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The Lottery of Birth

"Another wonderful article, thanks Andrew. I think a lot about how lucky I have been, and work on being grateful for all the good fortune that has come my way. It's easy to think that working hard and making some good decisions would achieve similar results regardless of where we are born. But if I was born in central Africa rather than Australia, there is no way that I would have achieved what I have in life."
- greg_j_tomamichel
Read more »

Tax Complications – How SS Benefits interact with Other Income

"I think that caring for our older family members when they need our help often triggers us into planning and action so our children have as easy of time as possible when helping us. Let's hope that will not be soon."
- William Perry
Read more »

If Retirement  is Getting Close

"Good thoughts in your article Dan. My preference to make estimated payments is using IRS Direct Pay. No IRS personal account, no login, immediate online confirmation of the payment and amount is drafted from my bank account. Typically all the information you need to use IRS Direct Pay is found on your immediate prior year 1040 tax return assuming you have already filed the immediate prior year return (if not filed then you can typically use the year last filed). As for the amount of the current year estimated payments I like to use the prior year tax safe harbor amount which is 100% of your prior year tax (or 110% if your prior year adjusted gross income was $150K or more) paid in equal quarterly payments. If my needed current year tax payments are small I have just paid the entire year estimated taxes in the first quarter. If I am making quarterly safe harbor estimated tax payments I will project my current tax late in the current year and play the game of how close to zero tax will I owe when I file my return by adjusting the final quarterly payment but I usually do not pay less than the safe harbor amounts in a timely manner. As you know the 2026 third quarter ES payment is due 9/15/2026 is less than a month away. I would also note for those who insist in mailing estimated payments the postal service postmark dating has changed in 2026. The IRS "timely mailed, timely filed" mailbox rule itself has not changed under the law, but a U.S. Postal Service (USPS) rule update means machine postmarks now reflect when mail is first processed at a regional sorting facility rather than when it was deposited, risking delayed postmark dates for paper tax filings. Even before the USPS change if the IRS did not deposit your check by the due date you often have a argument you do not want with the IRS computer and if the check is lost then your certified mail return receipt only proves that you mailed something to the IRS, not necessarily a check. I try hard to not mail any checks, I just have seen to many things go wrong. I hope my thoughts help. Bill"
- William Perry
Read more »

What is the right percentage?

"Duly noted. Your 'inflation beware' advisement is duly noted.Thanks! Inflation muddles the mind. Using less than 4% of total portfolio value yields greater than 100% of former salary is another math point, but it's all inflated dollars."
- luigi767
Read more »

Income taxes on retirees with Social Security

"The groupings aren’t so simplistic. Folks can have substantial Roth holdings, but also traditional IRAs, pensions, royalties or other income that will definitely require tax payment on SS. But you seem to be focused on saving SS has it presently exists. Aside from politicians’ needs to satisfy everybody, that truly doesn’t seem possible. For sure, including Roth money in the calculation of MAGI won’t do much. The cash outflows also have to be tailored to current societal needs— not century old ones."
- Marilyn Lavin
Read more »

Preparing for SS at Age 70….. How Do I Transition to Monthly Part B Premium Deduction?

"Bill, I will be going through a similar process later this year when my wife and I begin our Social Security and Railroad Retirement. Railroad Retirement has its own version of Medicare which is similar to others except you pay the Railroad Retirement Board quarterly and the claims are processed by a private company in Augusta, Georgia. I am told my wife will have to convert to the Railroad Retirement version of Medicare. It will be interesting to see how things settle out between SS & RR."
- Harold Tynes
Read more »

TreasuryDirect changing login procedure to mandate ID.me later in 2026

"This is a welcome change for me. Last time I was able to get into my Treasury Direct account was April 2024. It's been locked since then. I had a whopping $54.70 in there last time I checked, so calling them (the only option) to fix my account access wasn't even worth the hassle."
- David Mulligan
Read more »

