, fixed income is in your portfolio to give you downside protection if the stock market goes south.  When uncertainty arises, the value of fixed income tends to increase and counteracts the loss on the equity side of your portfolio.  Fixed income is meant for protection.  

In years past when interest rates were at moderate levels, we often suggested individual tax-free municipal bonds, or corporate bonds for our clients.  Individually-held tax-free municipal bonds, or corporate bonds are great fixed income products that provide stable interest income to investors and return of principal at maturity.  However, we are now in a period of record low interest rates and buying moderate or long-term bonds today essentially means you are locking in yesterday’s low rates.  The Federal Reserve has increased interest rates twice this year and four times since 2015[i].  In other words, if you bought a 10-year Treasury at 2% at the beginning of the year, the same investment would be paying a higher return of 2.5% today.  Consequently, if you had to redeem your 2% bond prior to maturity, you would probably have to sell it at a loss. 

In a rising interest rate environment, like we are currently experiencing, short-term fixed income mutual funds work well.  Short-term is considered anything with a maturity of 5 years or less.  In this "basket" of many individual bonds, there are bonds maturing every week.  As they mature, they are replaced with new bonds at the (probably higher) market interest rate.  This allows your fixed income fund to keep up with rising interest rates and still provide you downside protection if the equity market dips.

When interest rates go back up to normal levels, you can reposition from fixed income mutual funds into individual bonds. The advantage of an individual bond is that it can lock in high interest, and as long as you hold onto it until it matures, the return of principal can be guaranteed. 

Ask for a Second Opinion

As you get older or transition into retirement, you may want to reduce volatility in your portfolio and take a more conservative stance.  Act proactively, and have your financial advisor review your asset allocation (the balance of the different elements that make up your investment).  He or she may recommend that you increase your fixed income holdings now while the market is at a high.  Making changes to your investment portfolio as your life changes is natural and prudent, and is the opposite of market timing.   

It may feel like today’s news headlines are more alarming than ever.  However, keep in mind that over the history of the stock market, the Dow Jones Industrial Average has recovered from what nay-sayers have called the end-of-investing…. many times.  From the Great Depression, to Black Monday of 1987 to the Dot-com Bubble and through the Great Recession in 2008 and 2009, the market has shown resilience and strength.  If you feel it’s time, ask your Certified Financial Planner™ for a check-up, and for candid answers to your concerns.  If you don’t have a financial sounding board already, many financial planners will offer you a free initial consultation where you can ask questions and get timely feedback, no (financial) strings attached.  

 

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 


[i] http://www.npr.org

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Dissecting Turmp's Tax Reform

On Wednesday September 27th, President Trump and Republican leaders in Congress unveiled a new tax plan that, if passed in its current form, could create dramatic changes to the current tax code.  

Highlights of the new tax reform include[i]:

  • Compression from the current 7 income tax brackets (ranging from 10% to 39.6%) to 3 brackets: 12%, 25% and 35%.  Congress can add a fourth bracket above 35%.

  • Doubling the standard deduction from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples

  • Boosting the child tax credit from $1,000 to an unspecified higher amount

  • A new $500 credit for caring for elderly relatives

  • Reducing the corporate tax rate from 35% to 20%

  • A lower top tax rate for small businesses at 25%

  • Taxpayers in high tax states such as California and New York could lose the ability to deduct state and local income taxes and property taxes on their federal return 

  • Elimination of the corporate and individual Alternative Minimum Tax

  • Elimination of estate taxes on large inheritances

  • Elimination of many other (currently) non-specified tax deductions

How will this affect me?

President Trump declared his proposal will “protect low-income and middle-income households, not the wealthy and well-connected.”  However, Democrats are already opposed to the tax reform, calling it a tax break for the wealthy.  

On the surface, it appears that the lowest tax bracket is increasing from 10% to 12% and the highest tax bracket is lowering from 39.6% to 35%.  However, the specific income levels tied to each of the new tax brackets is yet to be revealed, so it’s not certain where everyone will fall or how they’ll be affected.  Republicans say those who are paying 10% now might not be subject to taxation at all under the new plan, so they are going down to 0%, not pushed up to 12%.  

