Post on 09-Oct-2020
FUTUREFIT® FINANCIAL WELLNESS SERIES
Millennials
Preparing for a brighter tomorrow
Photo collage
Michael BeuttelFinancial Advisor
PresenterPresentation NotesHello, my name is (insert name), your AIG Retirement Services financial advisor. Welcome to our presentation today on Millennials and the steps this generation is making toward preparing for a brighter financial future.
Agenda
1 What’s in a name?
2 Millennials
3 Savings attitude
4 Investment approach
5 Retirement outlook
6 Preparing for the unexpected
7 Enrolling in your workplace retirement plan
8 Where to go from here?2
PresenterPresentation NotesToday we will cover these topics.
At the end of my presentation, I would sincerely appreciate your feedback. The evaluation form is an insert in your workbook [presenter, you may ask the audience to tear it out now so it is ready at the end of the presentation]. Please complete it and leave it with me when the session ends. Thank you in advance for your feedback.
What’s in a name?
PresenterPresentation NotesSo, what’s really in a name? Generational names reflect a big cultural event such as a major social movement or demographic change, or a noteworthy turn in the calendar.
Born before 1936 1937 – 1945 1982 - 19971946 – 1964 1965 – 1981
G.I. Generation Silent Generation Boomers Gen X Gen Millennials
What’s in a name?
Defining generations
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PresenterPresentation NotesThe generation you’re born into can shape your experiences. For example, when you were born determines the technology you grew up with. Have you ever used a rotary or corded phone? Did you ever share a “party line” with your neighbors? Was your first cell phone roughly as large and heavy as a brick?
Today’s simple USB stick or Wifi router has more computing power than the computers used for Apollo 11 to land men on the moon and return them safely home. And what about the cloud storage? Technology is just one aspect that has had a great impact on each generation. What else defines each generation and how did generational names come about?
Source: Your Smartphone is Millions of Times More Powerful Than all of NASA’s Combined Computing in 1969. zmscience.com. September 10, 2017.
The Great Recession
Born before 1936 1937 – 1945 1982 - 19971946 – 1964 1965 – 1981
G.I. Generation Silent Generation Boomers Gen X
What’s in a name?
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Gen Millennials
• Came of age in the new millennium
• Raised during the Great Recession, 9/11 and age of information
• Entrepreneurial and high social conscience
• Raised during the Great Depression
• Fought or supported war efforts
• Decline in birth rates
• Living in the shadow of the Boomers
• Seek structure and direction
• Spike in birth rates
• Known for individuality, aspiration and idealism
• Rise in the Civil Rights movement
• End of WWII
• Loyal and patriotic
• Impacted by World War II, Pearl Harbor, Hiroshima and Nagasaki bombing
Source: Five Strategies For Managing Generational Differences, bsci21.org. May 21, 2015.
PresenterPresentation NotesGenerational experiences play a large part in how we see the world. Americans who fought or supported war efforts from the home front during World War II are referred to as the “GI Generation.” They were raised following the Great Depression and The New Deal, periods of deprivation. They are also sometimes referred to as the “Greatest Generation” for all the sacrifices they made during the War.
“The Silent Generation,” which followed, includes those who were too young to join the service when World War II started, though many of them fought in the Korean War. Due to past financial insecurities and WWII, this generation was relatively smaller and many were quiet, hardworking people. They, as well as the GI Generation, were greatly impacted by World War II, Pearl Harbor and the dropping of the atomic bombs on Hiroshima and Nagasaki. This experience helped define them as loyal, patriotic and responsible.
The Baby Boomer Generation is characterized by the post-war boom in births which began nine months after the end of World War II and continued through 1964. Baby Boomers in their teen and college years were characteristically part of the 1960s counterculture, known for individuality, aspiration and idealism. They fought to make the world more just and fair. However, in the 80’s, many Boomers became more conservative.1
The generation that followed was seen as living in the shadow of Boomers. It seemed harder to know or understand them, hence the name “Generation X,” with the X, signifying an unknown. For a time, Generation X was called the "baby bust" generation, because of their declining birth rates.2 They are known to be skeptical and seek structure and direction.
Those born between the early 1980’s to the mid to late 1990’s are part of the Millennial Generation. They are the first generation to come of age in the new millennium, and many began careers in the throes of a recession, which has led to a more entrepreneurial, strategic and adaptable attitude in order to succeed and thrive.3 Other world-changing events of the Millennial generation include the events of 9/11 and the rise of mass communication and the internet, which have provided this generation with more exposure to the rest of the world and a greater sense of responsibility to care for it.
Sources: 1The Perfect Name for the Next Generation of Americans. Forbes.com. April 15, 2014.2What is Generation X? Seniorliving.about.com, About Dating & Relationships, Senior Dating, Baby Boomers. Retrieved June 2015.3The New Movers and Shapers: How a Millennial Generation Came of Age. Hufftingtonpost.com. �March 27, 2012.
Millennials
PresenterPresentation NotesThere’s a long tradition of looking back fondly on past generations while bemoaning the current state of “young people these days.” Gen X was looked on as slackers, the Boomers were disparaged as unmotivated “hippies,” and so on. While every generation has faced its own set of challenges, Millennials are often portrayed as having certain personality traits and financial issues that may limit their growth.
Other names for Millennials
Millennials
Net Generation
(((Echo Boomers)))BoomerangGeneration
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PresenterPresentation Notes[OPTIONAL SLIDE]Though most often referred to as Millennials, there are a number of other labels that are routinely applied to this generation.
[Click for other labels.]Because Millennials grew up with access to rapidly advancing technology and rely on the Internet so much more than past generations, they’re sometimes labeled the “Net Generation.”
They’re called “Echo Boomers” at times, because they’re children of the Boomers.
As with every generation, not every label applied to this generation is positive.
Because so many Millennials have moved back home with their parents, they’re also sometimes called the “Boomerang Generation.”
And they’ve been labeled the “Peter Pan Generation” because of their tendency to hit major adult milestones—such as getting married, buying a house and having children—later than generations past.
They are also sometimes referred to as the “New Lost Generation.” The original “Lost Generation” refers to those who came of age during WWI and the unemployed youth in the Great Depression, because their prospects in life were dim. It’s sometimes applied to today’s Millennials due to their high aspirations versus what some would say are dismal economic prospects.
Source: Is Gen Y Becoming the New “Lost Generation?” Psychology Today. April 8, 2013.
The truth about the Millennial generation
Millennials
Want commitment• Only 40% are married6
Marriage
Sources: 1Millennials Outnumber Baby Boomers and are Far More Diverse, Census Bureau Reports. U.S. Census Bureau. Release Number CB15-113. June 21, 2015.2A wider partisan and ideological gap between younger, older generations. Pew Research Center. March 20, 2017.3Millennials increasingly are driving growths of ‘nones’. Pew Research Center. May 12, 2015.4How Millennials today compare with their grandparents 50 years ago. Pew Research Center. March 19, 2015. 5How Millennials Get News: Inside the Habits of America’s First Digital Generation. American Press Institute. March 16, 2015.6Young Americans are Killing Marriage. Bloomberg.com. April 4, 2017.7Millennials in Adulthood. Pew Research, Social & Demographic Trends. March 7, 2014.
