My son considered his course options for next year. His dilemma was how to meet the visual arts requirement; art classes interest him like watching paint peel. We suggested a digital photography class. “I hear it’s a lot of work!” he said, “It’s not easy, you have to know about camera settings – you don’t just go off and use the camera.” I started to scold him that he was being lazy and not challenging himself, but the truth is I remember looking for the easy way out to classes that didn’t interest me. In spite of my efforts, I can’t make him care. I’m not sure exactly when my perspective changed but it energizes me to try things that I haven’t been good at. At my age, maybe failing to learn something new terrifies me more than trying and failing. Just a year ago, I started taking guitar lessons. I had played the violin (badly) in elementary school and, back then, I had quickly learned that reading music took too long. My ear was fairly good and I thought that I was smarter than Read on...
An Unforgettable Journey
My Dad, 1991 We sat on the other side of the doctor’s desk. My father was wedged between my mother and me, just in case he tried to make a break for it. It turns out, I was the one who wanted to run. The doctor started off in a light, conversational tone but my father, even in his confused state knew an interrogation was coming. He looked to me, a weak nervous smile on his face, and I wanted to stop what was coming next. But we were there for answers – even if I didn’t really want to believe what those answers might be. “How many children do you have?” The doctor asked. My father broke into a wide smile; he knew the answer – lucky seven – like the back of his hand. He even managed to name us all, which in his younger years would sometimes cause him trip over the names, as parents often do. “Can you name their spouses?” And with just the second question, everything began to unravel. My father peered at me nervously, like a kid trying to cheat on a test; my hands Read on...
Why “Boring” Really is Beautiful
I have a bird’s-eye view into the many ways investors have been misdirected by their financial salespeople; but this past week I encountered a perplexing situation – which is rare, as I’ve seen a lot. In the past, the usual "suspect-behavior" has been selling investors expensive mutual funds and annuities when better, lower cost options existed. I’ve seen investors saddled with unnecessary surrender charges and no asset allocation strategy. In short, I’ve seen no rhyme or reason to the recommendations that were made, but for one consistent theme: It was really good for the person selling it; not the poor investor buying it. This week, I can add illiquid, inappropriate investments to my list of worst things I’ve seen. A new client came to me unhappy with his 403(b). After we set about fixing that, he asked me to move over his IRA, as well. That’s when the fun began. The rollover request couldn’t go through, as the investments needed to be sold at the previous firm holding the Read on...
Talkers Aren’t Walkers
When asked by strangers what I do for a living, nothing makes people recoil more than realizing my profession has to do with financial matters. If only they knew that, as a fee-only fiduciary, my role as a financial advisor is markedly different than what they have come to think of from a financial “professional.” I have had the following hurled at me by people who assume that all of us in the industry are alike: “Oh, you’re a salesman!” – Gender aside, no I’m not. Selling is as unnatural to me as writing with my less dominant hand. “You must love money and all the trinkets it can buy.” This is comical since I drive a mini-van that is over a decade old. Yeah, status and stuff don’t ring my bell. “You’re not going to want to talk to me; I don’t have any money.” Again, au contraire; I’m not all business and second, I love being helpful above all else. I derive great satisfaction from educating someone so they can avoid being taken advantage of. I could take offense at Read on...