Steve Day ’75 filled us in on his undergraduate days, and then shared what he has learned in nearly 30 years of financial planning.
At our luncheon Steve assumed the role of “Myth Buster”, and he took on a number of common myths that are often accepted as fact. Of course, he attributed this “acceptance” as fact to the lack of good reporting by journalists. And he explained much of this view throughout his dealing with the “Myths of Finance”.
Here are some of the myths that Steve posed and then addressed
- Myth #1 — There is no “free lunch” in investing
- Myth #2 — Stock markets do better under Republican administrations than under Democrats
- Myth #3 — The way to go is to buy gold (This was a great topic as Steve compared the quality of suit an ounce of gold would buy over the last two centures.)
- Myth #4 — When you are young, you buy stock. When you retire, you buy bonds.
- Myth #5 — Social Security won’t be there for me when I retire.
- Myth #6 — Cash value life insurance is a lousy investment
Steve has a clever sense of humor that added much color to his addressing each of the above myths. And he had a few more that he brought to our attention. The information to busting these myths is best obtained directly from Steve. Our publishing some of his comments here would likely lose much in the translation.
All in all, it was an informative and entertaining look at old “truisms” about managing your finances.
Thanks to Steve — good presentation.