Home - HumbleDollar

What would you do if you received this text from your child as I did this morning?

R Quinn | Sep 16, 2026

"This post reminds me of what's really important. Wishing for a full recovery. As a parent, we all want our kids to be better than us. I'll never apologize for doing anything i can to make their lives easier, anything short of enabling bad behavior. Pulling for them all. Mike."

- Mike Xavier

The Silent Committee

John Goodell | Sep 14, 2026

"It’s great to hear from you, Rick! Thank you for the thoughtful comment!"

- John Goodell

When $2000 Isn’t Worth the Hassle

Mark Crothers | Sep 16, 2026

"I like how you stick to your principles. Good for you. You probably sleep very well at night. :)"

- Jeff Bond

On Being a “Healthy” Person

DrLefty | Sep 8, 2026

"I hope so, Andrew! I was just living my life, thinking I was pretty healthy/lucky for my age when one piece of data (calcification on my annual mammogram) led to follow-up testing, meeting with a cardiologist, and starting gold-standard meds (as of today) that I wouldn’t have qualified for without those pieces of negative evidence. Honestly, I’m still rather reeling from all of it and struggling with anxiety. But I also feel grateful and hopeful that we caught it in time.🙏"

- DrLefty

I will still take the dividends

R Quinn | Sep 12, 2026

"I like this part of the letter. ”Most companies pay consistent dividends, generally trying to increase them annually and cutting them very reluctantly. Our “Big Four” portfolio companies follow this sensible and understandable approach and, in certain cases, also repurchase shares quite aggressively. We applaud their actions and hope they continue on their present paths. We like increased dividends, and we love repurchases at appropriate prices. At Berkshire, however, we have consistently followed a different approach that we know has been sensible and that we hope has been made understandable by the paragraphs you have just read. We will stick with this policy as long as we believe our assumptions about the book-value buildup and the market-price premium seem reasonable. If the prospects for either factor change materially for the worse, we will reexamine our actions.”"

- R Quinn

The Ultimate Tail Risk

Mark Gardner | Sep 13, 2026

"I think the situation needs addressing, but I think you have prescribed the wrong tool. Congress can regulate AI through ordinary legislation. Legislation is vastly easier to change as technology evolves. Constitutional provisions are intentionally difficult to change. And we have very little idea what "AI" will mean 30, 50 or 100 years from now."

- John Katz

Total portfolio approach?

baldscreen | Sep 14, 2026

"Exactly"

- Michael1

Free Breakfast

D.J. | Sep 9, 2026

"Just finished my free hotel breakfast. For the first time, there was a tip jar next to the buffet. No need to seek out the worker."

- Marilyn Lavin

A Wedding Too Far

Mark Crothers | Sep 7, 2026

"Martin, thanks so much for the offer. Time is flying with the wedding fast approaching, so I've started drafting the speech. While I can usually spin a decent yarn, having a tried-and-tested resource like the one you mentioned would be a huge help. I've set up a one-off Gmail address you can use if you get a chance: mark.hd.replies@gmail.com. Thanks again for your generosity."

- Mark Crothers

Locking it in

greg_j_tomamichel | Sep 5, 2026

"Thanks Martin. I figure that it's ok to imprecise, so long as the total plan works out."

- greg_j_tomamichel

What to do about the new ID.me login requirement at TreasuryDirect

William Perry | Sep 14, 2026

"Thanks for your comment. A number of comments on Humble Dollar and other sites I read gives me pause about continuing to buy I Bonds. I have not had the administrative headaches you and others have had and I certainly do not want them for myself or my heirs. Converting my login at TD to ID.me is a distant secondary consideration on if I am willing to continue buying I Bonds if TD does not improve their customer service when something occurs for a person like you who has taken reasonable actions which are deemed to be insufficient."

- William Perry

Being terminated…

gnussen623 | Sep 12, 2026

"That’s awesome Julie!"

- gnussen623

What would you do if you received this text from your child as I did this morning?

R Quinn | Sep 16, 2026

- Mike Xavier

The Silent Committee

John Goodell | Sep 14, 2026

"It’s great to hear from you, Rick! Thank you for the thoughtful comment!"

