Tag: markets

Three Adventures, Three Life Lessons – New Episodes of On Adventure Podcast

If you’ve missed the latest episodes of On Adventure Podcast, now is the perfect time to catch up. These three conversations share a common thread – ordinary people stepping into extraordinary moments – yet each one unfolds in a completely unique way. You can find all of these at the podcast website linked here or any podcast app.

Holly Budge: Skydiving Over Everest and Fighting for Wildlife

Holly Budge doesn’t just chase adrenaline; she turns her adventures into advocacy. In our conversation, she recounts becoming the first woman to skydive over Mount Everest and racing semi-wild horses across Mongolia. But the real heartbeat of Holly’s story is her work supporting female wildlife rangers protecting endangered species. Her insights on fear – how to normalize it and even use it as fuel – will leave you rethinking how you approach challenges in your own life.

Tanner Critz: Hiking Toward Identity on the Appalachian Trail

Tanner’s journey is raw and reflective. He opens up about hiking the Appalachian Trail in his early 20s, not just for the adventure but as a way to strip life down to the essentials and ask, Who am I really? Along the way, he wrestles with hidden health struggles, isolation, and the profound reset that comes from removing every societal label to rediscover yourself in the wilderness.

Brian Warren: From Mountain Guide to Fatherhood and New Horizons

Brian Warren’s life arc reads like an explorer’s logbook – thru-hiking the AT days after high school, moving to Jackson Hole sight unseen, and guiding climbs from the Tetons to the Himalaya. Yet his current challenge is far different: stepping out of the outdoor industry, embracing fatherhood, and navigating a new career path. Our discussion explores how the lessons of mountaineering – presence, risk, and reinvention – translate to the next chapter of life.

Each episode captures a different angle of adventure – from fear to identity to reinvention – and offers takeaways you won’t find in a highlight reel. Grab your headphones, go for a walk, and dive into stories that might just shift how you see your own journey.

5 Key Provisions in the New Tax Bill That High Net Worth Families Need to Know

Congress just passed one of the most sweeping tax overhauls we’ve seen in years. It’s already being described as a “once in a generation” shift – both in scope and impact. While most headlines focus on broad middle class relief, the truth is that high net worth families and top earners will feel some of the most significant ripple effects. Changes to deductions, new savings vehicles, and shifting rules around charitable giving will require a fresh look at how you structure income, investments, and legacy planning.

With so much noise around the bill, I want to cut through the clutter and highlight the five provisions that matter most. More importantly, I’ll share what they could mean for your planning over the next several years.

Expanded SALT Deduction (State & Local Taxes)

One of the most talked about changes is the overhaul of the SALT deduction. The federal cap on state and local tax deductions jumps from $10,000 to $40,000, though it phases out for households with income above $500,000 and reverts to $10,000 around 2030.

Why it matters: For those living in high tax states or holding significant real estate, this offers meaningful relief – especially if you itemize. It’s a chance to reclaim more of your property and state income tax payments, though timing will be critical given the phase out rules.

New Deductions for Overtime and Tips

For 2025 through 2028, the law introduces a deduction for tips and overtime income income: up to $25,000 for tips and $12,500 for overtime. These deductions are available up to $150,000 AGI for individuals and $300,000 for joint filers.

Why it matters: If you own hospitality or service businesses – or employ tipped labor – this could reduce taxable income significantly. While the impact lessens for higher earners due to phaseouts, the deduction could still shape compensation strategies for your workforce.

“Trump Accounts” for Children (A New Tax Advantaged Savings Vehicle)

Children born between 2025 and 2029 will automatically receive a $1,000 government contribution into a new tax advantaged savings account, with parents able to contribute up to $5,000 annually. Growth is tax deferred, and funds can be used for college, training, or first home purchases.

Why it matters: While modest in size, these accounts add a fresh layer to multi generation planning. High net worth families can leverage them as part of broader tuition or estate planning strategies, especially in states with their own gift or estate taxes.

