Muhlenkamp Memorandum Issue #129

In their Quarterly Letter, Ron and Jeff give a summary of the markets and the economy at the end of 2018: Market volatility has returned; the Fed has continued to shrink its balance sheet and raise short-term interest rates; and in the U.S., there has been a slowdown in the housing market. Tony explains in "Letter to My Daughters: On Retirement" that planning and action are vital if you want to retire someday. Additionally, we provide steps that you can take to avoid escheatment (the turning over of property to the state).
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Muhlenkamp Memorandum Issue #123

In this issue, Ron & Jeff Muhlenkamp discuss what they are seeing, thinking and doing in the current investment climate. Plus, Muhlenkamp & Company, Inc. turns 40! In the Quarterly Letter, Ron and Jeff discuss international trade, economic growth, small business optimism, and disruption in the retail sector. Also included are some basics on creating a personal budget.
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Learning the Difference between Price and Value: Take Your Child to an Auction

Price vs. Value—there is no better place to learn the difference in these commonly used terms than by participating at...
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Muhlenkamp Marathon Financial Training Workbook

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our workbook contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.
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Cash Flow Statement

A personal cash flow statement is a spreadsheet you can use to see where you spend your income over a period of time. This cash flow statement is set up so you can use it to estimate your monthly inflows and outflows, document the actual amounts, and plan your spending for next month.
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Balance Sheet

A balance sheet is a spreadsheet used to find your net worth at a specific point in time. You subtract your total liabilities from your total assets. If you calculate your net worth on a periodic basis, you can determine whether your total assets are growing or shrinking. To increase your net worth, you must shrink your debt (liabilities) and grow your assets.
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SMART Financial Goals – Short Term

Short-term financial goals are those goals that you would like to achieve in five years or less. The reason for separating short- and long-term goals is because the number of years that you have until your target date will affect where you should save or invest the assets you are accumulating to reach these goals.
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SMART Financial Goals – Long Term

Long-term financial goals are those goals with a target date more than five years away. For long-term financial goals, you have to grow your assets to counteract the effects of inflation, but you don’t have to worry as much about short-term market volatility or liquidity.
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Muhlenkamp Marathon

There are many similarities between training for a marathon and creating a legacy of financial freedom—both take desire, time, effort, and discipline. Our "Muhlenkamp Marathon Financial Training Workbook" contains 26.2 “miles” of financial information to use as a reference guide to keep you on course, including best practices based on current tax rules and regulations, as well as words of wisdom based on experience, observation, and statistics.
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Planning for a Successful Retirement

“How do you see yourself in retirement?” is a question similar to “What do you want to be when you...
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