An interesting financial planning idea that is making the rounds these days is also one of the simplest: a letter to yourself. More specifically, a letter from your future self to you, today.
Come again? Imagine yourself in five years, assuming everything has gone more or less as you hope it will. You're healthy, in good financial health and--well, you know your hopes much better than I do. The point is that the You-In-The-Future is writing a letter of thanks to the You-Today. Future You might thank Today You for exercising regularly, because Future You is fit and looks good. Future You might thank you for being thrifty and watching your budget, because in that future date, you're on track to retire comfortably--or you may even BE retired.
Future You might thank you for taking the time to smell the roses along the way, for maintaining close relationships with friends and family, for spending a little more time accomplishing goals (Writing a book? Starting a side business? Traveling to see relatives or the world?) instead of unproductive downtime in front of the TV.
Whatever it is, you are thanking yourself for taking these actions, and be specific about what you did. Then look over the letter, and know that these are all things which you will thank yourself for someday, make a commitment to do them, and save the letter.
Every week or two, take the letter out and take another look at it. Are you on course? Are you earning the thanks that Future You gave you?
The point here is that you want your future life to be as good as it can be--as full of fulfillment and happiness, joy and prosperity as possible, and your actions between now and then will--or will not--make that happen. The letter to yourself is a fantastically powerful reminder you that you're really counting on yourself to take care of yourself in the future.
Meanwhile, in between the times you spend with the letter, you can get to know a variety of Future Selves (You-Next-Week, You-Next-Year, You-Five-Years-In-The-Future), and begin to ask these future versions of you about decisions you make now. How much of the money you earn should be given to your future self for retirement? What would you, a week from now, like to have cleared off your desk? Would you like to have learned a new foreign language by this time next year? Are there things which are hard to do now, but which you will wish you had done? Chances are, you know what that person who will be you would really like you to be doing now, which lets you navigate through the complexities of your life with very clear vision.
And if you can do THAT, you'll be one of very few in a world where most of us are muddling through our days. You could be one of the few who arrives in the future with no regrets about how you spent the precious, irreplaceable hours of your life.
Sincerely,
William T. Morrissey, CFP®
Sound Financial Planning Inc.
wtmorrissey@soundfinancialplanning.net
Primary Office
321 West Washington St., Suite 329
Mount Vernon, WA 98273
Phone: (360) 336-6527
Secondary Office
650 Mullis St., Suite 101
Friday Harbor, WA 98250
(360) 378-3022
PLEASE READ THIS WARNING: All e-mail sent to or from this address will be received or otherwise recorded by the Sound Financial Planning, Inc. corporate e-mail system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. Sound Financial Planning, Inc. has taken precautions to screen this message for viruses, but we cannot guarantee that it is virus free nor are we responsible for any damage that may be caused by this message. Sound Financial Planning, Inc. only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. This information should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. WE WOULD LIKE TO CREDIT THIS ARTICLE'S CONTENT TO BOB VERES.
Friday, January 29, 2010
Monday, January 25, 2010
What's Going On
One of the most important jobs we do that you never see is reading. As you know, our lives are awash in a constant flood of information, and even we professionals sometimes struggle to make sense out of it. To make matters worse, the headlines often don't help us figure out what's going on.
For instance, is there still a threat of deflation, which was in the headlines at this time last year? Since May, the CPI has been +.1% (May), +.7% (June), flat (July), +.4% (August) +.2% (September), +.3% (October) and +.4% (November, the most recent statistic we have). For the most recent 12 months, consumer prices have risen 1.8%. This is in contrast to the 1.4% drop in consumer prices reported by the Bureau of Labor Statistics over the second half of 2008, when a lot of economists were talking nervously about a deflationary spiral. No headlines have declared this, but the deflation threat appears to be over; the question now is whether inflation will remain as mild as it has been or, as the economy recovers, will it take off?
Since you always hope to get more return on your investments than the inflation rate, are there any investments that look especially weak if, indeed, the threat of deflation is over? In an effort to avoid any losses, a lot of investors and institutions have parked their money in short-term investments; by one estimate, there is now about 90% as much money ($11.7 trillion) in money market accounts and short-term Treasuries, than in the Wilshire 5000 stocks ($13.1 trillion) currently.
But is this really avoiding losses? 3-month Treasuries are paying about 0.3%; 6-month issues now pay .16% and 12-month T-bonds are yielding .37%, which is well below the inflation rate. Every rise in the CPI means the value of their money is going down--which is something else we aren't reading about in the headlines. Money market funds, meanwhile, are at record lows.
