I think your first mis-step is in your first sentence. Your setting a terrible (sorry) first step financial example. I suggest "you can go to any college you want after finishing your first two years at a community college with guaranteed transferable credits". Many can start doing this while in High School thru dual enrollment classes. What your doing, is now setting a great example on managing expenses. No difference in that University of Michigan diploma by doing the community college route. Big difference in the wallet. Better chance of getting the first college years behind you while still living at home where you can sort out what direction you want to go with your career. How many get an education not in tune with the work they end up with? Always remember the story where the retired attorney writes the big check for plumbing work and says "when I worked as an attorney I didn't make this kind of money" to which the plumber responds "when I was an attorney I didn't make that kind of money either". I have a friend with two boys, one a senior investigator for the Department of Treasury in D.C. and the other has a plumbing business. You can guess who makes better money.
For compounding I sometimes ask if they know any big families that had a lot of kids whose kids then got married and also had kids who grew up to marry and start the process all over again and all of a sudden it is out of control.
Had someone with Edward Jones who had her IRA in 90 (not 89 or 91) funds that were underperforming the market. Has to be poor corporate supervision. Her and I talk each quarter for an hour with less than 20 investments. Makes you wonder if we are only seeing the tip of the iceberg.
Thanks for the article. Just went thru the passing of a friend who had one person POA for heath care and another person POA for finance. They did not communicate well and it would have been much better if the same person would have been both health care and finance. Your case of having a disruptive family member is something I seem to see more that before. Someone could do a huge study on options. Once the individual passes the POAs go away and you need to have a trust and other stuff in place. It is a lot more complicated than it needs to be. Thank you again for the article.
It is great your compiling some of your articles from the Wall Journal, I, and I am sure others, have copies snipped out or photocopied going back to that time. You have been so very instructive over the years. Your approach to the past few months have been much of the same. I hope someone recounts in writing your phenomenal approach to this challenge. You simply amaze me. I recently lost someone who did not have her affairs in order. Powers of attorney, will and trust and things like that. Those seem to be the brick and mortar of final planning. Your positive attitude, business like but caring level of planning is what is usually missing. You, as always, show us how to get things done. Thank you so much.
Question made me smile. Years ago we had a high school student from Latvia for a school year. I swear he went home with every original dollar he arrived with and more. Never brought books home. Moved him to AP Calc mid year, still no books. 4th in his class ranking. Took him to the Detroit auto show and we come up to the Bentley area and are looking at something that goes for a couple hundred grand. I say to him "there is a car for you", he stares into his wallet, then looks me in the eye and says "but what would my friends think?" Thanks for taking me back with your article.
Thank you for another excellent article. With friends and family passing away I have had final arrangements and transition of responsibilities and finances on my mind. I seem to be going backwards instead of forward and your details will help spur me on. My file I place important to do information is called Last Call. Thank you Johnathon for all you do.
Comments
I think your first mis-step is in your first sentence. Your setting a terrible (sorry) first step financial example. I suggest "you can go to any college you want after finishing your first two years at a community college with guaranteed transferable credits". Many can start doing this while in High School thru dual enrollment classes. What your doing, is now setting a great example on managing expenses. No difference in that University of Michigan diploma by doing the community college route. Big difference in the wallet. Better chance of getting the first college years behind you while still living at home where you can sort out what direction you want to go with your career. How many get an education not in tune with the work they end up with? Always remember the story where the retired attorney writes the big check for plumbing work and says "when I worked as an attorney I didn't make this kind of money" to which the plumber responds "when I was an attorney I didn't make that kind of money either". I have a friend with two boys, one a senior investigator for the Department of Treasury in D.C. and the other has a plumbing business. You can guess who makes better money.
Post: $92,000 a year is quite an investment. The ROI is real, but maybe not.
Link to comment from December 13, 2025
My wife and I typically do a Qualified Charitable Distribution of 10,000 each year. Does not show up as income.
Post: Another IRMAA Question
Link to comment from November 10, 2025
Jonathan, you continue to be very instructive in so many ways. Please pass on our appreciation to Elaine for all that she does.
Post: Health Update
Link to comment from September 6, 2025
The wife and dog.
Post: What Would You Take?
Link to comment from March 15, 2025
For compounding I sometimes ask if they know any big families that had a lot of kids whose kids then got married and also had kids who grew up to marry and start the process all over again and all of a sudden it is out of control.
Post: Picture This
Link to comment from March 15, 2025
Had someone with Edward Jones who had her IRA in 90 (not 89 or 91) funds that were underperforming the market. Has to be poor corporate supervision. Her and I talk each quarter for an hour with less than 20 investments. Makes you wonder if we are only seeing the tip of the iceberg.
Post: Among Friends
Link to comment from March 4, 2025
Thanks for the article. Just went thru the passing of a friend who had one person POA for heath care and another person POA for finance. They did not communicate well and it would have been much better if the same person would have been both health care and finance. Your case of having a disruptive family member is something I seem to see more that before. Someone could do a huge study on options. Once the individual passes the POAs go away and you need to have a trust and other stuff in place. It is a lot more complicated than it needs to be. Thank you again for the article.
Post: Share the Power
Link to comment from January 4, 2025
It is great your compiling some of your articles from the Wall Journal, I, and I am sure others, have copies snipped out or photocopied going back to that time. You have been so very instructive over the years. Your approach to the past few months have been much of the same. I hope someone recounts in writing your phenomenal approach to this challenge. You simply amaze me. I recently lost someone who did not have her affairs in order. Powers of attorney, will and trust and things like that. Those seem to be the brick and mortar of final planning. Your positive attitude, business like but caring level of planning is what is usually missing. You, as always, show us how to get things done. Thank you so much.
Post: Model Behavior
Link to comment from December 22, 2024
Question made me smile. Years ago we had a high school student from Latvia for a school year. I swear he went home with every original dollar he arrived with and more. Never brought books home. Moved him to AP Calc mid year, still no books. 4th in his class ranking. Took him to the Detroit auto show and we come up to the Bentley area and are looking at something that goes for a couple hundred grand. I say to him "there is a car for you", he stares into his wallet, then looks me in the eye and says "but what would my friends think?" Thanks for taking me back with your article.
Post: Quinn is considering buying a Bentley
Link to comment from September 8, 2024
Thank you for another excellent article. With friends and family passing away I have had final arrangements and transition of responsibilities and finances on my mind. I seem to be going backwards instead of forward and your details will help spur me on. My file I place important to do information is called Last Call. Thank you Johnathon for all you do.
Post: No Slowing Down
Link to comment from July 28, 2024