Non-traditionalists• 55% describe
themselves as Democrats2
• 35% are unaffiliated with any religion3
BeliefsBest educated• 21% of men and 27%
of women have a four-year college degree by the age of 334
Education
Most optimistic • 49% think America’s
best years are ahead7
Attitude
Most diverse generation• 44.2% are non-white1
Diversity
Avid researchers• 82% get most of their
news from online sources• 65% research topics
interested in or pursuing hobbies online5
Information
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PresenterPresentation NotesAside from the stereotypes and labels, what do we really know about Millennials? Here are some interesting findings:
Millennials are the most racially diverse generation in American history. 44.2% of Millennial adults are non-white, the highest share of any generation.1 Millennials are less attached to traditional political and religious institutions than their predecessors. 55% describe themselves as Democrats2 and 35% are not affiliated with any religion.3 They much prefer to connect to personalized networks of friends, colleagues and affinity groups through social and digital media. Millennials are considered the best-educated generation, with 21% of men and 27% of women having at least a four-year degree by the age of 33.4Millennials are also avid researchers who want to be empowered with the best information available when making purchasing decisions. 82% get most of their news from online sources and 65% research topics they are interested in or are looking to pursue online.5Millennials lag prior generations in marriage. 40% of Millennials are married, while in 1980 66% of the same age group were married.6 Even so, when surveyed, Millennials were the most optimistic generation. Thirty-two percent said they either currently have enough money to lead the lives they want or expect to in the future (53%). In fact, 49% of Millennials thought America’s best years are ahead, a view held by only 39% of Silents, 44% of Boomers, and 42% of Gen Xers.7
Sources: 1Millennials Outnumber Baby Boomers and are Far More Diverse. Census Bureau Reports. U.S. Census Bureau. Release Number CB15-113. June 21, 2015.2A wider partisan and ideological gap between younger, older generations. Pew Research Center. March 20, 2017.3Millennials increasingly are driving growths of ‘nones’. Pew Research Center. May 12, 2015.4How Millennials today compare with their grandparents 50 years ago. Pew Research Center. March 19, 2015.5How Millennials Get News: Inside the Habits of America’s First Digital Generation. American Press Institute. March 16, 2015.6Young Americans are Killing Marriage. Bloomberg.com. April 4, 2017.7Millennials in Adulthood. Pew Research, Social & Demographic Trends. March 7, 2014.
Savings attitude
PresenterPresentation NotesAnd what’s more? It might not be widely known, but Millennials are emerging as a generation of solid savers. That’s great news! In spite of some of the economic challenges they have faced, or perhaps because of it, they’re already getting a head start in saving and planning for their future!
What’s your attitude toward saving?Millennials are considered better savers than their predecessors
Savings attitude
Sources: 1Millennials are Still Spooked by the 2008 Financial Crisis. BusinessInsider.com. June 1, 2017.2Millennials are Quietly Becoming Better Savers than Baby Boomers. Time.com. June 20, 2017.
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50% of Millennials have enough in savings to cover three months worth of expenses in case of an emergency2
82% of Millennials say the Great Recession taught them to save now to weather future economic uncertainty1
PresenterPresentation NotesMillennials are generally particularly conscious of the need to plan ahead to weather economic downturns. Eighty-two percent say the Great Recession has taught them to save now to survive economic problems down the road, and 50% have enough money in savings to cover three months worth of expenses in case of an emergency.
What are Millennials saving for?
Savings attitude
Secure retirement
Source: Wall Street to Millennials: Don’t fear the stock market. USA Today. April 26, 2017.14
61%
43%
33%
22%17% 14%
9%4%
Retirement Buying ahome
Vacation Buying acar
College Wedding Healthcare Elder care
PresenterPresentation Notes[OPTIONAL SLIDE]Well, the good news is nearly 65% of Millennials say they are positive about their financial outlook with over 61% saving for retirement! [Review slide.]
Source: Wall Street to Millennials: Don’t fear the stock market. USA Today. April 26, 2017.
Set savings goals
Savings attitude
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Long-term• Child’s college education• Retirement• Legacy
Short-term• Emergency fund• Tuition payment• Travel
Mid-term• Buying a car• Buying a house• Starting a business
PresenterPresentation NotesIf you aren’t saving for retirement, or saving what you want to be saving for retirement, setting and prioritizing financial goals can help you accomplish them.
[Click for short-term goals.]We’re all typically working toward several goals at once. To help stay focused, establishing short-term goals—such as an emergency fund—could be a good starting point, especially considering job market uncertainty. A good rule of thumb is to have sufficient cash to cover three to six months of expenses. While setting some money aside for a rainy day, Millennials may also be saving up for next semester’s books and lab fees, along with several other short-term wants and needs.
[Click for mid-term goals.]Down the road, there might be some bigger dreams that will take awhile to fund, such as buying a house or starting a business. There are a lot of entrepreneurs from the Millennial generation, with over 62% of Millennials who have considered starting their own business.1
[Click for long-term goals.]Saving for long-term goals, such as retirement, is very important. Although Millennials may have a long time horizon to make this dream a reality, many are already taking steps toward securing a brighter future.
Later in the presentation, we will discuss investment options to target short-, mid-, and long-term goals.
Sources: 1Are Millennials Less or More Likely to Start their own Businesses? Forbes.com. February 15, 2017.
Conquer your debtStudent loans
Savings attitude
Source: 1A Look at the Shocking Student Loan Debt Statistics for 2018. studentloanhero.com Updated May 1, 2018.
Contact your lender for qualification requirements or visit the U.S. Consumer Financial Protection Bureau for more information: www.consumerfinance.gov/paying-for-college/repay-student-debt.
The average student loan debt for class of 2017 graduates was $39,4001
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Deferment Forbearance
Consolidation Loan forgiveness
PresenterPresentation Notes[This slide has animations.]Of course, one of the biggest obstacles to saving is debt. While Millennials are the best-educated generation, they are also entering adulthood with record levels of student loan debt: In 2017 the average student loan debt for class of 2017 graduates was $39,400!1 Two decades ago, only half of recent graduates had college debt, and the average was $15,000.2 If keeping up with student loan debt is of great concern, there are a few options to consider [click for each to appear:]Loan deferment allows putting off paying a student loan for a few months or years without affecting the borrower’s credit score, and the accrued interest is usually paid by the government. Keep in mind that this option must be requested directly from the lender to avoid defaulting on a loan due to missed payments. Going back to school usually automatically results in deferment of a student loan. Forbearance results when a deferment has been denied and the borrower is therefore responsible for paying accrued interest during any break in making payments. Consolidating several student loans into one lower monthly payment might be a good option to consider, however, the borrower may end up paying more interest in the long run.With loan forgiveness, the federal government will cancel part or all of the federal student loans, if approved. For more information, visit the U.S. Consumer Financial Protection Bureau website, and search for “student loan repayment”.
Sources: 1A Look at the Shocking Loan Debt Statistics for 2018. studentloanhero.com. Updated May 1, 2018.2Employee Financial Wellness Survey. Pwc.com. April 2014.
Conquer your debtCredit cards
Savings attitude
Sources: *Average Credit Card Debt in America: November 2018. ValuePenguin.com. Retrieved November 29, 2018.17
$5,808 is the average credit card debt for Millennials*
Building credit with a credit card
Pay more than the minimum
Pay off the credit card with the highest interest first
Negotiate a lower interest rate
Transfer balance to a lower interest card
Use savings to pay off credit card debt
Building credit without a credit card
Make installment loan payments on time
Put at least one household or utility bill in your name
Get a secured credit card
PresenterPresentation Notes[This slide has animations.]Millennials average about $5,808 in credit card debt.1 But did you know that just 1 out of every 3 Millennials carries a credit card?2 The effects of a lingering recession and student loan debt may have you avoiding plastic. But getting a credit card is a good way to build credit, as long as you are responsible. Paying off the balance each month to avoid interest charges is a great way of staying debt-free. However, if you are one of the 30% of Millennials who find it difficult to make even the minimum credit card payments each month3, here are some options you might want to consider [click for bullets to appear:]If possible, pay more than the minimum required payment. Try to negotiate a lower interest rate with the credit card company and apply the savings to pay off the card faster. While doing so, avoid using it or obtaining additional cards. Take advantage of low introductory rate offers to transfer debt from high interest rate cards. These lower rates may be available only for a period of time, but if you can consolidate higher rate cards and pay off the debt within that introductory period, it is a strategy worth considering. But take note of the regular rate before you consider this strategy as it might cost you more in the long run. Focus on paying off the highest interest rate card first. Double up on payments if you can. Once paid off, you will be able to focus on lower-interest cards and possibly pay them off even faster.If you are able to, use savings to pay off cards. Why earn 2% on savings while paying 16% on debt? Otherwise, budget to pay at least the minimum payment required.
