IBJ

Unfortunately, I got a song stuck in my head this week—Kenny Rogers’ “The Gambler.” As I had financial planning on my mind, I wondered if there was any sage advice for investors from the old gambler. I found the three main parts of the chorus held valuable lessons for approaching financial goals and objectives.

“You’ve got to know when to hold ’em.

It’s been a while since I was in London and rode the Underground. Passengers are warned to “mind the gap” when boarding a train.

If you have never taken a subway, that first time can be intimidating to navigate the route, figure out how to get a fare card, then determine on which side of the platform to wait.

As investors continue to look for increased yield, I have noticed a lot more interest in closed-end funds. The concept of closed-end funds has been around since 1893, 30 years before the advent of open-end mutual funds and long before the introduction of exchange-traded funds. A “closed” mutual fund may be closed to all new investment or just to new investors.

This recent headline in Forbes caught my attention: “Price of College Increasing Almost 8 Times Faster Than Wages.” Other headlines focus on the student-debt crisis.

A third of Americans have a college degree; they earn 56 percent more than those without a college degree. That helps explain another trend: More high school graduates are starting college.

I am often asked my opinion on various financial strategies, and my favorite answer to just about any question is, “It depends.” One of the most frequent planning topics I address with clients is when to file for Social Security benefits.

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Target-date funds can be wonderful investments if used correctly. However, many investors just pick a fund, or use the 401(k) default, and hope for the best.

Investing with a purpose. Aligning your money with your values. Investing your conscience. Funding change.These concepts all fall under the larger umbrella of socially responsible investing. The premise is that you evaluate investments from a broader lens than just financial. While this is not a new style, it is growing in popularity.