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How Many Ways Can You Spell “Fool”?

Phishing"You can't outsmart the market, the advertising business, retailers or Wall Street. They have more information than you do and use it to get into your wallet."

Phishing is defined as “the activity of defrauding an online account holder of financial information by posing as a legitimate company”. Phool is a term coined by Nobel Economics Prize winners George Akerlof and Robert Shiller to describe a person who succumbs to "phishing”." No matter how you spell it however, none of us wants to become the victim of a phishing attack.  So why is phishing so successful?  Akerlof and Shiller claim they know the answer: it is our tendency to self-conceit, in other words, thinking we know more than smart scammers who are trying to take our money every day. Unfortunately, there is just no way to compete with computers and sophisticated programs that take advantage of pricing glitches and make trades in milliseconds or with robots who move at the speed of light.

The recent Forbes article,  "One Powerful Money-Making Move for 2016" explains that most of us believe we know what's good for us, but when it comes to money, we shoot ourselves in the foot—and wallet!

Here are some wise suggestions to consider:

  • Adopt a Long-Term Investment Strategy. Don't jump into a stock or product based on a newspaper headline. If other people think something is hot, it could very well be overpriced. It'll eventually come down in value. Decide what you want to do with your money decades down the road for things such as college, retirement and estate planning.
  • Buy and Hold. This can be less than glamorous, but you have no advantage timing any market because thousands of professionals will have much better information than you do. If you need stocks for growth, examine their risk and adjust your portfolio accordingly.
  • Select Index Funds. You can't buy last year's returns, so select index funds that cover global stocks, bonds, and real estate. Check them once a year. If you get sick to your stomach when you look at the risk you're taking, make a change, only do so annually.

It doesn't take a Nobel Prize to know that when it comes to money, you may not know as much as you should. But don't panic. Plan ahead and forget the rest of it. You'll have much more peace of mind, as well as financial security.

Reference: Forbes (December 28, 2015) "One Powerful Money-Making Move for 2016"

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.