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Be fierce when you must, gentle when you ought, and the rest of the time try to be less of a jerk.

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Mr Market visits Art Basel

"Ricardo, a few questions, if you don't mind my asking. Have you been trading like this for a while? You mentioned the necessity of capturing an upswing and "getting out on time" — to my mind, that would require near-flawless execution. In a market moving at the algorithmic speed you describe, have you actually managed to escape the volatility unscathed so far, or have you already had to stomach the kind of paper losses that usually come with riding these waves? And is the end goal here an early exit from the workforce altogether?"
- Mark Crothers
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Independence Day

"I was investing a small percentage of my income in company stock as part of my 401(k) investment every month for a few years. I signed up for a six-month free trial with Voya to manage my account, just to see what changes they might make. The only change they made was to sell the company stock and move the money into an index fund I already had, which I thought was pretty funny. The company stock has gone from around $40 when I got rid of it to $144 today, so it would have been a decent investment, but being such a small allocation it wouldn't have made any real difference to my net worth."
- David Mulligan
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Luck, Stupidity, Automation and Inertia

"And I also was referred to listen to a radio show where Burton malkiel was the guest. I bought his book and learned index investing; how has that worked over the last 50 yrs. NO ONE BEATS IT!!!! no one"
- Kenneth Tobin
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Reminded of Jonathan’s Grace

"I’m reading “Money and Me” too but I’m trying to read just a few chapters at a sitting to savor the wisdom and voice of Jonathan. I guess I will have to step up my pace as my borrowing from my local library (where I requested the book and they ordered it for me) has the book due back soon. This is a must read for so many family of friends who I will recommend it for but few will take the time to pick it up to read it. Very worthwhile to put on your reading list (or ask your library to order it as I did)."
- Brian Frisch
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Automatic Income stream? How important to you?

"I would expect, to protect themselves at least, prudent plan sponsors would be very careful when selecting the annuity option to include in their plan and to communicate the full picture to plan participants. In addition, offering in the group market allows insurers to be more flexible than in the individual market."
- R Quinn
Read more »

The cost of foreign taxes on returns

"I appreciate the info on the cost of having foreign investments in non-taxable accounts. There may be a better place to mention my observation, but here goes: I've been thinking about reasons why I (or anyone) would have foreign investments in a non-taxable account. The main one is that I can rebalance without running into capital gain tax effects. If all my foreign investments were in taxable accounts, the selling of such that I've done for the last year or so would have been tax-costly. With Matt's analysis, I can see the cost of the "insurance" I have against these taxes when I hold foreign investments in a Roth (or IRA) acct."
- F William Matthewson
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Lessons Learned Along the Way

"Which, of course, is all very true today as it was during your journey. Where there is a will there is most often a way. Nobody can sit in one job and expect to get anywhere. They are lucky to keep up with inflation. Everyone still has opportunities, there is no rigged system keeping people down. Education is important, but it is not the most important factor. The most important determinant for any success is the person you see in the mirror each morning."
- R Quinn
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Why can’t more people plan for their retirement future?

"The only kale in our house goes into Portuguese kale soup where the taste is lost among the chorizo."
- R Quinn
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The Price of a Cool Pillow

"That's spooky — would you believe we're actually in the middle of packing up to do exactly that right now! We head to the coastal house this Wednesday and we're planning to stay through to the end of September."
- Mark Crothers
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Quiet Failure: The Stories We Tell about Money

"My approach to/attitude toward money is partly built from family origins and partly by faith convictions. My husband and I both grew up in very modest conditions—I’d say barely lower middle-class on both sides. I always had to work for what I wanted, and that gave me a strong work ethic that I have to this day. I have a strong need for security and have never wanted to take risks with our finances. I also wanted my kids to have enough and never feel like the “poorest kid in the neighborhood,” which is how I grew up. At the same time, because of our religious faith, we feel strongly about giving to charity and have always done that even in our young married years when finances were very tight."
- DrLefty
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Mr Market visits Art Basel

"Ricardo, a few questions, if you don't mind my asking. Have you been trading like this for a while? You mentioned the necessity of capturing an upswing and "getting out on time" — to my mind, that would require near-flawless execution. In a market moving at the algorithmic speed you describe, have you actually managed to escape the volatility unscathed so far, or have you already had to stomach the kind of paper losses that usually come with riding these waves? And is the end goal here an early exit from the workforce altogether?"
- Mark Crothers
Read more »

Independence Day

"I was investing a small percentage of my income in company stock as part of my 401(k) investment every month for a few years. I signed up for a six-month free trial with Voya to manage my account, just to see what changes they might make. The only change they made was to sell the company stock and move the money into an index fund I already had, which I thought was pretty funny. The company stock has gone from around $40 when I got rid of it to $144 today, so it would have been a decent investment, but being such a small allocation it wouldn't have made any real difference to my net worth."
- David Mulligan
Read more »

