Book Review – Yes, You can Still Retire Comfortably by Ben Stein and Phil Demuth

Most people remember Ben Stein as the teacher in “Ferris Bueller’s Day Off” or from his show “Win Ben Stein’s Money.” However, he is also an accomplished economist, with a degree from Columbia and the valedictorian of Yale Law School. He worked in the White House in the 70s, and has written articles on finance for Barron’s and the Wall Street Journal.

Phil DeMuth was valedictorian of his class at the University of California, and has a master’s & doctorate degrees. He is a registered investment advisor and president of Conservative Wealth Management in Los Angeles. He has also written extensively for the Wall Street Journal and Barron’s.

 

This is the third book in the author’s five part series on finances. In their first, they wrote about using certain metrics to be able to “time the market” in the long term (10 – 15 years +). In the second book, they discussed the steps to create an income producing portfolio, through the use of bonds, dividend stocks and REITs. This book, written in 2005, is mostly addressed to the baby-boom generation, who had recently seen their retirement money damaged in the dotcom meltdown. The book’s concept was that, with the right steps, savings and planning, and individual could still retire comfortably.

The book starts off with some of the basic rules for retirement (Maximize your abilities, start saving early, don’t spend more than you earn, etc.) and then flows into retirement planning by decade – what you should be doing in your teens, 20s, 30s, etc. It is all sound advice, and falls in line with other things the authors have written (like Ben Stein’s “how to screw up your life” book). It finishes its first part by discussing the coming baby-boomer retirement crisis. As many of you know, a lot of boomers have not saved anything like what they will need for retirement. They only really started to do it in the 00s and this decade. That is probably why the 2007-2008 meltdown go so much press – it hurt the boomers badly.

The second part of the book goes into topics like how much you will need, how to setup a savings plan, and at what rate you will need to get your retirement money income. The charts in chapters 3 & 4 are priceless, as they show, based on typical returns, what you’ll need to save at whatever point you are at (5, 10, 15 years from retirement) and what your overall nest egg should be, based on projected lifetimes. The second section then talks about Monte Carlo simulations (to test your plan), income investing, and how to draw down your funds over your retirement. This is the heart of the book, and its best section. The only issue I have (and it’s a personal one) is that he relies a lot on bonds (his portfolio is 50% bonds, 50% stocks). In the 80s and 90s, bonds had high rates, and there were corporate bonds at 6% and 7% in the late 90s. Based on his knowledge there, I think he believed the bonds would return to that – but in our current low interest rate environment, they are only coming in around 3% – 4%.

The third section of the book discusses what to do if you haven’t got enough. It’s a bad spot to be in, but there are some alternatives:

  • Immediate annuities (to guard against outliving your money)
  • Relocation to a less expensive area
  • Reverse mortgages

The book closes with “25 big truths of retirement planning” another list of pearls of wisdom from the authors.

This was a good one, and I refer back to it occasionally to see if I am “on track” based on his numbers.

 

I would rate in 3.5 stars out of 5.

 

Mr. 39 months

You’ve achieved Financial Independence! Now What?

In line with my previous post, I have noticed a lot of comments and articles on the FIRE blogs lately about what folks plan to do (or are doing) once they achieve financial independence. They often follow a pattern of travel and doing projects/tasks that you put off because you didn’t have the time. This typically occupies folks for the first 12-24 months once they “retire” and then the hard part comes in.

Some folks like “Mr. Retire by 40” turned into the stay-at-home dad, while his wife continued to work. His wife enjoys her job, so they’ll keep at this for some time before they both retire. In the meantime, he takes care of their child, travels in the summer, and continues his work on his blog and other activities.

Others, like Mz Liz or ESI money have taken up counseling folks on financial independence, investing, and how to financially improve their lives. They have taken something that they are good at, have a passion for, and sought to “give back” to the community.

Still, for many others enroute to financial independence, the question remains of how we are going to fill our time once we have so much of it to fill.

For me, I know that I will need to find something to occupy my time, due to my mindset. I’ve been a “go getter” all my life, rising through the corporate ranks. I don’t see myself “kicking back.” My wife says our vacations are always busy, going from place to place, always on the move. My “retirement” will probably be the same. I have a couple of things which can occupy me for the first 12-18 months (finish the Appalachian Trail hike, road trips throughout the US, visiting family and friends, etc.) – but eventually I will need something to occupy my time.