And if you don’t have a credit card and are worried about building credit, here are a few suggestions [click for bullets to appear:]Make payments on installment loans on time, whether it’s a car loan, student loan or personal loan, and pay at least the minimum amount required.Put at least one household or utility bill in your name. Again, paying it on time can help you build a positive credit history.Get a secured credit card where the funds are backed by money you deposit, so you can’t charge or owe more than is available.
Sources: 1Average Credit Card Debt in America: November 2018. ValuePenguin.com. Retrieved November 2018. 2Why Millennials Are Ditching Credit Cards. Fortune.com. February 27, 2018. 3Employee Financial Wellness Survey. Pwc.com. April 2015.
Savings attitude
Create a budget Jan Feb MarINCOMESalary $ 2,800 $ 2,800 $ 2,800Investment gains $ 0 $ 0 $ 0Bonus $ 175 $ 225 $ 95Tips $ 350 $ 500 $ 275TOTAL $ 3,325 $ 3,525 $ 3,170EXPENSES
$ 1,200 $ 1,200 $ 1,200Rent/mortgage$ 375 $ 375 $ 375Car payment
$ 200 $ 200 $ 200Student loan$ 125 $ 125 $ 125Credit card
$ 150 $ 225 $ 175Groceries$ 325 $ 250 $ 275Utilities$ 100 $ 275 $ 150Entertainment
$ 2,825 $ 3,060 $ 2,875TOTAL
$ 500 $ 465 $ 295BALANCE(INCOME – EXPENSES)
$ 150 $ 150 $ 150Insurance
$ 150 $ 210 $ 175Personal/misc.
$ 50 $ 50 $ 50Savings
Fixed
Variable
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PresenterPresentation NotesBecause it can be very tempting for anyone to spend their paycheck without saving adequate funds for the future, it is important to create a budget to help manage spending. Let’s look at this example. To itemize the allocation of available funds, start by adding your income which includes any money that is expected on a consistent basis, such as salary or investment income, say from a rental property. Keep in mind that if you receive monthly tips or bonuses, unless they are fixed amounts, you may want to be conservative in your estimate.
Once you have totaled your income, add all of your monthly expenses [click for Expenses to appear], which will include fixed and variable expenses. Fixed expenses are recurring and predictable expenses such as rent or mortgage payments, car payments, insurance, student loan payments or any outstanding credit card minimum payments (remember that eliminating credit card debt should be a top priority) [click for this information to appear]. This is where you will want to also allocate for savings. We’ll determine this amount once we complete our calculation.
Variable expenses are not as predictable since the amount might fluctuate from month to month. These may include groceries, utilities, entertainment and personal expenses [click for this information to appear]. Once you subtract your expenses from your income, you’ll have a better idea of your overall financial situation. Now you can allocate for savings [click for arrow to savings to appear]. Although your monthly available balance might fluctuate, you’d want to make savings a recurring fixed expense going forward, even if it’s a small amount. And if you don’t yet have investments, this is an opportunity to also allocate toward the possibility of growing your money through investment vehicles. We’ll discuss this option later in the presentation.
Please note that this is just an example of basic income and expense items. Actual income and expenses will vary depending on individual circumstances. If you need assistance developing a budget and a financial plan, I can help you get started.
[Presenter: Consider handing out VC 17434 Personal Budget Worksheet to attendees as a takeaway]
Make saving easier
Savings attitude
19
Schedule systematic
savings
1Save
increases, bonuses and tax returns
2
Use money-saving apps
3
PresenterPresentation NotesOnce you have created a budget, you might want to begin allocating money toward savings. This might seem difficult, even if you have a balance left over after paying expenses. After all, you might need that money for something else, right? We all seem to find something to spend extra money on, but remember it’s important to start building a financial foundation, which begins with a disciplined approach of paying yourself first.
There are ways you can set money aside and hardly miss it:Try setting up automatic transfers from your checking into your savings account. You can start with a smaller amount and gradually increase it as your salary increases or expenses decrease. Setting up direct deposit also helps, and may reduce your bank fees. You might consider setting up interest-earning accounts in addition to your checking account. You may also consider saving most, if not all, of increases, bonuses and tax returns. You can also take advantage of money-saving apps which research deals and coupons for retailers, restaurants, activities and services and some that can even study your spending habits and make small periodic transfers from your checking into your savings account.
Keep in mind that apps may change frequently so you may need to shop around for the most current ones that best suit your savings needs.
Source: 3 Money-Saving Apps That Won't Cost You a Dime. Entrepreneur.com. Retrieved January 17, 2017.
Investment approach
PresenterPresentation NotesWhen it comes to investing, historical data indicates a strong relationship between the age distribution of the U.S. population and economic and stock market performance. The attitudes and behaviors of Baby Boomers have shaped the investment world, first noted by a 20-year stock market surge that started in 1981 when the Boomers were at the peak of their spending years. Now, the coming of age for the Millennials is also expected to have a great impact on the economy and the stock market over the coming decades, especially with that group being a larger population.
Source: Boomers to Millennials, How Our Changing Demographics Will Impact the Economy and Stock Market. www.janney.com, 2014.
•Millennials’ thoughts on investing
Investment approach
Source: 1Helping Millennials Embrace Investment Risk. ThinkAdvisor.com. November 16, 2017.2This is what Millennials care about when they invest. Marketwatch.com. September 11, 2018.3Why aren’t Millennials investing? They’re spooked by the recession. latimes.com, July 25, 2018.
85%1
Identify themselves as
being conservative
60%2
Believe that making socially responsible
investments is important
33%3
Believe that cash is the best long-term
investment
Invest in stocks
33%1
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PresenterPresentation Notes[This slide has automatic animations.]Did you know? [Read each statistic.]
•Investment options •Asset classes
Investment approach
Asset classes and indexes from which their historical returns are derived are not managed funds, have no identifiable objectives and cannot be purchased. They do not provide an indicator of how individual investments performed in the past or how they will perform in the future. Performance of indexes does not reflect the deduction of any fees and charges and past performance of asset classes does not guarantee the future performance of any investment.
Low Risk
Pote
ntia
l Ret
urn
High
Hig
h
•Theoretical risk versus return
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PresenterPresentation Notes[This slide has animations.]There are three asset classes that you can invest in.
First, there is cash [click for animation], which is composed of several types of low-interest, low-risk investment vehicles that provide liquidity. Cash investments protect principal, but generally also provide lower returns. This is a good place for short-term emergency money.
A bond [click for animation] is a loan where you as the bond buyer lend money to the bond issuer, usually the government or a corporation. In return, the bond issuer will pay you a fixed amount as interest at regular intervals in addition to repaying the principal in full at a specified date. These investments are less risky than stocks.