4. Charitable Giving Deduction Changes

Two major shifts affect charitable planning:

1. Above the line charitable deduction: Non-itemizers can now deduct up to $1,000 ($2,000 for joint filers) for donations.

2. Limits on high-income deductions: For top earners, charitable deductions now max out at 35% rather than 37%, and total deductions reduce slightly by 0.5% of AGI.

Why it matters: For families with significant giving goals, the tax impact of large donations shrinks slightly. It may be time to revisit giving vehicles – like donor advised funds or charitable trusts – to preserve tax efficiency while meeting philanthropic goals. You might also want to consider pulling in future donations to 2025 as the changes don’t go into effect until January 1, 2026.

5. Re-Emergence of Itemized Deduction Phase-Out

The bill revives a version of the old “Pease limitation.” For taxpayers in the top bracket, each dollar of itemized deduction now yields a 35% benefit rather than 37%.

Why it matters: This subtle reduction affects deductions for mortgage interest, high property taxes, and charitable gifts. For ultra-high-net-worth households, this reinforces the value of pre-tax strategies – like maximizing retirement contributions and structuring investment income – rather than relying solely on itemized deductions.

Planning Opportunities

• Itemizing vs. Standard Deduction: The new SALT cap and higher standard deduction (rising to $31,500 for joint filers in 2025) change the math. We’ll analyze whether itemizing still makes sense or if bundling deductions into specific years creates better results.

• Employer Strategies: For business owners with tipped or overtime-heavy staff, timing and structuring pay to maximize deductions could save meaningful taxes – just watch the phase-out thresholds.

• Charitable Planning: Consider front-loading gifts in 2025 into donor-advised funds or split-interest trusts to optimize deductions under the new limits.

• Next Generation Funding: New children’s accounts can be incorporated into college and estate strategies, even if the dollar amounts are small relative to your broader plan.

Caveats and Watch Outs

• Phase-Outs: Many benefits diminish quickly as income rises – so expect targeted rather than sweeping savings at higher brackets.

• Expiration Dates: Several provisions sunset in 2028. Planning should factor in the potential for future reversals.

• Implementation Lag: Expect IRS guidance and payroll system updates over the next year. There may be temporary confusion around how new deductions are claimed.

Bottom Line

This tax bill reshapes how deductions and savings vehicles work – particularly for high income and high net worth households. While some provisions offer new opportunities (like the SALT increase or children’s accounts), others trim back existing benefits (like charitable and itemized deductions).

The real key is personalized planning: aligning your giving, investing, and income timing with these new rules to maximize after-tax results. Over the next few months, we’ll be reviewing client strategies and looking for ways to capture opportunities while minimizing surprises.

If you’d like to walk through what this means for your 2025 plan – or explore strategies before year end – let’s talk. These changes are too significant to navigate on autopilot.

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Traveling on Purpose: Turning Luxury Vacations into Meaningful Milestones

For many families, vacations are about rest and recreation – time to unwind, see the world, and enjoy hard-earned success. But for those with significant resources, there’s an opportunity to take travel beyond luxury and create something far more lasting: purposeful travel.

Purposeful travel blends the comfort and adventure you expect with intentional goals – strengthening family bonds, serving communities in ways that leave a legacy, or cultivating personal growth through quiet reflection. These trips become milestones, remembered not just for where you went, but for how they shaped your family’s story.

Here are three purposeful approaches that resonate especially well for families who want their travel to matter as much as their investments:

Multi-Generational Adventures that Forge Family Connection

When a family spans multiple generations, gathering everyone under one roof – or even in one country – can be rare. A purposeful family trip creates an intentional space to connect across ages, combining luxury comfort with shared challenges or experiences.