Right now, I’m looking at several options:

  1. Volunteering: I have several things I would like to volunteer for, including Habitat for Humanity, teaching, mentoring and financial advisor
  2. Real Estate: Either as a realtor or getting into flipping and renting, I have always had an interest. I need to do some informational interviewing of realtors to get more data.
  3. Finance: Either as a registered agent and counsellor, as a volunteer, or working with the web, I would like to help people achieve the financial independence that I have.

 

Of course, something else may pop its head up, so we will see.

What are you thinking of doing once you are free?

 

Mr. 39 months.

Book Review – Yes, You can be a Successful Income Investor by Ben Stein and Phil DeMuth

Most people remember Ben Stein as the teacher in “Ferris Bueller’s Day Off” or from his show “Win Ben Stein’s Money.” However, he is also an accomplished economist, with a degree from Columbia and the valedictorian of Yale Law School. He worked in the White House in the 70s, and has written articles on finance for Barron’s and the Wall Street Journal.

Phil DeMuth was valedictorian of his class at the University of California, and has a master’s & doctorate degrees. He is a registered investment advisor and president of Conservative Wealth Management in Los Angeles. He has also written extensively for the Wall Street Journal and Barron’s.

This is the second book in the author’s five part series on finances. In their first, they wrote about using certain metrics to be able to “time the market” in the long term (10 – 15 years +). In this book, they talk about how to set up an income portfolio that will pay you dividends – something often used by folks for their retirement. There is also a school of investing that says that the only real stocks you can count on are ones generating dividends – all the other “growth” stocks are just hot stocks that can easily come crashing down.

Written in 2005, the book discusses how, in reaction to the dot.com stock meltdown, the fed dramatically dropped rates in the US. The risk-free T-bill of 2000 was 6.2 percent, while in 2005, it was at 1.7 percent. This affected a lot of folks looking for income generating investments, like dividend stocks, bonds, annuities, etc. The book starts out explaining how the chase for growth can lead to major stock drops (like 2000) – which can be very painful depending on the timing. Their alternative is income investing, where you put money in the market when it is too expensive. Their idea is not to buy into growth, but to buy into investments that produce a regular yield.

The key measurement for them is yield – both yield from stocks, and yield from bonds. The caution that you should get your yield information from the same source for all your investments (since some calculate yield a little differently) so that you are always comparing apples-to-apples. They also caution that some of the info in the book is time sensitive (like from 2005?) so do the analysis yourself to get up-to-date information.

The book spends several chapters discussing Bonds (a topic that many FIRE folks don’t spend a lot of time on).It discusses the risks and rewards, how to measure yield, essential bonds for fixed-income investors, and then higher yielding bonds. These chapters alone are a real benefit for folks, because most people are poorly educated on the bond market.

The book then moves into income producing stocks, including preferred stocks. Much of the info here has been covered before, but the emphasis on yield and dividends, over growth, is the key concept.

The book then covers Real Estate Investment Trusts (REITs) which are another key source of income. REITs are a special class of companies, dedicated to real estate investments. Because they have to distribute 90% of their earnings as dividends each year, they benefit from certain tax codes write offs. Since they distribute so much of their earnings via dividends, they are income producing machines, and a key part of anyone’s income portfolio.

The book closes by working up some sample income portfolios:

  1. A very simple one, consisting of four index funds (20% Vanguard REITs, 20% IShares Stock select dividend, 30% Vanguard Inflation protected securities and 30% Vanguard short-term bonds). Four funds, low expenses, no fuss. In 2005, this generated a 3.8% annual yield. In 2016, it was around 2.6%.
  2. A slightly more aggressive allocation (20 different REITs, 10 dividend stock, 10% in IShares, 30% in Vanguard inflation protected securities, and 30% in Vanguard total bond market). This increased the yield in 2005 to 4.3%
  3. A very aggressive allocation (20% in leveraged REIT fund, 20% in leveraged dividend funds, 30% in Inflation-protected securities and 30% in PIMCO corporate income fund – to get some emerging markets yield). This gets the yield in 2005 up to 6.9%, even with the bump up in expenses.

The last thing they note is tax strategies. Specifically, tax sheltered accounts (401Ks, IRAs, etc.) is where you want to stock your Treasury Inflation-Protected securities. It helps avoid having to pay taxes on income that is one of the major hassles of TIPs bonds. Also consider putting REITs in your tax advantage accounts, for the same reason.

