The Indianapolis 500

Drivers start your engines!

Today marks the 102nd running of the Indianapolis 500 – “The Greatest Spectacle in Racing.” Drivers will travel at speeds in excess of 225 miles per hour in pursuit of auto racing’s most iconic trophy.  The winner will average about 160 miles per hour. The 1911 winner, Ray Harroun, average speed was 75 miles per hour, slower than some current posted highway speed signs.

Race day is exciting, and the pageantry is legendary. Throngs of people pour into the brickyard to be part of the spectacle and millions more watch it on TV.  The singing of our National Anthem, “Back Home Again in Indiana”, and the stealth bomber flyover add to the enjoyment of the day.

Most of the attention will be on the 33 drivers, and rightly so, as they’ll be the ones responsible for executing the plan. However, behind them is an army of support staff including pit crews, strategists, spotters, spouses, and owners. Teams work as one to make sure the driver can win the race by strategizing and planning for a successful outcome. The plan is their road map for the race.  As the race continues, they must adjust their plan based on new data like car performance, track conditions, and weather.

In addition to a fast car and the driver’s skill, they must have a little luck to win the race. In 2011 Dan Wheldon was trailing the winner until the last lap when J.R. Hildebrand’s car hit the wall on the final turn. Hildebrand’s accident allowed Wheldon to win.  Wheldon would’ve finished second, at best, had Hildebrand not crashed.

Regardless of how fast these cars travel, the driver will pass and be passed by others. They’ll spend a majority of the 500 miles jockeying for a position to win. It’s important for them to focus on their team goals and not worry about the competition. They must put the emphasis on the process, not the result.

Prior to the start, drivers will be dissected by analysts, seers, and other prognosticators offering insight and predictions for the upcoming race – most of which won’t come true. They need to suppress this noise and concentrate on their team goals.

Unfortunately, drivers may experience a crash. When this happens the yellow caution flag will fly, and they must slow down for the clean up crew to clear the track before racing can resume. Accidents and crashes are unexpected, of course, so it’s best to try and minimize the damage.

What can an investor learn from the Indianapolis 500? Here are a few thoughts.

  • Drive your own race. People travel at different speeds to reach their goals. If you’re on the right track, don’t worry about others.
  • Create a financial plan. Your plan will help guide you through the race of your life. It will keep you grounded during all market conditions. You, like the drivers, will need to adjust it as you obtain new data.
  • Work with your team to achieve your goals. A driver doesn’t compete on their own and nor should you. A team of trusted advisors can assist you with all your needs. A CPA, an attorney, and an advisor should be on your pit crew.
  • The media and other experts will try distracting you from your plan. News headlines will make you question your investing goals so it’s best to ignore them and concentrate your efforts on following your plan.
  • Diversify your investments. In the market, like racing, crashes happen. It’s not possible to predict a crash so your best defense is a diversified portfolio of stocks, bonds, and cash. Your investments should be a function of your plan and financial goals.
  • Celebrate your wins. It’s important to enjoy the fruits of your labor. If you’ve reached a goal, celebrate it and then turn your efforts to the next one.

After 500 miles, the checkered flag will drop, a winner will be crowned, and he’ll celebrate by drinking milk and kissing the bricks at the finish line. The team will celebrate the victory for a few days and then start planning for the next race. You might not pass under a checkered flag when you’ve achieved your goals, but you’ll know when you’ve won your race.

Nothing compares to the Indianapolis 500.  ~ Mario Andretti

May 27, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management firm located in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process.

Note: Investments are not guaranteed and do involve risk.

 

The Tax Man

Tax season is over but it’s hardly business as usual because the Tax Cuts and Jobs Acts is now live. This new law brings several changes for tax payers, and, as always, there are winners and losers. In addition to the new changes, tax payers should look for ways to reduce, eliminate, or defer their tax liability.

Here are a few of the changes for 2018 and beyond from the IRS website[1].

