Retail stocks have slumped this year. While many chalk up the declines to competition from online retail behemoth Amazon (AMZN) , famed market expert Peter Schiff, CEO of Euro Pacific Capital, doesn't agree. "Amazon has been here for a long time - this is the worst year for retail - it's worse than 2008 and 2009," he said. "This is because consumers are broke - they have lousy jobs, they're loaded up with debt and they can't afford to buy stuff." He pointed to Foot Locker's (FL) 25% decline on Friday. Schiff isn't comforted by the double-digit gains in earnings growth for the past two quarters in U.S. stocks. "Let's see what happens if we go to a recession which is going to impeded [companies']
Early retirement only requires three things: earning, saving, and investing. The key to reaching your early retirement goal is making those three things a priority. Millennials aren't known for following the rules, especially when it comes to money matters.
Dear Moneyologist, I became ill suddenly and had to retire at 62. When I was divorced at 45 I had nothing. I re-grouped, saved, saved and saved, put two children through college and rose through the ranks at work. When I retired, I had two years of expenses in an emergency fund (it is still there), zero credit-card debt and have lived very frugally on my small pension and Social Security Insurance since then. When I was making six figures at work, I took out credit cards to get miles, rewards etc. I have quite a few. Because I am not using them, I am getting annual fees (I have about 10). I want to cancel these accounts because I’m wasting $1,000 a year in credit cards fees, which is sinful to