Overall, I found the book to be interesting, and I’ve used my father’s remainder IRA to setup something similar. It has produced some good yield for me (around 3.42%).

I would rate in 3.5 stars out of 5.

Mr. 39 months

Dealing with the psychological effects of FIRE

Many of the folks in the financial independence community get all “fired up” about being able to retire early and/or chart their own path through life. It can be thrilling to look forward to, and as you get closer, the excitement builds. Eventually you reach that date, and suddenly your whole life changes!

What many folks don’t talk about is some of the potential psychological pitfalls that might pop up when you reach that glorious date.

For many of the baby boom generation (I’m the last year of that group, born in 1964), we have identified ourselves by our work. We start conversations with folks and ask “so what do you do?” Our social circle and lives revolve around the people we work with, and even our conversations at home with our loved ones often times involve work related issues and “do you know what Sheila did today?” kind of conversations. Then suddenly, when you retire early, that is gone.

My sister-in-law is like that; she has more than enough to retire and wants to move out of her current home (too much for her to keep up). Yet she continues to work at her job and commute an hour to work each way because that is what she knows, that is where her social circle lies, and she doesn’t have much to do at home (she is working on developing hobbies and a support group, but it’s difficult). Most of her family lives away from her (we are 2+ hours away) so she doesn’t have that option either.

I think the following generations (millennials, Gen X, etc.) have a better work/life attitude, and often don’t suffer from this as much. I think they also are more open to retiring early, as their lives don’t revolve around work, and they seek other activities to fulfill them, rather than climbing the corporate ladder (much to the chagrin of managers of my generation).

So what do you do when you retire early, and find that people your age are still working, that there is nobody to “hang out with” during the day, and where the thing you have held out as your “value” all your life is suddenly not there? It can be the cause of some serious psychological distress.

I’m starting to deal with some of this now. While I am still 35 months away (getting there!) from financial independence, it is starting to hit me. What am I going to do with my free time? While I have some travel goals that will probably take up a lot of my time for the first couple of years that will eventually fade. My circle of friends (like most folks as they get older) has shrunk. When my wife and I recently helped a friend clear out her dad’s basement after his death, my wife and I noted that we were really the only ones left in our circle of friends that could be considered “mobile” and capable of helping folks move (Many of our friends have health related issues).

Recently there was an article (http://health.usnews.com/health-news/health-wellness/articles/2015/10/26/no-spouse-no-kids-no-caregiver-how-to-prepare-to-age-alone) on folks who don’t have a spouse, children or caregiver, and what they should do as they age  While my wife and I have each other, I can see the wisdom of some of the advice even for us.

  • Speak up: Talk to friends and colleagues about family concerns
  • Act early: Start planning for your future health and long-term care before an emergency happens
  • Make new friends and keep the old
  • Appoint a proxy: your most trusted friend or relative, in case you start losing any cognitive capacities
  • Consider moving: Move to a more walkable city or maybe a college town, where you can stay engaged with activities (mentoring on financial independence?)
  • Live well: Eat healthy foods, walk, keep your brain sharp

I hope everyone considers how their financial independence will affect their lives, and builds a life they can look forward to!

 

Mr. 39 months.

Book Review – Yes you can time the market! by Ben Stein and Phil DeMuth

Most people remember Ben Stein as the teacher in “Ferris Bueller’s Day Off” or from his show “Win Ben Stein’s Money.” However, he is also an accomplished economist, with a degree from Columbia and the valedictorian of Yale Law School. He worked in the White House in the 70s, and has written articles on finance for Barron’s and the Wall Street Journal.

Phil DeMuth was valedictorian of his class at the University of California, and has a masters & doctorate degrees. He is a registered investment advisor and president of Conservative Wealth Management in Los Angeles. He has also written extensively for the Wall Street Journal and Barron’s.

The book was written in 2003, after the dot-com crash. It came out of a series of lunches and bike rides in Santa Monica from 1997 to 2000, where the two argued/discussed how the market appeared to be overpriced. However, since conventional wisdom was that you couldn’t “time the market” what were you to do? Market timing “had been the province of short-term fortune-telling cranks” and has had a justified bad reputation in investing circles. What the two authors wondered (and set out to research) was that, in the long-term (10+ years) were their valuation metrics that could be used to determine when to buy, and when not to buy, stock funds. Note that they were using stock mutual funds (S&P 500 Index) for your purchasing decision here, because individual stock analysis is something completely different.