Think of chartering a private expedition yacht in Alaska where grandparents and grandchildren alike participate in guided wildlife research. Or a curated trek through Patagonia, complete with private guides and lodges, where each family member contributes – whether it’s navigating a trail or preparing a shared meal one evening.

The goal isn’t just to “go somewhere” but to actively create shared experiences that knit generations together and build the family narrative. These trips often spark traditions that become part of the family’s legacy.

How to get started:

• Engage a travel advisor who specializes in high-end, family-oriented experiences to ensure logistical ease and privacy.

• Choose a cause or skill that resonates with your family values – conservation, cultural preservation, or even an artistic pursuit.

• Plan structured reflection time, like nightly fireside conversations or a shared family journal to capture insights along the way.

Personal Retreats for Renewed Perspective

Wealth often comes with significant complexity…it’s the often-overlooked paradox of ‘more.’ The pressures of leadership, decision-making, and public life can be relentless. Purpose-driven solo retreats – or even couples retreats – offer rare opportunities to disconnect from constant demands and recalibrate priorities.

Picture a guided silent retreat in the Swiss Alps with world-class amenities, or a secluded desert lodge designed for deep meditation and personal reset. These environments strip away distractions and offer clarity, allowing you to return not just refreshed, but re-centered on what matters most.

How to get started:

• Consider retreat centers that balance privacy with top-tier wellness programming – places that honor both comfort and introspection.

• Recommendations from friends that have gone before are helpful!

• Build a loose itinerary: include guided mindfulness sessions, private hikes, or curated reading lists to deepen the experience.

• Plan for post-retreat integration: a few days of quiet transition before re-engaging fully with work and family life. This is always important so we don’t blow right back into life as usual.

Philanthropic Travel with Measurable Impact

For many affluent families, travel is also a chance to align lifestyle with legacy. Philanthropic adventures – sometimes called “impact travel” – allow you to explore remarkable destinations while supporting initiatives that matter to your family.

Imagine funding and participating in a reef restoration project in the Maldives, or helping construct sustainable water systems in a remote African village – while your family experiences the local culture and learns firsthand about the challenges and solutions. These trips can instill gratitude and broaden perspective for younger generations, while also tangibly advancing causes you care about.

How to get started:

• Partner with established philanthropic travel organizations to ensure projects are ethical, sustainable, and genuinely needed.

• Define your family’s core values (education, conservation, community) and seek projects that align with them.

• Combine service with adventure – balance meaningful work with opportunities to explore and celebrate the destination.

Why This Matters for Families of Means

There is no question that I am bent towards looking at vacation as an escape. I do not think that there is anything inherently wrong with viewing time away from daily life in this light. Sometimes, it is exactly what is needed for recharging.

However, the broader point here is that there is another angle that can be considered. Purposeful travel reframes vacations from “escape” to “investment” – not in dollars, but in relationships, perspective, and legacy. It creates shared experiences that deepen connection, foster gratitude, and remind everyone what your resources are really for: living a meaningful life, not just an affluent one.

These trips also help younger generations see wealth differently – not as entitlement, but as responsibility and opportunity. They become part of the family culture, shaping how future decisions about giving, living, and investing are made.

Next time you plan a trip, ask: What could this mean for our family beyond rest and luxury? The answer might turn your next vacation into one of the defining chapters of your family’s story.

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What the Latest Tax Bill Means for You (Without the Jargon)

A significant tax and spending package – nicknamed the One Big Beautiful Bill (OBBBA) – recently passed the U.S. House and is now being debated in the Senate. This isn’t just Capitol Hill chatter – it has direct implications for your financial plans, and I want to make sure you’re informed without getting bogged down by technical jargon.

Here are five key areas currently up for discussion:

SALT Deduction Cap: House Wants $40K, Senate Uncertain

The House-approved bill proposes raising the State and Local Tax (SALT) deduction cap significantly—from $10,000 up to $40,000 (joint filers), permanently. This is a notable change for anyone living in high-tax states or dealing with substantial property taxes.

