How do you solve a problem like Y2K? (1999)

plus how much cash would you lend your BFF?

June 21, 2022 • Issue #12 Money is turning 50! To celebrate, we've combed through decades of our print magazines to uncover hidden gems, fascinating stories and vintage personal finance tips that have (surprisingly) withstood the test of time. Throughout 2022, we'll be sharing our favorite finds in this special newsletter. Ready to dive into the archive? In 1999, Americans' minds were on President Bill Clinton's recent impeachment, the first-ever episode of SpongeBob SquarePants and "the Y2K problem" — a technical bug that had programmers scared computers wouldn't be able to interpret the shift into the year 2000, causing chaos on a global scale. Money readers were worried, too: "I want advice regarding the Y2K problem and the stock market," one wrote in an email to Jean Chatzky, then editor-at-large. So in the September 1999 issue of Money, we provided just that. After highlighting a survey that found nearly 40% of mutual fund shareholders felt "highly concerned" about the potential Y2K fallout, Chatzky shared a financial planner's tips for dealing with it. The advice? Don't stress, and don't try to time the market… but do make sure your portfolio contains a mix of investments, like stocks and bonds. Two decades later, you can watch hourlong episodes about Clinton's impeachment thanks to FX's American Crime Story and meet SpongeBob IRL at amusement parks. But what hasn't changed is our core investing advice in the face of uncertainty. We may not be facing a potential world-as-we-know-it-ending computer glitch, but we are coming out of a deadly pandemic, and fears are mounting about a recession. Still, financial experts continue to give us the same investing advice laid out in Chatzky's story: Make a plan that aligns with your risk tolerance, goal and timeline. Then stick to it. — Mallika Mitra, lead investing reporter IN OTHER NEWS… 💰 Haute couture: A 1972 issue of Money dove into the world of bargain-hunting. We made a surprising discovery: Some of the same Manhattanites who frequented New York's Saks Fifth Avenue — one of the world's most famous luxury department stores — would also head to a store called Loehmann's in the Bronx to score the same clothes at a huge discount. Though Loehmann's closed its last location in 2014, once upon a time shoppers could buy a $365 green wool dress for just $210.98 a few miles away. 💰 The perks of sleeping in: In 2016, Money looked at the financial benefit of sleep. We reported that the annual salary premium for people who slept one hour more than their peers was $2,350. Now there's some incentive to turn off Netflix and get your full seven-to-nine hours of shuteye tonight. 💰 Sorry, bestie: How much money would you lend a friend? Money asked that question in 1985 — and found that a lot of people weren't willing to open their wallets for their buds. While 24% of survey respondents would lend a pal less than $100, 26% said they'd rather lose the friend than the cash. Way harsh, Tai. SHOW ME THE MONEY   We just know their financial plan is puuurrrrfect. TEST YOUR MONEY MEMORY In 2005, Money published a story on six major stocks that had "suffered nasty headlines and big sell-offs within the past year." Which company was not included on the list? Fannie Mae Mastercard Merck and Pfizer Viacom Thanks for reading! If you enjoyed this edition of Money Classic, please forward it to a friend or tell them to sign up at money.com/subscribe. We've got a full year of 50th anniversary surprises planned, so stay tuned — and in the meantime, check out Money.com for up-to-date news and advice. Recent stories include 5 Tricks for Scoring Cheap Concert Tickets This Summer, The Unbelievable Reason You May Pay More for a Used Car Than a New One Right Now, and Socially Conscious Investors Know Crypto Is Bad for the Environment. They're Buying It Anyway.

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