The National Association of Realtors argues that having a higher standard deduction could make home ownership less valuable in comparison to renting.  Further, it could decrease the value of existing homes.  This is because as the standard deduction rises, people are more likely to take the standard deduction and less likely to itemize their taxes.  Mortgage interest expenses and property taxes can only be deducted if a person itemizes their taxes.  

Other analysts have said that the proposed tax reform will greatly benefit corporations and stock holders.  Although the details aren’t clear yet, the plan proposes a shift from a worldwide tax system to a new territorial system.  International companies based in the U.S. would not be taxed on income earned overseas.  This would allow companies to bring back the profits earned overseas without incurring additional taxes.  To discourage companies from shifting all profits to countries with low tax rates, the plan also includes an unspecified minimum foreign tax.  The goal is to make US companies more competitive internationally and for foreign profits to reinvest back into the US market, furthering the economy and job growth.  

Analysts believe that other tax deductions and credits must be eliminated to make up for the tax cuts proposed in the reform.  However, exactly which deductions will be eliminated is yet to be seen.  Some worry that public programs and benefits for the countries neediest will be eliminated.  The elderly are particularly worried about the benefits under Social Security and Medicare; programs and benefits they depend on to make ends meet.  

Experts predict that the current tax reform proposal could reduce government revenue by more than $2 trillion dollars[ii] over the next decade.  This will add to the current $20 trillion dollars of debt carried by the US currently.  

What’s next?

President Trump’s goal is to implement the new tax code by the end of 2018, but it’s unknown what revisions will be made to gain more support for passage.  Next week the Senate is to begin deliberating the new tax bill.  Currently the Republicans dominate both the House and the Senate.  Some guess that the President has left areas for negotiation that will help to gain greater support from Democrats – such as the possible fourth tax bracket.  

Truly, nothing is certain at this point and each proposal is a bargaining chip for the Republican and Democratic parties until the reform is passed.  However, the economic market and stock market are never predictable.  This further reiterates the need for an investment strategy that is highly diversified and balanced.  Rather than trying to predict where the market will go, investors should have a predetermined exposure to each asset class and capture gains wherever they arise.  

Once the new tax laws go into effect, consult with your CPA or Financial Advisor to ensure you are taking full advantage of opportunities.  Hopefully the new tax system will benefit all Americans. 

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.


[i] https://www.cbsnews.com/live-news/trump-tax-plan-remarks-live-updates/

[ii] https://www.nytimes.com/2017/09/27/us/politics/trump-tax-cut-plan-middle-class-deficit.html?mcubz=1

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EQUIFAX BREACH

These days it’s harder than ever to protect our personal information.  I get phishing emails daily alerting me I am the lucky lotto winner in a foreign country – all I need to do is send my bank information to have the proceeds deposited into my account.  Those scams are pretty straight forward.  While the everyday person might not have all the right security measures in place to protect themselves, we assume the big businesses and government do – they have a whole IT department that focuses on that kind of stuff, right?

Apparently, not so.  This month, we found out that Equifax, one of the nation’s three major credit reporting agencies had a data breach that lasted from mid-May through July in 2017[i].  During that time, hackers accessed personal information data including names, social security numbers, dates of birth and addresses.  The data breach affects as many as 143 million people[ii] in the US, Canada and United Kingdom.  In the wrong hands, this data could be used by identity thieves to rack up debt in your name and potentially ruin your credit. 

A week after the Equifax breach, the Securities & Exchange Commission (SEC), the nation’s top financial markets regulator, admitted it had also been a victim of computer hacking.  Although just recently discovered, the data breach occurred in 2016.  The top securities regulator said hackers accessed corporations’ financial information before it was made public (financial statements, quarterly earnings reports, IPOs, mergers and acquisitions, etc.) in its’ corporate filing system EDGAR (Electronic Data Gathering, Analysis and Retrieval).  According to the SEC, that data could have been used to make “illicit gains” through stock trades[iii].  Somewhat ironic, the SEC had been pressuring investment advisors and broker dealers to beef up their cybersecurity protections.  At the same time, the Government Accountability Office which audits the SEC found that the organization had not implemented 11 of 58 security recommendations related to its own computer network that would have helped to detect intrusion[iv].  

