In a celebrity culture like ours, the “rich and famous” get most of the attention. The freak athlete. The shrewd mogul. The talented entertainer. The mesmerizing author. The successful investor. The flamboyant reality star. Through some combination of genetic gifting, hard work, and dumb luck, these few lucky souls have managed to hit it big. …
Here’s a fun, indoor thing to do on the next rainy day. Type the question “What do people fear most?” into your preferred search engine and look at the results. We humans are scared of all sorts of things: failure, change, heights, snakes, the dark, giving speeches, being alone, being confined in small spaces, being …
In my column last week I introduced the idea that the wealthy know a “secret” the rest of us don’t. It’s the idea that success—financial or otherwise—doesn’t come because of a single grand action. Rather, it’s the result of a thousand small steps and smart habits. Perhaps you remember the nineties business book Built to …
Most folks are convinced the wealthy know some big financial “Secret” the rest of us don’t. Like, they went to “the right” school and met “the right” people. Or they heard about Tesla before anyone else did, or got in on the ground floor of Amazon. Or somehow, they cracked the code on those free …
Do you live within your means? If you answered yes, that’s a problem. Here’s why. Caleb and Jessica bought a new house last year and spent more than they planned. The expenses that accompanied their new home were more than expected. “We are still living within our means,” they explained to me, “but we can’t …
An old joke says that if you keep one foot on a hot stove and your other foot in an ice bucket, on average you should be comfortable. That line always makes me smile. It underscores a reality in the world of markets and investing—averages can be both mathematically accurate and experientially awful. Case in …
The stock market is at an all-time high. Which is great, right? Your 401(k) has never been higher, and you’ve never been richer! But wait. “What goes up must come down,” right? If the market is soaring now, is a dip—or a crash—just ahead? It’s a dilemma: Should we be content or concerned? Should we …
When it comes to money, are you: (a) a financial wiz; (b) your own worst enemy; or (c) somewhere in between? In my 30+ years as a financial advisor, I’ve observed that by adulthood most people have developed a “financial self-image.” Maybe you’re one of those few souls who see yourself as good with money, …
Bernie Madoff died this week. Madoff was the architect behind the biggest Wall Street fraud in history. The former chairman of the Nasdaq stock market index, Madoff positioned himself as a self-made financial genius. He claimed to know how to avoid market fluctuations and deliver steady, handsome returns. Famous clients like movie director Steven Spielberg, …
When my wife and I are on the interstate, nothing makes her more nervous than me passing an 18-wheeler. (In her defense, I’m not the one who would first feel the effects of a tractor-trailer swerving violently in our direction.) If she senses even the slightest movement our way, she ends up in my lap! …
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