Wisdom on Wealth

Question: Do you pay taxes on money you make when it’s in a mutual fund?

Answer: Generally speaking, yes.

I’m pretty sure every program on network television is currently being funded by drug company commercials.

Question: I’m not the kind of person who likes surprises. In your experience, what is the biggest surprise facing most retirees and what can I do to get ready for it now?

Answer: Wow. That could be a long list.

Like the Oscars, an announcer might read from a cue card, “And the nominees for Biggest Surprise in Retirement are…” (drum roll, please)…

Question: I have gotten into so much credit card debt that I don’t think I can ever save any money. How can I turn this around?

Answer: Actually, you are already saving money. You’re just doing it in reverse… and for someone else.

Question: I keep trying to figure a budgeting system that will work for me. But I keep failing. Do you have a favorite app to recommend?

Answer: Most people hate budgeting for the same reason I hate counting calories. Eventually, you just get tired of fiddling with all the details and in a moment of frustration, you fall back into old habits.

Question: I keep trying to figure a budgeting system that will work for me. But I keep failing. Do you have a favorite app to recommend?

Answer: Do you have areas of your life in which you are constantly hitting the reset button?

Question: I am about to sign up for my company’s retirement plan. I’m 40 and getting a late start. With the market where it is, where should I invest the money now?

Answer: Maybe in something outside a retirement plan. And maybe in something that isn’t an investment at all.