Luck, Stupidity, Automation and Inertia

"And I also was referred to listen to a radio show where Burton malkiel was the guest. I bought his book and learned index investing; how has that worked over the last 50 yrs. NO ONE BEATS IT!!!! no one"
- Kenneth Tobin
Read more »

Reminded of Jonathan’s Grace

"I’m reading “Money and Me” too but I’m trying to read just a few chapters at a sitting to savor the wisdom and voice of Jonathan. I guess I will have to step up my pace as my borrowing from my local library (where I requested the book and they ordered it for me) has the book due back soon. This is a must read for so many family of friends who I will recommend it for but few will take the time to pick it up to read it. Very worthwhile to put on your reading list (or ask your library to order it as I did)."
- Brian Frisch
Read more »

Automatic Income stream? How important to you?

"I would expect, to protect themselves at least, prudent plan sponsors would be very careful when selecting the annuity option to include in their plan and to communicate the full picture to plan participants. In addition, offering in the group market allows insurers to be more flexible than in the individual market."
- R Quinn
Read more »

The cost of foreign taxes on returns

"I appreciate the info on the cost of having foreign investments in non-taxable accounts. There may be a better place to mention my observation, but here goes: I've been thinking about reasons why I (or anyone) would have foreign investments in a non-taxable account. The main one is that I can rebalance without running into capital gain tax effects. If all my foreign investments were in taxable accounts, the selling of such that I've done for the last year or so would have been tax-costly. With Matt's analysis, I can see the cost of the "insurance" I have against these taxes when I hold foreign investments in a Roth (or IRA) acct."
- F William Matthewson
Read more »

Lessons Learned Along the Way

"Which, of course, is all very true today as it was during your journey. Where there is a will there is most often a way. Nobody can sit in one job and expect to get anywhere. They are lucky to keep up with inflation. Everyone still has opportunities, there is no rigged system keeping people down. Education is important, but it is not the most important factor. The most important determinant for any success is the person you see in the mirror each morning."
- R Quinn
Read more »

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Get Educated

Manifesto

NO. 19: WE SHOULD make future spending as exciting as possible, so we’re less tempted to spend today. That means visualizing our goals and imagining how great it’ll be to achieve them.

act

TRIM YOUR CHECKING account. If there were a guaranteed way to earn a few extra percentage points a year on your investments, you’d jump at the opportunity. So why would you leave excess cash in your checking account, where it likely isn’t garnering any interest, when that money could be in a high-yield savings account earning a decent sum each year?

Truths

NO. 101: THE TIME horizon for your portfolio may extend beyond your lifetime. Suppose you’re age 75. If you have more than enough set aside for your own retirement and plan to bequeath assets to your children or grandchildren, you might be dealing with a time horizon of a half-century or more. That’s plenty of time to make good money in stocks.

think

OVERCONFIDENCE. Most of us believe we’re above-average drivers, smarter than most and better looking. This overconfidence is often a good thing—it can boost happiness and help our careers—but it’s terrible for investment results. As they try to beat the market, the overconfident trade too much, take unnecessary risk and buy costly investments.

Homes

Manifesto

NO. 19: WE SHOULD make future spending as exciting as possible, so we’re less tempted to spend today. That means visualizing our goals and imagining how great it’ll be to achieve them.

Spotlight: Family

Playing Ball

MY SON IS A FRESHMAN in high school, and I’m beginning to be more purposeful about his baseball aspirations. But after dropping $85 on a one-hour pitching lesson, I was wondering, was my money well spent?
My search for an answer began with the Netflix series Receiver. I tuned in to see football player George Kittle, a former University of Iowa Hawkeye and bigtime professional wrestling fan. Kittle was kind enough to send autographed memorabilia for a softball fundraiser we had a few years ago.

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Almost There

After years of retirement planning, the day has indeed arrived—almost. I’ve recently become a part-timer, working just three days each week in the outpatient physical therapy clinic, plus one Saturday per month at the acute-care hospital. Though I may be just semi-retired, the load already feels a whole lot lighter.
How so? For starters, I’m focusing less on gaining more from my job. Oh, I’m still keen to treat patients. That’s what drew me to physical therapy in the first place.

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The Ties That Bind

This post explores another aspect of Dr. Lefty’s exceptional article of July 10, 2025, “Estrangements and Estates”.  Specifically that of Reconciliation. People are just beginning to talk about estrangement even though one out of four families —or 30% of American families have an estranged member, as cited in Dr. Lefty’s article.  That’s a pretty big number.
When someone severs ties, it’s not about a day that went wrong, or even one event that happened. It’s an accumulation of things that 

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Lesson One From Taking Care of a 102 yo in Her Last Year of Life- Be Grateful

Note: This was a late comment to an earlier post that some may have missed. It’s still too early to post other lessons as there are more family gatherings to host.
Here is my take on being grateful: My mother in law is in the hospital now for the last time. When I was riding my stationary bike to relieve some stress the other day (That’s when my mind wanders and I do my best critical thinking/reflecting) I had an epiphany. 