COBRA insurance: No need to fear the bite

"Heidi! Very timely post. Missus and me are in the same boat. We work for large companies with great health plans. We are 10 years out from qualifying for Medicare, but here we are contemplating early retirement. One of the things I have tossed around is this and it maybe something else you might keep in your tool box. We plan to retire at aged 57 and take COBRA because even with us paying full rates, it's gold standard health insurance and the full premiums would be comparable to a market place plan. At aged 57, we do get a small subsidy of about $4k per year towards health costs. Once COBRA at the current employer runs out, I might just take a role for 6-12 mos somewhere else, hop on their insurance, then do COBRA again for another 18 months. Then the missus can take a turn. This is hoping we can get hired, she's an RN, so that's in our favor. I could potentially take a job working retail at Home Depot or one of the chains and play the COBRA carousel. Just another path to consider. Of course it makes sense to compare ACA vs COBRA to see what make the most sense, but that's another option that most do not consider. Good luck and let us know how things go."
- Mike Xavier
Read more »

Medicare Advantage Part C — Not too soon to start planning for 2027

"MedigapSeminars is the site that I check to see what is the landscape each year. It helped me choose a plan with them when I retired and I have had to switch to another Medigap G plan last year based on their recommendation. Lots of information on the site to educate oneself."
- V Saraf
Read more »

Risk Management

BY NOW, YOU'VE probably heard the story of the 25-year-old wunderkind Leopold Aschenbrenner. After graduating as valedictorian from Columbia University at age 19, he worked for FTX, the crypto trading firm, then found his way to OpenAI, where he worked as a researcher for about a year, until mid-2024. In the months after he left OpenAI, Aschenbrenner wrote a 165-page paper titled “Situational Awareness,” in which he detailed his views on the future of artificial intelligence. The paper was full of dramatic pronouncements—“the exponential is in full swing now,” he wrote—and ended up being shared widely online. Capitalizing on that attention, Aschenbrenner established a hedge fund to make bets on the AI economy. He named the fund Situational Awareness, and at first, things went remarkably well. In its first two years, it grew to $45 billion in assets as he correctly identified some of the biggest beneficiaries of the AI build-out, including memory chip maker SK Hynix, fuel cell producer Bloom Energy and AI infrastructure provider CoreWeave. The fund also shorted traditional software company stocks, betting that AI would pressure their business models. And Aschenbrenner invested in some private companies, including Anthropic, the developer of Claude. For a while, these bets worked out extraordinarily well. In its first two years, the fund reportedly gained 1,000%. The rest of Wall Street began to follow him closely. In a June profile, The Wall Street Journal wrote that his fund’s regulatory filings “are studied like scripture.” But earlier this summer, both of the trends Aschenbrenner had been betting on reversed at the same time. Fears that AI infrastructure spending was becoming unsustainable led many of these stocks to fall 30% or more. And the traditional software stocks that Situational Awareness had been betting against—companies like Adobe and Salesforce.com—began to rebound, with some rising 20% or more.  