The Senate, however, hasn’t fully embraced this increase yet. They’re leaning toward maintaining the current $10,000 cap, sparking intense negotiations.

What it means for you:

If you typically itemize and live in a higher-tax region, your deductions – and thus your tax bill – could swing substantially depending on the final agreement.

Child Tax Credit and Family Incentives

Both chambers agree broadly on enhancing the Child Tax Credit. The proposal currently extends the credit at $2,000 per child permanently, with a temporary increase to $2,500 per child until 2028.

The House version also includes a novel initiative: $1,000 “baby bonus” accounts for newborns through 2029. The Senate is debating this component, but no firm commitments yet.

What it means for you:

Enhanced child credits or potential baby savings accounts might mean extra breathing room in your budget or additional savings opportunities.

No Taxes on Tips and Overtime?

The bill includes bipartisan provisions to exempt certain tip income and overtime earnings from federal income tax, at least up to certain thresholds. This initiative targets workers in the hospitality industry, gig economy, and service sectors.

Both the House and Senate versions reflect strong support for making tips and overtime pay partially tax-exempt, potentially putting more money directly into workers’ pockets.

What it means for you:

If your income includes tips or overtime, your net earnings could rise, meaning immediate cash-flow improvements.

Green Energy Credits Could Change Drastically

The House version plans significant rollbacks of existing clean-energy incentives introduced previously under the Inflation Reduction Act. The Senate prefers a more moderate path—keeping credits for geothermal, hydropower, and nuclear energy intact longer, but phasing out solar and wind incentives sooner.

What it means for you:

If you’ve planned home efficiency upgrades or renewable-energy installations, these changes might affect your timing or feasibility, depending on what incentives remain.

Taxes on Social Security Income May Shift

An additional change currently debated is how Social Security income is taxed. The House bill includes proposals to raise the income thresholds at which Social Security benefits become taxable, meaning potentially fewer recipients would owe taxes on these benefits.

The Senate’s stance isn’t finalized yet, but similar adjustments are being seriously considered.

What it means for you:

Retirees—or soon-to-be retirees—might see significant shifts in their taxable income, impacting cash flow, retirement planning strategies, and possibly allowing greater flexibility in your spending plans.

Broader Implications and Timing

Deficit Impact:
The Congressional Budget Office (CBO) estimates the bill could increase the federal deficit by $2.8–$3.8 trillion over the next decade. The tax cuts, expanded credits, and changes in income taxation are major drivers of this projection.

Medicaid and Healthcare:

The bill could also affect healthcare spending, potentially tightening Medicaid eligibility rules, which could indirectly affect financial planning for healthcare costs in retirement.

Timeline:

After passing the House on May 22, 2025, the Senate is aiming to finalize its version before the July 4 recess, intending to bundle it with a new debt-ceiling increase. There is still disagreement on these even within the majority party, so the deadline is currently up in the air.

The Bottom Line (for Now)

Given these proposals are still in flux, flexibility will be essential in your financial strategy. Areas to watch closely include SALT deductions, family-related tax credits, changes in taxable income from tips and overtime, renewable-energy incentives, and especially the taxation of Social Security benefits.

We’re closely monitoring these developments. Rest assured that once the final details are clear, we’ll recalibrate your financial plan together – ensuring you’re positioned to make the most of these new opportunities or to mitigate any potential challenges.

Remember, my goal remains unchanged: helping you live your great life right now, confidently navigating whatever comes next. As always, I’m here if you have immediate questions or if any of these changes prompt you to rethink current plans.

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I have a Lump Sum in Cash – Should I Invest It Right Away?

Whether it’s a work bonus, inheritance, or proceeds from selling a business, receiving a large sum of money can leave you wondering, “What do I do with it now?” It’s natural to feel a bit stuck—especially with the market going through its usual ups and downs. Do you invest it all at once, or spread it out over time?

