The Dark Side of TikTok – Financial Advice?

The TikToker touting “generational wealth” isn’t alone in promoting the benefits of slapping a child’s name onto credit card debts. TikTok is flooded with influencers who insist that authorizing minors to use their parents or older relatives’ credit cards will set them up for a bright future.

Many of the videos uploaded to the platform are captioned with the hashtag #generationalwealth and suggest that the authorized credit card user trick is a secret hack used by the wealthy.

‘Generational wealth’ influencers are touting the benefits of parents adding their kids to credit card debt—but experts warn it could go badly wrong — https://fortune.com/2023/10/21/building-generational-wealth-parents-children-credit-card-debt/

Parents, don’t do this. TikTok should not be your source for financial advice.

Instead teach your children to save and invest, to live within their means, to understand the difference between needs and wants, to not become an indentured servant to the banking industry.

What to Expect as You Age

Rosanne M. Leipzig is a geriatrician and author of the book, Honest Aging: An Insider’s Guide to the Second Half of Life. An earlier post Unlocking the Secrets to Aging Well pointed to a podcast. The following is an excerpt from an article by Judith Graham at KFF Health News titled Let’s Have an Honest Conversation About What to Expect as You Age https://kffhealthnews.org/news/article/navigating-aging-expectation-adjustment-change/. Graham interviewed Dr. Leipzig for the story.

Can the stages of aging be broken down, roughly, by decade? No, said Leipzig, noting that people in their 60s and 70s vary significantly in health and functioning. Typically, predictable changes associated with aging “start to happen much more between the ages of 75 and 85,” she told me. Here are a few of the age-related issues she highlights in her book:

  • Older adults often present with different symptoms when they become ill. For instance, a senior having a heart attack may be short of breath or confused, rather than report chest pain. Similarly, an older person with pneumonia may fall or have little appetite instead of having a fever and cough.
  • Older adults react differently to medications. Because of changes in body composition and liver, kidney, and gut function, older adults are more sensitive to medications than younger people and often need lower doses. This includes medications that someone may have taken for years. It also applies to alcohol.
  • Older adults have reduced energy reserves. With advancing age, hearts become less efficient, lungs transfer less oxygen to the blood, more protein is needed for muscle synthesis, and muscle mass and strength decrease. The result: Older people generate less energy even as they need more energy to perform everyday tasks.
  • Hunger and thirst decline. People’s senses of taste and smell diminish, lessening food’s appeal. Loss of appetite becomes more common, and seniors tend to feel full after eating less food. The risk of dehydration increases.
  • Cognition slows. Older adults process information more slowly and work harder to learn new information. Multitasking becomes more difficult, and reaction times grow slower. Problems finding words, especially nouns, are typical. Cognitive changes related to medications and illness are more frequent.
  • The musculoskeletal system is less flexible. Spines shorten as the discs that separate the vertebrae become harder and more compressed; older adults typically lose 1 to 3 inches in height as this happens. Balance is compromised because of changes in the inner ear, the brain, and the vestibular system (a complex system that regulates balance and a person’s sense of orientation in space). Muscles weaken in the legs, hips, and buttocks, and range of motion in joints contracts. Tendons and ligaments aren’t as strong, and falls and fractures are more frequent as bones become more brittle.
  • Eyesight and hearing change. Older adults need much more light to read than younger people. It’s harder for them to see the outlines of objects or distinguish between similar colors as color and contrast perception diminishes. With changes to the cornea, lens, and fluid within the eye, it takes longer to adjust to sunlight as well as darkness.
  • Because of accumulated damage to hair cells in the inner ear, it’s harder to hear, especially at high frequencies. It’s also harder to understand speech that’s rapid and loaded with information or that occurs in noisy environments.
  • Sleep becomes fragmented. It takes longer for older adults to fall asleep, and they sleep more lightly, awakening more in the night.

This is by no means a complete list of physiological changes that occur as we grow older.

Ouch.

What the Scientists Who Pioneered Weight-Loss Drugs Want You to Know – Wired Magazine

What happens is that you lose your appetite and also the pleasure of eating, and so I think there’s a price to be paid when you do that. If you like food, then that pleasure is gone. The craving for food for some people is taken away when they take GLP-1 drugs.

So you don’t eat through GLP-1 therapy because you’ve lost interest in food. That may eventually be a problem, that once you’ve been on this for a year or two, life is so miserably boring that you can’t stand it any longer and you have to go back to your old life.

What the Scientists Who Pioneered Weight-Loss Drugs Want You to Know – https://www.wired.com/story/obesity-drugs-researcher-interview-ozempic-wegovy/

Just another GLP-1 receptor agonist post. See Tirzepatide (another GLP-1 receptor agonist post) for more on the new miracle weight loss drugs that were originally developed to treat duodenal ulcer disease (bet you thought it was diabetes).

The entire article is worth reading.

More Random Thoughts on Retirement – June 2023

Another quiet Sunday and I’m thinking about retirement (again). Writers read a lot. I’ll typically have quite a number of books started in various stages of completion. Recently I started reading the first in a series of books titled The Write Quotes: The Writing Life. The quotes paint similarities of thoughts and experiences and are amazing. You realize you are never alone in any of life’s adventures.

Since 2021, more than 1.5 million seniors have reentered the workforce. There were about 10.6 million people ages 65 to 74 employed in 2020, according to 2021 data from the U.S. Labor Department.

