The term “overview effect” was coined in 1987 by author Frank White to describe the intense awe astronauts feel when viewing the earth from space. Astronauts report viewing the earth as incredibly “fragile” and have been documented to see the earth (and life itself) differently upon their return, wanting to protect the earth (and all… Read more »
During your work life you exchange your time and energy for money in order to support your lifestyle. As you approach retirement, it’s important to strike a balance between having means, and having meaning in your life. While you may think you’re going to live forever that certainly is not the case. Does it… Read more »
Many retirees are surprised by the cost of health care during retirement. Although you have been paying into Medicare during your work career, many retirees fail to realize the limitations of Medicare coverage. You will likely need a supplemental insurance policy to cover the gaps in Medicare coverage. With that said, here are some tips… Read more »
Preparing your family for what will happen upon your passing is a crucial and often overlooked part of the estate planning process. Along with drafting your estate plan, you may have neglected an important part of the process- communicating your plans. It’s important to communicate your intentions to the implementers of your documents. Typically… Read more »
Back in 1996, my grandmother gave me 20 shares of Ameritech stock for my birthday. Ameritech was one of the seven Baby Bells that was formed following the breakup of AT&T. I was 12 years old and didn’t know what a stock was, or what Ameritech did. But I was absolutely fascinated when my grandmother… Read more »
Is a financial check-up on this year’s spring cleaning list? You’ve tidied the house and put the finishing touches on the landscaping, but don’t forget to review your finances. Add these five items to your list this year: Pay Yourself First Small adjustments can go a long way toward helping to build wealth…. Read more »
When I used to earn a living by teaching in public school, I could always tell when it was time for a teacher to retire. Certain experienced teachers began to complain about the kids. How the kids didn’t seem to annoy them years ago, but “today the kids are different.” I surmised that it wasn’t… Read more »
President Biden has just announced his proposal for increasing long-term capital gains tax rates (as part of his American Families Plan). The long-term capital gains rate applies to realized gains on stocks held for at least one year, and is currently lower than the tax rate for ordinary income (or wages). For instance, the… Read more »
Have you ever experienced playing with the “house’s money” at a casino? You’re on a hot streak and are willing to take on more risk because you view your winnings as not your money, but the house’s money. Psychologically, it doesn’t feel like it’s yours to lose! The “house money effect,” or “mental accounting”… Read more »