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DURING MY FINAL NINE years with the Coast Guard, I was involved in decisions regarding search-and-rescue operations. We were almost always working with imperfect information. For three of those nine years, I was responsible for all missions in one section of the Great Lakes and, in my last year, I made the final decision on when to suspend search-and-rescue operations in an even larger area.
To lower risk, we often assumed the worst, and threw copious operational resources at the situation.
IN JANUARY 1987, I was an unmarried junior Coast Guard officer just beginning the flight stage of U.S. Navy flying training. I decided to see a financial advisor who’d been recommended by friends.
This wasn’t just any advisor, but rather a retired Air Force lieutenant colonel and fighter pilot. He worked for a firm whose advisors were comprised mostly of retired military officers, and they marketed their services primarily to military officers. If there was anyone I could trust,
Comments
Dennis, might you be able to borrow a friend's Doberman or German Shepherd for a morning walk? I'd love to know if this bully steps aside then. :)
Post: The Wrong-Sided Man by Dennis Friedman
Link to comment from May 10, 2025
I had a wedding to pay for in March, along with 3 older cars--the youngest of which is a 2012 Camry. Rather than dip into my Vanguard MMF, which I consider my savings, I was fortunate to have an individual stock that had done well. I trimmed some of that and sold a few other items to pay for the wedding and buy a slightly used Subaru. Fortunately, this selling was all done before "Liberation Day" and all the associated volatility. A recent WSJ article spoke of the increased costs, resulting from tariffs, now affecting the wedding plans of many brides (and I'm sure the finances of their parents!). Again, I was lucky to have every thing wrapped up before those costs flowed through. Otherwise, it's auto-pilot for me. Because I fee there is so much uncertainty right now, making few changes may be the best course of action for me.
Post: Ch-Ch-Changes?
Link to comment from May 10, 2025
Good for you Winston. You probably have low fixed costs as well.
Post: Ch-Ch-Changes?
Link to comment from May 10, 2025
I agree very much with your last point. The main reason why I've been self advised most of my life is because I'd rather own my mistakes than be angry at an advisor for making mistakes on my behalf. My other reason is having had a bad experience, when I started investing, with an advisor focused on his commissions, not my best interests.
Post: Financial Advisor – NEVER AGAIN
Link to comment from May 10, 2025
I agree.
Post: Go for the Gold?
Link to comment from May 10, 2025
In regards to what Mr. Quinn alluded to above, retirees not informing spouses of their survivor benefit plan (SBP) options in order to maximize their pensions for themselves became such a problem that Congress passed a law in 1986 requiring the assent of military spouses if their husbands, and it usually was husbands, desired not to opt in to the military's SBP. When I retired, I went full up SBP which provides 55% of my retired pay to survivors for the rest of their lives--assuming the surviving spouse does not marry. Yes, it costs a good bit every month, however, it's very cost effective due to Uncle Sam subsidizing a portion of the cost. When I spoke with a benefits counselor before retiring, he said they get calls every month from surviving spouses asking where are their husband's retirement check. Imagine what the rest of that call entails. Here's the other kicker to the military's SBP: one is paid up after 30 years. Thus, when I reach about 78 or so, God willing, I'll be paid up and get a nice plus up to my retirement check around the time of social security break-even. On another note, life insurance agents love to speak with soon to be retiring military members about substituting life insurance for SBP. The smart people I talked to said the military's SBP is so good, actuarially, it's a no brainer. To supplement SBP, I also purchased 20 years of level term life that expires when I turn 68 just to provide some extra dough if I went early. With 4 kids still needing to get through college when I retired, I thought the term policy was a bargain. My dilemma coming up will be whether to buy another term policy when I'm 68. We'll cross that bridge when the time comes--I hope. :)
Post: Have you planned survivor income for your spouse or someone dependent on you? RDQ
Link to comment from May 4, 2025
Dr. Lefty, whether to buy another term life policy for my survivors, when my current policy expires at age 68 is something I'm wondering about. I don't think I'll need it either, but I may just go ahead and do it just in case. It's an interesting decision in many ways.
Post: Have you planned survivor income for your spouse or someone dependent on you? RDQ
Link to comment from May 4, 2025
I'm not joking Brian. My GMC Yukon XL is 22 years old and proud of it. :)
Post: The Opposite of HumbleDollar
Link to comment from May 3, 2025
Pure genius Dan. One fall can change the rest of your life.
Post: Three Points to Avoid Injuries
Link to comment from April 27, 2025
Stay off ladders unless you have to, and if you must stay on the lower rungs only. I have a relative who works as a resident physician at a level one trauma center and he's seen quite a few older men come in with serious, and even fatal head injuries, from ladder falls. After hearing that, I've become very, very cautious around ladders.
Post: Three Points to Avoid Injuries
Link to comment from April 27, 2025