The third asset class is composed of stocks [click for animation], which represent shares of ownership in foreign or domestic companies of various sizes and goals. A company issues stock to raise money for its business, and individuals invest in stocks because they want to make money. These investments are higher risk with a higher potential for return.
What is your time horizon?
Investment approach
Time horizonShort- to mid-term Long-term
Goals Debt repayment Down payment
Retirement planning College education Legacy
Seeking Capital preservation Capital appreciation
Investment approach Conservative Aggressive
Investment vehicles/Plan types
Interest-bearing savings accounts
Certificates of deposit (CDs) U.S. savings bonds Money market accounts
Stocks Mutual funds Life insurance Annuities 529 college plan Retirement plans
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42% of Millennials are investing conservatively**Millennials Are Good at Saving, But Investing? Not So Much. Forbes.com. March 13, 2018.
PresenterPresentation Notes[OPTIONAL SLIDE]Despite having a long time horizon until retirement, Millennials’ investment approach is conservative, which might be affecting their long-term growth. Therefore, they might be more interested in putting their money into investment vehicles with short-term maturity dates and that are less susceptible to risk, such as a Federal Deposit Insurance Corporation (FDIC)-insured money market account or U.S. savings bonds. However, keep in mind that these types of conservative investments are usually better suited to investors with a short time horizon, looking to get enough cash sooner to pay off credit cards, or save for a down payment on a car.
For mid-term goals, such as a down payment for a house, certificates of deposit (CDs) may be a good option since they typically offer a higher rate of return than a regular savings account, with relatively low risk, and potentially increase in value the longer the money is invested. However, because rates may fluctuate, compare current rates between CDs and savings accounts before you invest.
For long-term goals, such as retirement planning or perhaps saving for a kids’ college education, investing to generate long-term accumulation of funds or capital appreciation might be a better option. In this case, investment could potentially increase due to “compounding,” which means reinvesting the interest you earn to potentially make you more money.
When considering college, a 529 college savings plan might be a good option to consider. It encourages saving for the future higher education expenses of a designated beneficiary, while offering tax-deferred growth and tax-free withdrawals for qualified education expenses. Another option is life insurance which, as we will discuss later, not only provides for your dependents, but may also supplement your retirement income. And as you age, you may also want to consider purchasing an annuity. While traditional life insurance guards against “dying too soon,” an annuity can be used as insurance against “living too long.” If you buy an annuity, you will receive in return a series of periodic payments that are guaranteed as to amount and payment period. Guarantees are backed by the claims-paying ability of the issuing insurance company.
Millennials’ investment profile
Investment approach
Your grandparents may be investing more aggressively than you are
Sources: 1Millennials are Risk Averse and Hoarding Cash.Investopedia.com. June 20, 2017.2Millennials Are Good at Saving, But Investing? Not So Much. Forbes.com. March 13, 2018.
85% of Millennials identify themselves as conservative investors1Very conservative
Wary of market volatility Risk averse, despite long-term investment time horizon
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25% of Millennials hold their investments in cash2
PresenterPresentation Notes[This slide has automatic animations.]While Millennials are younger and have a longer time horizon ahead of them, they take a more conservative investment approach than Gen X investors do, and hold significantly more cash than any other generation. Millennials hold more than half of their assets in cash (52%), with less than one-third of their assets (28%) in equities. This is directly counter to traditional long-term investment allocation advice.
Millennials’ concerns about money, risk and success have been shaped by dramatic economic and market volatility that hurt job prospects and earning abilities, as well as disrupted their parents’ real estate values, investment portfolios and retirement savings.
Although they might be optimistic about their financial future, some are skeptical about long-term investing as the way to reach their goals. Given their long-term investing time horizon, this may be a good time in their life to reassess the amount of financial risk they are prepared to take.
Source: Think You Know the Next Gen Investor? Think Again. UBS Investor Watch. 1Q 2014.
•Weathering market volatility•Staying invested vs. missing three months of best performance
Investment approach
25
Based on Standard & Poor’s 500 Index’s return over 36-year period ended December 31, 2015. One cannot invest directly in an index. The Standard & Poor’s (S&P) 500 Index includes a representative sample of leading companies in leading industries that reflect the U.S. stock market. For illustration only. Past performance does not guarantee future results.Source: Ibbotson Associates, www.ycharts.com, VALIC.
Investor 1Kept his/her money invested
Investor 2Withdrew money for only 3 months but missed the top 3 months in terms of performance
$489K
$343K
•investor 2 missed a potential gain of 146K
2009$0
$100
$200
$300
$400
$500
1980 1985 1990 1995 2000 2005 2010 20152015
PresenterPresentation NotesMarket uncertainty often makes investors uncomfortable, causing some investors to make decisions they might later regret. However, like with many historical events, the market tends to rebound. This chart illustrates S&P 500 performance over a 36-year period ended December 31, 2015. One investor stayed in the market (blue line) and the other investor tried to time the market and eventually pulled out for three months (orange line), then came back.
While the withdrawn money was only out of the market for three months, they were the best three months in terms of performance. These best monthly performances took place in August 1982, January 1987, and December 1991, when the Index returns were 12.67%, 13.43%, and 11.43%, respectively.
The loss for the second investor was not only for that time period, but also the long-term compounding gains.
Think on this: What if you pulled out of the market in 2009 during the downturn? You would miss the subsequent upswing of the market and, as a result, potential returns [click for animation.] As you can see in the chart, the market has rallied since 2009. Taking your monies out of the market during a downturn sometimes means the loss of potential gains when the market begins to rally. As you can see, it’s time in the market that counts — not timing the market.
Source: S&P500 total returns data for 1/1/1980 through 12/31/2007 from Ibbotson. S&P500 total returns data for 1/1/2008 through 12/31/2015 from Standard & Poors, ycharts.com. Calculation for value of $10,000 that stayed invested performed by VALIC from http://us.spindices.com/indices/equity/sp-500.
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155.5703835699
229.8103887014
161.373158877
225.5411999535
158.3753288922
239.0736719508
167.8778486257
243.6877938194
171.1178911042
234.9150332419
164.9576470244
242.1973992724
170.0713340822
256.8019024485
180.3266355273
260.8593725072
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240.0167086439
168.5400502388
227.4638347818
159.7254056113
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232.4313014631
163.2135672845
253.1641735536
177.7722174863
262.7844121486
184.5275617508
262.8106905898
184.5460145069
280.3664447212
196.873688276
287.0111294611
201.5395946881
296.8556112016
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204.8803996155
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Chasing Performance(103109)
Total Returns for S&P500 from January 1, 1980 through October 31, 2009Assume initial investment =$10,000
S&P500 total returns data for 1/1/1980 through 12/31/2007 from Ibbotson
S&P500 total returns data for 1/1/2008 through 10/31/2009 from Standard & PoorsValue on 10/31/2009 if …
Calculation for value of $10,000 that stayed invested performed by VALICStayed invested entire 30 years =$225,541.20
Invested all but best 3 months =$158,375.33
Advantage from staying in market
Cleaned up for GraphingThree best months of market during this 30 year period were August 1982, January 1987,$67,165.87
MonthMonthlyStayingOut of MktMonthStayingOut of Mktand December 1991 with returns of 12.67%, 13.43%, and 11.43%, respectively.