  • Limiting deductions for state and local taxes. It now stands at $10,000.
  • Limiting the deduction for home mortgage interest. The deduction for interest payments is now limited to loan balances of $750,000 or less.
  • The interest deduction for a line-of-credit is still intact if the proceeds of the loan are used to “buy, build or substantially improve the taxpayer’s home that secures the loan.”[2]
  • If you use a line-of-credit to purchase a vacation home, and the loan is backed by your primary residence, then the interest isn’t deductible. However, if the loan is secured by the vacation property and your total loan balances for your two homes falls below $750,000, then the interest is deductible.
  • Deductions are no longer available for employee business expenses, tax preparation fees and investment expenses, including investment management fees.
  • The standard deduction has almost doubled. It jumped from $13,000 to $24,000 for married couples and it climbed to $12,000 from $6,500 for single filers.
  • The estate tax exemption did double. The exemption for a married couple is $22.4 million while the individual’s is $11.2 million.
  • The child tax credit is now $2,000 per child for those under the age of 17.
  • The income threshold has been raised for those individuals wanting to contribute to an IRA.

The tried and true methods for reducing your taxes are still in force.  Here are a few suggestions to help you keep more money in your pocket.

  • Max out your 401(k) or company retirement plan. The threshold for a contribution to a 401(k) plan is now $18,500 if you’re under 50; $24,500 if over 50.
  • Contribute to an IRA. Regardless of your income or tax bracket you can contribute to an IRA. You may not qualify for a tax deduction, but you’ll benefit from tax-deferred or tax-free growth.
  • Invest in municipal bonds. These bonds generate tax-free income and if you live in a high-tax state like California or New York they’re almost a must.
  • Establish a donor-advised fund. You’ll receive a tax deduction for your contribution and then you can distribute your money as you see fit.
  • With the rise in interest rates and increased stock market volatility it’s possible you may have an unrealized loss or two. Selling a losing investment and transferring the proceeds to a new one could benefit your tax situation.

The final item to check is your paycheck. The new tax law should benefit your take home pay. To make sure your receiving your fair share plug in your data to a W4 calculator.  Here’s a link to the IRS website W4 calculator: https://www.irs.gov/individuals/irs-withholding-calculator.

Last, the new tax bill is about 600 pages in length, so I’d recommend consulting a good CPA to help you navigate the fine print because as Tom Waits said, “The big print giveth and the small print taketh away.”

Happy tax planning!

May 23, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management firm located in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process.

Note: Investments are not guaranteed and do involve risk.  Your returns may differ than those posted in this blog. PWM does not provide tax advice so please consult your accountant, CPA or EA.

 

[1] https://www.irs.gov/newsroom/taxpayers-who-usually-itemize-deductions-should-check-their-withholding-to-avoid-tax-surprises

[2] https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law

Moving?

Real estate signs are popping up like dandelions, spring is in the air and people are on the move. Moving for a new job is one reason for the mobility. How often are people moving? According to the Bureau of Labor Statistics people change jobs every 2.5 years between the ages of 18 and 48.[1]  In another study, 71% of the working population is currently looking for a new job.[2] With the unemployment rate below 4%, employees are feeling embolden to leap to a new job.

A new job is exciting. However, it does raise questions about your former retirement plan. Should you take it with you or leave it behind? Here are a few suggestions –

  • Leave it. You have the option to leave your assets in your former employer’s plan. You don’t have to make any changes. It makes sense to leave it in the plan if it has several low-cost investment choices, and you’re happy with the performance.  An advantage of this decision is you don’t have to decide on when or where to move your assets, it’s a known quantity. One downside of leaving it behind is that you’ll no longer be contributing to your account or receiving an employer match.
  • Roll it into your new plan. If your current employer allows for in-coming rollovers, you can transfer your old plan into your new one. This could be a good choice because you’ll be able to give your new plan a boost especially if it has a good line-up of low cost investment funds. However, if it has limited choices or expensive funds you’d be wise to look elsewhere.
  • Rollover your assets into an IRA. An IRA rollover makes sense if you want more control over your investments. An IRA will allow you to invest in a plethora of investments – almost unlimited. In addition, you’ll have the ability to control your costs and trading activity through your investment selections.
  • Cash out. Cashing out of your old 401(k) is an option – but not recommended, particularly if you’re under the age of 59.5. Taxes and penalties will eradicate a big chunk of your assets if you remove them from your plan. If you take this path the IRS will benefit greatly.

