“I’m mad at myself for wasting time,” he said. “Nine whole years have passed that I won’t get back, and I did nothing!” I suppressed a laugh, but I was not making fun; I was astonished. I’ve heard this many, many times but this guy was different. He was 25 years old, lamenting about what he did not do at age 16. His wise grandmother had told him to start contributing to a Roth IRA when he was 16. She showed him how $5,500 invested annually until he retired at 66 would 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 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 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 Read on...