& YearReturn (%)InvestedBest 3 Mos.& YearInvested ($k)Best 3 Mos. ($k)
Jan-806.1$10,610.00$10,610.00Jan-80$10.61$10.61
Feb-800.31$10,642.89$10,642.89Feb-80$10.64$10.64
Mar-80-9.87$9,592.44$9,592.44Mar-80$9.59$9.59
Apr-804.29$10,003.95$10,003.95Apr-80$10.00$10.00
May-805.62$10,566.18$10,566.18May-80$10.57$10.57
Jun-802.96$10,878.93$10,878.93Jun-80$10.88$10.88
Jul-806.76$11,614.35$11,614.35Jul-80$11.61$11.61
Aug-801.31$11,766.50$11,766.50Aug-80$11.77$11.77
Sep-802.81$12,097.14$12,097.14Sep-80$12.10$12.10
Oct-801.86$12,322.14$12,322.14Oct-80$12.32$12.32
Nov-8010.95$13,671.42$13,671.42Nov-80$13.67$13.67
Dec-80-3.15$13,240.77$13,240.77Dec-80$13.24$13.24
Jan-81-4.38$12,660.82$12,660.82Jan-81$12.66$12.66
Feb-812.08$12,924.17$12,924.17Feb-81$12.92$12.92
Mar-813.8$13,415.29$13,415.29Mar-81$13.42$13.42
Apr-81-2.13$13,129.54$13,129.54Apr-81$13.13$13.13
May-810.62$13,210.94$13,210.94May-81$13.21$13.21
Jun-81-0.8$13,105.26$13,105.26Jun-81$13.11$13.11
Jul-810.07$13,114.43$13,114.43Jul-81$13.11$13.11
Aug-81-5.54$12,387.89$12,387.89Aug-81$12.39$12.39
Sep-81-5.02$11,766.02$11,766.02Sep-81$11.77$11.77
Oct-815.28$12,387.26$12,387.26Oct-81$12.39$12.39
Nov-814.41$12,933.54$12,933.54Nov-81$12.93$12.93
Dec-81-2.65$12,590.80$12,590.80Dec-81$12.59$12.59
Jan-82-1.63$12,385.57$12,385.57Jan-82$12.39$12.39
Feb-82-5.12$11,751.43$11,751.43Feb-82$11.75$11.75
Mar-82-0.6$11,680.92$11,680.92Mar-82$11.68$11.68
Apr-824.14$12,164.51$12,164.51Apr-82$12.16$12.16
May-82-2.88$11,814.18$11,814.18May-82$11.81$11.81
Jun-82-1.74$11,608.61$11,608.61Jun-82$11.61$11.61
Jul-82-2.15$11,359.02$11,359.02Jul-82$11.36$11.36
Aug-8212.67$12,798.21$11,359.02Aug-82$12.80$11.36
Sep-821.1$12,938.99$11,483.97Sep-82$12.94$11.48
Oct-8211.26$14,395.92$12,777.07Oct-82$14.40$12.78
Nov-824.38$15,026.46$13,336.70Nov-82$15.03$13.34
Dec-821.73$15,286.42$13,567.43Dec-82$15.29$13.57
Jan-833.48$15,818.39$14,039.58Jan-83$15.82$14.04
Feb-832.6$16,229.67$14,404.60Feb-83$16.23$14.40
Mar-833.65$16,822.05$14,930.37Mar-83$16.82$14.93
Apr-837.58$18,097.16$16,062.10Apr-83$18.10$16.06
May-83-0.52$18,003.06$15,978.57May-83$18.00$15.98
Jun-833.82$18,690.77$16,588.95Jun-83$18.69$16.59
Jul-83-3.13$18,105.75$16,069.72Jul-83$18.11$16.07
Aug-831.7$18,413.55$16,342.90Aug-83$18.41$16.34
Sep-831.36$18,663.98$16,565.17Sep-83$18.66$16.57
Oct-83-1.34$18,413.88$16,343.20Oct-83$18.41$16.34
Nov-832.33$18,842.92$16,723.99Nov-83$18.84$16.72
Dec-83-0.61$18,727.98$16,621.98Dec-83$18.73$16.62
Jan-84-0.65$18,606.25$16,513.93Jan-84$18.61$16.51
Feb-84-3.28$17,995.96$15,972.28Feb-84$18.00$15.97
Mar-841.71$18,303.69$16,245.40Mar-84$18.30$16.25
Apr-840.69$18,429.99$16,357.49Apr-84$18.43$16.36
May-84-5.34$17,445.83$15,484.00May-84$17.45$15.48
Jun-842.21$17,831.38$15,826.20Jun-84$17.83$15.83
Jul-84-1.43$17,576.39$15,599.89Jul-84$17.58$15.60
Aug-8411.25$19,553.74$17,354.87Aug-84$19.55$17.35
Sep-840.02$19,557.65$17,358.34Sep-84$19.56$17.36
Oct-840.26$19,608.50$17,403.48Oct-84$19.61$17.40
Nov-84-1.01$19,410.45$17,227.70Nov-84$19.41$17.23
Dec-842.53$19,901.54$17,663.56Dec-84$19.90$17.66
Jan-857.68$21,429.97$19,020.12Jan-85$21.43$19.02
Feb-851.37$21,723.56$19,280.70Feb-85$21.72$19.28
Mar-850.18$21,762.67$19,315.40Mar-85$21.76$19.32
Apr-85-0.32$21,693.03$19,253.59Apr-85$21.69$19.25
May-856.15$23,027.15$20,437.69May-85$23.03$20.44
Jun-851.59$23,393.28$20,762.65Jun-85$23.39$20.76
Jul-85-0.26$23,332.46$20,708.67Jul-85$23.33$20.71
Aug-85-0.61$23,190.13$20,582.34Aug-85$23.19$20.58
Sep-85-3.21$22,445.72$19,921.65Sep-85$22.45$19.92
Oct-854.47$23,449.05$20,812.15Oct-85$23.45$20.81
Nov-857.16$25,128.00$22,302.30Nov-85$25.13$22.30
Dec-854.67$26,301.48$23,343.82Dec-85$26.30$23.34
Jan-860.44$26,417.20$23,446.53Jan-86$26.42$23.45
Feb-867.61$28,427.55$25,230.81Feb-86$28.43$25.23
Mar-865.54$30,002.44$26,628.60Mar-86$30.00$26.63
Apr-86-1.24$29,630.41$26,298.40Apr-86$29.63$26.30
May-865.49$31,257.12$27,742.18May-86$31.26$27.74
Jun-861.66$31,775.99$28,202.70Jun-86$31.78$28.20
Jul-86-5.69$29,967.93$26,597.97Jul-86$29.97$26.60
Aug-867.48$32,209.54$28,587.50Aug-86$32.21$28.59
Sep-86-8.22$29,561.91$26,237.61Sep-86$29.56$26.24
Oct-865.56$31,205.55$27,696.42Oct-86$31.21$27.70
Nov-862.56$32,004.42$28,405.45Nov-86$32.00$28.41
Dec-86-2.64$31,159.50$27,655.54Dec-86$31.16$27.66
Jan-8713.43$35,344.22$27,655.54Jan-87$35.34$27.66
Feb-874.13$36,803.94$28,797.72Feb-87$36.80$28.80
Mar-872.72$37,805.00$29,581.01Mar-87$37.81$29.58
Apr-87-0.88$37,472.32$29,320.70Apr-87$37.47$29.32
May-871.03$37,858.28$29,622.70May-87$37.86$29.62
Jun-874.99$39,747.41$31,100.88Jun-87$39.75$31.10
Jul-874.98$41,726.83$32,649.70Jul-87$41.73$32.65
Aug-873.85$43,333.32$33,906.71Aug-87$43.33$33.91
Sep-87-2.2$42,379.98$33,160.77Sep-87$42.38$33.16
Oct-87-21.52$33,259.81$26,024.57Oct-87$33.26$26.02
Nov-87-8.19$30,535.83$23,893.16Nov-87$30.54$23.89