- John Goodell

When $2000 Isn’t Worth the Hassle

Mark Crothers | Sep 16, 2026

"I like how you stick to your principles. Good for you. You probably sleep very well at night. :)"

- Jeff Bond

On Being a “Healthy” Person

DrLefty | Sep 8, 2026

- DrLefty

I will still take the dividends

R Quinn | Sep 12, 2026

- R Quinn

The Ultimate Tail Risk

Mark Gardner | Sep 13, 2026

- John Katz

Total portfolio approach?

baldscreen | Sep 14, 2026

"Exactly"

- Michael1

Free Breakfast

D.J. | Sep 9, 2026

"Just finished my free hotel breakfast. For the first time, there was a tip jar next to the buffet. No need to seek out the worker."

- Marilyn Lavin

A Wedding Too Far

Mark Crothers | Sep 7, 2026

- Mark Crothers

Manifesto

Sep 16, 2026

NO. 27: RISK and potential return are inextricably linked. If an investment holds out the prospect of high returns, we should presume it’s highly risky—even if we can’t figure out what the risk is.

think

Sep 17, 2026

OPPORTUNITY COST. Whenever we make a financial choice, we give up something else, which may be a better use for the money. If we buy one item, we can’t spend the dollars on other items, either now or in the future. When we devote money to one goal, we have less for other goals. When we buy one investment, we’re effectively choosing not to buy other investments.

act

Sep 16, 2026

TAP HOME EQUITY to trim other debts. If you have high-interest auto loans or credit card debt, you might set up a home equity line of credit and then use it to pay off these higher-cost debts. That’ll reduce the interest you pay. You won’t, however, save on taxes. Thanks to 2017's tax law, such home-equity borrowing is no longer tax-deductible.

Truths

Sep 15, 2026

NO. 118: OWNING both U.S. and foreign stocks will smooth out a portfolio’s long-run performance, as those two sectors take turns posting strong results. But when shares turn lower, global stock markets become highly correlated—and salvaging your portfolio’s short-run results will hinge on owning other asset classes, notably high-quality bonds.

Money Guide

Manifesto

Sep 16, 2026

Spotlight: Retirement

$400,000 Mistake

Bogdan Sheremeta | Aug 1, 2026

BOB MADE A very expensive tax mistake. Doctors told Bob that he only has a year to live… What did Bob do?
He decided to gift a house to his only son before passing away. The house is worth $2,000,000 that he bought back in 1970 for $50,000 in an expensive suburb of California.
The son decided to sell the house and paid about $430,000 in federal taxes.
$430,000 that could have been $0 instead…
How?

The current state of Social Security and something to consider in your planning

R Quinn | May 21, 2025

My view is that nothing will be done to fix the funding of Social Security through 2028 thus leaving people with concern for their future and to ponder rumors and misinformation. The latest report from the Trustees that should have been released by now is not available yet, but here is a summary from the last in 2024.
My opinion is to be conservative when planning your retirement in the next few years, and use 80% of your current projected Social Security benefit.

Economic Trends

Adam M. Grossman | Mar 14, 2026

LAST WEEK THE government released its monthly employment figures for February. The results weren’t great. Payrolls declined, and unemployment ticked up. These numbers square with other downbeat data, including a recent uptick in bankruptcy filings.
Another worry: Oil prices have been rising, a result of the conflict in the Middle East. That’s a concern because it could lead to a reacceleration of inflation. It could also dampen consumer spending because higher gas prices act like a tax on consumers,

What If

Dan Smith | Mar 2, 2025

Last month I did my best to analyze investments to the market as an alternative to payroll taxes for Social Security. My conclusion was that the payroll taxes were worth it, though some readers respectfully disagreed.
But what if I could go back in time for a do-over. What if at age 16 I began to invest an amount into the market that was equal to and in addition to the payroll tax deducted from my pay?

New 2025 Tax Deductions

Bogdan Sheremeta | Sep 20, 2025

THE IRS JUST released a new form called Schedule 1-A, which includes all the new tax bill deductions.
I wanted to quickly go through some of it, so that you are more aware of the new potential savings opportunities.
I’ve previously discussed some portions of the bill, but this is the first time we have a peek of the new lines.
All of these deductions are in addition to the standard deduction or itemized deduction.

Tax Smart Retirement

Adam M. Grossman | Mar 7, 2026

A POPULAR JOKE about retirement is that it can be hard work. That’s because financial planning is like a jigsaw puzzle, and retirement often means rearranging the pieces.
In the past, I’ve discussed two key pieces of that puzzle: how to determine a sustainable portfolio withdrawal rate and how to decide on an effective asset allocation. But there’s one more piece of the puzzle to contend with: taxes. Especially if you’re planning to retire on the earlier side,

Take It to the Limit?