This is a common question, and honestly, it’s understandable. We all worry about making the wrong move—invest too soon and the market might drop; wait too long and you could miss a rally. But there’s no need to over-complicate it. Let’s break down your options.

Start with Your Goals

Before diving into the numbers, ask yourself: What do I want this money to do for me?

If you’ve got short-term goals, like paying for your kid’s college tuition in the next few years, you may want to lean toward more stable, less risky investments—think bonds, bond funds, or CDs. These are less likely to be impacted by the market’s short-term swings.

On the other hand, if this money is for long-term goals, like retirement, then putting it into the stock market might make sense. Over the long haul, markets tend to rise, despite the short-term ups and downs.

Lump-Sum vs. Dollar-Cost Averaging

Now, should you invest all the cash at once or spread it out?

Lump-sum investing gets all your money into the market right away, which could be great if the market’s on the rise. But no one can predict the future, and there’s always a chance the market dips right after you invest. If that possibility stresses you out, dollar-cost averaging (DCA) might be more your speed.

With DCA, you invest a set amount regularly—say, $1,000 a month for a year. When prices are high, you buy fewer shares; when prices drop, you buy more. It’s a steady approach that smooths out market fluctuations over time.

However, here’s the kicker: research shows that lump-sum investing tends to outperform dollar-cost averaging about 68% of the time. So, if your main goal is maximizing returns, lump-sum might be the way to go. That said, the difference in returns between the two strategies isn’t massive, so if dollar-cost averaging helps you sleep better at night, it’s worth considering. After all, the last thing you want is to panic and sell when the market dips.

The Bottom Line—Don’t Wait

Whether you go with lump-sum investing or dollar-cost averaging, the most important thing is not to delay. Holding onto cash means missing out on potential growth from stocks and bonds. And trying to time the market? That’s a tough game to win.

In fact, studies show that average investors who attempt to time the market often miss out—by as much as 5.5% compared to just sticking with the S&P 500. So, whatever you decide, get started. Both approaches will help you benefit from the market’s long-term upward trend, which is key to achieving your financial goals.

Need help figuring out which approach works best for you? Reach out, and we’ll walk through it together.

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Q4 Letter To Clients

As we reflect on the past quarter, I want to emphasize our commitment to your overall financial well-being. This not only includes helping you plan for your goals but also protecting the assets you’ve worked so hard to build. Our focus this quarter is centered on enhancing your cybersecurity protection. With cyber threats increasing globally, protecting your personal and financial information has never been more critical. According to a recent study, cyberattacks have increased by 125% over the past year, and 64% of individuals have experienced some form of a data breach. In 2023 alone, there were over 1.8 billion data breaches globally, with financial accounts being a key target. The Federal Trade Commission reports that identity theft cases grew by 15% last year, emphasizing the need for vigilance.

Given this rise, we’re dedicating more resources to ensuring your financial data is secure, and we strongly recommend you take steps to safeguard your online information. To assist with this, we are hosting a webinar this month on proactive cybersecurity strategies tailored for our clients. Please join us on October 23 at 12pm -1pm EST to learn more about how to protect yourself and your family. Registration is required and can be found here.

In terms of market performance, the past quarter has seen mixed movements across key asset classes. Equities rallied early in the quarter due to continued optimism around cooling inflation and central bank policies, though rising interest rates brought some volatility by quarter’s end. Meanwhile, bonds saw more stability as yields increased, providing attractive opportunities for income-focused portfolios. In the alternative asset space, real estate has faced headwinds with higher borrowing costs, while commodities have seen strength due to geopolitical tensions and supply chain pressures.

As always, we take a holistic approach to your financial plan, ensuring that market shifts are viewed through the lens of your long-term life goals. Market movements will come and go, but our focus remains on helping you achieve financial peace of mind and purpose-driven financial life planning. We are here to guide you through each phase, adapting strategies as needed to support your goals and priorities.

