Most of us know someone who has achieved great financial success, yet still isn’t satisfied. Their life seems to prove the old maxim that “Money can’t buy happiness.” However, if we’re honest, most of us would still have our doubts. We’d like to experience wealth—even if only for a while. (Probably because we know that […]
The Formula for (Money) Happiness Read More »
Your spouse found a renovated lake house. The property’s beautiful, and the price is nice. But when you mention current interest rates and the risk of taking on more debt, you hear, “Babe, c’mon! Life is short. This is our chance to build some memories with the kids. Besides, if we don’t pull the trigger—and
Today’s Choices Shape Tomorrow’s Opportunities Read More »
Someone once told me: “I went to see my financial guy about retiring and all we talked about was my mutual fund’s performance! I know that’s important, but don’t I also need to be talking to an attorney about revising my will? And what about long-term care?” Not to wax nostalgic, but things used to
In a World of Specialists, You May Need a Generalist Read More »
Ralph has always been aggressive when it comes to investing. But as he ages, he’s second-guessing himself more and more. Is my approach the best approach? Here’s what I’d tell Ralph: It depends on how you define financial success. I find people define financial success in three broad ways. Often these definitions are unconscious and
What Does Financial Success Mean to You? Read More »
There’s an old maxim that “Two can live as cheaply as one.” Is that true? Or is it what people used to call “an old wives’ tale”? Consider… In 2006, in a State of Our Unions report from the Institute on Marriage at Rutgers University, Barbara Dafoe Whitehead declared, “Marriage is a wealth generating institution.”
Is Marriage Good for Your Financial Health? Read More »
Can money buy happiness? More than a decade ago, Nobel Prize-winners Daniel Kahneman and Angus Deaton decided to tackle that question. They studied the results of a 2008-2009 survey of 450,000 Americans (i.e., the Gallup-Healthways Well-Being Index). Kahneman and Deaton observed that the more people earned, the more inclined they were to report being happy—up
Can Money Buy Happiness? Read More »
Did you know your family has a “wealth culture”? (By “culture,” I mean the collection of common beliefs, values, assumptions, customs, and behaviors that mark a group of people.) Every group of people displays a certain culture. Cities do. So do schools and churches, civic organizations and sports teams. Businesses also have distinct cultures. (I’m
Your “Wealth Culture” (& Why It Matters) Read More »
In my last column we looked at the difference between affluence and wealth. My simple definition of affluence is “your income relative to everyone else’s.” If you make $36,000, you qualify as an average Joe – you’re right in the middle of the income numbers for the rest of the country. However, someone making $36,000
6 Essentials for a Life of Wealth Read More »
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.
The Role Character Plays in Financial Success Read More »
I get questions all the time about saving for retirement. Clients ask: How much should I be setting aside each month? How big of a ‘nest egg’ do you think I’ll need in order to retire comfortably? Will Social Security run out of money before I’m 65? Should I even count on that? What mutual
The 6 Questions to Ask When Saving for Retirement Read More »
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