Kyle McIntosh | Jan 22, 2022

LIKE SOME OF YOU reading this, I get a thrill from seeing my 401(k) contributions start at zero in January and tick up to the annual limit. I’ve been fortunate to maximize my contributions for most of my 24 working years. Last year, my contributions topped out at the 2021 limit of $19,500. In 2022, I’m aiming to make the maximum contribution of $20,500. For those age 50 and older, you can contribute up to $27,000 in 2022. Up to now, I’ve considered it a no-brainer to contribute the 401(k) max. While I’m not making any changes this year, I am starting to think differently as I inch closer to retirement. If you’re in a similar situation, here are three factors you may want to consider when deciding how much to contribute. First, if you’re in a low-tax bracket or live in a low-tax state, the tax benefit of contributing pretax dollars to a 401(k) account could be minimal. If you think your tax rate will be higher in retirement, you could be better off investing through a standard brokerage account and paying tax on your earnings now. You could also opt for a Roth 401(k) if your employer offers that option. Factors that might drive your future tax rate higher include a retirement account that’ll generate significant income or plans to move to a higher-tax state. A second factor to consider is how you’ll invest the funds. If you will be conservative when investing 401(k) contributions, the benefit of deferring tax on investment earnings will be minimal. It may be worth paying the small annual tax bill and having immediate access to your savings. Finally, you should consider how long the funds will be in the 401(k) account. If you have many years—or even decades—before you’ll withdraw the funds,…

See for Yourself

Kyle McIntosh | Jul 25, 2021

THOSE WHO FOLLOW financial news know that mid-to-late July is the middle of earnings season. While I enjoy learning how companies are performing, I also get agitated by the way the media reports earnings information. Having spent more than 20 years in corporate finance, I know the rigor involved in preparing earnings reports. Company accountants usually take one-to-two weeks to compile financial results, which then are reviewed by external auditors. In addition, investor relations, legal and other internal teams work to ensure earnings reports fairly portray company results. Depending on the size and complexity of a company, this can add up to thousands of working hours before the reports are released. Instead of taking time to digest management’s messages and business trends, the media rushes out attention-grabbing soundbites. Consider the analyst who was on CNBC when Apple released its earnings this April. Within minutes, he said, “If you looked up ‘blowout earnings’ in the dictionary, it would be Apple’s March quarter.” Apple did have a strong quarter, but there’s no way he could have reviewed more than a few headlines before making this definitive statement. A better way to learn about a company’s performance is to read the company’s full earnings release yourself. These reports are on a company’s website and include financial statements, as well as key trends for the quarter. Most companies also include business metrics, future guidance and detailed sales information. As a second step, read the company’s periodic filings with the Securities and Exchange Commission. While quarterly and annual filings with the SEC usually aren’t completed until after the earnings releases, these reports will give you a more comprehensive understanding of company performance as well as its financial condition. I get SEC filings from company websites, but you also can find them on the SEC's website. For…

Look Before You Leap

Kyle McIntosh | Sep 3, 2021

A FEW WEEKS AGO, fellow contributor Dennis Friedman discussed how he’ll remain in California for retirement, despite the lower cost of living elsewhere. Dennis’s post got me thinking about the conversations I hear at my local dog park in Newbury Park, California. A local realtor regularly talks about the many longtime homeowners who are moving out of state. Within days of listing their home, sellers receive multiple offers above asking price. The sellers then move to places like Arizona, Idaho, Utah and even North Dakota. While I appreciate the rationale for selling in a hot market, I hope that those leaving California have asked themselves these three questions: How’s the weather? We recently completed a cross-country road trip along Interstate 40 from California to South Carolina. During our three-week trip, the best two weather days were the first (when packing the car) and the last (when unpacking the car). While there’s something to be said for having seasons, those planning to leave California would likely be well-served by digging into historical weather data for their new location. Where’s Trader Joe’s? There are downsides to living in densely populated areas. Still, I’ve grown used to having so much available to us within a small radius of our home. While there are benefits—such as less traffic—to living in a less crowded area, those departing should consider the longer driving distances to doctor’s offices, grocery stores and (gasp) Starbucks. What’s the overall tax impact? While most leaving California will benefit from lower income taxes in other states, many could see a significant increase in their property taxes. Another potential tax downside for some sellers: Their home-sale profit could be subject to federal and state capital gains taxes.

