When my sister was alive, she was using a financial adviser who was charging her 1% on her assets. The adviser put her into individual stocks - - some ok, some not so. The not so ones included some bankrupt companies! After many tries at getting her to fire this adviser, she finally did and I took over handling her investments at no cost. My sister was very upset when she had to fire the adviser. I have no problem with firing an adviser and I hope your wife comes to her senses and does the same to this one.
i had one recently. Bought a used car and the dealer offered me a chance to buy an extended warranty. The warranty covered everything (except consumable type things). On my other car that had 50K miles on it, I recently had to replace the front facing camera that controls the collision avoidance and other things. The repair was $1,400. So, for a $20K used car, I spent almost $4,000 for the warranty. I am now regretting that decision and will be canceling the warranty. Moral of the story is to understand your risk tolerance. (i.e., how much am i willing to spend on any given repair and what are my chances for a loss). Also, don't make split second purchases.
Howard - Great article and great stories. I, too, am an AARP TaxAide preparer. This is my third season and I personally did or reviewed 250 returns this year. You get a window in people's lives -- some happy and some not so. I had one lady who had cancer and racked up significant medical bills and IRA distributions to beat back her disease. She still owed some money and was on the verge of tears when I told her. I asked her if she needed a hug and she nodded yes. We hugged. The good news is that she later found more medical expenses to reduce her tax liability to virtually zero. Stories like this is what keeps me going.
I've read a few of the most recent posts. Lots of good advice. I have been doing Roth conversions for the last 5 years trying to minimize impact on IRMAA surcharges. First, I have sufficient income without taking RMDs. My intent is to reduce RMDs from my traditional IRA as one benefit of Roths is that you do not have to take RMDs. I am hoping that my children will benefit when they are drawing down my Roths without paying taxes. Don't know your circumstances, so this might not apply. BTW, there is no bad advice in any posts. It's all about preference and comfort. Best of luck to you.
I have been retired for 7 years. I had plans when I retired to do some long overdue home projects, play more golf, spend more time out on my boat and to do some volunteering, likely at an animal shelter. Some of those things are happening, but not as I envisioned. I now watch, with my wife, our 3 grandsons 3 x week. I do volunteer tax work with AARP in the winter. And I am helping my son with projects in his home. I have a very active social life regularly getting together with my circle of friends for meals, concerts and outdoor activities. All in all, I am pleased with my retirement and how I spend my time. Before pulling the ripcord on work, it is important to know how you will replace that 40-60 hours spent at work.
What a great interview. Bravo Adam and congratulations and thank you for taking on the leadership of Humble Dollar. Jonathan - Thank you too for taking us with you on your journey. You are indeed wonderful and courageous. Your readers are with you every step of the way. May God bless you and your family.
Jonathan - You are giving us much to consider. Thank you for sharing and taking us on your journey. I pray for you and your family and look forward to the next excerpt. All the best my friend.
Jonathan - Your note brought tears to my eyes. Thank you for taking us, your readers, on your journey. Quite possibly, one of the bravest things that you have done. I pray for hope and reconciliation for you and your family. All the best.
Many before have already expressed my sentiments. The only thing I will add is thanks for having the courage to take us on this very personal journey of yours. It is one we will all face at some point. Now your website had gone beyond providing financial life. It is now about how to live your life.
Comments
When my sister was alive, she was using a financial adviser who was charging her 1% on her assets. The adviser put her into individual stocks - - some ok, some not so. The not so ones included some bankrupt companies! After many tries at getting her to fire this adviser, she finally did and I took over handling her investments at no cost. My sister was very upset when she had to fire the adviser. I have no problem with firing an adviser and I hope your wife comes to her senses and does the same to this one.
Post: The High Cost of Financial Advice: A Tale of Two Portfolios
Link to comment from July 13, 2025
i had one recently. Bought a used car and the dealer offered me a chance to buy an extended warranty. The warranty covered everything (except consumable type things). On my other car that had 50K miles on it, I recently had to replace the front facing camera that controls the collision avoidance and other things. The repair was $1,400. So, for a $20K used car, I spent almost $4,000 for the warranty. I am now regretting that decision and will be canceling the warranty. Moral of the story is to understand your risk tolerance. (i.e., how much am i willing to spend on any given repair and what are my chances for a loss). Also, don't make split second purchases.
Post: Stepping In It
Link to comment from May 31, 2025
Dennis - Hope for karma for your wrong sided "friend."
Post: The Wrong-Sided Man
Link to comment from May 10, 2025
Howard - Great article and great stories. I, too, am an AARP TaxAide preparer. This is my third season and I personally did or reviewed 250 returns this year. You get a window in people's lives -- some happy and some not so. I had one lady who had cancer and racked up significant medical bills and IRA distributions to beat back her disease. She still owed some money and was on the verge of tears when I told her. I asked her if she needed a hug and she nodded yes. We hugged. The good news is that she later found more medical expenses to reduce her tax liability to virtually zero. Stories like this is what keeps me going.
Post: Taxing Situations
Link to comment from April 26, 2025
I've read a few of the most recent posts. Lots of good advice. I have been doing Roth conversions for the last 5 years trying to minimize impact on IRMAA surcharges. First, I have sufficient income without taking RMDs. My intent is to reduce RMDs from my traditional IRA as one benefit of Roths is that you do not have to take RMDs. I am hoping that my children will benefit when they are drawing down my Roths without paying taxes. Don't know your circumstances, so this might not apply. BTW, there is no bad advice in any posts. It's all about preference and comfort. Best of luck to you.
Post: To Roth Convert or Not
Link to comment from March 9, 2025
I have been retired for 7 years. I had plans when I retired to do some long overdue home projects, play more golf, spend more time out on my boat and to do some volunteering, likely at an animal shelter. Some of those things are happening, but not as I envisioned. I now watch, with my wife, our 3 grandsons 3 x week. I do volunteer tax work with AARP in the winter. And I am helping my son with projects in his home. I have a very active social life regularly getting together with my circle of friends for meals, concerts and outdoor activities. All in all, I am pleased with my retirement and how I spend my time. Before pulling the ripcord on work, it is important to know how you will replace that 40-60 hours spent at work.
Post: Meeting Expectations?
Link to comment from March 8, 2025
What a great interview. Bravo Adam and congratulations and thank you for taking on the leadership of Humble Dollar. Jonathan - Thank you too for taking us with you on your journey. You are indeed wonderful and courageous. Your readers are with you every step of the way. May God bless you and your family.
Post: Asking the Editor
Link to comment from March 8, 2025
Jonathan - You are giving us much to consider. Thank you for sharing and taking us on your journey. I pray for you and your family and look forward to the next excerpt. All the best my friend.
Post: Turned Upside Down
Link to comment from October 5, 2024
Jonathan - Your note brought tears to my eyes. Thank you for taking us, your readers, on your journey. Quite possibly, one of the bravest things that you have done. I pray for hope and reconciliation for you and your family. All the best.
Post: No Regrets
Link to comment from September 7, 2024
Many before have already expressed my sentiments. The only thing I will add is thanks for having the courage to take us on this very personal journey of yours. It is one we will all face at some point. Now your website had gone beyond providing financial life. It is now about how to live your life.
Post: On the Clock
Link to comment from August 19, 2024