Those reversals alone would have been a problem, but it turned out that Situational Awareness had also been borrowing on margin to increase the size of its bets. According to estimates, it was leveraged up to 400%. That led lenders to begin closing in. It got even worse from there, when the fund’s high profile began to work against it. As it attempted to sell positions to reduce its debt, it got trapped. Because of the size of the orders it was placing, and their concentration among AI stocks, other traders were able to guess that Situational Awareness was the seller. That spooked investors, leading others to sell, thus compounding a downward spiral. In a letter to investors, Aschenbrenner compared it to a bank run. Over the course of the next few weeks, as the fund’s assets dropped from $45 billion to just $10 billion, Aschenbrenner found himself with few options. At the end of July, he announced that the fund had sold virtually its entire portfolio of publicly-traded stocks to the investment firm Citadel. Because the positions were so large and thus difficult to sell on the open market, Situational Awareness was forced to sell them at what was reportedly a significant discount. This story might not necessarily seem relevant for individual investors. But there are, I think, several conclusions to draw from this episode. First, and perhaps most important, it’s a reminder that risk management should always come first. After so many years of market gains, it would be easy to become complacent. But it’s precisely when the market is doing so well that investors should be diligent in considering rebalancing. This story also reminds us of the importance of diversification. To be sure, Situational Awareness made mistakes, but it also got one very important thing right: It was diversified. Though it had to conduct a fire sale of its publicly-traded holdings, it still holds a multi-billion-dollar stake in Anthropic. Without that, it might have faced total liquidation. The lesson: We should never go too far out on a limb with any investment idea. British economist John Maynard Keynes was famous for his observation that, “markets can remain irrational longer than you can remain solvent.” In other words, for an investment to be successful, it needs to be correct and correct over the right timeframe. In an ironic twist, in the few weeks since Situational Awareness offloaded its holdings at a discount, many have rebounded. If it had been able to hang on a little longer, the fund might have been able to avoid the situation it was forced into. The lesson: Liquidity is important. This is one of the many reasons I recommend that individual investors avoid private funds—because an asset really only has value if you can sell it when you want to, or need to. The Situational Awareness story also teaches us something about the narratives that surround the stock market. Because of the number of variables involved, it’s all too easy for market observers to paint virtually any picture they wish. And since no one has a crystal ball, no one can say that anyone else is necessarily wrong at any given time. Concerns about “circular” deals in the AI ecosystem have ebbed and flowed over the past few years, as have worries about the impact of AI on traditional software companies. The lesson: We should be careful to never worry too much about the news of the day because it’s often just that—today’s news, only to be replaced by a potentially different narrative tomorrow. There’s an easy comparison between the events at Situational Awareness and the failure in the 1990s of the hedge fund Long-Term Capital Management (LTCM). Both got off to a fast start, both involved leverage and both were run by extraordinarily impressive individuals. At LTCM, two of the founders had Nobel Prizes. But ultimately, IQ doesn’t guarantee success. Nothing does. And that, I think, is another key lesson for investors to draw. In managing our personal investments, we should always look for ways to maintain a balanced, center-lane approach.   Adam M. Grossman is the founder of Mayport, a fixed-fee wealth management firm. Sign up for Adam's Daily Ideas email, follow him on X @AdamMGrossman and check out his earlier articles.
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Hidden Conflicts

