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☆ The stock-market whiplash this week shows why you shouldn't worry too much about your 401(k)
▼ + stars: | 2024-08-09 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. So what do such wild swings mean for folks who stress about what the stock-market ups and downs mean for their investments? Advertisement"In fact, it's what we all sign up for when investing in the stock market," he said, adding that, on average, the stock market loses money once every four years and that you could even expect swings of more than 14%. He added: "Selling is literally the only way that you can turn a temporary decline into a permanent loss."

Persons: —, Dow, Gideon Drucker, Aswath Damodaran, Drucker Organizations: Service, Nasdaq, Business, Drucker Wealth, New York University

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ Some boomers aren't waiting to die to pass on their wealth — their millennial kids need it now
▼ + stars: | 2024-07-07 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it. Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported. Related storiesGideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth. He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally. One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain.

Persons: —, Sophia Bera Daigle, Daigle, Gideon Drucker, Drucker Organizations: Service, Business, grandkids, Boomers, millennials, Drucker Wealth

Lifestyle creep can leave even extremely high earners struggling with debt, saving for retirement, or meeting other financial goals and obligations. HENRY stands for "high earner, not rich yet," a common description of those who have fallen victim to lifestyle creep. If you're expecting a raise, Castro says it's important to look at your budget and goals before it goes into effect. Create habits while you're youngAccording to Drucker, one of the best defenses against lifestyle creep is building strong saving and investing habits young. Go back to the basicsIf you've found yourself with a lifestyle creep problem, both financial planners advise going back to the basics of budgeting and planning.

Persons: Brittney Castro, Gideon Drucker, HENRY, Drucker, you'd, it's, Castro, what's, doesn't, Get, you've Organizations: Drucker Wealth Management

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