The authors then set out to look at various metrics for determining the time to purchase, compared them, provided their strengths and weaknesses, and then judged them over various time periods (5, 10 and 15 years). They also provided methods for the reader to do similar analysis in the ongoing years, so you could continue to use the methods. The list of metrics they came up with were:

  • Price vs 15-year moving average of price
  • Price-to-earnings ratio (PE) vs 15-year moving average
  • Dividend yield vs 15-year moving average
  • Fundamental value (can’t use this now, their source no longer provides the data)
  • AAA bond yield vs stock “yield”
  • Price-to-Cash Flow and Price-to-Sales (can’t use this now, their source no longer provides the data)

Each of these metrics provide a point where the investor should start purchasing stocks, or should stop purchasing (but continue to let the stocks sit and reinvest the dividends). Again, this is long-term timing, so there is nothing in here to show when to exit the market completely and put it in bonds or your bank.

They end by showing that, by combining each of these metrics, rather than using just one, and using that to determine your time to purchase, you can enjoy even greater stock.

Price: This metric is just a comparison of the current S&P 500 (adjusted for inflation) versus the 15-year moving average. When the current price is above the 15-year average, you should stop purchasing and let your stocks ride. When it dips below, you can begin purchasing again. As you would expect, since it has been climbing steadily for many years, this one doesn’t provide a signal to purchase as much. In fact, using this metric, it suggests you shouldn’t have been purchasing from 1985 to 2008 (one of the great run ups of stocks). The only time it wanted you to buy recently was from 2009 – 2012.

 

Price chart

Price-to-Earnings: This one seems to be a little more accurate, in my opinion. Many folks have used the P/E ratio for their investing decisions. Here you are measuring the current S&P500 P/E ratio versus the 15-year moving average. Again, when its above the average, you shouldn’t buy, when it is below the average, you should buy.

PE chart

Again, if you look at the chart, it recommends not continuing to buy in 1985, and only starting back up again in 2004. The book provides documentation to show that, as of 2003, this method rewarded the investor better than continuing to purchase during the great stock run up. Perhaps if t went past 2003 (when the book was written) it wouldn’t be valid. Something for me to check out in the future.

Dividend Yield: Companies can elect to distribute some of their excess earnings to their shareholders, and these take the form of dividends. Nowadays, companies don’t like to give out dividends – their CEOs think they have a better use of the earnings to grow the business. In the book, they track the S&P500’s dividend yield versus the 15-year moving average. When the current yield is below the 15-year average, the assumption is the stocks are overpriced, and you should not be purchasing new stocks (but you should continue to reinvest the dividends). Again, based on this, the book shows how, over a long period (15-20 years) the investor beat out the others (in the case of 20 years, it was almost a 50% increase in overall returns). This is also the third metric in a row which says to stop buying new stocks n 1985 (?)

Dividend yield chart

Earnings Yield vs AAA Corporate Bond: In this fourth and final metric,  the book compares the yield of a AAA corporate bond to the S&P500 Earnings Yield (you get this by dividing 1 by the P/E ratio). The earning’s yield has always been a short-hand way to compare bonds to stocks. The idea here is that if someone can earn more “yield” from a bond than a stock, they should invest in bonds. Except for a dip between 2008-2010, this metric was also suggesting investing in stocks for the past several years.

Earnings vs bonds

The book concludes with an analysis of how to use all the metrics together to significantly increase your returns. It compares using 1, 2, 3 or 4 of the metrics together, and their returns over 5, 10, 15 and 20 years, as well as comparing them with other strategies (asset allocation, other investments like real estate, etc.) In the end, this long-range market timing was shown to be more successful.

However, the authors note that this strategy is not for the faint of heart. It is a true contrarian strategy, where people will be purchasing stocks when there is “blood in the streets” and refusing to buy, when the market is going up like a rocket. It is also, very much, a long-term strategy, where you are not looking to capitalize on the investments for 15-20 years.

 

By the way, as of August 1, 2017, three of the four metrics have turned to “don’t buy” additional stocks. Only the S&P500 earnings yield vs bond yield still is pointing towards buying more, and even that is pretty close (S&P500 yield was 4.05%, AAA bonds were 3.75%). Also remember that this metric does not say to sell your stocks, just don’t buy any new ones (and continue to reinvest your dividends).

Overall, I liked the book, and may keep the metrics in mind for my “fun money” accounts. For my 401K/IRAs I plan on sticking with my asset allocation strategy.