WALMART SELLS FOOD. They sell car tires. Board games too. You can stop at any Walmart in the world and buy the same plethora of consumer goods. One roof, dozens of product areas, thousands of individual items. This "cross-vertical" strategy has many perks to consumers like us. But it's not without flaws. From brand dilution to in-store clutter, down to a lack of item expertise when you ask questions of employees - there are issues with "selling everything to everyone." The financial world is no different. Many national household names in financial services are "one name, many businesses." Retail banking, wealth management, investment research, custodial services, market making, investment banking, private market access. The list goes on. There is value in these institutions for consumers like us. Just as there is value to buying my snow tires and my peanut butter in the same Walmart store. But there's a core tension we must be aware of when financial services are a one-stop shop. The same connective tissue that creates value for customers also introduces deep conflicts of interest. Ready to Launch Let's examine SpaceX's recent initial public offering. Morgan Stanley served as a joint investment bank (with Goldman Sachs) and sole stabilization agent for the IPO. Morgan Stanley managed early trading, retail distribution, and - yes - earned massive underwriting fees (to the tune of ~$100M). As a consequence of Morgan Stanley's involvement, clients of Morgan Stanley and their subsidiary, eTrade, received special access to the IPO. For example, long-time Tesla shareholders who held TSLA in a Morgan Stanley or E*TRADE account for at least 10 years qualified for a supplemental allocation of SpaceX on top of standard offerings. Nice perk! In other scenarios, such cross-pollination might lead to lower-cost loans. It can lead to access to unique private investments. You can ask a question of your big bank and get a world-class expert to provide their niche answer. There's an upside here. Stuck on the Launch pad? But the same fuel that can propel you into the atmosphere can also blow up in your face. Deeper connections and internal conflicts are the same exact mechanism, just pointed in opposite directions. Let's step back to the late 1990s, when WorldCom was a darling of Wall Street. But much of WorldCom's meteoric rise was a result of perverse incentives at a large bank. Telecom analyst Jack Grubman of Salomon Smith Barney (owned by Citigroup) issued glowing ratings on WorldCom and other telecom stocks throughout the 90s. Those ratings flowed down to Salomon brokers on Main Street, who pushed WorldCom stock on everyday investors like you and me. SSB/Citigroup also acted as WorldCom's investment banker, earning huge fees as WorldCom acquired more and more small telecom firms. The same bank also provided wealth management services to WorldCom's CEO, Bernie Ebbers, frequently showering him with discounted shares of new IPOs. Give WorldCom a great review. Sell its stock to Main Street, pushing the price higher. Lend WorldCom more money to acquire smaller companies. Earn huge fees. Give the CEO backdoor access. Give them more great reviews. Sell more stock to Main Street...etc. The word you're looking for is: perverse. The rest is history. WorldCom collapsed amid $11 billion in accounting fraud. Grubman resigned, was banned from the securities industry, and paid fines. Ebbers was dragged in front of Congress and separately sentenced to 25 years in prison. Many individual investors were left holding the bag. The episode became a symbol of Wall Street's research/banking conflicts. Model Rockets, Too But the same conflicts happen on a smaller scale, too. Enter the "Smith" family. This is a true story. The Smiths have about $2.5M invested with a wealth management advisor at Bank A. I won't call out Bank A, but you know them. Their CEO is a borderline household name. You own them in any/all USA index fund. The Smiths' taxable account has about $200,000 in fixed-income assets (yielding around 4% interest). Also, the Smiths bought a small vacation home last year, splitting costs with family members. Their share was about $200,000. "How," the Smiths asked their advisor, "should we best pay for our share of the home? Where should we pull the $200,000 from?" Their Bank A advisor suggested they use a pledged asset line of credit. They are using their investments as collateral to borrow the $200,000 at an 8% interest rate. They still own the $200,000 in fixed income that earns 4%, while also borrowing $200,000 at 8%. They have locked in a negative arbitrage of $8000 per year. Bank A is still collecting their AUM fee on the $200,000 of invested assets - another $2000 per year. Did the Smiths receive advice in their best interest? Did their advisor/banker benefit from the path he steered them down? Did Bank A's diverse services work in the Smiths' favor? I doubt the Smiths' banker / advisor is a bad actor. But his incentives are conflicted. As the late, great Charlie Munger would remind us: Show me the incentives, I'll show you the outcome. It's Double-Edged The same size and clout that provides early access to the SpaceX IPO also leads to WorldCom's fraud and the bad advice given to the Smiths. The mega-financial firms are a double-edged sword. You don't get the good without risking the bad. Caveat emptor.   Jesse Cramer writes “The Best Interest” blog and creates the podcast, “Personal Finance for Long Term Investors.” After a decade as an aerospace engineer, Jesse switched careers and now helps families plan their retirements at an independent fiduciary firm. Jesse, his wife, and two daughters live outside Rochester, NY. His previous article was Happy Conclusion.
Read more »

