Jamie

Comments:

• I believe that the overwhelming majority of people can't do what you suggest (e.g., read and understand a prospectus, understand who is managing a fund and the implications if that manager leaves, etc.). Most people know that they can't do it and won't even try. Another subset of people think that they can do it, but they are overestimating their abilities. Assuming that I am correct about this, I think it is far more important for people to seek out simple investments that circumvent the issue (e.g., broad market index funds = no concerns about the manager and easy to understand) and perhaps work with a fiduciary financial advisor periodically. A good financial advisor can help people to understand how their investments should reflect their needs / circumstances (e.g., your iBonds vs. TIPS scenario). Ideally, you should only have to meet with the financial advisor when your circumstances change.

  Post: Ask the Question

  Link to comment from April 25, 2024

• Many years ago (senior year of high school) when I worked as a waiter at a busy restaurant, I would wake up in the middle of the night in a panic that I had tables still waiting for their food!

  Post: Retirement Dreams

  Link to comment from February 21, 2024

• The $12,000 you mentioned for 1980 must have included everything (room, board, books, etc.). According to historic tuition data I found online (https://t.ly/BwvPE) tuition (and fees) cost $8,895 in 1983 (the closest year that I could find). Northwestern tuition rose to $63,468 in 2023. If their tuition increased in proportion to overall inflation, it should only be $27,248. In my opinion, this is the bigger problem.

  Post: An Educated Choice

  Link to comment from August 2, 2023

• Such a great article and great, thoughtful comments too! One additional observation: just as it can take time and multiple attempts to find the optimal medication(s) and dose(s), it can take time and multiple attempts to find the optimal therapeutic approach. This can be frustrating and expensive. It can be difficult to assess when it is time to transition to a new approach. One friend explained to me that they consider their different therapies like tools in a toolbox. Some situations require a hammer and others require a screw driver, etc.

  Post: Money Talks

  Link to comment from July 12, 2023

• There is something that doesn't add up (to me) based on two statements in the article. 1. "Only one child qualified for non-merit aid—a $300 Pell grant." 2. "The best we could do was get each of them through high school and then they were on their own. We were not going into debt for them." With five children. I assume that for many years there were multiple children attending college at the same time. If the ONLY need-based aid that any child qualified for was a $300 Pell grant, doesn't that imply a very high income? I am struggling to jibe the lack of need-based aid with the idea that any help beyond high school would require going into debt.

  Post: Making Their Own Way

  Link to comment from June 21, 2023

• Once you get past the initial 12 month holding period, I think I-bonds are perhaps the very best option for holding emergency funds. Your emergency funds are 100% protected against 4 types of risk: default, inflation, deflation, and liquidity. You also get tangible tax benefits. It is not too hard to build up a large emergency fund over the course of a few years (especially if you have a spouse and one or more trusts).

  Post: I Buy, I Sell

  Link to comment from May 20, 2023

• Ahh...that was your mistake - speaking German instead of "Austrian." The correct Austrian greeting is "grüß Gott" (groyce gott). Joking aside, I had the exact same experience at my hotel in Vienna. Such a great city to visit.

  Post: Worldly Wisdom

  Link to comment from March 18, 2023

• Card data does get copied and stolen at places where you hand over your card (e.g., restaurant), but why would someone at a restaurant have access to two of Jim's credit cards? That ranges from unlikely to impossible. Also the gas pump skimmer will not get the security code printed on the back of your card. Both scenarios can lead to fraud, but neither one can explain what happened to Jim

  Post: Aftermath of a Scam

  Link to comment from March 11, 2023

• There is one important piece of information missing from your article: Have you previously made purchases at Walmart.com with your Chase and Capital One credit card? If yes, I think it is likely that someone figured out your login ID and password (you need to change your password and make sure you don't use the same one at any other websites). If you have not previously made purchases at Walmart.com with the Chase and Cap One credit cards, then someone got access to your wallet and wrote down the account information including the 3-digit security code on the back of your cards. This security code is not stored anywhere by any merchant (not even by your bank). Someone must have had access to your physical cards to get it. It's just my opinion, but I don't think you were hacked. I think you were punked. 2 jackets and a dresser? Sounds like a stupid teenage prank to me.

  Post: Aftermath of a Scam

  Link to comment from March 11, 2023

• The suggestion to use a Roth IRA as an emergency fund may be good for many people, but it should also caution that you can only withdraw your contributions for use in an emergency, not any of the growth. Otherwise there are significant tax implications (prior to age 59.5 and barring certain special circumstances). Series I Savings Bonds are another good option for emergency savings (assuming you can get past the initial 12 month required holding period).

  Post: Six Rules for Wealth

  Link to comment from January 26, 2023