Dec-877.38$32,789.38$25,656.47Dec-87$32.79$25.66
Jan-884.27$34,189.48$26,752.00Jan-88$34.19$26.75
Feb-884.7$35,796.39$28,009.35Feb-88$35.80$28.01
Mar-88-3.02$34,715.34$27,163.47Mar-88$34.72$27.16
Apr-881.08$35,090.26$27,456.83Apr-88$35.09$27.46
May-880.78$35,363.97$27,670.99May-88$35.36$27.67
Jun-884.64$37,004.86$28,954.93Jun-88$37.00$28.95
Jul-88-0.4$36,856.84$28,839.11Jul-88$36.86$28.84
Aug-88-3.31$35,636.88$27,884.53Aug-88$35.64$27.88
Sep-884.24$37,147.88$29,066.84Sep-88$37.15$29.07
Oct-882.73$38,162.02$29,860.36Oct-88$38.16$29.86
Nov-88-1.42$37,620.12$29,436.35Nov-88$37.62$29.44
Dec-881.81$38,301.04$29,969.14Dec-88$38.30$29.97
Jan-897.23$41,070.21$32,135.91Jan-89$41.07$32.14
Feb-89-2.49$40,047.56$31,335.73Feb-89$40.05$31.34
Mar-892.36$40,992.68$32,075.25Mar-89$40.99$32.08
Apr-895.16$43,107.90$33,730.34Apr-89$43.11$33.73
May-894.02$44,840.84$35,086.29May-89$44.84$35.09
Jun-89-0.54$44,598.70$34,896.83Jun-89$44.60$34.90
Jul-898.98$48,603.66$38,030.56Jul-89$48.60$38.03
Aug-891.93$49,541.71$38,764.55Aug-89$49.54$38.76
Sep-89-0.39$49,348.50$38,613.37Sep-89$49.35$38.61
Oct-89-2.33$48,198.68$37,713.68Oct-89$48.20$37.71
Nov-892.08$49,201.21$38,498.12Nov-89$49.20$38.50
Dec-892.36$50,362.36$39,406.68Dec-89$50.36$39.41
Jan-90-6.71$46,983.05$36,762.49Jan-90$46.98$36.76
Feb-901.29$47,589.13$37,236.73Feb-90$47.59$37.24
Mar-902.63$48,840.72$38,216.05Mar-90$48.84$38.22
Apr-90-2.47$47,634.36$37,272.12Apr-90$47.63$37.27
May-909.75$52,278.71$40,906.15May-90$52.28$40.91
Jun-90-0.7$51,912.75$40,619.81Jun-90$51.91$40.62
Jul-90-0.32$51,746.63$40,489.82Jul-90$51.75$40.49
Aug-90-9.03$47,073.91$36,833.59Aug-90$47.07$36.83
Sep-90-4.92$44,757.88$35,021.38Sep-90$44.76$35.02
Oct-90-0.37$44,592.27$34,891.80Oct-90$44.59$34.89
Nov-906.44$47,464.01$37,138.83Nov-90$47.46$37.14
Dec-902.74$48,764.53$38,156.44Dec-90$48.76$38.16
Jan-914.42$50,919.92$39,842.95Jan-91$50.92$39.84
Feb-917.16$54,565.79$42,695.71Feb-91$54.57$42.70
Mar-912.38$55,864.45$43,711.86Mar-91$55.86$43.71
Apr-910.28$56,020.87$43,834.26Apr-91$56.02$43.83
May-914.28$58,418.57$45,710.36May-91$58.42$45.71
Jun-91-4.57$55,748.84$43,621.40Jun-91$55.75$43.62
Jul-914.68$58,357.88$45,662.88Jul-91$58.36$45.66
Aug-912.35$59,729.29$46,735.96Aug-91$59.73$46.74
Sep-91-1.64$58,749.73$45,969.49Sep-91$58.75$45.97
Oct-911.34$59,536.98$46,585.48Oct-91$59.54$46.59
Nov-91-4.04$57,131.69$44,703.43Nov-91$57.13$44.70
Dec-9111.43$63,661.84$44,703.43Dec-91$63.66$44.70
Jan-92-1.86$62,477.73$43,871.94Jan-92$62.48$43.87
Feb-921.28$63,277.44$44,433.50Feb-92$63.28$44.43
Mar-92-1.96$62,037.20$43,562.61Mar-92$62.04$43.56
Apr-922.91$63,842.49$44,830.28Apr-92$63.84$44.83
May-920.54$64,187.24$45,072.36May-92$64.19$45.07
Jun-92-1.45$63,256.52$44,418.81Jun-92$63.26$44.42
Jul-924.03$65,805.76$46,208.89Jul-92$65.81$46.21
Aug-92-2.02$64,476.48$45,275.47Aug-92$64.48$45.28
Sep-921.15$65,217.96$45,796.14Sep-92$65.22$45.80
Oct-920.36$65,452.75$45,961.01Oct-92$65.45$45.96
Nov-923.37$67,658.51$47,509.89Nov-92$67.66$47.51
Dec-921.31$68,544.83$48,132.27Dec-92$68.54$48.13
Jan-930.73$69,045.21$48,483.64Jan-93$69.05$48.48
Feb-931.35$69,977.32$49,138.17Feb-93$69.98$49.14
Mar-932.15$71,481.83$50,194.64Mar-93$71.48$50.19
Apr-93-2.45$69,730.53$48,964.87Apr-93$69.73$48.96
May-932.7$71,613.25$50,286.92May-93$71.61$50.29
Jun-930.33$71,849.57$50,452.87Jun-93$71.85$50.45
Jul-93-0.47$71,511.88$50,215.74Jul-93$71.51$50.22
Aug-933.81$74,236.48$52,128.96Aug-93$74.24$52.13
Sep-93-0.74$73,687.13$51,743.20Sep-93$73.69$51.74
Oct-932.03$75,182.98$52,793.59Oct-93$75.18$52.79
Nov-93-0.94$74,476.26$52,297.33Nov-93$74.48$52.30
Dec-931.23$75,392.32$52,940.59Dec-93$75.39$52.94
Jan-943.35$77,917.96$54,714.10Jan-94$77.92$54.71
Feb-94-2.7$75,814.18$53,236.82Feb-94$75.81$53.24
Mar-94-4.35$72,516.26$50,921.02Mar-94$72.52$50.92
Apr-941.3$73,458.97$51,582.99Apr-94$73.46$51.58
May-941.63$74,656.35$52,423.79May-94$74.66$52.42
Jun-94-2.47$72,812.34$51,128.92Jun-94$72.81$51.13
Jul-943.31$75,222.43$52,821.29Jul-94$75.22$52.82
Aug-944.07$78,283.98$54,971.12Aug-94$78.28$54.97
Sep-94-2.41$76,397.34$53,646.31Sep-94$76.40$53.65
Oct-942.29$78,146.84$54,874.81Oct-94$78.15$54.87
Nov-94-3.67$75,278.85$52,860.91Nov-94$75.28$52.86
Dec-941.46$76,377.92$53,632.68Dec-94$76.38$53.63
Jan-952.6$78,363.75$55,027.13Jan-95$78.36$55.03
Feb-953.88$81,404.26$57,162.18Feb-95$81.40$57.16
Mar-952.96$83,813.83$58,854.18Mar-95$83.81$58.85
Apr-952.91$86,252.81$60,566.84Apr-95$86.25$60.57
May-953.95$89,659.80$62,959.23May-95$89.66$62.96
Jun-952.35$91,766.80$64,438.77Jun-95$91.77$64.44
Jul-953.33$94,822.63$66,584.58Jul-95$94.82$66.58
Aug-950.27$95,078.66$66,764.36Aug-95$95.08$66.76
Sep-954.19$99,062.45$69,561.78Sep-95$99.06$69.56
Oct-95-0.35$98,715.73$69,318.32Oct-95$98.72$69.32
Nov-954.4$103,059.23$72,368.32Nov-95$103.06$72.37
Dec-951.85$104,965.82$73,707.14Dec-95$104.97$73.71