The Lottery of Birth

"Another wonderful article, thanks Andrew. I think a lot about how lucky I have been, and work on being grateful for all the good fortune that has come my way. It's easy to think that working hard and making some good decisions would achieve similar results regardless of where we are born. But if I was born in central Africa rather than Australia, there is no way that I would have achieved what I have in life."
- greg_j_tomamichel
Read more »

Tax Complications – How SS Benefits interact with Other Income

"I think that caring for our older family members when they need our help often triggers us into planning and action so our children have as easy of time as possible when helping us. Let's hope that will not be soon."
- William Perry
Read more »

If Retirement  is Getting Close

"Good thoughts in your article Dan. My preference to make estimated payments is using IRS Direct Pay. No IRS personal account, no login, immediate online confirmation of the payment and amount is drafted from my bank account. Typically all the information you need to use IRS Direct Pay is found on your immediate prior year 1040 tax return assuming you have already filed the immediate prior year return (if not filed then you can typically use the year last filed). As for the amount of the current year estimated payments I like to use the prior year tax safe harbor amount which is 100% of your prior year tax (or 110% if your prior year adjusted gross income was $150K or more) paid in equal quarterly payments. If my needed current year tax payments are small I have just paid the entire year estimated taxes in the first quarter. If I am making quarterly safe harbor estimated tax payments I will project my current tax late in the current year and play the game of how close to zero tax will I owe when I file my return by adjusting the final quarterly payment but I usually do not pay less than the safe harbor amounts in a timely manner. As you know the 2026 third quarter ES payment is due 9/15/2026 is less than a month away. I would also note for those who insist in mailing estimated payments the postal service postmark dating has changed in 2026. The IRS "timely mailed, timely filed" mailbox rule itself has not changed under the law, but a U.S. Postal Service (USPS) rule update means machine postmarks now reflect when mail is first processed at a regional sorting facility rather than when it was deposited, risking delayed postmark dates for paper tax filings. Even before the USPS change if the IRS did not deposit your check by the due date you often have a argument you do not want with the IRS computer and if the check is lost then your certified mail return receipt only proves that you mailed something to the IRS, not necessarily a check. I try hard to not mail any checks, I just have seen to many things go wrong. I hope my thoughts help. Bill"
- William Perry
Read more »

What is the right percentage?

"Duly noted. Your 'inflation beware' advisement is duly noted.Thanks! Inflation muddles the mind. Using less than 4% of total portfolio value yields greater than 100% of former salary is another math point, but it's all inflated dollars."
- luigi767
Read more »

Income taxes on retirees with Social Security

"The groupings aren’t so simplistic. Folks can have substantial Roth holdings, but also traditional IRAs, pensions, royalties or other income that will definitely require tax payment on SS. But you seem to be focused on saving SS has it presently exists. Aside from politicians’ needs to satisfy everybody, that truly doesn’t seem possible. For sure, including Roth money in the calculation of MAGI won’t do much. The cash outflows also have to be tailored to current societal needs— not century old ones."
- Marilyn Lavin
Read more »

Preparing for SS at Age 70….. How Do I Transition to Monthly Part B Premium Deduction?

"Bill, I will be going through a similar process later this year when my wife and I begin our Social Security and Railroad Retirement. Railroad Retirement has its own version of Medicare which is similar to others except you pay the Railroad Retirement Board quarterly and the claims are processed by a private company in Augusta, Georgia. I am told my wife will have to convert to the Railroad Retirement version of Medicare. It will be interesting to see how things settle out between SS & RR."
- Harold Tynes
Read more »

TreasuryDirect changing login procedure to mandate ID.me later in 2026

"This is a welcome change for me. Last time I was able to get into my Treasury Direct account was April 2024. It's been locked since then. I had a whopping $54.70 in there last time I checked, so calling them (the only option) to fix my account access wasn't even worth the hassle."
- David Mulligan
Read more »

COBRA insurance: No need to fear the bite

"Heidi! Very timely post. Missus and me are in the same boat. We work for large companies with great health plans. We are 10 years out from qualifying for Medicare, but here we are contemplating early retirement. One of the things I have tossed around is this and it maybe something else you might keep in your tool box. We plan to retire at aged 57 and take COBRA because even with us paying full rates, it's gold standard health insurance and the full premiums would be comparable to a market place plan. At aged 57, we do get a small subsidy of about $4k per year towards health costs. Once COBRA at the current employer runs out, I might just take a role for 6-12 mos somewhere else, hop on their insurance, then do COBRA again for another 18 months. Then the missus can take a turn. This is hoping we can get hired, she's an RN, so that's in our favor. I could potentially take a job working retail at Home Depot or one of the chains and play the COBRA carousel. Just another path to consider. Of course it makes sense to compare ACA vs COBRA to see what make the most sense, but that's another option that most do not consider. Good luck and let us know how things go."
- Mike Xavier
Read more »

Free Newsletter

Get Educated

Manifesto

NO. 14: WE SHOULD avoid impulse spending and investment decisions. Our instincts often lead us astray, but we can usually figure out the prudent choice—if we pause and ponder.

act

MAKE SURE SPENDING money is out of stocks. Calculate how much cash you’ll need from your portfolio over the next five years. That money should be out of stocks and invested in nothing more volatile than high-quality short-term bonds. You don’t want to be forced to sell shares at depressed prices—and that could happen if your time horizon is less than five years.

