23 Mar 2026

What is a NAPFA-Registered Financial Advisor?

When I first became a NAPFA-Registered Financial Advisor, I heard, more than a few times, “Congratulations… what is that?”  It wasn’t surprising, because NAPFA is a small but important group. What is NAPFA? The National Association of Personal Financial Advisors (NAPFA) is a group of professional financial advisors who advise on a Fee-Only basis, meaning no commissions or incentives.  This way, the client pays for the advice (rather than the… Read More

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21 Mar 2026

Estate Planning

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you… Read More

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19 Mar 2026

Long Term Care Planning: More Than Just Insurance

My financial planning engagements are very detailed, especially for clients who are nearing retirement.  I find that when talking with colleagues at conferences and continuing education meetings, many of them do not discuss how Medicare works, the potential cost of healthcare in retirement, or even potential long-term care needs.  I know that the clients who come to me often come to me with misconceptions about these items.  Which is understandable, since… Read More

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17 Mar 2026

Bonds: How do They Work?

Investing in Bonds Bonds may not be as glamorous as stocks or commodities, but they are a significant component of most investment portfolios. Bonds are traded in huge volumes every day, but their full usefulness is often underappreciated and underestimated. Why invest in bonds? Bonds can help diversify your investment portfolio. Interest payments from bonds can act as a hedge against the relative volatility of stocks, real estate, or precious… Read More

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16 Mar 2026

Required Minimum Distributions (RMDs): What They Are, How to Calculate Them, and Penalties for Missing Them

Sometimes Uncle Sam can be a really nice guy. He lets you save money in tax-deferred accounts such as IRAs, 401(k)s, and the like. You get to watch that money grow over the years, accumulating in value, while not paying taxes on the gain. Uncle Sam just waits patiently on the sidelines, not collecting taxes on the earnings. However, Uncle Sam isn’t going to wait forever, and that is where… Read More

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15 Mar 2026

Annuity Questions Answered

So many new clients come to me already owning an annuity or several annuities, and they do not understand them or know what types of fees are in them.  I went back through my e-mails to clients and looked through the types of questions I get about annuities, and thought I would answer some of them here by explaining some of the concepts around annuities. An annuity is a product… Read More

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13 Mar 2026

Modern Portfolio Theory Revisited

Yesterday morning, I attended the St. Louis Chapter of the Financial Planning Association meeting to hear a presentation titled “Modern Portfolio Theory 2.0.”  It was excellent, no surprise, because it was presented by Michael Kitces  MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, whom I often describe as a “walking brain” when discussing him with peers.  He is also the author of a reference book I own, and to which I… Read More

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12 Mar 2026

Emergency Fund: The Foundation for Financial Success

Unexpected financial expenses seem to crop up at the least opportune time. The car needs a new transmission, you lose your job, or a parent or child becomes ill, and you need to reduce your hours at work in order to care for them, resulting in an unexpected reduction in income. All of these expenses, and others, can drain savings quickly. Why have an emergency fund? You can resort to… Read More

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2 Mar 2026

A Case Study in Speculation, Leverage, and Survival

At the 2025 Acropolis Investor Social — a wonderful evening, only to be topped by this year’s Social — I presented the chart below. The colors were slightly different, and at the time, I hadn’t included the S&P 500 or the Bloomberg Aggregate Bond Index. But the message was clear: pockets of speculative excess were forming in unusual corners of the market. I began by revealing Bitcoin. Over the final… Read More

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