Jan-963.44$108,576.65$76,242.66Jan-96$108.58$76.24
Feb-960.96$109,618.98$76,974.59Feb-96$109.62$76.97
Mar-960.96$110,671.32$77,713.55Mar-96$110.67$77.71
Apr-961.47$112,298.19$78,855.94Apr-96$112.30$78.86
May-962.58$115,195.49$80,890.42May-96$115.20$80.89
Jun-960.41$115,667.79$81,222.07Jun-96$115.67$81.22
Jul-96-4.45$110,520.57$77,607.69Jul-96$110.52$77.61
Aug-962.12$112,863.61$79,252.97Aug-96$112.86$79.25
Sep-965.62$119,206.54$83,706.99Sep-96$119.21$83.71
Oct-962.74$122,472.80$86,000.56Oct-96$122.47$86.00
Nov-967.59$131,768.49$92,528.00Nov-96$131.77$92.53
Dec-96-1.96$129,185.82$90,714.46Dec-96$129.19$90.71
Jan-976.21$137,208.26$96,347.82Jan-97$137.21$96.35
Feb-970.81$138,319.65$97,128.24Feb-97$138.32$97.13
Mar-97-4.16$132,565.55$93,087.71Mar-97$132.57$93.09
Apr-975.97$140,479.72$98,645.04Apr-97$140.48$98.65
May-976.14$149,105.17$104,701.85May-97$149.11$104.70
Jun-974.46$155,755.26$109,371.55Jun-97$155.76$109.37
Jul-977.94$168,122.23$118,055.65Jul-97$168.12$118.06
Aug-97-5.56$158,774.63$111,491.76Aug-97$158.77$111.49
Sep-975.48$167,475.48$117,601.51Sep-97$167.48$117.60
Oct-97-3.34$161,881.80$113,673.62Oct-97$161.88$113.67
Nov-974.63$169,376.93$118,936.70Nov-97$169.38$118.94
Dec-971.72$172,290.21$120,982.41Dec-97$172.29$120.98
Jan-981.11$174,202.63$122,325.32Jan-98$174.20$122.33
Feb-987.21$186,762.64$131,144.98Feb-98$186.76$131.14
Mar-985.12$196,324.89$137,859.60Mar-98$196.32$137.86
Apr-981.01$198,307.77$139,251.98Apr-98$198.31$139.25
May-98-1.72$194,896.88$136,856.85May-98$194.90$136.86
Jun-984.06$202,809.69$142,413.23Jun-98$202.81$142.41
Jul-98-1.06$200,659.91$140,903.65Jul-98$200.66$140.90
Aug-98-14.46$171,644.49$120,528.99Aug-98$171.64$120.53
Sep-986.41$182,646.90$128,254.89Sep-98$182.65$128.25
Oct-988.13$197,496.09$138,682.02Oct-98$197.50$138.68
Nov-986.06$209,464.35$147,086.15Nov-98$209.46$147.09
Dec-985.76$221,529.50$155,558.31Dec-98$221.53$155.56
Jan-994.18$230,789.43$162,060.65Jan-99$230.79$162.06
Feb-99-3.11$223,611.88$157,020.56Feb-99$223.61$157.02
Mar-994$232,556.36$163,301.38Mar-99$232.56$163.30
Apr-993.87$241,556.29$169,621.15Apr-99$241.56$169.62
May-99-2.36$235,855.56$165,618.09May-99$235.86$165.62
Jun-995.55$248,945.54$174,809.89Jun-99$248.95$174.81
Jul-99-3.12$241,178.44$169,355.82Jul-99$241.18$169.36
Aug-99-0.5$239,972.55$168,509.04Aug-99$239.97$168.51
Sep-99-2.74$233,397.30$163,891.89Sep-99$233.40$163.89
Oct-996.33$248,171.35$174,266.25Oct-99$248.17$174.27
Nov-992.03$253,209.23$177,803.86Nov-99$253.21$177.80
Dec-995.89$268,123.25$188,276.50Dec-99$268.12$188.28
Jan-00-5.02$254,663.47$178,825.02Jan-00$254.66$178.83
Feb-00-1.89$249,850.33$175,445.23Feb-00$249.85$175.45
Mar-009.78$274,285.69$192,603.77Mar-00$274.29$192.60
Apr-00-3.01$266,029.69$186,806.40Apr-00$266.03$186.81
May-00-2.05$260,576.08$182,976.87May-00$260.58$182.98
Jun-002.46$266,986.25$187,478.10Jun-00$266.99$187.48
Jul-00-1.56$262,821.27$184,553.44Jul-00$262.82$184.55
Aug-006.21$279,142.47$196,014.21Aug-00$279.14$196.01
Sep-00-5.28$264,403.75$185,664.66Sep-00$264.40$185.66
Oct-00-0.42$263,293.25$184,884.87Oct-00$263.29$184.88
Nov-00-7.88$242,545.74$170,315.94Nov-00$242.55$170.32
Dec-000.49$243,734.22$171,150.49Dec-00$243.73$171.15
Jan-013.55$252,386.78$177,226.33Jan-01$252.39$177.23
Feb-01-9.12$229,369.11$161,063.29Feb-01$229.37$161.06
Mar-01-6.34$214,827.10$150,851.88Mar-01$214.83$150.85
Apr-017.77$231,519.17$162,573.07Apr-01$231.52$162.57
May-010.67$233,070.35$163,662.31May-01$233.07$163.66
Jun-01-2.43$227,406.74$159,685.31Jun-01$227.41$159.69
Jul-01-0.98$225,178.15$158,120.40Jul-01$225.18$158.12
Aug-01-6.26$211,082.00$148,222.06Aug-01$211.08$148.22
Sep-01-8.08$194,026.58$136,245.72Sep-01$194.03$136.25
Oct-011.91$197,732.48$138,848.01Oct-01$197.73$138.85
Nov-017.67$212,898.56$149,497.65Nov-01$212.90$149.50
Dec-010.88$214,772.07$150,813.23Dec-01$214.77$150.81
Jan-02-1.46$211,636.40$148,611.36Jan-02$211.64$148.61
Feb-02-1.93$207,551.82$145,743.16Feb-02$207.55$145.74
Mar-023.76$215,355.77$151,223.10Mar-02$215.36$151.22
Apr-02-6.06$202,305.21$142,058.98Apr-02$202.31$142.06
May-02-0.74$200,808.15$141,007.75May-02$200.81$141.01
Jun-02-7.12$186,510.61$130,968.00Jun-02$186.51$130.97
Jul-02-7.8$171,962.78$120,752.49Jul-02$171.96$120.75
Aug-020.66$173,097.73$121,549.46Aug-02$173.10$121.55
Sep-02-10.87$154,282.01$108,337.03Sep-02$154.28$108.34
Oct-028.8$167,858.83$117,870.69Oct-02$167.86$117.87
Nov-025.89$177,745.71$124,813.27Nov-02$177.75$124.81
Dec-02-5.88$167,294.26$117,474.25Dec-02$167.29$117.47
Jan-03-2.62$162,911.16$114,396.43Jan-03$162.91$114.40
Feb-03-1.5$160,467.49$112,680.48Feb-03$160.47$112.68
Mar-030.97$162,024.02$113,773.48Mar-03$162.02$113.77
Apr-038.24$175,374.80$123,148.42Apr-03$175.37$123.15
May-035.27$184,617.05$129,638.34May-03$184.62$129.64
Jun-031.28$186,980.15$131,297.71Jun-03$186.98$131.30
Jul-031.76$190,271.00$133,608.55Jul-03$190.27$133.61