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Getting Roasted

“YOU WILL ROTH!”
“But Dad, I’m only 10.”
“Evan, it is never too early to start saving. Besides, this gives you 70-plus years of compounding.”
“Yes, Dad, but didn’t you tell me last week that I need a job and earned income to contribute to a Roth?”
“We can arrange to get you a paycheck. I’ll get a friend or neighbor to hire you. What would you like to do?”
“I like to play soccer.”
“Evan,

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How was your Mother’s Day?

This holiday can be a stressful one for many families.  Who plans it? Who hosts it? Do you go out for a meal or cook or cater in?  Who is invited?  Who can actually come (geographically and other commitments)?  How does everyone get along?
After an exhausting but great Mother’s Day at our Jersey shore home on a beautiful day here my wife and I collapsed as I reflected on how lucky we are compared to many families including many of our friends.

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Spotlight: Crothers

Happy Hour, or The Panic Button? Why Early Retirement Anxiety Is Real.

Drleftys comment on a recent thread about retirement anxiety got me thinking: Dana isn't alone in this. Why does the early"golden age" so often feel more like free-fall, and what can we do about it? For decades, you've been sold the vision: retirement is the ultimate prize. A perpetual vacation where the most stressful decision is whether the day starts with a third cup of coffee or a walk in the park. But for many who actually arrive there, that reality turns out to be slightly different. It's less "golden age" and more a state of low-grade, constant existential anxiety. This isn't just about putting one's feet up; it's about having the three main scaffolding beams of adult life simultaneously chainsawed out from under you: professional identity, assured income, and daily structure. For forty years, your job title served as the answer to "Who are you?" It's a status symbol, and a huge chunk of one's identity. The moment the working life ends, that credential vanishes. If someone asks a new retiree what they do, the reply is simply, "Oh, I'm retired." And often, you can see the social downgrade happening right there. One goes from being a respected professional to feeling like they're wearing an invisibility cloak, just a person who knows what day the recycling gets picked up. The struggle to fill that void with "meaningful hobbies" can be harder than it sounds. Most people approaching retirement run the numbers a hundred times and have been good savers. Intellectually, they are fine. But knowing that in your head and feeling it in your gut are two totally different experiences. When you're working, the money goes in. Every few weeks, a reassuring electronic deposit. Now? It's only going out. You are watching the account balance shrink, line by line,…
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Extreme Frugality: It Better be Fun

I was watching a TV program this afternoon about a couple living really frugal lives, all so they could escape their former high-pressure jobs. And really? I just don't get why people would choose that. It didn't seem appealing to me. The thing that kept going through my mind was how pressurized their new, "improved" lifestyle seemed – always looking for bargain clothing, short-dated discounted food, hustling for money to pay the bills. Why not just consider a part-time job with less pressure? Then they could live a little less frugally. But I guess everyone has their own values. I'm not here to judge, and I truly hope they're happier within themselves. But it did get me thinking… again! It would make two great new hobbies, and I believe it could save me a fortune. The goal? To invest every penny saved into crypto. I'd be getting an education in this new investment without taking any risk or crying a single tear when it inevitably goes to zero. I'm calling it extreme frugality for crypto education and fun. It all starts with the little things. When my cereal pack is empty, I'm now saving all those tiny crumbs at the bottom that nobody else wants. I'm not exactly sure what I'll do with them, but I'm sure YouTube will have an answer! Toothpaste tubes? Oh, they're getting squeezed with vice-like vigor to extract every last bit. And if there's a stubborn bit of shampoo left, I'm adding water and shaking it like a maraca to get every single drop. Truth be told, I already do the last two things so I'm really only upping my game. From now on, even my takeaway orders are fair game. Those tiny sachets of ketchup and soy sauce? They go straight into a dedicated…
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Something Borrowed, Something Saved.

