TIP 1 Emotional Investing – Ikea Effect
Ever hear of the “Ikea effect”? It suggests that perceived value can be added to a product or service when the buyer expends additional effort in the creation of the end product. The buyer may like or value the product more because he or she had a hand in its creation, and people tend to fall in love with their own creations, even if the end result is objectively identical.
Is the “Ikea effect” in spending behavior also something to consider regarding emotional investing, and the more commonly discussed issues such as the “Sunken Cost Fallacy” or “Anchoring”? Garden State Trust Company’s professionals would be pleased to meet and share our objective approach to portfolio building based on individual client’s needs and scenarios. Contact us!
TIP 2 Update on Aretha Franklin’s Estate
Last year, many speculated on why Aretha Franklin did not have estate plans in place though she likely knew her end was quickly approaching from pancreatic cancer. The family and her attorney believed there was no will, so the disposition of her complex estate was going to be handled based on the laws of intestacy.
That assessment may have been premature. Three will have since surfaced, and their validity and impact are being called into question. Read more about these developments, and whether a hand-written will can mean anything in our blog post: Aretha Franklin’s Will Hidden in the Couch Cushions
TIP 3 Summer is Coming!
Did you know: The summer solstice and longest day of the year is coming up on June 21st? Mid-summer cultural celebrations centered around it occur all over the world, and many use the opportunity to celebrate John the Baptist with unique traditions and bonfires.
Check out this Wikipedia post to compare your family’s traditions to celebrations in other countries. We wish everyone a great start to their summer and celebrations!
TIP 4 Request for Referrals
Garden State Trust Company may be a little bigger than we were five years ago, but our view of prospective clients as future partners remains the same. We appreciate the relationships with our clients that facilitated our growth, and are always pleased when a client recommends or suggests our services.
If anyone you know might benefit from the use of trusts, please refer them to us. Regardless of their situation or how they decide to proceed, we’ll provide helpful information and ensure that they are glad they took the time to see us.