I give it 3.5 stars out of 5

 

Mr. 39 Months

Monthly update – Aug 1, 2017

Yeah, baby! Broke past the 3-year mark, and I am 35 months from Financial Independence!

In addition, my investments went up $14,372,77 for July, a gain of 1.58% over the previous month. Here I was moping in a previous email about my investment strategy not exactly working, and the market takes off in the last week. The big gainers appear to be the S&P500 Index funds and my International Index funds (Internationals have had a great year!). Bonds are up a little, and my REITs (Real Estate Investment Trusts) continue to do poorly – though remember that my REITs did very well in the previous 2 years.

Overall, the balanced portfolio that I’m following with my 401K/IRAs (30% Bonds, 17.5% S&P500, 17.5% International, 17.5% Small Cap, 17.5% REITs) appears to be doing OK. For the year, I appear to be around 7.3% up. I know everyone is expecting a “correction” sometime soon, but until then, I will keep with my allocation and rebalancing. In fact, in July I rebalanced about $15K from stocks into Bond index fund to get back to 30%. Its not doing well now, but it puts me in better shape if there is a correction. How is that for discipline?

My stock pick portfolio (that I’ve written about before) didn’t do as well as my 401K/IRAs. This just goes to show me that the standard of having most of your money in Index funds, with a small portion for “funny money,” seems to work for me.

I’ve got an interesting book for my next post on timing the market (long term) that I will get out soon. I think you guys might find it interesting

Hope your July was fun and fulfilling!

 

Mr. 39 Months.

Book Review – The Little Book of Value Investing by Chris Browne

For those of you who have read some of my previous comments on investing, you know that I have a “fun money” fund which I use to invest in individual stocks. You also know that, for the most part, I haven’t been able to keep up with my simple Index fund investments in my IRAs and 401Ks. Imagine that, a stock picker who doesn’t do as well as the Index, who would have thought?

However, the purpose of this “fun money” is for me to learn about investing, stock picking, and what works (and what doesn’t). To do this, I’ve taken to doing some reading, looking at articles on the net, and planning my future purchases.  In that area, I took the opportunity to review the Little Book of Value Investing by Chris Browne. The book seeks to go through the concepts for value investing in a short amount of text, but still provide sufficient “value.”

The book starts off with a couple of chapters going over the basics of value investing, basically discussing the concept of “intrinsic value” for a stock (what it is truly worth, without hype or negative news). It provides some basic history of the concept, based on Benjamin Graham’s initial work, and the author displays his “credentials” with it, due to his father’s company being the firm that did most of Graham’s trading (they were located in the same building).

The book then dives into the various places to seek value stocks (large cap, small cap, international, etc.) The author discusses his early work with his father’s firm, where he searched through documents the old fashion way, before the advent of computers. This enabled them to find good bargains, because there weren’t many firms willing to do the deep research necessary to find the bargains. For example, back in the day, the firm was able to find a large number of companies selling for less than the cash the company had available!

Today, with modern computers and data, it isn’t as easy to find bargains like that, but it also is easier to get a list of companies with some of the criteria for value, and then do additional research to find the one you want. The book’s final chapters go through the process of how to do that:

  1. Create list of Candidate stocks
    • Price to book value below 2/3
    • Price to earnings
    • Price to net current assets
    • Buying of shares by insiders
    • Visit competitors data
  1. Determine why are they cheap
    • Too much debt?
    • Didn’t make earnings estimate?
    • Cyclical?
    • Competition?
    • Obsolescence?
  1. Review the Balance Sheet (especially trend over last 5-10 years)
    • Current assets 2X current liabilities
    • Long term assets vs. liabilities – is ratio increasing over time?
    • Debt-to-equity ratio: less than 1 (or company being funded by debt) – compare with other companies in the industry
  1. Review the income statement (again looking at trends
    • Revenue growth
    • Expense growth in line or less than revenue growth?
    • Gross profit percentage (revenue – expenses / revenue). Is it growing?
    • Earnings per share, and diluted earnings per share (which take into account stock options). Trend?
    • Look at trends over last 5-10 years. Here is where you are going to find how the company is doing
    • Return on capital ratio & trend (should be rising)
    • Net profit margin & trend (should be rising)
  1. Research other factors of company (products & their outlook, Can it be as profitable as it used to be, One time expense that affected price, unprofitable operations that can be shed, competitors, etc.)