Meanwhile, we've all been reading screaming headlines about debt problems in Dubai, one of the oil-rich countries on the Persian Gulf. But Dubai makes up just 0.1% of the global economy. What hasn't been reported is that, very quietly, the sovereign wealth funds in Qatar and Kuwait have been selling their stakes in U.S. companies, and raising capital. More recently, Saudi Arabia, Kuwait, Bahrain and Qatar are now creating their own petro-currency (http://www.ritholtz.com/blog/2009/12/persian-gulf-currency-union-and-the-forex-risk-to-nations-everywhere/ ), which will be called the "Gulfo," and are in the process of creating a regional central bank along the lines of Europe's monetary union.
Will the Gulf States Union (or whatever it is called) need to pump more oil in order to balance their fiscal ledgers and support their new currency? Does that mean oil prices will drop further--at least temporarily, as all these issues get sorted out?
There's one more subject that's getting a lot of headlines lately: unemployment. Recently, we've heard some rare good news, that fewer jobs are being lost now than a year or six months ago. What isn't being reported is that every month that jobs are lost puts America deeper into a hole that it will need to climb out of eventually.
How big is this hole? Has anybody tried to calculate it? Economist Paul Krugman recently suggested that with eight million jobs lost since the start of the recession, plus 100,000 new Americans moving into the work force every month, the economy would need to create an average of 300,000 new jobs a month in order to get to something close to full employment five years down the road. So if you see any number lower than 300,000 new jobs created, you'll know that this particular hole is getting deeper.
This makes it easier to interpret some of the forecasts that you may be reading, such as the recent study by the Bureau of Labor Statistics, which estimates that the economy will create 15.3 million new jobs in the next ten years. Do the math, and that comes out to about 125,000 a month.
None of this helps us predict the future, of course. But it does show that much of the information that we receive, and the way the information is presented, can be dis-informing (at worst) or (more often) take our attention off what's really going on in the world. There's a lot more to know than what the headlines are telling us.
Now, if you'll excuse me, I have to get back to reading...
Sincerely,
William T. Morrissey, CFP®
__________________________________________________________
Friends or family need a little extra help? To refer a client, call us and we will help you get your friends and family members on-board with our services. To learn more about the types of clients we serve, visit our website at www.SoundFinancialPlanning.net .
__________________________________________________________
Sound Financial Planning, Inc.
www.SoundFinancialPlanning.net
Primary Office
321 West Washington St., Suite 329
Mount Vernon, WA 98273
Phone: (360) 336-6527
Secondary Office
650 Mullis St., Suite 101
Friday Harbor, WA 98250
(360) 378-3022
PLEASE READ THIS WARNING: All e-mail sent to or from this address will be received or otherwise recorded by the Sound Financial Planning, Inc. corporate e-mail system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. Sound Financial Planning, Inc. has taken precautions to screen this message for viruses, but we cannot guarantee that it is virus free nor are we responsible for any damage that may be caused by this message. Sound Financial Planning, Inc. only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. This information should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
For instance, is there still a threat of deflation, which was in the headlines at this time last year? Since May, the CPI has been +.1% (May), +.7% (June), flat (July), +.4% (August) +.2% (September), +.3% (October) and +.4% (November, the most recent statistic we have). For the most recent 12 months, consumer prices have risen 1.8%. This is in contrast to the 1.4% drop in consumer prices reported by the Bureau of Labor Statistics over the second half of 2008, when a lot of economists were talking nervously about a deflationary spiral. No headlines have declared this, but the deflation threat appears to be over; the question now is whether inflation will remain as mild as it has been or, as the economy recovers, will it take off?
Since you always hope to get more return on your investments than the inflation rate, are there any investments that look especially weak if, indeed, the threat of deflation is over? In an effort to avoid any losses, a lot of investors and institutions have parked their money in short-term investments; by one estimate, there is now about 90% as much money ($11.7 trillion) in money market accounts and short-term Treasuries, than in the Wilshire 5000 stocks ($13.1 trillion) currently.
But is this really avoiding losses? 3-month Treasuries are paying about 0.3%; 6-month issues now pay .16% and 12-month T-bonds are yielding .37%, which is well below the inflation rate. Every rise in the CPI means the value of their money is going down--which is something else we aren't reading about in the headlines. Money market funds, meanwhile, are at record lows.