We are here to support you and answer any questions you may have.

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Less is More in Election Years

I am getting tons of questions right now (and every 4 years historically) about what does the election cycle mean for my investments and what should we do to ‘protect’ ourselves. These are legitimate questions coming from an honest place of concern about important matters. My answer has been pretty consistent now for over 20 years, but I could not write this any better, so I’m going to leave this to an expert. This is a must read from Dr. Daniel Crosby, Chief Behavioral Officer with Orion. He is a psychologist and behavioral finance expert with a New York Times best seller.

As the 2024 election approaches, the political noise is deafening. Campaigns are in full swing, pundits are making predictions, and market analysts are offering endless advice on how to manage your investments. However, the best strategy for your portfolio during this tumultuous time might surprise you: do nothing.

In times of great political and economic uncertainty, the instinct to take action can be overwhelming. This tendency, known by shrinks like me as “action bias,” is the inclination to favor action over inaction, especially when the stakes are high. It’s a concept that’s particularly relevant in the world of investing.

Consider the world of soccer, where goalkeepers, faced with penalty kicks, often dive dramatically to the left or right. A group of researchers examined 311 penalty kicks and found that goalies dove to the left or right 94% of the time. However, the kicks were distributed roughly equally: one-third to the left, one-third to the right, and one-third down the middle. Goalkeepers who stayed in the center had a 60% chance of stopping the ball, far greater than the odds when diving left or right.

So why do goalkeepers choose dramatic dives over the more effective strategy of staying centered? When we put ourselves in the shoes (or cleats) of the goalie, especially in high-stakes situations, the reason becomes clear. When the game and national pride are on the line, goalies want to appear as though they are giving a heroic effort. Staying centered can look like complacency, even though it’s statistically the best choice. This same dynamic applies to investors who, in times of market distress, feel compelled to act, even when inaction would serve them better.

When Vanguard examined the performance of accounts that had made no changes versus those that had made tweaks, they found that the “no change” condition handily outperformed the tinkerers. Meir Statman cites research from Sweden showing that the heaviest traders lose 4 percent of their account value each year to trading costs and poor timing and these results are consistent across the globe. Across 19 major stock exchanges, investors who made frequent changes trailed buy-and-hold investors by 1.5 percentage points per year.

Perhaps the best-known study on the damaging effects of action bias also provides insight into gender-linked tendencies in trading behavior. Terrance Odean and Brad Barber, two of the fathers of behavioral finance, looked at the individual accounts of a large discount broker and found something that surprised them at the time.

The men in the study traded 45 percent more than the women, with single men out-trading their female counterparts by an incredible 67 percent. Barber and Odean attribute this greater activity to overconfidence, but whatever its psychological roots, it consistently degraded returns. As a result of overactivity, the average man in the study underperformed the average woman by 1.4 percentage points per year. Worse still, single men lagged single women by 2.3 percent – an incredible drag when compounded over an investment lifetime.

The tendency of women to outperform is not only seen in retail investors, however. Female hedge fund managers have consistently and soundly thumped their male colleagues, owing largely to the patience discussed above. As LouAnn Lofton of the Motley Fool reports, “…funds managed by women have, since inception, returned an average 9.06 percent, compared to just 5.82 percent averaged by a weighted index of other hedge funds. As if that outperformance weren’t impressive enough, the group also found that during the financial panic of 2008, these women-managed funds weren’t hurt nearly as severely as the rest of the hedge fund universe, with the funds dropping 9.61 percent compared to the 19.03 percent suffered by other funds.”

As the 2024 election unfolds, resist the urge to make dramatic changes to your portfolio. Remember, sometimes the best action is inaction. By staying the course and avoiding the pitfalls of action bias, you can protect and grow your wealth, regardless of the political landscape.

Source: The Laws of Wealth, Crosby

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What Does Financial Independence Mean to You?