Finally, the book goes into one of the key parts of value investing – the fact that it is a Marathon, not a sprint. To invest for value means you are going to purchase a stock that is worth more than it is currently selling for – and then wait for the market to realize that fact. It may take a month, a year, or several years. To be a value investor is to be  a patient investor. If you don’t have the patience, then maybe this strategy is not for you.

 

Of course, that is something that I’m struggling with.

 

Mr. 39 Months

Financial Update – Disaster File

If you remember back at the beginning of the month, I realized that I had to update our personal files, or our “Disaster Files.” This was the files showing investments, wills, titles, etc. Often folks do this once every so often (many times after a family member passes away) and then let it lie fallow till the next “emergency.” Yep, I was one of those folks, having not touched it since 2013. In my previous post I attached a couple of helpful documents that I hope folks find useful.

Well, I dove into it during the month, and so far, here is what I’ve gotten done:

No Description
1 Update Master List from 2013
2 Send Master list to Mrs. 39 Months
3 Price out updating wills
4 Redo filing cabinet with Master List & Disaster file #1
5 Household budget folder (budget goals, income statement, balance sheet, income/expense forecasts)
6 Housing Information (Title, insurance, receipts for work, property taxes)
7 Online passwords
8 Location of keys to safe deposit box – Mrs. 39 Months drawer
9 Credit records: Resolution of past debts (auto, home)
10 Home Insurance Policy
11 Net Worth’s 2009 to present
12 Annual updates for Jan 1, 2017 into investments
13 Investments (list of accounts, goal planning, annual balance sheet)
14 Taxes: Tax records for previous year, current year documents
15 Personal background info (Education, personal history, resume)
16 Credit: Resolution papers of past debts, credit card names, numbers & 1-800 number
17 Health insurance (Booklet from work, health history, medications, etc.)
18 Life Insurance (Insurance policies, etc.)
19 Safe Deposit: Title to Mrs. 39 Months’s auto, DD214, NY and KY marriage certificate, letter of last instructions, copy of will, personal property inventory, negatives of personal property, passports, old passports, Mrs. 39 Months’s birth certificate, Mr. 39 Months’s birth certificate, Mr. 39 Months’s SS card)

So what do I have left?

1 Letter of Last Instructions
2 latest credit report
3 Updated list of personal property
4 Pictures of personal property
5 Guarantees & warranties (appliances, cars, etc.)
6 Auto Info: Insurance coverage, policies, auto registration, repair/maintenance records
7 Instruction letter (where to find everything, computer passwords, etc.)
8 Setup dates for regular updates to the files (so I never have to do this again)

 

Some of these I should be able to knock off. The pictures of personal property actually might end up being a video (room by room) and description. Often these are better than just pictures.

The big killer, for me and for most people, is the Letter of Last Instruction. Let’s face it, its not a fun document, as it lists what happens when you die (not “if you die” but when – we haven’t discovered immortality yet). I’ve done some research on things to include:

  • Instructions about the funeral, memorial service, and preferred disposition of the body. Your loved one should also include any specific instructions for clergy and funeral directors.
  • Location of his or her will.
  • Names of friends and relatives who should be informed of the death.
  • Location of all important personal documents (birth or baptismal certificate, Social Security card, marriage or divorce papers, naturalization and citizenship papers, discharge papers from the armed services).
  • Location of membership certificates to any lodges or fraternal organizations that provide death or cemetery benefits.
  • Information about outstanding debts.
  • Location of safe deposit boxes and keys.
  • List and location of insurance policies. This should include the name of the insured, policy number, amount, company, and beneficiary for each life, health, accident, and burial insurance policy.
  • List of pension systems that may provide death benefits; e.g, Social Security, Veterans Affairs, railroad retirement.
  • List and locatoin of all bank accounts (checking and savings), stocks, bonds, real estate, and other major property (personal and business).
  • List of the names of various advisors, their addresses, and telephone numbers (lawyer, executor of the estate, life insurance agent, accountant, investment counselor).
  • Instructions concerning business operations, if any.
  • An explanation of actions taken in his or her will, such as disinheritances.
  • Personal information: full name, address and length of residence there; Social Security number; date and place of birth; father’s name and mother’s maiden name; marital status; names and addresses of children, spouse, and other members of the immediate family; schools or colleges attended and degrees and honors received; name of employer and position held.

I will probably start working on this in August, with the hope of having it done by the end of September. Wish me luck!

 

Mr. 39 months.