Meanwhile, we've all been reading screaming headlines about debt problems in Dubai, one of the oil-rich countries on the Persian Gulf. But Dubai makes up just 0.1% of the global economy. What hasn't been reported is that, very quietly, the sovereign wealth funds in Qatar and Kuwait have been selling their stakes in U.S. companies, and raising capital. More recently, Saudi Arabia, Kuwait, Bahrain and Qatar are now creating their own petro-currency (http://www.ritholtz.com/blog/2009/12/persian-gulf-currency-union-and-the-forex-risk-to-nations-everywhere/ ), which will be called the "Gulfo," and are in the process of creating a regional central bank along the lines of Europe's monetary union.
Will the Gulf States Union (or whatever it is called) need to pump more oil in order to balance their fiscal ledgers and support their new currency? Does that mean oil prices will drop further--at least temporarily, as all these issues get sorted out?
There's one more subject that's getting a lot of headlines lately: unemployment. Recently, we've heard some rare good news, that fewer jobs are being lost now than a year or six months ago. What isn't being reported is that every month that jobs are lost puts America deeper into a hole that it will need to climb out of eventually.
How big is this hole? Has anybody tried to calculate it? Economist Paul Krugman recently suggested that with eight million jobs lost since the start of the recession, plus 100,000 new Americans moving into the work force every month, the economy would need to create an average of 300,000 new jobs a month in order to get to something close to full employment five years down the road. So if you see any number lower than 300,000 new jobs created, you'll know that this particular hole is getting deeper.
This makes it easier to interpret some of the forecasts that you may be reading, such as the recent study by the Bureau of Labor Statistics, which estimates that the economy will create 15.3 million new jobs in the next ten years. Do the math, and that comes out to about 125,000 a month.
None of this helps us predict the future, of course. But it does show that much of the information that we receive, and the way the information is presented, can be dis-informing (at worst) or (more often) take our attention off what's really going on in the world. There's a lot more to know than what the headlines are telling us.
Now, if you'll excuse me, I have to get back to reading...
Sincerely,
William T. Morrissey, CFP®
__________________________________________________________
Friends or family need a little extra help? To refer a client, call us and we will help you get your friends and family members on-board with our services. To learn more about the types of clients we serve, visit our website at www.SoundFinancialPlanning.net .
__________________________________________________________
Sound Financial Planning, Inc.
www.SoundFinancialPlanning.net
Primary Office
321 West Washington St., Suite 329
Mount Vernon, WA 98273
Phone: (360) 336-6527
Secondary Office
650 Mullis St., Suite 101
Friday Harbor, WA 98250
(360) 378-3022
PLEASE READ THIS WARNING: All e-mail sent to or from this address will be received or otherwise recorded by the Sound Financial Planning, Inc. corporate e-mail system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. Sound Financial Planning, Inc. has taken precautions to screen this message for viruses, but we cannot guarantee that it is virus free nor are we responsible for any damage that may be caused by this message. Sound Financial Planning, Inc. only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. This information should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
A Murky Crystal Ball
It's a good thing that financial planners and advisors aren't paid to predict the future because, well, nobody seems to be doing a very good job of it lately. I hope you'll remember this as all the major financial magazines come out with their yearly "Here's what will happen in 2010" cover stories.
Reading through some back issues, we find that at this time two years ago, nobody, anywhere, was predicting a 4th quarter meltdown in the investment markets, or the global economy tottering on the edge of disaster. In fact, not a one of the prognosticators seems to have realized that the U.S. economy had already fallen into a recession.
If you read the magazine issues in early September, right before the markets suddenly went into a 400-point free-fall in two trading days (triggered, you probably remember, by the collapse of Lehman Brothers, the AIG bailout and the federal rescue of Fannie Mae and Freddie Mac), you realize that nobody had a clue that a storm was brewing on the horizon. The Wall Street Journal talked confidently about Lehman's efforts to secure a line of credit or divest some assets, and the consensus seemed to be that the damage from the burst housing bubble had been safely contained. Postmortem articles about the crisis show that the Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson, who both watch the economic numbers DAILY, were caught totally flat-footed.
Closer to home, in January of 2009, economists and pundits were talking about the possibility of a sustained market drop similar to the slow investment torture the Japanese have experienced since 1989. Kiplinger's magazine identified the people who had been most right in their 2008 predictions and asked them what they thought was going to happen in 2009. Not a one of them predicted what actually happened: a dramatic rise in stock prices (the S&P 500 touched bottom on March 6 with an intraday price of 666.79 and rose to over 1,100 currently), a sharply rising dollar and an end to the economic recession--what economists are now describing as a jobless recovery.
