That same “look deeper” philosophy applies to investing. According to Ric and other financial advisors, some of the biggest investing mistakes come down to emotion. Acting on fear, following the herd, or trying to time the market can derail long-term plans. Time in the market—not timing the market—is what builds real wealth. Missing even a few key market days can seriously impact returns.

While diving into history, Ric gave us the origin of the term “salary”—from Roman soldiers being paid in salt. Even the phrase “two bits” traces back to old Spanish coins. These small lessons in financial etymology reminded us that money’s always been about trust, value, and strategy.

And when it comes to strategy, the bond market is no longer the safe haven it once was. With the 30-year bull run in bonds likely over, Ric warned that rising interest rates make long-term bonds risky. His advice? Keep bond durations short—around 3 to 5 years—to protect your portfolio.

Student loans were also a hot topic. Ric was clear: debt for education is only smart if the return on investment is worth it. For careers with low projected salaries, community colleges and affordable public universities are the smarter path. Taking on big debt without a clear payoff is a mistake many students can’t afford.

One attendee shared they’d received an estate settlement, refinanced their home, and improved their credit score. With an extra $2,000 a month in cash flow, they wanted to buy a car. Ric suggested fixing the old car if possible, but if not, buy a car with cash—especially if loan interest rates are over 8%. Smart car buying is all about total cost, not just monthly payments. And don’t forget to compare financing options from banks, dealers, and credit unions.

Don Blandin, CEO of the Investor Protection Trust, joined to highlight the growing threat of financial scams, particularly targeting baby boomers. He emphasized education as the best defense, and shared his personal strategy: start early, understand the basics, and work with a trustworthy financial advisor.

As the meeting wrapped up, Ric reminded everyone that history is a great teacher, but you can’t rely on past performance to predict the future. The most important move? Start saving and investing now. It’s never too late to take action.

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