In addition to your rollover decisions, another issue that needs to be highlighted is your future retirement balance. Jumping from job to job will hinder the growth of your retirement assets. Some companies have a waiting period before they’ll allow new employees to join their plan, typically six months. Meaning, if you change jobs every 2.5 years for 30 years, you won’t be able to make a company contribution for six years, or 20% of your working years and that’s a lot of downtime.

“Everybody has talent, it’s just a matter of moving around until you’ve discovered what it is.” ~ George Lucas

May 21, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management firm located in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process.

Note: Investments are not guaranteed and do involve risk.  Your returns may differ than those posted in this blog.

 

[1] https://www.bls.gov/nls/nlsfaqs.htm#anch41

[2] https://www.washingtonpost.com/news/on-small-business/wp/2017/10/19/study-71-percent-of-employees-are-looking-for-new-jobs/?noredirect=on&utm_term=.893854abeb4c, Gene Marks, 10/19/2017

 

Financial Travel Agents

The travel industry has experienced major changes since the birth of the internet.  According to the Bureau of Labor Statistics the number of travel agents is expected to decline by 12% to 72,000 by 2026.[1]

Companies like Booking.com, Trivago, Expedia and Kayak have filled this void as individuals book and schedule their own trips without leaving their couch.

With an abundance of travel websites now available do you need a travel agent?  It depends on your trip, of course. If you’re booking a flight from Austin to Denver, you probably don’t need to use one. Reserving a hotel room for a night in San Diego probably doesn’t require one either. However, if you’re traveling through several countries by land, sea and air, then working with a travel agent is recommended.  Your agent can navigate you through airports, customs, and hotels.

Travel agents enhance the trip experience by tapping into their resources and knowledge to deliver superior services for their clients. A travel agent can be called on to design a once in a lifetime trip for you and those you love. The goal of the travel agent is to deliver a hassle-free trip within your budget. The plan is for your trip to go off without a hitch or delays.

The investment industry, like the travel industry, has endured major changes because of the internet. The rise of discount firms, robo-advisors, and online calculators have changed the landscape in the investment world. Firms like T.D. Ameritrade, Fidelity, and Vanguard have diverted billions of assets away from old-line Wall Street firms like Merrill Lynch, UBS and Morgan Stanley. Online firms have made it easy for individual investors to point, click, and trade without guidance or input from a professional.

Unlike the travel industry, the number of personal financial advisors is expected to rise 15% per year by 2026, to over 312,000.[2]  According to the CFP board there are currently 81,000 Certified Financial Planners, about 25% of the advisor population.  If you want to improve your investment understanding, work with a financial planner who’s also a registered investment advisor and a fiduciary.

A financial planner can expand their client’s investment horizon by designing, allocating, and managing an investment portfolio based on their financial goals. He can also assist them with retirement, education, and philanthropic planning, to name a few.

A written financial plan is a representation of their client’s hopes, dreams and fears. A good planner will make sure their goals, risk tolerance, and investments are aligned. It’s the alignment that improves the investment outlook for the client.

Does everyone need a financial planner? Like the travel agent, it depends. There are circumstances when the individual investor doesn’t need the expertise of a planner. If she wants to buy an individual stock or a mutual fund, she can do this with the click of a mouse – no guidance required. But if she wants input on how much money she’ll need for retirement, how to pay for her daughter’s education, or create a budget, then a financial planner can be a tremendous resource.

The role of a planner goes beyond financial advice. When stocks gyrate violently, and portfolio values swoon, he can provide emotional support. With a financial plan, he can direct his clients through the market turmoil by having them focus on their goals. He can also stress test their portfolio and review their asset allocation. Often the market turbulence is nothing more than a minor distraction on the road to having the client reach their goals.