Here's what they actually said. David Tice, chief equity strategist for Federated Investors, told the magazine's readers that "The dollar will decline, and it's very possible that inflation will pick up. The S&P 500 index could easily fall to 450 or so. This will be a longer-term decline," he added, and gave the worst advice possible for investors over the next three quarters, saying that "Investors should be selling equities and conserving cash."
Bob Rodriguez and Tom Atteberry, of First Pacific Advisors, confidently predicted that: "The upturn won't come until 2010, and when it does, it will look very sluggish and lethargic."
Economist Nouriel Roubini told Kiplinger readers: "I expect that the recession will be very severe and that it won't be over before the end of 2009. I think there is a further 15% to 20% downside risk for global and U.S. stocks, and a further 15% to 20% downside risk for commodity prices. So 2009 will be a year of recession and deflation."
Peter Schiff, president of Euro Pacific Capital, missed the appreciation of the dollar, the dramatically low interest rates and the economic recovery--all in a couple of sentences. "The dollar is going to resume its fall," he said, "leading to a resurgence in the bull market in commodities. That will pierce the bubble in the bond market, causing interest rates to go up. So we're going to be in a depressionary environment, but with rising prices and rising interest rates. Our economy will be a mess for years and years to come."
The worst advice was being given right at the bottom in March, when global stock prices were about to reward patient investors with an amazing rally. Consider this evaluation from the March 5 issue of Business Week magazine:
All told, more than $10 trillion of stock market wealth has vanished, and with it the confidence that springs from financial security. "We are looking at a 60% to 70% chance that this bear market is not over," says Robert D. Arnott, chairman of Research Affiliates, a Pasadena (Calif.) firm that manages $25 billion.
The article went on to predict "more debt busts and government trial and error until things get set right again. That could mean two more years of bouncing around and then another six or so before the Dow is back above 14,000. Not long ago, such an outcome would have seemed unimaginably bleak. Given the other possibilities, it doesn't seem so bad now."
The hardest part about investing is controlling the natural urge to sell when the market has cratered, or to buy when the market is euphoric. But that's like going to the mall and waiting to buy until all the sales are over and prices have gone up, and then, as soon as the store has its next 25% off sale, going back and selling whatever you bought. Nobody would even think of doing that with their holiday gift purchases, but it's normal behavior in the investment markets.
The unhappy truth is that nobody can foresee the future, and the investment markets tend to be far less predictable than other areas of our lives. Like it or not, we venture blindly forth every day, control what we can control (investment costs, taxes and savings rates), and generally make more money in the upturns than we do in the downturns. Years ago, a pundit threw up his hands and said: "I don't know what the markets will do tomorrow, or next week, or next month.
There, finally, is a prediction I can endorse.
Sincerely,
William T. Morrissey, CFP®
___________________________________________________________
Friends or family need a little extra help? To refer a client, call us and we will help you get your friends and family members on-board with our services. To learn more about the types of clients we serve, visit our website at www.SoundFinancialPlanning.net .
___________________________________________________________
Sound Financial Planning, Inc.
www.SoundFinancialPlanning.net
Primary Office
321 West Washington St., Suite 329
Mount Vernon, WA 98273
Phone: (360) 336-6527
Secondary Office
650 Mullis St., Suite 101
Friday Harbor, WA 98250
(360) 378-3022
PLEASE READ THIS WARNING: All e-mail sent to or from this address will be received or otherwise recorded by the Sound Financial Planning, Inc. corporate e-mail system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. Sound Financial Planning, Inc. has taken precautions to screen this message for viruses, but we cannot guarantee that it is virus free nor are we responsible for any damage that may be caused by this message. Sound Financial Planning, Inc. only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. This information should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
Reading through some back issues, we find that at this time two years ago, nobody, anywhere, was predicting a 4th quarter meltdown in the investment markets, or the global economy tottering on the edge of disaster. In fact, not a one of the prognosticators seems to have realized that the U.S. economy had already fallen into a recession.
If you read the magazine issues in early September, right before the markets suddenly went into a 400-point free-fall in two trading days (triggered, you probably remember, by the collapse of Lehman Brothers, the AIG bailout and the federal rescue of Fannie Mae and Freddie Mac), you realize that nobody had a clue that a storm was brewing on the horizon. The Wall Street Journal talked confidently about Lehman's efforts to secure a line of credit or divest some assets, and the consensus seemed to be that the damage from the burst housing bubble had been safely contained. Postmortem articles about the crisis show that the Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson, who both watch the economic numbers DAILY, were caught totally flat-footed.