That number is expected to increase.

Retiring from retirement: Whether for financial reasons or boredom, a growing number of older adults are rejoining the workforce — https://triblive.com/local/valley-news-dispatch/back-to-work-whether-for-financial-reasons-or-boredom-a-growing-number-of-older-adults-are-rejoining-the-workforce/

Just last month I came to the realization that (I am) Flunking Retirement. When 65 rolled around I started collecting a small corporate defined benefit pension. Years ago the monthly amount had a lot more purchasing power than it does now. Still, I feel fortunate to have this income stream.

In yesteryear, the pension was a staple of the American working class experience—reach retirement age and you could expect to live out your years modestly, yet comfortably, off of monthly payments from your former employer. However, since the 1980s, companies offering pensions are a dwindling breed. Instead, most employers offer defined contribution programs such as 401(k) plans. Only a handful of industries (such as the military, public works and education) still offer pension plans to their retirees.

Why Pensions Are Dying And How You Can Create Your Own —https://www.forbes.com/sites/forbesfinancecouncil/2023/06/05/why-pensions-are-dying-and-how-you-can-create-your-own/?sh=4970c87ec9d4

When I reached my US Social Security FRA (full retirement age) I didn’t retire nor start collecting benefits. Delaying social security payments until age 70 translates into about an 8% increase in benefits annually. If you’re healthy and you don’t need the income for necessities, it’s worth the wait.

Working longer is a powerful lever. Social Security benefits claimed at 70 instead of at 62 are at least 76 percent higher, and the additional years of work allow 401(k) assets to increase and reduce the period of time that the assets need to cover. In fact, my research shows that the vast majority of millennials will be fine if they work to age 70. And although that might sound old, it’s historically normal in another sense: Retiring at 70 leaves the ratio of retirement to working years the same as when Social Security was originally introduced.

Millennials and retirement: How bad is it? — https://www.politico.com/agenda/story/2018/06/07/millennials-preparing-for-retirement-000670/

Millennials are not the only generation ill-prepared for retirement.

America’s 65 million Generation Xers (born between 1965 and 1980) are confronted with a new set of financial challenges that are redefining their plans for retirement, just as they enter their final working years, according to Prudential Financial, Inc.’s latest Pulse research survey, “Gen X: Retirement Revised.”

Generation X confronts harsh new reality of retirement: unreadiness — https://news.prudential.com/generation-x-confronts-harsh-new-reality-retirement-unreadiness.htm

Remember A Plan is Not a Strategy – Update 08.03.22? Having a plan for retirement is great but not all plans turn out as planned. My last executive position ended up being my last executive position and trust me, that was not what I planned. It’s a good thing that my strategy worked a lot better than my plans.

Stay tuned for the next installment of my random thoughts on retirement where I will document (finally) the integrative choices I’ve made that comprise my retirement strategy.

The 2nd Number One Investment Idea for 2023

Invest in yourself, your family, and your friends. Invest in life. If you need to lose weight, do it. Spend more quality time with your friends, family, and love ones. 

Here’s My Number One Investment Idea For 2023 – https://mishtalk.com/economics/heres-my-number-one-investment-idea-for-2023

And the 2nd Number One Investment Idea for 2023.

Brussels Chicory Stabilizes Unstable Atherosclerotic Plaques and Reshapes the Gut Microbiota (in Mice)

Brussels chicory might help stabilize atherosclerotic plaques in mice by reducing intestinal permeability and gut microbial LPS production. This study provides a promising approach to slow the progression of atherosclerosis.

The Journal of Nutrition, Volume 152, Issue 10, October 2022, Pages 2209–2217, https://doi.org/10.1093/jn/nxac103

Does not look like mice food.

(Image borrowed from the internet. If you own the copyright on this photo let me know and I’ll delete immediately. If copyright infringement has occurred I assure you it was unintentional.)

Brussels chicory aka Belgian endive aka Witloof. We don’t eat much of this vegetable in the US. Maybe because virtually no one grows it.

Demand has grown such that California Endive Farms, who are the only commercial endive producer in the country, has had to expand their operations in order to keep up.

Belgian endive consumption in the US on the rise — https://www.infiniteherbs.com/belgian-endive-consumption-in-the-us-on-the-rise/

Quote for Today – 09.22.22

Charlie Munger, the billionaire partner to Warren Buffett at Berkshire Hathaway, describes his friend’s day as 80 percent reading—often five hundred pages. Before he invests his client’s money in a company, Buffett puts the odds in his favor by reading everything he possibly can about the company itself and the broader industry. He is not always right, but he is always informed. We might imagine him flying around on private jets, wheeling and dealing, when in fact he is more likely sitting at his desk, reading everything from the great books to technical analysis.

Mr. Buffett’s reading habit provides a powerful lesson for all of us. But most Americans read almost nothing. A friend who teaches at a large public university thinks less than half of his incoming freshmen have ever read a single book in full.

Jeff Deist President of the Mises Institute. Five Keys to Professional and Personal Development accessed online 9/22/22 — https://mises.org/wire/five-keys-professional-and-personal-development

Some good advice, no matter what stage in life you find yourself. This talk was delivered on September 2, 2022, to a student workshop at the Ron Paul Institute conference in northern Virginia.

  1. Sift
  2. Read
  3. Learn Continuously
  4. Avoid Arguments
  5. Promote People, Not Just Ideas