We can put a lot of energy into studying the tape, rolling back through our missteps and mistakes. But what about what went right? What do we have going for us?
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mark leibman
Oh Yay! Oh Yay! Oh Yay! It’s Here!
I’m usually excited—but you know that. Right now I have a really good reason for it. Clients, you have made this enterprise a roaring success, larger than I can manage on my own. By operating as a team with next-generation talent, our capabilities are at new levels.
Now our structure needs to reflect this enterprise form of organization.
Leibman Financial Services is now officially registered as an Investment Advisor (RIA) with the Securities and Exchange Commission. Instead of me as a person being responsible for managing your accounts, you’ll have our whole team working for you. This is the step that will enable me to work to age 92, help me recognize the contributions of my teammates, and serve you more effectively than ever before.
You may be happy to know that new clients will be taken care of by newer team members. I’m going to be available as long as I am able to you folks who signed up in years past. Reorganizing will give me more time to work with you—and ensure that new clients will have the resources to be taken care of too.
The three additional officers will include Greg Leibman, a stalwart partner as Office Manager through the hard times; Data Analyst Billy Garver, a key addition to our Research Team and the keeper of systems and processes; and Director of Communications Caitie Leibman, a great talent who drives our communications with you. These three will do more and more consulting with newer clients as they are able over time.
The Service Team—Larry (Client Service Specialist) and Patsy (Client Service Assistant) and Whitney (Client Service Specialist)—will still be onboard and helping us along, of course. They will take care of the details and logistics as always.
Right now, we need your help to make the transition. You’ll soon find an email in your inbox with forms to sign electronically to effect the transition of your advisory accounts from LPL’s RIA to Leibman Financial Services. Everything stays at LPL; you keep the same account numbers. But we do need a couple of things signed.
It’s important to us that this transition be simple and easy for you. If you have questions, please email us or call.
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Oh Yay! Oh Yay! Oh Yay! It’s Here! – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
Conspicuous Consumption or Subtle Savoring?
Some people have so much money, it doesn’t really matter what they do with it. Some people don’t have any to spare. Our work tends to be with those in between, those who need their money to work effectively to cover their needs—and maybe some wants and some legacy concerns.
Clients, that space in between is where most of us live.
As people achieve more financial freedom, some feel compelled to display more and more of their wealth. It may come from pride or social ambition or… who knows exactly? But the cost of trying to impress others is quite high when it manifests in expensive homes, vehicles, and conspicuous consumption.
Housing is a need of course, and transportation can be nonnegotiable for our livelihood, or childcare, or wellbeing. But it’s a great time of year to think about how all the choices add up when we start stretching our means just for show.
We once saw an article about $10,000 watches that had the headline, “Affordable Watches that Will Make You Feel Like a Millionaire.” When people whose invested wealth has reached the $1 million mark, we delight in asking them whether they identify as a millionaire now. Not one has answered “yes.” So if a million dollars doesn’t make a person feel like a millionaire, how would a watch get the job done? (For the record, a large fraction of the millionaires I know enjoy wearing watches in the $39 price neighborhood.)
The paradox is that those who strive to look rich may never accumulate much in the way of assets. Meanwhile, those who choose to be rich may have a better chance of learning to spend well. They can afford vehicles that provide the most comfort, homes that make daily life better, generosity to descendants or causes, and travel to dream destinations.
We do not control what others think. We only control our own choices, and we bear the brunt of the consequences. Those everyday millionaires—and those on their way—seem to have learned this early. And they savor what they have, no matter how life looks to anyone else.
Clients, if you would like to talk about this or anything else, please email or call.
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Play the audio version of this post below:
Conspicuous Consumption or Subtle Savoring? – 228Main.com Presents: The Best of Leibman Financial Services
This text can be found at https://www.228Main.com/.
Keeping Your Limbs Intact
A Job Jumper’s Treasure Hunt
Changing jobs ranks way up there, as stressful life events go. It can be as overwhelming as undertaking a big move, welcoming a new family member, or saying goodbye to a partner.
One of the great privileges of our work is getting to bear witness to those big moments. And there are ways that our perspective might help smooth the rough edges during times of transition.
In fact, you might think of changing jobs as an opportunity: there are plenty of housekeeping issues that come with change, but it’s also a chance to get some things tidied up.
It’s likely worth the time to track down 401(k) plans from any previous jobs. It may seem like a chore—like going through the garage or getting into the couch cushions—but it could result in finding some forgotten treasure.
Just like loose change can end up spread out all over the couch or the car or the junk drawer, you’ve likely left some resources here and there along your career. But it can’t be put to work if you don’t track it down again.
This reminder applies to a lot of different folks. Young people may have a new job—or two!—every year throughout their early 20s. Even many of my contemporaries have had, on average, maybe a dozen jobs across their working years. The earlier we can get our accounts organized, the easier it will be to keep up the good habits. It’s a potential stressor we can work on before it gets to be a headache!