Truths

NO. 2: A DOLLAR not spent is worth more than a dollar earned. If you earn an additional $1, you’ll get dinged for payroll, federal and perhaps state income taxes, so you might wind up with 70 cents in your pocket. By contrast, if you cut $1 from your living costs, you’ll be $1 richer. The lesson: Focus less on earning more—and more on holding down costs.

think

OCCAM’S RAZOR. First proposed by Franciscan friar William of Ockham in the 14th century, Occam’s Razor holds that—if there are competing answers to a problem and all work equally well—the simplest solution is probably the best. Some have applied Occam’s Razor to finance and argued that folks should favor simpler financial products and less complicated portfolios.

Portfolio builder

Manifesto

NO. 14: WE SHOULD avoid impulse spending and investment decisions. Our instincts often lead us astray, but we can usually figure out the prudent choice—if we pause and ponder.

Spotlight: Spending

Quinn questions the value of a seven inch matzah ball in a $33 bowl of chicken soup?

A few days ago Connie and I went to a unique NJ restaurant for a light dinner.
We each had a root beer, we shared a pastrami and turkey sandwich and one bowl of matzah ball soup. The bill was $108 before tip. Now you know why Harold’s NY Deli is unique. 
Have you concluded it is a upscale, white table cloth place or just a rip off? Now, the rest of the story. 
The sandwich is so large they give you six extra slices of bread to break it down.

Read more »

Money, Happiness, and Choice

FOR DECADES, RESEARCHERS have been looking at the link between money and happiness. The findings? In short, it’s a mixed bag.
To be sure, there are ways that money can boost happiness, and below are some ideas to consider. But there are also obstacles to contend with. We’ll look first at the obstacles before turning to the recommendations. 
The most significant challenge is the fact that—to a great extent—our happiness level is hard-wired into us.

Read more »

Our $1000’s Of Dollars Mistake: A Lesson Learned

My wife, Suzie, and I have just uncovered the biggest financial oversight mistake we’ve probably made in a very long time.
Since entering retirement, we have been reorganizing our everyday finances, including consolidating our two separate current accounts (a checking a/c without a checkbook) into one for the majority of our recurring bills. During this process, we realized we were paying for three mobile phone plans, two coming from my wife’s account. It turns out Suzie had always assumed my plan was taken from her account.

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Where Next? What Next?

Suppose money were no object. If you could go anywhere in the world on your next trip, where would it be? If you could savor any experience, what would it be?

Read more »

A Record Journey

I went on a little shopping spree last week for some new tunes, ordering some records from a reputable online music store. Like a little kid who just ordered PlayStation 5 from Amazon, I’ve been anxiously tracking my order on the fine United States Post Office website.
I cannot make the following story up. 
On 8/11 I placed my order.
On 8/12 the retailer delivered my records to the USPS origin facility in Louisville KY. 
So far so good.

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Dreams I Had

When you were in your 20s and 30s, what did you dream of doing—and why weren’t those dreams realized? Here are four of the daydreams I had, but which remained just that:
Buy a sports car and drive across the country. This one got nixed by a host of factors—not enough vacation time, lack of money, the arrival of my first child at age 25. But truth be told, what seemed like a fun adventure slowly lost its allure,