Am I at risk?

You can visit the Equifax website, www.equifaxsecurity2017.com to find out if your information was exposed.  Under the “Potential Impact” tab, you will be asked to enter your last name and the last six digits of your Social Security number.  The site will tell you if you’ve been affected by this breach.  

If Equifax feels your data was compromised they will encourage you to enroll in TrustedID Premier, a credit file monitoring and identity theft protection program.  There are five types of credit monitoring offerings, complimentary.  You can customize which of the below services you want to utilize.  You will be asked for a great deal of personal information so make sure you are on a secure computer and encrypted network connection. Credit monitoring options include:

1.      Equifax Credit Report – Copies of your Equifax Credit Report.

2.      3 Bureau Credit File Monitoring – Credit file monitoring and automated alerts of key changes to your Equifax, Experian and TransUnion credit files.

3.      Equifax Credit Report Lock – Allows you to prevent access to your Equifax credit report by third parties, with certain exceptions.

4.      Social Security Number Monitoring – Searches suspicious web sites for your Social Security number. 

5.      $1M Identity Theft Insurance – Up to $1 million in ID theft insurance. Helps pay for certain out-of-pocket expenses in the event you are a victim of identity theft.

After signing up for TrustedID Premier, you will receive an email with a link to finalize your enrollment and activate your customized security protection.  Due to the recent breach, traffic to the Equifax website is quite high and they warn it might take several days before the confirmation email arrives in your inbox.  

In a highly criticized move, Equifax added an arbitration clause to the free credit monitoring service that required users to give up their right to sue or join class-action lawsuits.  Due to public backlash and social-media shaming, the arbitration clause was rescinded[v].  

What else can I do?

If after visiting the Equifax website, you are told your data was not compromised, US consumers still have the option to obtain one year of free credit monitoring.  Due to high volume on the website currently, you will be given a date to come back to enroll in the future.  You have up until November 21, 2017 to enroll for this benefit.  

Other steps you might consider to protect yourself could include the following:

  • Placing a credit freeze on your files – A credit freeze locks your credit file with a PIN that must be used for anyone to add new credit in your name.  The freeze won’t stop someone from fraudulently charging to your existing credit lines.  You will have to enroll with each of the three credit agencies individually to initiate the freeze.
  • Active monitoring – Above and beyond annual credit report reviews, you should also monitor your existing credit cards and bank accounts regularly and question any charges you don’t recognize.
  • If you have minor children, consider checking their credit history regularly.  It is counterintuitive because minors should not be issued debt.  However, some young adults have applied for their “first” credit card, only to find their credit is shot because identity thieves have been using their social security for years, undetected.
  • File IRS taxes early – The Federal Trade Commission (FTC) recommends you file your tax return as early as possible to avoid tax identity theft which occurs when someone uses your social security to collect your tax refund before you do.  The FTC recommends that you respond to any IRS notifications timely, but remember that the IRS only sends letters.  They do not call you and ask for your personal information.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.


[i] www.consumer.ftc.gov

[ii] http://www.latimes.com/business/la-fi-sec-hack-20170921-story.html

[iii] https://www.sec.gov/news/press-release/2017-170

[iv] http://www.latimes.com/business/la-fi-sec-hack-20170921-story.html

[v] http://www.latimes.com/business/lazarus/la-fi-lazarus-equifax-arbitration-clauses-20170912-story.html

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HOW CAN I PROTECT MY FAMILY?

Lately we’ve noticed an increased interest in life insurance.  Client’s ask: When should I buy it?  Why do I need it? When is it too late?  I attribute some of the increased interest to the demographic shift as Generation X’ers (those born between 1965 and 1976) begin to think about estate planning and Generation Y’ers or Millennials (those born between 1977 and 1995) are starting families of their own.

Risk Factors

There are three main risks that life insurance aims to address.  Not coincidentally, these are the three biggest risks to the Gen XY groups mentioned.  The first risk is income replacement, as many want to ensure that their spouse or partner are financially stable should they pass away prematurely.  