To the Dump

Kyle McIntosh | May 13, 2022

LOOKING FOR A FIELD trip that’ll inspire you? It may sound strange, but I suggest visiting your local landfill. I just went to mine to discard a rug. I returned with a commitment to change my behavior. The landfill was a surprisingly busy place. This was my first visit, so I was confused about where and how to drop off my rug. Dozens of more-seasoned visitors sped past me to drop off their loads. Seeing them made me ponder the ease with which people throw things away. I was surprised that a large portion of the items still appeared to be in working condition. Furniture and toys topped this list. I saw several bikes with air in their tires that could have been ridden home. I may have tried to snag a few lawn chairs if not for the “no scavenging” signs. Couldn't these have been recycled or passed on to someone else? Another section that caught my eye was the area for appliances. I had never considered where old appliances ended up. There were dozens of stainless-steel dishwashers and refrigerators. Again, many appeared to be in decent shape. I would guess that most were within a decade of their original purchase. Certainly, some appliances are donated or sold, but why not more? My landfill experience made me reflect on how wasteful we can be. I’ve since made three pledges to limit my personal waste. First, I’ll try to repair household items when they break. The internet makes it easy to find replacement parts, and it seems like there’s a YouTube video to guide every home repair. I’ve kept dishwashers and barbecues working through such efforts. Second, I will emphasize quality when making purchase decisions. Pinching pennies is tempting, but there’s truth to the adage that you “get what you…

End of the Ride

Kyle McIntosh | Jan 18, 2022

BACK IN NOVEMBER, I wrote about using options to bet that shares of Peloton Interactive would decline. This was my first options trade. I purchased the put option when Peloton was trading in the low $50s. The option cost me $200, and it gave me the right to sell 100 shares at $35 per share in March 2022. Since then, Peloton’s shares have indeed tumbled. It was recently announced that the stock will be booted from the Nasdaq-100 index, the company has continued to struggle with public relations blunders and this morning its shares plunged below $30 (symbol: PTON). While I’m still bearish on the stock, I decided to sell my put last week for $600, giving me a profit of $400 or 200%. Why? I never thought I’d see much of a gain on the trade. I understood the risk that I could lose the entire $200 premium if Peloton shares finished above $35. And I would have been okay with that loss because I made the trade, in part, to gain first-hand experience. While I understood the downside, I was less prepared to make a profit. When Peloton shares traded lower after I bought the option, the value of my position quickly doubled to $400. With the continued selloff in January, my position tripled to $600. I felt greedy not accepting a 200% gain. Another reason for selling last week: I knew the position would likely lose value as the option’s expiration date approached. At this point, the range of possible outcomes remains relatively large, and that bolsters the option’s value. The final reason I sold: I don’t like rooting for a stock to tank. It felt as if I was hoping for a gymnast to slip off the balance beam. Still, all in all, it was a good—and…

College Savings Forum

Kyle Mcintosh | Jun 25, 2024

Over the last 17 years, I have been saving a modest amount each month in a 529 plan. I have been doing the same for my daughter for the past 14 years. Given the market performance and our steady contributions over time, these modest monthly contributions have grown to be a sizable amount. While I am thrilled that we should have most of our college cost covered, I've often wondered if the 529 plan was the best bet in saving for college. I have done much thinking on this topic, and I'm sure many others have as well. I am creating this forum to share some analysis/thinking on this subject and to hear what others have to say.

What would you do if you received this text from your child as I did this morning?

The Silent Committee

When $2000 Isn’t Worth the Hassle

On Being a “Healthy” Person

I will still take the dividends

The Ultimate Tail Risk

Total portfolio approach?

Free Breakfast

A Wedding Too Far

Locking it in

What to do about the new ID.me login requirement at TreasuryDirect

Being terminated…

What would you do if you received this text from your child as I did this morning?

The Silent Committee

When $2000 Isn’t Worth the Hassle

On Being a “Healthy” Person

I will still take the dividends

The Ultimate Tail Risk

Total portfolio approach?

Free Breakfast

A Wedding Too Far

Free Newsletter

Get Educated

Manifesto

think

act

Truths

Money Guide

Manifesto

Spotlight: Retirement

$400,000 Mistake

The current state of Social Security and something to consider in your planning

Economic Trends

What If

New 2025 Tax Deductions

Tax Smart Retirement

Spotlight: Mcintosh

Take It to the Limit?

See for Yourself

Look Before You Leap

To the Dump

End of the Ride

College Savings Forum