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Spotlight: Kondrack

Second Act

IN THE SHORT TIME I’ve been writing for HumbleDollar, I’ve noticed that most readers and writers are either on the cusp of retirement or not too far along in retirement. Some have expressed a desire to find new careers, perhaps part-time and preferably more challenging than being a Walmart greeter or Home Depot helper. As they say, 60 is the new 40—still time for new ventures. Life coaching is a profession that’s become more mainstream and, indeed, increases in popularity every year, partly because no authority regulates it. A recent article in Barron’s noted that some financial advisors are partnering with life coaches to help clients navigate life issues, such as transitioning to retirement or starting a new business. Some advisors even have a life coach on staff. If you’re enthusiastic about life, and enjoy helping people and guiding them through life’s difficulties, this unregulated profession—which doesn’t require any qualifications—might be an ideal choice for a second career. Anyone can become a coach. You can just hang out your shingle and start coaching. A more ethical approach, however, is to get some training and become certified. This will give you more credibility with clients and improve your self-confidence. There are many training courses available through career schools and community colleges. The benchmark for professional training, according to my research, are courses from programs accredited by the International Coaching Federation. These courses can be completed in six months to a year, depending on the level of expertise you wish to attain, and can cost $1,000 and up. Training can be even more expensive if you choose specialized coursework. You can find a list of accredited courses here. [xyz-ihs snippet="Mobile-Subscribe"] Many life coaches focus on a single area, such as business, careers, relationships, diet and fitness, family life, finances, life skills, health…
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Not Quite Magic

THEY SAY THAT TAKING a cruise is a poor man’s idea of a rich man’s vacation. As an unsophisticated traveler, all I knew of cruises were the glowing reports I heard from others who had taken them—and the romanticized versions I saw in the movies.  My aspirations were based on a movie I saw starring Doris Day, Romance on the High Seas. It’s about a glamorous, adventurous and romantic cruise with beautifully dressed people, exotic locales, lively music and the beguiling sea. Doris Day sang, “It’s Magic.” All in glorious Technicolor. In our younger years, my husband and I had a lot of caregiving responsibilities, so I put my dreams of vacations aside. But with those years behind us, I began to dream again of going on a cruise. My husband wouldn’t budge. Did I forget to mention he’s an inveterate homebody? One day, I decided it was now or never. I marched over to our local AAA store and gathered information. I chose a cruise to the New England states and Nova Scotia during the fall, when I could also enjoy the scenic foliage during my favorite time of year. Having never ventured too far from home on my own, I was somewhat apprehensive about traveling alone. But as luck would have it, a friend agreed to go with me. As she’s a veteran cruiser, it seemed an ideal situation. I bought some spiffy new outfits and I was off. My enthusiasm was quickly derailed. Not long into the cruise, I got seasick, despite taking precautions and proper medication. Not long after that, I caught a nasty cold. I also hadn’t taken into account that the quiet life at home was at odds with my new schedule. In my desire to get the most out of my vacation, I…
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Quality of Life

November is my birthday month. A good time for reflection. With advancing age, we can all give more thought to how we can improve the quality of our lives—enjoy our days and gain peace of mind. When we don’t have as much life left, we want to maximize the time we have. One of my pet peeves has always been dealing appropriately with rude and disrespectful people. With maturity, we are motivated to avoid jerks and futile conflicts. And we learn how to regulate our emotions to mitigate the effects rude people have on our psyche. But there are some situations you can’t always avoid.  The next time someone cuts you off in traffic, Don’t assume that they are only rude to you. Truth be told, that person is rude to everyone—even their mother. If their parents didn’t teach them how to be considerate in 25 years or so, how are you going to improve their bad manners by invoking your anger. Let’s put things in perspective— When we take whatever others think, do, or say personally, we are allowing others to offend us. The fact is that some humans possess a large number of negative traits that lead to inconsiderate words and actions. Learn to ignore disrespectful words and actions, as these people are doing the very same thing to others. They can’t help it; It’s just in their nature to be that way.  Often they are just malcontents— Out there, looking for a dog to bite in the”A - double scribble.” Granted you want a world in which everyone is as considerate as you are. I think you know this won’t happen. Don’t take it as a personal affront.  Do you really need their respect and approval? While you can give someone a piece of your mind when…
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11 Mottos to Live By