There are different ways to make the most of those retirement accounts. Some options include leaving them as they are, moving them to a 401(k) with your current job, or rolling them into an IRA at a different financial institution.
The big idea, though, is that a treasure hunt now may provide some comfort even in a challenging transition. It can be such a relief to know that your money can work as long as you do—and beyond!
Questions for us? We’re happy to talk, anytime.
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Play the audio version of this post below:
The Job-Jumper's Treasure Hunt – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
A Tangle of Time, Money, and Enjoyment
Ever notice how hard it is to say, “Okay Einstein…” without sounding sarcastic? So I’m no Einstein, but I am thinking about my own theory of relativity. Spoiler: don’t let the project of accumulation blur the enjoyment out of life.
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Do Health and Wealth Start with Gratitude?
The Harvard Medical School published an essay some time ago on the power of gratitude, explaining:
“Gratitude is strongly and consistently associated with greater happiness. Gratitude helps people feel more positive emotions, relish good experiences, improve their health, deal with adversity, and build strong relationships.”
Relish, improve, deal, build… Those are verbs we can get behind! Gratitude can be about past blessings, current conditions, or reflect a hopeful and optimistic attitude about the future. One of the best things about an attitude toward gratitude is that it can be cultivated.
In one cited study, three groups of people were directed to write a few sentences each week. One group was instructed to write about irritations or things that had displeased them. The second was directed to write about things that had affected them. The third group was directed to focus on things that had happened for which they were grateful.
After ten weeks, one group was more optimistic about life, and had a greater sense of wellbeing. (That group also happened to exercise more and make fewer visits to the doctor.) You can guess which.
We believe there are interesting implications for the work we do together with you. Short-term fluctuations in the markets may cause irritation, but gratitude for long-term returns might give us a broader perspective. The economy and markets always seem to be a mixed bag, but gratitude for opportunities may help us avoid a focus on problems that might prevent us from investing effectively.
At the heart of all this is a simple truth, that we get to choose what gets our attention. Does choosing gratitude make us healthier, wealthier, and wiser? No guarantees, but we might have more fun while we find out together.
Clients, if you would like to talk about this or anything else, please email us or call.
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An Attitude of Gratitude: Get Yourself a Slice – 228Main.com Presents: The Best of Leibman Financial Services
This text can be found at https://www.228Main.com/.
Giving Thanks When It Matters
Won’t you join me? I’m getting in the spirit! A little personal reflection for this fine holiday week.
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Nothing Succeeds Like Success
The world is full of advice, from self-help resources to lists, “listicles,” and everything in between. (Incidentally, check back next week for our post “48 Ways to Know that You’re Not Famous Enough Yet!”)
We’ve noticed that a lot of this content focuses on the things to avoid. Getting familiar with common mistakes sounds logical enough on the surface, but we’re also contrarians… so we’ve been thinking about this for a while.
This is the model that’s just about always been used in our schools and even our pastimes. Our work is returned to us with the errors marked so that we can correct them, review, and push on. When a team loses, even by a small margin, the plays get scrutinized so that the team can learn from the defeat. Makes a certain kind of sense.
But there are a million ways to mess something up. More finite, however, is the list of ways to really shine at something. How often do we stop to consider what went right? We suggest we should be learning from our successes, too.
“Was this success a win or a fluke?”
“What made Company X a strong one?”
“In this project, I’m glad I paid attention to…”
These are just a few ideas for prompts, because goodness knows we don’t need any more lists about “how to not get it wrong.” We’d like to know more about how to get it right.
Clients, when you’re ready to chat, please write or call.
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Play the audio version of this post below:
Nothing Succeeds Like Success – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
Financial Planning, Starring You!
Some pros rely on the idea that financial planning is a mysterious process, requiring advanced mathematics and cold, hard reasoning that mere mortals cannot achieve.
We keep seeing language to this effect across the financial services industry. Maybe you have, too?
- “We’re the best solution for objective planning.”
- “This is a strategic, objective process for financial freedom.”
- “Everyone needs an objective partner to shape their plan.”
Being “objective” gets held up as a pinnacle of professionalism, but what’s so great about it? Objectivity is the idea that we’re more interested in the reality that exists beyond an individual’s experience—that truth is out there beyond one’s feelings and deliberations.
Objectivity is overrated, in our opinion.
Clients, what’s so bad about being the main focus of your own story? The objective part—the math!—should be working backwards from the goals you bring to the table.
I will never tell you how much you “should be” spending in retirement: you are the boss of your life.
I can’t know what portion of your assets “should be” more liquid: let’s talk about your mid-range goals first.
I don’t have an opinion on what your employment plans “should be”: you’re the one who has to wake up each day and make the most of it.
You are the star of this show, and it’s an honor to be here with you. Whether we’re trying to get some better lighting on things or rehearsing for what’s ahead, the focus is… you!
Clients, is it time to revisit any goals? Write or call.
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Play the audio version of this post below:
Financial Planning, Starring You! – 228Main.com Presents: The Best of Leibman Financial Services
This text is available at https://www.228Main.com/.
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