According to a recent poll of 2,000 U.S. adults, “financial independence” equates to earning $94,000 per year, or about $20,000 more than the median income in 2023.

Some folks might feel like they’re just a promotion or two away from achieving that kind of independence. Others might not feel like $94,000 isn’t enough to feel truly free. And still others might wonder how they’d ever spend that much money in the first place.

That’s because true financial independence isn’t a number. So if it’s not a number, then what is financial independence?

It’s feeling confident enough in your money to do things that will improve return on your life (ROL), such as:

1. Spend without worrying

In our experience, it’s true that money can’t buy happiness. But it’s also true that being able to treat yourself and your family without worrying about paying your credit card bill at the end of the month is a pretty great feeling as well.

No matter how much you’re earning, setting a monthly spending budget can help you cover your necessities, contributes to your retirement goals, and have a little fun along the way. A budget can also help you plan ahead for responsible “big ticket” splurges, like a dream vacation or adding a pool to the backyard.

2. Enrich your children

Unless your kids love spending a lot of time at the local library, enrichment isn’t free. According to Lending Tree, parents spent an average of $731 per child per year on extracurriculars. You might spend thousands of dollars every year on a good athlete or ballerina through their teenage years … which is when the bills really start rolling in. The average cost of a year of college for the 2023-24 school year is $10,662 at an in-state public school, and $42,162 at a private school. This is for tuition ONLY…room and board will be in addition, and if you haven’t noticed, rent cost is much higher now than it used to be!

Parents might not feel truly free until they’ve passed that big COLLEGE goal until the last payment has been made. But with that goal in sight, we can help you start planning a combination of savings and investments that will reduce some of the sticker shock when the time comes. And by including some of your children’s activities in your budgeting and long-term plans, you might be able to sign them up for a few extra classes that round out their development or allow them to dig more deeply into their passions.

3. Change careers

Once upon a time, your high school guidance counselor might have challenged you to imagine what you’d do for a job if you didn’t need money. Setting aside your teenage dreams of being a rock singer or astronaut, do you have the means to make that switch right now?

Well, if money isn’t stopping you, then what is? Is it time to re-train and re-tool for Career 2.0 or 3.0?

Taking a lower-paying job at a company or charitable organization that does work you admire could give you an opportunity to put your professional skills to their highest uses. Rather than trying to climb a ladder or earn a bigger paycheck, you can focus on the mission at hand and the people and causes you’ll be impacting.

4. Retire

Or maybe you’re feeling independent enough to stop working all together.

Folks who plan their retirement around hitting some arbitrary financial number often put off retirement longer than they need to. Remember, financial independence isn’t a number.

Seeing how your plan can make your retirement possible while also providing for long-term goals like vacationing or relocating could give you the security you need to feel financially independent. Want to discuss this further? Reach out to me and let’s start planning to earn more ROL and more freedom from your money.

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Q3 Letter To Clients

Do you ever stop to smell the roses, literally? As we transition from the vibrant days of spring into the warmth of summer, it’s a wonderful time to pause and reflect on the beauty that surrounds us. Whether it’s the blooming gardens, the long sunny days, or the simple pleasure of an evening walk, I encourage you to take a moment to appreciate the small joys of the season. These have a way of putting the world’s crazy into perspective, which is necessary if we are going to stay happy, healthy individuals for all our days.

Market Overview

So let’s talk a little ‘crazy’…As we enter the third quarter of 2024, we find ourselves in a financial environment marked by both challenges and opportunities. Year to date, it seems that diversification is missing out on huge gains coming from just a few stocks. Not only have many broad markets delivered gains from acceptable to amazing, but there has also been the usual assortment of sizzling stocks like NVIDIA (NVDA), and tantalizing new products like crypto ETFs to distract us with their dazzle.