As you embark on your monetary journey, look to a Certified Financial Planner to guide you to your financial destination.

“Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So, throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” ~ Mark Twain

May 17, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management firm located in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process.

Note: Investments are not guaranteed and do involve risk.

[1] https://www.bls.gov/ooh/sales/travel-agents.htm

[2] https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm

Can You Do Nothing?

It’s hard to do nothing. It’s hard to disconnect in a connected world. If you have children you’ve probably heard them say: “I’m bored, there’s nothing to do!” If you want to see how hard it is to do nothing, turn off everything around you and close your eyes for five minutes.  Welcome back. How’d you do?

The most challenging investment strategy is the buy and hold, one based on making few changes to your portfolio over time. You do nothing but sit and wait for your portfolio to perform. This might be easy during a rising market like we’ve experienced since 2009 but how about when it’s falling? It takes courage and conviction to hold your investments during a market rout like 2008.

A buy and hold strategy is boring and it’s certainly not sexy. Tell people you own a diversified portfolio of index funds that you plan to hold forever, and they’ll yawn and roll their eyes. Warren Buffett said that people don’t like to grow rich slowly. As you know, slow and steady wins the race especially if you’ve read the story of the tortoise and the hare.

A long time ago I worked with a broker who told me he periodically bought and sold stocks to give the appearance he was monitoring his client’s accounts. His activity “strategy” benefited him more than his clients.  Activity for activity’s sake is not a strategy and it should be avoided at all costs.

Pursuing get quick rich schemes (scams) often end poorly. However, people are attracted to bright lights and loud sounds of hucksters promising high levels of income with outsized gains and low risk.  The sheep can’t recognize the wolf. Investors who entrusted Bernie Madoff with their life savings know this all too well – unfortunately.

Investors get antsy when their portfolio isn’t rising. When turbulence hits, they run for the exits. During the first quarter of 2018 investors pulled about $50 billion out of the stock market just before it started rising again.[1]

In a recent study by Morningstar, they found that over a 10-year period investor in US diversified stock funds earned 3.24% less than the funds they owned.  If a fund earned 10%, the investor earned 6.76%.[2]  They earned less because they moved their money in and out of the funds. A buy and hold investor enjoyed the higher returns and benefited from the long-term trend of the stock market.

From 1926 to 2017 the S&P 500 Index returned 10.2%; staying invested gives you the opportunity to enjoy these market returns. A study on market timing conducted by Dimensional Fund Advisors found that investors who stayed the course earned 9.38% from October 1989 to December 2016. The individual who missed the 25 best days during this period made 3.98%, or 5.4% less than the buy and hold investor.[3]

Of course, there are times when you need to sell your investments or make portfolio changes. Using your funds to generate monthly income or payoff a mortgage is certainly warranted. An annual rebalance of your accounts is recommended to keep your asset allocation intact.

A financial plan can help you improve your investment results and give you the necessary tools to stay invested during rising and falling markets. It will provide you a roadmap on how best to invest your hard-earned dollars by aligning your goals and risk tolerance to your portfolio. Your plan will be your antidote against making poor investment decisions.

Give it a try – do nothing!

The trick is, when there is nothing to do, do nothing. ~ Warren Buffett

May 12, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  Our mission is to remove confusion, complexity, and worry from the financial planning and investment management process. For more information please visit www.parrottwealth.com.

Note:  Past performance is not a guarantee of future returns. Your returns may differ than those posted in this blog and investments aren’t guaranteed.

 

 

[1] https://www.yardeni.com/pub/ecoindiciwk.pdf, Dr. Edward Yardeni, May 9, 2018

[2] https://office.morningstar.com/research/doc/_862410, Ben Johnson, CFA, May 2, 2018

[3] Reacting Can Hurt Performance, Dimensional, 10/89 – 12/16.  Data provided by Ibbotson Associates.

Think Different™.

