"Don’t open the envelopes": Good advice for bad times
🔸 Plus: Millionaires are ditching London’s private members clubs for tax reasons 🔸 Severance pay if you’re laid off from Goldman Sachs averages $80K per head 🔸
Your 2-minute guide to demystifying money and making you richer
The markets, year-to-date
S&P 500: 5,282.70 ⬇️ -10.18%
FTSE 100: 8,275.66 ⬇️ -0.19%
Bitcoin: $84,577.26 ⬇️ -9.51%
GBP to USD: $1.3266 ⬆️ 5.97%
GBP to EUR: €1.1664 ⬇️ -3.54%
(As of Friday market close.)
Don’t look.
The recent market crash reminded me of one of the best pieces of financial advice I ever received: “Don’t open the envelopes.”
It was during the dot-com crash of the early 2000s. I had just joined my company’s retirement savings plan. And stocks were crashing, pretty much like they have done since President Trump decided to end global free trade. Stocks lost nearly half their value from the top to the bottom of the dot-com crash.
I was losing a lot of money. It felt like an emergency. What should I do?
In my office, I heard the woman who sat at the desk next to me talking on the phone to her “finance guy”. She was asking him the same question. Should I sell? Cut my loss…