Financial wisdom is the realization that our first reaction often needs to be second-guessed.
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.
Richard Connor is a semi-retired aerospace engineer with a keen interest in finance. He enjoys a wide variety of other interests, including chasing grandkids, space, sports, travel, winemaking and reading. Follow Rick on Twitter @RConnor609 and check out his earlier articles.NO. 77: TO BUY ourselves happiness, often the best strategy is to not buy anything at all. That can leave us with a plump bank account and the sense of financial security it offers.
NO. 51: WE FAVOR the familiar, such as stocks of local companies and makers of goods we buy. This “home bias” can be risky. Folks often bet big on their employer’s shares, so both their paycheck and portfolio hinge on the company’s prosperity. Many U.S. investors also shun foreign stocks, even though there’s no guarantee U.S. shares will outperform long-term.
NO. 87: A LONG LIFE is a big risk. On average, 65-year-olds live until their mid-80s. But that’s the average—and half of all 65-year-olds will live longer. How can you cope with this longevity risk, especially given the threat from inflation? Your financial arsenal might include stocks, delayed Social Security benefits, and immediate and deferred income annuities.
RISK POOLING. When we purchase health, life, auto and other insurance, we contribute to a pool of money overseen by an insurance company. Those who crash their car or suffer ill-health collect from the pool. Those who get through the year unscathed pay their premiums and get nothing in return—which is what you want, because it means life is good.
NO. 77: TO BUY ourselves happiness, often the best strategy is to not buy anything at all. That can leave us with a plump bank account and the sense of financial security it offers.
WHEN I REACHED AGE 70, I felt a sense of accomplishment, a bit of weird pride. At 75, I had a similar feeling. But when I turned 80 last year, things felt different. It was like I was an overachiever. Suddenly, the future wasn’t as long.
For many years, I’d searched for a high school friend who’d been my navigator at sports car rallies, but with no luck. Then, recently, I stumbled across his obituary.
Unfortunately I have had a lot of experience in this realm. In an 18 month period during 2017-18. I first lost my twin brother at 59 years old; then almost 1 year later my father, and six months after that my mother each on one side or another of 85. Unfortunately all of them suffered from some type of dementia. As a result at the time of their passing we were unable to communicate with them.
I am a Baptist pastor. Significant moment #1. One day I was in a leadership meeting and a fellow pastor commented that he had just met with his financial advisor and was told he would have to work to age 81 to retire. I didn’t laugh. I was his age and had just lost 40% of my retirement from the economic downturn that began in October, 2007. After that meeting I did some serious soul searching and decided I would become a student of understanding “money”
A number of events over the past few months have me thinking about aging, mortality, legacy, frailty, and – of course – financial planning. These events included attending funerals, preparing tax returns (ours and dozens of others), visiting old friends and distant family, minor traffic accidents, winter doldrums, and the recent discussions on HumbleDollar on the unique estate planning needs of childless retirees. Recent market volatility may have played a small role.
My wife and I have a lot of real-world experience caring for aging and infirm parents,
SOMETIMES WORLD events beyond your control create a hard reset point in your financial life. A before and after. For me, that point was the 2007 Great Financial Crisis (GFC). The psychological scars still reverberate into my current life.
Looking back, I was aware of something rumbling about in the financial landscape but didn’t take much notice due to being deeply involved in running my business. Little did I realize the impact heading my way.
Earlier this week, I asked readers, “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?”
I didn’t offer my own response—because I didn’t have one. At this point, I don’t have a strong urge to go to some exotic locale or try some new experience. On the other hand, there are places and experiences from my past that call to me.
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