Aug-031.95$193,981.29$136,213.92Aug-03$193.98$136.21
Sep-03-1.06$191,925.09$134,770.05Sep-03$191.93$134.77
Oct-035.66$202,788.05$142,398.03Oct-03$202.79$142.40
Nov-030.88$204,572.58$143,651.14Nov-03$204.57$143.65
Dec-035.24$215,292.18$151,178.46Dec-03$215.29$151.18
Jan-041.84$219,253.56$153,960.14Jan-04$219.25$153.96
Feb-041.39$222,301.18$156,100.19Feb-04$222.30$156.10
Mar-04-1.51$218,944.44$153,743.07Mar-04$218.94$153.74
Apr-04-1.57$215,507.01$151,329.31Apr-04$215.51$151.33
May-041.37$218,459.45$153,402.52May-04$218.46$153.40
Jun-041.94$222,697.57$156,378.53Jun-04$222.70$156.38
Jul-04-3.31$215,326.28$151,202.40Jul-04$215.33$151.20
Aug-040.4$216,187.58$151,807.21Aug-04$216.19$151.81
Sep-041.08$218,522.41$153,446.73Sep-04$218.52$153.45
Oct-041.53$221,865.80$155,794.46Oct-04$221.87$155.79
Nov-044.05$230,851.37$162,104.14Nov-04$230.85$162.10
Dec-043.4$238,700.31$167,615.68Dec-04$238.70$167.62
Jan-05-2.44$232,876.03$163,525.85Jan-05$232.88$163.53
Feb-052.1$237,766.42$166,959.90Feb-05$237.77$166.96
Mar-05-1.77$233,557.96$164,004.71Mar-05$233.56$164.00
Apr-05-1.9$229,120.36$160,888.62Apr-05$229.12$160.89
May-053.18$236,406.38$166,004.88May-05$236.41$166.00
Jun-050.14$236,737.35$166,237.28Jun-05$236.74$166.24
Jul-053.72$245,543.98$172,421.31Jul-05$245.54$172.42
Aug-05-0.91$243,309.53$170,852.27Aug-05$243.31$170.85
Sep-050.81$245,280.34$172,236.18Sep-05$245.28$172.24
Oct-05-1.67$241,184.16$169,359.83Oct-05$241.18$169.36
Nov-053.78$250,300.92$175,761.64Nov-05$250.30$175.76
Dec-050.03$250,376.01$175,814.36Dec-05$250.38$175.81
Jan-062.65$257,010.97$180,473.45Jan-06$257.01$180.47
Feb-060.27$257,704.90$180,960.72Feb-06$257.70$180.96
Mar-061.24$260,900.44$183,204.64Mar-06$260.90$183.20
Apr-061.34$264,396.51$185,659.58Apr-06$264.40$185.66
May-06-2.88$256,781.89$180,312.58May-06$256.78$180.31
Jun-060.14$257,141.38$180,565.02Jun-06$257.14$180.57
Jul-060.62$258,735.66$181,684.52Jul-06$258.74$181.68
Aug-062.38$264,893.57$186,008.61Aug-06$264.89$186.01
Sep-062.58$271,727.82$190,807.64Sep-06$271.73$190.81
Oct-063.26$280,586.15$197,027.97Oct-06$280.59$197.03
Nov-061.9$285,917.29$200,771.50Nov-06$285.92$200.77
Dec-061.4$289,920.13$203,582.30Dec-06$289.92$203.58
Jan-071.51$294,297.92$206,656.39Jan-07$294.30$206.66
Feb-07-1.96$288,529.68$202,605.93Feb-07$288.53$202.61
Mar-071.12$291,761.22$204,875.11Mar-07$291.76$204.88
Apr-074.43$304,686.24$213,951.08Apr-07$304.69$213.95
May-073.49$315,319.79$221,417.97May-07$315.32$221.42
Jun-07-1.66$310,085.48$217,742.43Jun-07$310.09$217.74
Jul-07-3.1$300,472.83$210,992.42Jul-07$300.47$210.99
Aug-071.5$304,979.92$214,157.30Aug-07$304.98$214.16
Sep-073.74$316,386.17$222,166.79Sep-07$316.39$222.17
Oct-071.59$321,416.71$225,699.24Oct-07$321.42$225.70
Nov-07-4.18$307,981.49$216,265.01Nov-07$307.98$216.27
Dec-07-0.69$305,856.42$214,772.78Dec-07$305.86$214.77
Jan-08-6.00$287,510.73$201,890.41Jan-08$287.51$201.89
Feb-08-3.25$278,170.71$195,331.84Feb-08$278.17$195.33
Mar-08-0.43$276,969.56$194,488.39Mar-08$276.97$194.49
Apr-084.87$290,458.91$203,960.63Apr-08$290.46$203.96
May-081.30$294,221.12$206,602.46May-08$294.22$206.60
Jun-08-8.43$269,417.15$189,185.08Jun-08$269.42$189.19
Jul-08-0.84$267,152.37$187,594.75Jul-08$267.15$187.59
Aug-081.45$271,016.70$190,308.28Aug-08$271.02$190.31
Sep-08-8.91$246,867.08$173,350.39Sep-08$246.87$173.35
Oct-08-16.79$205,406.35$144,236.61Oct-08$205.41$144.24
Nov-08-7.18$190,667.44$133,886.93Nov-08$190.67$133.89
Dec-081.06$192,696.16$135,311.49Dec-08$192.70$135.31
Jan-09-8.43$176,454.51$123,906.59Jan-09$176.45$123.91
Feb-09-10.65$157,666.12$110,713.36Feb-09$157.67$110.71
Mar-098.76$171,476.81$120,411.25Mar-09$171.48$120.41
Apr-099.57$187,888.75$131,935.73Apr-09$187.89$131.94
May-095.59$198,397.92$139,315.28May-09$198.40$139.32
Jun-090.20$198,791.47$139,591.63Jun-09$198.79$139.59
Jul-097.56$213,827.52$150,149.97Jul-09$213.83$150.15
Aug-093.61$221,546.70$155,570.38Aug-09$221.55$155.57
Sep-093.73$229,810.39$161,373.16Sep-09$229.81$161.37
Oct-09-1.86$225,541.20$158,375.33Oct-09$225.54$158.38
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Staying Invested ($k)
Out of Mkt Best 3 Mos. ($k)
$ Thousands
Staying Invested vs. Missing Three Months of Best Performance
10.61
10.61
10.642891
10.642891
9.5924376583
9.5924376583
10.0039532338
10.0039532338
10.5661754056
10.5661754056
10.8789341976
10.8789341976
11.6143501493
11.6143501493
11.7664981363
11.7664981363
12.0971367339
12.0971367339
12.3221434772
12.3221434772
13.6714181879
13.6714181879
13.240768515
13.240768515
12.6608228541
12.6608228541
12.9241679694
12.9241679694
13.4152863523
13.4152863523
13.129540753
13.129540753
13.2109439056
13.2109439056
13.1052563544
13.1052563544
13.1144300338
13.1144300338
12.38789061
12.38789061
11.7660185013
11.7660185013
12.3872642782
12.3872642782