Closer to home, in January of 2009, economists and pundits were talking about the possibility of a sustained market drop similar to the slow investment torture the Japanese have experienced since 1989. Kiplinger's magazine identified the people who had been most right in their 2008 predictions and asked them what they thought was going to happen in 2009. Not a one of them predicted what actually happened: a dramatic rise in stock prices (the S&P 500 touched bottom on March 6 with an intraday price of 666.79 and rose to over 1,100 currently), a sharply rising dollar and an end to the economic recession--what economists are now describing as a jobless recovery.
Here's what they actually said. David Tice, chief equity strategist for Federated Investors, told the magazine's readers that "The dollar will decline, and it's very possible that inflation will pick up. The S&P 500 index could easily fall to 450 or so. This will be a longer-term decline," he added, and gave the worst advice possible for investors over the next three quarters, saying that "Investors should be selling equities and conserving cash."
Bob Rodriguez and Tom Atteberry, of First Pacific Advisors, confidently predicted that: "The upturn won't come until 2010, and when it does, it will look very sluggish and lethargic."
Economist Nouriel Roubini told Kiplinger readers: "I expect that the recession will be very severe and that it won't be over before the end of 2009. I think there is a further 15% to 20% downside risk for global and U.S. stocks, and a further 15% to 20% downside risk for commodity prices. So 2009 will be a year of recession and deflation."
Peter Schiff, president of Euro Pacific Capital, missed the appreciation of the dollar, the dramatically low interest rates and the economic recovery--all in a couple of sentences. "The dollar is going to resume its fall," he said, "leading to a resurgence in the bull market in commodities. That will pierce the bubble in the bond market, causing interest rates to go up. So we're going to be in a depressionary environment, but with rising prices and rising interest rates. Our economy will be a mess for years and years to come."
The worst advice was being given right at the bottom in March, when global stock prices were about to reward patient investors with an amazing rally. Consider this evaluation from the March 5 issue of Business Week magazine:
All told, more than $10 trillion of stock market wealth has vanished, and with it the confidence that springs from financial security. "We are looking at a 60% to 70% chance that this bear market is not over," says Robert D. Arnott, chairman of Research Affiliates, a Pasadena (Calif.) firm that manages $25 billion.
The article went on to predict "more debt busts and government trial and error until things get set right again. That could mean two more years of bouncing around and then another six or so before the Dow is back above 14,000. Not long ago, such an outcome would have seemed unimaginably bleak. Given the other possibilities, it doesn't seem so bad now."
The hardest part about investing is controlling the natural urge to sell when the market has cratered, or to buy when the market is euphoric. But that's like going to the mall and waiting to buy until all the sales are over and prices have gone up, and then, as soon as the store has its next 25% off sale, going back and selling whatever you bought. Nobody would even think of doing that with their holiday gift purchases, but it's normal behavior in the investment markets.
The unhappy truth is that nobody can foresee the future, and the investment markets tend to be far less predictable than other areas of our lives. Like it or not, we venture blindly forth every day, control what we can control (investment costs, taxes and savings rates), and generally make more money in the upturns than we do in the downturns. Years ago, a pundit threw up his hands and said: "I don't know what the markets will do tomorrow, or next week, or next month.
There, finally, is a prediction I can endorse.
Sincerely,
William T. Morrissey, CFP®
___________________________________________________________
Friends or family need a little extra help? To refer a client, call us and we will help you get your friends and family members on-board with our services. To learn more about the types of clients we serve, visit our website at www.SoundFinancialPlanning.net .
___________________________________________________________
Sound Financial Planning, Inc.
www.SoundFinancialPlanning.net
Primary Office
321 West Washington St., Suite 329
Mount Vernon, WA 98273
Phone: (360) 336-6527
Secondary Office
650 Mullis St., Suite 101
Friday Harbor, WA 98250
(360) 378-3022
PLEASE READ THIS WARNING: All e-mail sent to or from this address will be received or otherwise recorded by the Sound Financial Planning, Inc. corporate e-mail system and is subject to archival, monitoring and/or review, by and/or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ("intended recipient") to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. Sound Financial Planning, Inc. has taken precautions to screen this message for viruses, but we cannot guarantee that it is virus free nor are we responsible for any damage that may be caused by this message. Sound Financial Planning, Inc. only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. This information should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
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