LIVING BENEATH OUR means is one of the best habits to develop if we want a secure retirement. Like many others, I learned this sort of thrift from my parents and grandparents, who lived through the Great Depression and, by necessity, had to avoid waste. Not only did our forebearers survive the Great Depression, but also the Second World War came right on its heels. These were years of conserving materials—such as metal, rubber, paper and food—to support the war effort. My mother saved a food ration book from the war that still had some stamps in it. When she shopped, she had to hand the grocer stamps when buying meat, sugar, butter, cooking oil and canned goods. The number of stamps handed over depended on the scarcity of the item purchased. For instance, if bacon was 35 cents a pound, you might have to give the grocer seven stamps. Once the stamps were used up for the month, people couldn’t buy any more of that food until new stamps were issued the following month. I wonder how many young people today know that, in this land of abundance, food was once rationed, and that thrift in itself can be a source of remarkable household revenue. Mom also saved a booklet from the war years that gives information about saving or conserving just about everything—food, clothing, house furnishings, appliances, utilities, cars, even insurance. People found artful ways to scrimp on just about everything. Nothing was wasted. We could all benefit from the advice in this little booklet. Here are 10 of the more memorable passages that appeared at the bottom of the booklet’s pages: Willful waste makes woeful want. Waste nothing. Hoard nothing. Use everything. Spend what you must and save what you can. He that eats and saves sets…
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Hearing Voices

READING ABOUT FINANCE can be a little dry at times, so I occasionally turn to TV for relief, relaxation and a little entertainment. What am I drawn to? More than anything, it hinges on a person’s voice. For instance, I like listening to Neil Cavuto on Fox Business Network. His interviews with business leaders are usually interesting and his demeanor holds my attention. He comes across as earnest. My parents were transplanted New Englanders, so I never had a heavy Brooklyn accent, but just a hint of one, thanks to being raised there. I worked hard to lose it, but it still slips out when I’m tired. I guess you can take the girl out of Brooklyn but not Brooklyn out of the girl. I’m always glad when I tell people where I’m from and they say, “You don’t sound like you’re from Brooklyn,” as if I were expected to say “dees” for “these,” “dem” for “them,” and “doze” for “those.” I still remember the late Marty Zweig, a regular panelist on Wall Street Week with Louis Rukeyser. He was an erudite investment advisor and financial analyst, and contributed many articles to Barron’s. He had a certain charm and an interesting personality, and hid his persona behind a  humble, “regular Joe,” almost woebegone demeanor. I recall him saying he liked rock and roll, had a jukebox and enjoyed salsa dancing. He had a wry, dry sense of humor. I find a pleasant, well-modulated and cultured voice can be so much more interesting and pleasant to listen to than someone who yaps away. It allows the listener to better take in the message that’s being conveyed. I once worked with someone whose voice can only be described as mellifluous. When he spoke, I was almost transfixed. It was like listening to…
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Non-Leading Indicators

IN TRYING TO FORETELL the economy’s direction, former Federal Reserve Chair Alan Greenspan has shown “a keen interest in men’s underwear,” according to CNN Business. “He sees underwear sales as a key economic predictor.” This isn’t because Greenspan is preoccupied with nether garments. Rather, says an NPR reporter, he believes that “the garment that is most private is male underpants because nobody sees it except people like in the locker room.” Yes, the men’s underwear index exists. It’s based on the premise that, during normal economic times, sales of men’s underwear are usually stable, but during an economic slump men prioritize other expenses over replacing their underpants. HumbleDollar contributor Ken Begley may have unwittingly answered the question as to whether or not the U.S. is headed for a recession. A man before his time, he understands the underwear index—as indicated by his unabashedly candid “holey underwear” article. Meanwhile, just in case you’re wondering, ladies’ underwear seems not to be an issue—presumably because women are more sensitive about wearing worn-out underwear. And who would have the temerity to conduct such an indelicate study, anyway? There are still risks to the economy, but most economists expect the U.S. to dodge a recession in 2024. Meanwhile, here are a few more ersatz but semi-accurate ways of measuring U.S. economic downturns: Lipstick index. In a recession or bear market, women tend to replace buying more expensive items, like jewelry or handbags, with smaller purchases that act as a treat or pick me up—like a new lipstick. Hemline index. A scan through Vogue magazine indicates that longer hemlines will be one of this year’s trends. That doesn’t bode well for the economy and could be a harbinger of things to come. The theory, which has been around for a while, draws on the premise that…
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