The second risk is debt coverage.  Debt, or the idea of leveraging money, has become engrained in the American culture.  With the high cost of homes, cars, college and kids, it is nearly impossible to be debt free in today’s age.  The average American carries $137,000 in debt[i], mostly attributable to home mortgage debt.  In L.A. County, the median home price is $550,000[ii].  Life insurance can play a vital role in providing peace of mind that your family can stay in their home, even if you aren’t around.  

Another common concern is education or financial support for children.  A college degree is often a minimum requirement for employment these days, and many kids go on to get upper level education or specialization thereafter.  The average cost of attending a UC school for California residents is currently $34,700 per year and $61,444 for non-residents[iii].  To add to that headache, education costs increase at an average of 6% annually, or about double the general inflation rate[iv].  Life insurance can ensure your children will have education funding until they are financially independent. 

When should I buy?

Timing tends to work itself out organically for each person.  When I bought a house, I knew I should consider life insurance.  When I had my second child, I knew I was taking on more risk than I was comfortable with, so I purchased a life insurance policy.  

Life insurance premium pricing is carefully constructed by actuaries, but generally, it's based on age and health. The older you get, the more expensive a policy becomes. You also want to insure before you have a serious medical illness that would make you uninsurable or make a policy too expensive.  

Depending on the type or severity of illness, some insurers will still consider you for insurance after a significant health change after you show two years of stable health with medication or recovery without reoccurrence, but each case is independently analyzed.  

Theoretically, some insurers will insure a person in good health up to their 80’s, but the cost benefit analysis of the policy then comes into play and the policy might not be worth the premium payment.

Term or Permanent Insurance?

Term and permanent insurances have different purposes.  Term gives you the greatest leverage of your money, dollar for dollar, and is usually used to cover a time sensitive risk such as a mortgage. Permanent insurance protects against premature death as well, but can also be used as an estate planning tool because the intent is to hold the policy until you pass away, rather than to cover a temporary risk.  

Permanent insurance such as Whole Life, Universal Life and Variable Universal Life have features that can cater to a variety of needs.  In recent years, the cost of insurance (COI) within Universal Life policies have increased, causing policyholders to pay more in premiums than originally anticipated.  

One of the best ways to shop for life insurance is through an independent agent who is not tied to a company, but rather, can shop the entire market and quote the policy that best suits your needs.  Certified Financial Planners and CPAs are Fiduciaries, meaning they have pledged to act ethically in the client’s best interest, and can recommend a company or policy for you.   

What else should I consider?

Another tool to protect the assets you’ve worked hard for is a living will and trust.  People often think they are one and the same, but they serve different purposes and can work together well. A living will is for medical affairs and allows you to state wishes for care in case you are not able to communicate your decisions.  A trust takes effect as soon as you create it, and can be utilized to hold title of property for the future benefit of your loved ones.  After you pass, a trust does not need to go through the timely and expensive probate process and the settlement of your estate is private.  An attorney can assist you in customizing a will and trust.

Your attorney can also bundle your living trust with a durable power of attorney, with which you can authorize someone to act on your behalf if you become incapacitated.  Ensure it is HIPAA compliant so doctors, hospitals and medical staff will communicate with your designated person.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.


[i] https://www.nerdwallet.com/blog/average-credit-card-debt-household/

[ii] http://www.latimes.com/business/la-fi-home-prices-20170523-story.html

[iii] http://admission.universityofcalifornia.edu/paying-for-uc/tuition-and-cost/index.html

[iv] http://www.finaid.org/savings/tuition-inflation.phtml

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EDUCATIONAL WORKSHOPS

2019 TENTATIVE SCHEDULE 

YOUR 2019 INVESTMENT STRATEGY

Saturday, March 16, 2019

10:00 a.m. - 12:00 p.m.

La Canada Flintridge Library**

4545 North Oakwood Ave.

La Canada Flintridge, CA  91011

**does not constitute endoresement by the Library

 

 

YOUR 2019 INVESTMENT STRATEGY

Saturday, March 23, 2019

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*not sponsored by the City of Gardena

 

 

Contact Us

300 North Lake Avenue, Suite 920
Pasadena, California 91101
Phone: (626) 449-7783
Fax: (626) 449-7785
Email: info@kondowealthadvisors.com

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