Think Different was a successful advertising campaign launched by Apple in 1997, the same year they introduced us to the iPhone, a revolutionary product. The iPhone allowed us to think and act different by changing the way we communicate and access data. Companies like Uber have prospered because of it.

The iPhone is simple to use and has clean lines with nominal clutter. A touch of an app can connect me to almost anything. I don’t have to program it or learn a complicated algorithm to operate my phone. If I want to check my flight, buy a book, take a picture, listen to music, or find a restaurant I touch the appropriate app and voila.

The iPhone, however, is anything but simple. It’s loaded with powerful, complex components under the touch screen glass; components like a lithium ion battery, bionic application processer, wi-fi chips, XMM 7480 modem, wireless charging chip, super retina HD display, loudspeaker, charging coil and Taptic engine.[1] I don’t understand how these sophisticated apparatuses work, but they’ve simplified my life.

Cell phones operate from wireless networks using radio frequency connected to telecommunication networks around the world and satellites in space. These systems are difficult to create and far from simple. And, the only way for a satellite to get to space is to be shuttled by a rocket. Rocket scientists, engineers, and PhDs use mathematical formulas few people can comprehend to design and build these systems.

Mutual funds, especially index funds, appear simple but under the wrapper there are high levels of sophistication. For example, the Dimensional Fund Advisors (DFA) model was built with financial science. DFA is armed with PhDs, engineers, and other smart people working to remove complexity from the investment process.

Dimensional Funds was founded by David Booth and Rex Sinquefield in 1981 and utilized the work of Dr. Eugene Fama. Dr. Fama was awarded the Nobel Prize in Economic Science in 2003 for his work on the efficient market hypothesis. He, along with Professor Kenneth French of Dartmouth, developed the three-factor model for stock investing, known as the Fama-French three-factor model. The three factors are: stocks outperform bonds, small companies outperform large companies, and value outperforms growth.  These three themes appear simple but the research to arrive at these conclusions is anything but.

In addition, Dimensional worked with several Nobel Laureates, before they were awarded their prizes including Merton Miller, Myron Scholes and Robert C. Merton. Merton Miller said, “I like that Dimensional invited all these Nobel laureates on their board before they got their Nobel Prizes. It’s easy to invite them afterward.”

One of the arguments against mutual funds is that they’re too simple for sophisticated investors, a major misconception. Investors are also concerned about missing out on high flying stocks like Amazon, Apple or Nvidia. Well, these three companies, and many more, are currently held inside a few of the funds managed by Dimensional. In addition to those popular companies, they also own Ablynx NV, ASE Industrial Holdings, Axon Enterprises, Enova International, PT Indah Kiat Pulp & Paper, Seacor Holdings, Suzano Papel E Cellulose SA, Tenent Healthcare, and Yageo Corporation – all up more than 100% so far in 2018. Furthermore, a diversified portfolio of mutual funds will give you global exposure across multiple sectors.

As you construct your portfolio think differently. Don’t worry about picking a few hot stocks, rather focus on your financial goals and dreams. A financial plan will help quantify your goals and establish the proper asset allocation. Once your plan is complete, invest in a portfolio of mutual funds diversified around the globe – simple!

Simplicity is the ultimate sophistication. ~ Leonardo da Vinci

May 10, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  Our mission is to remove confusion, complexity, and worry from the financial planning and investment management process. For more information please visit www.parrottwealth.com.

Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.

 

 

 

 

 

[1] https://www.bloomberg.com/features/apple-iphone-guts/, published 10/12/17, updated 12/6/2017.

The Supermarket

The supermarket is a Venus flytrap for unsuspecting shoppers. If you’ve been shopping without a grocery list while hungry you know what I’m talking about!

Store designers carefully dictate your flow through the aisles making sure you cover every square inch of floor space. When you enter, you’re drawn in by the powerful aroma of fresh flowers and the sweet smells emanating from the bakery. We must traverse the gauntlet of aisles as we fill up our carts with the items on our list. Healthy items are found around the edges while packaged goods are housed in the interior. The checkout aisle is the most tempting as we stare at candy, toys, and soft drinks while waiting to pay. The layout is not left to chance, nor is it random. It’s done so we make a few impulse purchases. In fact, “Two-thirds of what we buy in the supermarket we had no intention of buying,” says consumer expert Paco Underhill, author of Why We Buy: The Science of Shopping.

