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“Laughing stockbroker” Shares Market, Life Tips

BETHLEHEM, PA: The Laughing Stockbroker broke up the 500 luncheon guests of the Visiting Nurse Association of the Lehigh Valley with his quips about life but kept it serious when he shared investment expertise at Holiday Inn Bethlehem. 

David Goldman offered simple advice: Buy quality and hold on to your investments. And, he said, “Learn to spend less than you make.” 

He offered sobering statistics when he said 2 percent of those older than 65 are financially self-sufficient, 45 percent depend on relatives, 30 percent take charity, and 23 percent of them work. 

“How many of you, when you were in high school, said “When I am 65, I want to work at McDonald’s?” he asked the audience.

Diversity is key

People are living longer, and many have not prepared for the later years of their lives. And, even if they have invested, he said, the returns on investments are reduced significantly when coupled with a high tax rate and inflation.

He said the average return on stocks since 1926 has been 11.3 percent annually. The average American has a 37.6 percent tax rate, “the highest in history,” and inflation averages 3.1 percent annually. All three help to lower the rate of return from investments. As an example of inflation, he said the package of Twinkies that was 17cents in 1976, costs $1.10 today.

Goldman said investors are learning that they will pay a “loser’s tax” this year on capital gains from profits on stocks they sold last year, even though they lost money on the stocks.
Diversification is the key to sound investment, Goldman said. “You are living longer, so keep that in mind.”

As to when to invest, he quoted financier Warren Buffet: “The best time to invest is when the market is open.”

Don’t believe the hype

Now is a good time for investing in 401(k) plans, Goldman said, because “things are low, and I like to buy things cheap. When I grocery shop, I always buy things on sale, and that is the same way I buy stocks.”

Do not, he said, “chase the hot stock or the hot fund,” because “if you are buying when it is hot, you have already missed it.”
Goldman said, “It is important to ignore the financial pornographers,” such as television channels that focus on the market, and magazines and other media. “Why are you watching CNBC? Ten years ago, investors were not able to see, and we all did fine. What are you learning? If you have an investment professional, you should be out enjoying life.”

Invest by need

An action plan should be based on need, he said, adding the investment clubs are a good way for novices to learn.

Laugh, have fun, be a child and save the negative statements, he advised. Goldman said his father, Larry, used to say, “The happiest people don’t have the best of everything, they make the best of everything.”

Goldman brings years of experience as stockbroker and financial consultant to the comedy stages where he worked with Jerry Seinfeld and Garry Shandling. In addition to comedic routines, he offers” Humor in the Workplace” seminars and appeared on “Oprah” and other television shows.

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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations.

This page was last reviewed and/or updated on Friday, July 03, 2015 05:21 PM


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