Money and Happiness Links
So what have you checked off this week to improve your money mood? Did you get cash for your clunker? Has the market been nice to your investments? Are you eagerly awaiting the final details on health care reform?
First, if you are working with an investment manager or are considering it, Forbes ran a very helpful article on a critical step to take to protect your funds under management. The step is to arrange for your money to be held in a separate custodial account. This should prevent someone from blending your money into a pot that ends up with some jerk Ponzi operator like Bernie Madoff.
On a related issue, don’t ignore what your advisor is doing or otherwise put your head in the sand. According to this article, 36% of investors who used advisors did not even know what investments they owned. A mere 31% spoke to their advisors on a regular basis. That my friends is a recipe for disaster.
In personal finances, ignorance is not bliss. You should not only open those monthly reports, you should scrutinize them. If there is even one item in that report that you do not understand, call your advisor and get a proper explanation.
Finally, maybe you are depressed because you lost too much money in the market or don’t have any investments at all. Not to worry. This new site – happier.com – promises to make you happier in just seven days. Be careful, though, part of the site is free and part requires a paid membership. At least the tests are free so it won’t cost you to learn where you fit on the sliding scale of misery.
Would you a monthly fee to get happier and stay there?