To maximize your time in the supermarket and minimize your food budget you must shop with a list. It will keep you focused on the items you need and help you avoid impulse purchases. It will be your guiding light, your North Star.

Of course, shopping without a list will expose you to several pitfalls like spending more time in the store buying things you don’t need.

Grocery shopping has similarities to investing. Like shopping, an investor would be wise to follow a list. The list for a successful investor is a financial plan. A solid plan is based on an individual’s financial goals and dreams. It will quantify her goals and guide her through all types of market conditions.  It will also let her know when she’s arrived at her financial destination.  For example, if she wants to purchase a mountain cabin in the Rockies for $300,000 she can check it off her list if she has saved the money.

Like a grocery shopping list, a financial plan will have multiple goals whether it’s planning for retirement, paying for college, or eliminating debt. As you reach these milestones, check them off your list.

An investor without a plan is more likely to make impulse decisions that may have severe consequences to his long-term wealth. Without one, he may chase returns or sell his holdings during a market correction. Furthermore, if he doesn’t follow a plan, how will he know how much money to save for retirement or other important life goals?

Does a financial plan really help? According to one study, investors who followed their plan had three times the wealth of those who didn’t![1]

The next time you head to the supermarket add a financial plan to your grocery list. It will bear much fruit for you and your family!

I am the worst at the grocery store. It turns into three carts. It turns into, ‘Oh did you see the truffle cheese? We’ve got to get the truffle cheese!’ ~ Guy Fieri
May 7, 2018

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  Our mission is to remove confusion, complexity, and worry from the financial planning and investment management process. For more information please visit www.parrottwealth.com.

Note:  Past performance is not a guarantee of future returns.  Your returns may differ than those posted in this blog and investments aren’t guaranteed.

 

[1] http://content.schwab.com/web/retail/public/owners_manual/principle-plan.html, website accessed on 5/7/2018.

Here Come the Millennials!

The millennials are coming, and they’re armed with dollars!  The last cohort born in the 20th century has now surpassed the Baby Boomers as the largest generation.  A generation once defined as moochers living off their parents while sleeping in the family basement has now entered adulthood.  The millennials were labeled as lazy slackers, but this is hardly the case.

This generation is more socially aware and more tolerant of other cultures than previous ones. It is the most educated group to enter the work force and they have more women employed than previous generations.[1]

The millennials are now the largest cohort in the labor force with 56 million people. Gen X has 53 million workers while the boomers are still going strong at 41 million.[2] As they climb the corporate ladder they’re starting to get married.

These newly minted couples are entering their prime home buying years, a positive for our economy. As new homeowners, they’ll purchase appliances, furniture, and other gadgets.  Another boost to our economy will come when these young adults start to raise their families. In fact, there are now more than 17 million millennial moms, and over 1 million gave birth since 2016.[3]

The Baby Boomers transformed everything they touched from cars to stocks. Will millennials follow the same path? I believe they will and therefore I’m bullish on the world.

Millennials are a bit more free-spirited, more able to go into new places, to feel more assertive and fearless about trying new things. ~ Payal Kadakia

Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm in Austin, TX.  Our mission is to remove confusion, complexity, and worry from the financial planning and investment management process. For more information please visit www.parrottwealth.com.

May 6, 2018

 

 

[1] http://www.pewresearch.org/fact-tank/2018/03/16/how-millennials-compare-with-their-grandparents/, by Richard Fry, Ruth Igielnik, and Eileen Patten, 3/16/2018

[2] http://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/, by Richard Fry, 4/11/2018

[3] http://www.pewresearch.org/fact-tank/2018/05/04/more-than-a-million-millennials-are-becoming-moms-each-year/, by Gretchen Livingston, 5/4/2018