The year 2020 was a brutal one for the economy and for our daily lives. The pandemic caused a strong downturn, and unemployment spiked in the spring. Economic conditions have only just started to turn around. So how fast will things get back to normal? Here’s a high-level look at the forces that will shape the economy and markets in 2021. The course of the pandemic will be key McIlrath & Eck’s economic outlook for 2021 is based on positive...

Investing can be emotional. Even seasoned investors may act impulsively in the face of turbulent markets, incendiary headlines, or the lure of the hottest new fund. That’s why a carefully considered investment plan is an important tool to help you keep things in perspective. In times of uncertainty, ask: Fully understand your Financial Plan Your plan should be based on your individual circumstances, including asset allocation/risk tolerance, savings rate, and short- and long-term goals. Understanding the reasoning behind the elements...

Money conversations can be challenging no matter the circumstance. In fact, money is one of the top causes of marital discord. Not only that, but money can be difficult to discuss with friends and other family members as well. That’s because there is so much shame and judgment related to money, so people often feel attacked no matter what the conversation is about. Plus, we tend to approach money conversations in a negative way, focusing on the lack of money or the stress...

The courage to stay the course We’ve long professed that short-term market movements—whether up or down—should not dictate one’s investment strategy. Our data shows that our own clients agree as we had little effort with keeping the overwhelming majority staying the course through the recent volatility. Less than 0.5% of clients abandoned their portfolios and had us move entirely to cash. A willingness to weather sudden market drops is an important part of long-term investing. Although it is a natural...