Strong market performance is welcome news. But at least in the wider investment world, we’re likely to see a different kind of response that isn’t as welcoming: Instead of fleeing the downturns, restless market players may be tempted to chase after speculative trends, no matter how closely they resemble past Fear of Missing Out (FOMO) frenzies. There’s almost always something alluring and allegedly unprecedented to fuel our FOMO. But before you go all-in on the most recent high-flyers, remember:

The latest innovations are often very real, remarkable, and potentially game-changing forces in our lives. But the manner in which capital markets absorb these forces and convert them into long-term returns is far more constant.

Which reinforces why our own refrain remains the same whether markets are up or down:

Neither hot nor cold streaks among stocks, sectors, or markets give us good reason to abandon an otherwise well-built portfolio.

Staying the Course

It’s natural to feel anxious during periods of uncertainty, but it’s crucial to remember that our financial plan is designed to withstand these fluctuations. History has shown that markets tend to recover and grow over time, despite periodic downturns. Our diversified approach to investing is intended to mitigate risk and provide a stable foundation for your financial future.

This is why we still advise building and maintaining a low-cost, globally diversified investment portfolio aimed at your personal long-term goals. This, despite the cognitive traps laid by the most recent rounds of FOMO. As Nobel laureate Daniel Kahneman reportedly observed quite bluntly:

“If you think you’re an expert on picking stocks, then you should be fabulously rich. If you’re not, you’re probably not.” — Daniel Kahneman

Controlling What You Can

Now on to the ‘happy and healthy’ part…While we cannot control the markets or political developments, we can control how we respond to them. It’s essential to focus on the aspects of life that are within our power to manage. One such area is aligning our lives with our values and priorities. Living according to what truly matters to you can provide a sense of purpose and fulfillment that transcends financial concerns.

One way to foster this alignment is by integrating movement and adventure into your daily routine. Research has consistently shown the profound benefits of physical activity on both physical and mental health. It has become very clear that regular physical activity and engaging in adventurous activities can significantly enhance one’s healthspan—the period of life spent in good health, free from chronic diseases and disabilities.

The Value of Movement and Adventure

Engaging in physical activities, whether it’s trail running, hiking, or simply taking a walk in the park, can have a transformative impact on your overall well-being. Movement not only improves cardiovascular health, strengthens muscles, and boosts energy levels but also reduces stress and enhances mental clarity. Adventure, on the other hand, introduces an element of excitement and novelty that can invigorate the spirit and foster a sense of achievement.

Incorporating movement and adventure into your life doesn’t have to be a grand endeavor. It can be as simple as exploring a new hiking trail, trying a new sport, or setting aside time each day for a brisk walk. The key is to make it a regular part of your routine, allowing it to become a habit that supports your health and happiness.

Embracing Life’s Adventure

Beyond the physical benefits, adventure can also serve as a metaphor for how we approach life’s challenges and opportunities. Embracing adventure means being open to new experiences, taking calculated risks, and stepping out of our comfort zones. It’s about seeing life as a journey filled with possibilities, rather than a series of obstacles to overcome.

As you navigate the complexities of the financial markets and the uncertainties of the world, we encourage you to adopt an adventurous mindset. Approach each day with curiosity and a willingness to explore. Trust in the financial plan we have crafted together, knowing that it is designed to support your long-term goals. And most importantly, prioritize your well-being by staying active and embracing the adventures that life has to offer.

In closing, we want to express our gratitude for your continued trust and partnership. Let’s make this quarter a time of growth, both financially and personally. Embrace the beauty of the season, stay active, and approach each day with a sense of adventure. By focusing on the aspects of life we can control and maintaining a sense of adventure, we can navigate the uncertainties of the financial world with confidence and resilience. Thank you for allowing us to be part of your journey.

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Top Outdoor Gear List for the Everyday Explorer

Outdoor Gear List for Everyday Adventures

Here’s a suggested gear list for everyday adventures, perfect for trail running, hiking, or casual outdoor activities. Each item includes a link to where you can purchase the gear online.