My London based daughter came home again on Thursday for a long weekend, this time to go wedding dress shopping with the ladies of the family. The girls had a get-together the evening before the big dress shopping extravaganza, and since wedding talk was firmly on the agenda, I was duly exiled to my sunroom for the night. I'm pleased to report it was a successful mission and the bride said yes to a dress. One of the greatest benefits of the wedding planning has been the regular visits home of my daughter. I've seen more of her these last few months than any time since she moved to London. But there's also been another great benefit, one I'd nearly given up on with the future bride, something I've been unsuccessful with for at least the last ten years. Saving money for the future. Although my wife Suzie and I are basically covering all the big ticket items for the wedding with some help from the groom's parents, there's still a multitude of smaller purchases that come with organising such an important event. The reality of this spending has burst the bubble of my daughter's habit of living and spending in the moment. During a quiet moment over her visit she said to me "dad, I need to start saving and being more careful with my money, I should have listened to you when you were bugging me to save every payday." Sweet music to my ears. She's heading back to London this afternoon as the proud owner of an interest bearing savings account with an auto payment set up for the day after her pay lands in her checking account. Absolutely marvellous. While we sorted the savings account out I reassured her that me and her mum would always…
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Pension Funds are Sus: A Strange Little Post From A Grandparent

I have a new job, a chauffeur no less. This involves conveying my grandson to school. I don't know how much education he receives, but on the journey, I'm certainly getting an education on the colourful language of Generation Alpha, for those not in the know that's kids up to age fifteen. While I freely admit this post has very little traditional financial content, I would contend it holds a vital message. So, without further ado, I would like to present my newfound knowledge in the form of a short sentence you could pass on to your Generation Alpha grandchildren. If Gen Alpha follows this advice, it will certainly help their future selves. High-fee pension funds are sus, no cap. They're often mid, not bussin', hindering your financial glow up. If IYKYK, you'd bet against them. Shakespearean in nature, don't you think? For your convenience, I've provided an English translation below. English Translation: High-fee pension funds are suspicious, no kidding. They are often mediocre, not excellent, hindering your financial improvement. If you are aware of the truth, you would agree to avoid them. So, after much 'labour' in the linguistic trenches, I've not only cracked the code of a younger generation but also (hopefully) armed them with some truly useful financial intel. And truly, passing on this kind of knowledge makes me feel a lot less guilty about hoarding my own hard-earned cash. I think my grandson would award me 200 aura but still criticise my drip…. you can work that one out yourself, consider it homework.
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The Wedding Extravaganza: A Pre-Mortum for Future Parents of the Bride

Today, I have the not-so-joyful task of collecting my suit from the dry cleaners. This instrument of torture is, of course, for a wedding I'm attending in a few weeks. Suzie and I are close friends with the bride's family, and for the past 18 months, we've been "in the loop" on all the drama and discussions surrounding the planning. It seems every visit to a bridal show adds a new "must-have" addition to what's become quite the circus, leading to ever-escalating costs. I have a particularly vested interest in all of this because my eldest daughter got engaged a couple of months ago. It's likely she'll be heading down this same rabbit hole in the next few years. However, observing my friend's daughter's wedding from afar has firmly cemented in my mind that some of the latest "must-have" items, both during the wedding and at the reception, are plainly ridiculous in both concept and cost. A few cases in point: silent discos, roving tarot card readers, free cocktail stations, and holographic art displays. Why? And who even thought of a silent disco in the first place? As parents to a future bride-to-be, we're contemplating our own Rubicon. It's our little darling's big day, and we want it to be special. But at what point do we draw a line in the sand and say "no more" if the wedding additions become simply silly? I do “get it” to a degree. The bride and possibly the groom get caught up in a bubble of excitement about their shared grand adventure. I suspect aided and abetted by social media influencers etc….. but I think sometimes we need to bust their bubble and ground them to the financial reality of the big day. What do you think, readers? Am I being mean…
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Ageing and the Open Road

RECENTLY I TOOK a free ride on a driverless bus trialling its proposed route, part of my local administration's ten-year rollout plan for self-driving public transport and taxis. I see real potential in this technology, and I'm hoping the infrastructure and implementation stay on schedule. That hope is mostly selfish, I'll admit. In fifteen years I'll be in my mid-seventies, and I'd love to ditch my car and rely on cheap, dependable robo-taxis instead. It would give me freedom precisely in that decade of life when driving starts to become genuinely problematic. I'm planning to change my car in 2027 for a modern hybrid, but in the back of my mind is the thought that it could be my last. If the self-driving rollout hits its targets, I can see the case for never buying another. The advantages for someone in my demographic at that stage of life would be hard to argue with. Think about what car ownership actually costs. There's the purchase price, insurance, road tax, fuel, servicing, tyres, and the occasional bill that arrives like a punch to the stomach. For most people, a car is the second most expensive thing they own after their home. In retirement, when income typically drops and budgets tighten, that ongoing drain becomes harder to justify. This is especially true when the car spends the vast majority of its time sitting on a driveway looking pretty. A robo-taxi model, where you pay only for the journeys you actually take, could represent a dramatic shift in how much personal transport really costs. The numbers, I suspect, will be compelling — with current estimates from real world operations suggesting an 80% reduction in the cost of fares being achievable. Then there's the question of independence. This is the one that matters most to…
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