Per Chuck Jaffe, I have a “heart attack” letter that explains where our accounts are, and key people (lawyer, accountant, work HR) to call. I’ve printed it for my wife and emailed it to my business-oriented daughter. I update every year or so. It’s a nice feeling of relief to do it.
I used to hire a young lawyer every year to be one of my law clerks. When they sat down with the court’s HR to fill out forms and sign up for benefits, I’d sit with them later. For many, this was their first real full time job. They don’t know about / understand health insurance, disability insurance, or 401k / TSP investing. I found that the best approach was to explain without asking them too much about their own finances (debt, savings, etc.). Instead, I would suggest investing a certain amount to get a match on their savings. I would definitely explain the difference between Roth and traditional accounts, and high/low premium health insurance. and yes, Ben, typically nobody had ever explained any of this to these young people in any helpful way. Very proud that I helped them get started.
Politics is becoming an even more negative factor with health care and the Medicare system. Do people really believe that the FDA and CMS are making science-based decisions today? And there hasn’t been any thoughtful, meaningful debate about the finances of our health care system in Congress in recent memory. Very frustrating.
I play the credit card points "game" individually and through my sole proprietorship. I have over a dozen open credit cards - with no balance, and never any interest paid, of course. And, bizarrely, my credit score in well over 800 and has never been better. Absurd.
I've long agreed with Mr. Q that, despite financial concerns, the Social Security system was essentially stable. I also believed that, because the beneficiaries of SS benefits are older folks who are influential voters, Congress would act to avoid benefit cuts or wholesale negative changes to the program. But the recent apathy in Congress toward any thoughtful action - evidenced by no meaningful health care reform to assist an even broader constituency - is really problematic. Will Congress act on Social Security? Can Congress act? And if it does, will it be in a logical, helpful way? All questions that can't be answered today.
This is complicated. Who comes to a relationship from a background of privilege or poverty? Who is earning money or is reliant on their partner financially? Who has student / mortgage debt before or during the relationship? These issues are as divisive for couples as politics, religion, and other compatibility questions.
I have accounts at Schwab, Fidelity, and Wealthfront. All hold Vanguard funds. Don't be concerned about the contents of your accounts - all can buy publicly-traded funds. I qualified for a free meeting with a Schwab CFP and sat down with him last summer. No sales pitch at all - he really was speaking independently. I found it to be thoughtful and helpful. We discussed a variety of issues unrelated to the holdings at the brokerage (Social Security plans, umbrella insurance, etc.). It was worth doing to get the info and an outsider's advice. They didn't have authority to make changes to my accounts, of course. Go for it.
Like Mr. Quinn, I've also benefited from a federal employee pension and a defined contribution plan (the federal TSP, effectively a 401k). For younger employees to get the advantage of long-term investing, they need to start early and contribute a sizeable percentage of their pay to a 401k plan. That's tough for a lot of folks. And many people have difficulty wrapping their minds around issues like Roth v. traditional, employer matching programs, and how to allocate investments. If we don't have a paternal/parental system making decisions for people, I worry about folks mismanaging their future. Not all are at HD level of concern for their own finances.
I launched a consulting business after leaving my federal job recently. Umbrella coverage was a must. My local insurer (car, house) didn't offer a competitive policy, but national insurers did. Cost of the new business.
Comments
Per Chuck Jaffe, I have a “heart attack” letter that explains where our accounts are, and key people (lawyer, accountant, work HR) to call. I’ve printed it for my wife and emailed it to my business-oriented daughter. I update every year or so. It’s a nice feeling of relief to do it.
Post: Your two best investing books—and do you also keep an End-of-Life “family binder”?
Link to comment from February 8, 2026
I used to hire a young lawyer every year to be one of my law clerks. When they sat down with the court’s HR to fill out forms and sign up for benefits, I’d sit with them later. For many, this was their first real full time job. They don’t know about / understand health insurance, disability insurance, or 401k / TSP investing. I found that the best approach was to explain without asking them too much about their own finances (debt, savings, etc.). Instead, I would suggest investing a certain amount to get a match on their savings. I would definitely explain the difference between Roth and traditional accounts, and high/low premium health insurance. and yes, Ben, typically nobody had ever explained any of this to these young people in any helpful way. Very proud that I helped them get started.
Post: I got the call
Link to comment from February 8, 2026
Politics is becoming an even more negative factor with health care and the Medicare system. Do people really believe that the FDA and CMS are making science-based decisions today? And there hasn’t been any thoughtful, meaningful debate about the finances of our health care system in Congress in recent memory. Very frustrating.
Post: When $2100 is not what it appears. The Medicare Part D trap
Link to comment from February 7, 2026
I play the credit card points "game" individually and through my sole proprietorship. I have over a dozen open credit cards - with no balance, and never any interest paid, of course. And, bizarrely, my credit score in well over 800 and has never been better. Absurd.
Post: The Debt Free Penalty.
Link to comment from January 24, 2026
I've long agreed with Mr. Q that, despite financial concerns, the Social Security system was essentially stable. I also believed that, because the beneficiaries of SS benefits are older folks who are influential voters, Congress would act to avoid benefit cuts or wholesale negative changes to the program. But the recent apathy in Congress toward any thoughtful action - evidenced by no meaningful health care reform to assist an even broader constituency - is really problematic. Will Congress act on Social Security? Can Congress act? And if it does, will it be in a logical, helpful way? All questions that can't be answered today.
Post: Social Security is not going bankrupt, but that is not the full story
Link to comment from January 24, 2026
This is complicated. Who comes to a relationship from a background of privilege or poverty? Who is earning money or is reliant on their partner financially? Who has student / mortgage debt before or during the relationship? These issues are as divisive for couples as politics, religion, and other compatibility questions.
Post: Are you and your spouse synchronized?
Link to comment from January 17, 2026
I have accounts at Schwab, Fidelity, and Wealthfront. All hold Vanguard funds. Don't be concerned about the contents of your accounts - all can buy publicly-traded funds. I qualified for a free meeting with a Schwab CFP and sat down with him last summer. No sales pitch at all - he really was speaking independently. I found it to be thoughtful and helpful. We discussed a variety of issues unrelated to the holdings at the brokerage (Social Security plans, umbrella insurance, etc.). It was worth doing to get the info and an outsider's advice. They didn't have authority to make changes to my accounts, of course. Go for it.
Post: Schwab or Vanguard?
Link to comment from January 17, 2026
There are no commissions or sales fees on essentially any products at Schwab. Certainly, all mutual funds and ETFs trade fee-free.
Post: Schwab or Vanguard?
Link to comment from January 17, 2026
Like Mr. Quinn, I've also benefited from a federal employee pension and a defined contribution plan (the federal TSP, effectively a 401k). For younger employees to get the advantage of long-term investing, they need to start early and contribute a sizeable percentage of their pay to a 401k plan. That's tough for a lot of folks. And many people have difficulty wrapping their minds around issues like Roth v. traditional, employer matching programs, and how to allocate investments. If we don't have a paternal/parental system making decisions for people, I worry about folks mismanaging their future. Not all are at HD level of concern for their own finances.
Post: How do you really feel about 401k plans?
Link to comment from January 10, 2026
I launched a consulting business after leaving my federal job recently. Umbrella coverage was a must. My local insurer (car, house) didn't offer a competitive policy, but national insurers did. Cost of the new business.
Post: Asset Protection Ideas
Link to comment from January 10, 2026