WHEN I WAS IN THE Navy, the checklist was a way of life. Everything from a radiation leak to starting an air compressor required one. In emergency situations like flooding, you were expected to take memorized “immediate actions,” and then use a checklist to ensure all the actions were accomplished. For more routine procedures, you would follow the checklist line by line—deviations were not allowed.
While this wasn’t conducive to a creative working environment,

IT SEEMS LIKE EVERY month or so, one of our kids—and, for the married ones, that includes spouse and little ones—is on vacation. A week or two in Cabo or Cozumel, a road trip out west, or a jaunt to some other interesting destination is commonplace. How is this possible? One of the reasons, I believe, is because they don’t work for themselves.
Instead, they work for big institutions, such as corporations, universities, school districts and large nonprofits.

THE SOCIAL SECURITY claiming decision is one of the most complex—and contentious—choices that retirees have to make.
I was reminded of that in December, while at a Christmas party. Two former colleagues were discussing their Social Security decision. Both are male, single, childless, retired engineers. Each has a traditional pension, a paid-off home and significant retirement savings. Ted is age 77. Fred is 66.
Ted took his Social Security at 62. His reason was longevity or,

THE NATIONAL STUDENT Clearinghouse Research Center recently published a report on postsecondary enrollment for fall 2021, including enrollment at community colleges, undergraduate institutions and graduate schools.
If you’re a believer in postsecondary education, the headline numbers weren’t encouraging. Enrollment fell by 2.7%, or 476,100 students. Over the two years since the start of the pandemic, it’s declined by 5.1%, or 937,500 students.
While the report offers no reasons for these declines, my view is that colleges are struggling to justify their value proposition to students and their families,

I RECENTLY RETIRED and have a lump sum from my former employer to invest. For months now, I’ve presumed that I would just add it to our existing investments in the same proportions, easy-peasy. In practice, however, one consideration has led to another, so I’ve made no firm decisions.
Within our 70% stock-30% bond portfolio, I’ve long had a soft rule of keeping well over a third of our stocks in broad market index funds.

THERE WAS MUCH hoopla last week about high inflation, surging interest rates and geopolitical turmoil. Sure, these are important macro conditions. Still, stocks took things in stride. If you only pay attention to once-highflying growth companies, especially tech stocks, the market appears dire. Broaden your perspective, though, and things haven’t been all that terrible of late.
Yes, the S&P 500 lost 1.8% last week. Small-caps, however, were up 1.5%. Foreign shares were about unchanged.

THIS IS NOT MY favorite topic. But it’s a necessary one these days—when a seemingly endless number of companies and individuals are intent on separating us from our money. Some of them will use any means, fair or foul.
I’m going to share a story about a longtime friend whose kindness and generous nature were used against him when he was vulnerable. As much as anyone I’ve ever known, my friend—I’ll call him Bill—was a gentle man and a gentleman.

HARRY MARKOWITZ WAS a graduate student in economics at the University of Chicago. It was 1954, and he had just finished defending his thesis. Most of the committee accepted his work. But Milton Friedman, an economist with a national reputation and easily the most influential member of the economics faculty, had a problem. While he found no errors in Markowitz’s work, the problem was that it contained no economics. Markowitz’s thesis was about investments and,

I’M DEBATING whether my life is better described by Tom Cochrane’s Life Is a Highway or Eddie Rabbitt’s Driving My Life Away. In a recent article, I noted that our family has driven our cars about 1.9 million miles. Since I’m the family’s King of the Road, I’ve been along for at least two-thirds of that ride.
I’m also, alas, the king of lost time.
The average commuting speed in the Washington,

I ENJOY WATCHING superhero shows. It feels good to see the hero swoop in and save the day. Truth is, however, I also get a bit annoyed, as there are always some citizens who seem to ignore imminent danger. They sometimes just stare at it coming, doing nothing to get out of harm’s way.
It’s almost like they just count on the hero saving the day, and that’s a bad strategy. Strangely, many people in real life adopt the same strategy,

WHEN PEOPLE DISCUSS financial matters or take the “A Year to Live” class that I lead, there’s a common refrain: They don’t want to be a burden to their loved ones. They’re concerned about having enough money to take care of themselves when they’re older.

But even if we have plenty of money, we can still end up being a burden. How so? Our kids and other loved ones don’t want the stuff we’ve gathered over the years.

LET’S SAY YOU BOUGHT a few stocks on the advice of your financial advisor for $300,000. One year later, that same advisor says you’ve done really well on the stocks—which are now worth $400,000—and you should sell. After the sale, you net a $100,000 profit. Would you be willing to pay your advisor a 6% fee on the $400,000, equal to $24,000, for the advice he gave you?
If so, I’d think you were crazy.

IN THE EARLY 1990s, my employer—an aerospace manufacturer—sent a small group of employees to Winnipeg, Canada, to help set up a production line. We were chosen because of our familiarity with the product involved.
The company provided us with a furnished apartment, a rental car and $40 a day for food. They flew us back home every two weeks, so we could take care of personal business. I’d fly to Los Angeles on Friday and return to Winnipeg on Monday.

DURING A RECENT vacation, my son Max and I played Monopoly. I was amazed at all the personal finance lessons you can learn from the game—one that was first produced in 1935.
We played by the actual Monopoly rules. That includes not getting money just by landing on Free Parking. It also means not auctioning off properties if the person landing on them decides not to pay the list price.

MY WIFE AND I recently re-watched a video made by one of our nephews. In the video, he interviewed his grandparents—my wife’s parents—about their lives. He wanted to understand what they’d done or taught that built such strong family bonds that lasted over such a long time.
My wife is one of five children: three boys and two girls. Each of her four siblings is married with at least two children—11 kids in total.