In 1897, C.W. Post introduced Grape-Nuts and tucked a little pamphlet into early cereal boxes called The Road to Wellville. The claims were, by modern standards, ambitious. The cereal was promoted as a food that could cure ailments, sharpen the mind, and even make “red blood redder.” Grape-Nuts survived its medical career. What endured instead was something less dramatic: consistency. More than 125 years later, the company reports that Grape-Nuts is still made from essentiall

The Federal Reserve voted this week to keep its main interest rate unchanged. Nine members supported the decision. Three wanted rates raised because they remain concerned about rising prices. That was an unusually divided vote, especially early in the term of Fed Chair Kevin Warsh. Within minutes, banks, economists and market experts began explaining what it meant. Some predicted a rate increase in September. Others said the Fed may remain on hold. Stock, bond and currency ma

Most of us have a short list of financial assets that have become conversation shutters. Ask about them, and we’re inclined to not only stop assessing them but to also lose trust in the conversation. We have enough evidence to make these ‘red flag’ categories legitimate targets. Common ills are complexity, illiquidity, aggressive selling, high fees, disappointing past experiences (often failure, such as oil partnerships or private credit), or promises that sound too good to

The World Club final will host power teams Argentina and Spain in the championship match. Years ago, our family hosted a high school student from the Basque region of Spain. He played pickup ‘soccer’ (to use the American label) with my son’s team, so we saw him dribble and play, and we can confirm the football crazy culture that is Spain. We took our student visitor to the St. Croix River near our home, a town with a steep bluff climbed by stairs that lumberjacks (and bar pat

One of the quiet risks in retirement planning is not just the death of a spouse. It is what happens financially after the first spouse dies. People often call this the “widow’s penalty” or “widow’s tax.” It is not an actual IRS penalty, but the practical result of two things happening at the same time: household income might go down, while the surviving spouse might be pushed into a less favorable tax situation. Consider a retired couple with two Social Security checks, some

A technology expert recently told the story of losing a large sum of money after receiving what looked and sounded like a legitimate call from his bank. The caller knew enough to sound believable. The caller had “security codes” that made it seem even more so. By the time the victim realized what had happened, the codes he thought were protecting his account had helped authorize the theft. Security professionals say many of us misunderstand a key part of online theft: modern

I’ve spoken with many folks who retire from work or sell a business, enjoy the uncommitted time for a while, then express regrets over leaving a year, three years, or five years down the road. “If I had known my health would be good…” Consider a hybrid retirement. Or a phased exit from your business. This option helps answer personal questions and readiness questions, but it also opens the door to interesting Required Minimum Distribution (RMD) planning. At age 73 (or another

The IRS has a plan for drawing down your IRA. Do you have one? How much is spendable depends on many moving parts, to be addressed before and after retirement, and that useful period between retirement and the time when Social Security and RMDs begin. At a certain age, the IRS stops waiting. It requires money to come out of qualified (before-tax) retirement accounts, whether the account owner needs the income or not. For some retirees, the RMD is welcome cash flow. For others

Three questions can turn an ordinary inherited IRA into a bigger tax problem. Who was named as beneficiary? Had the IRA owner already started required minimum distributions? And was the beneficiary a real person, a trust, an estate, or simply left blank? These primary questions determine whether a family has ten years or five to drain an inherited IRA, or in some cases a different payout schedule altogether. Since the SECURE Act, most people have heard about the “10-year rule

A new hospital building is rising three miles from my home. Communities in the service area are growing and aging, so I’m betting the financial projections for a project this costly passed stress tests with room to spare. Because I drive past the site often and work with many health industry folks, construction of these capital-heavy projects always gets my attention. The new facility might well be essential to hold market share in our competitive health care market. But the

The late Steve Jobs, co-founder of Apple, provided us with enduring lessons in leadership and connection. Jobs joined Atari, the video gaming pioneer, in the mid-1970s as a young technician. Public accounts from Atari leaders describe him as prickly, abrasive, and unpolished. Atari eventually moved him to the night shift rather than have him work closely with others, solving a people problem while retaining his talent. Atari executives framed the move partly as practical: Job

In 1995, during his years in exile from Apple, Steve Jobs gave an interview that could have been advice to most successful professional service firms. Jobs said companies often stop innovating when they become successful. The product people—the innovators who know what make offerings useful, elegant, and different—slowly lose influence. The power shifts to sales, marketing, distribution, and operations. The company still looks successful, but something essential has been lost

Much of the discussion this year around the One Big Beautiful Bill (OBBBA) tax law passed in July 2025 has focused on two familiar themes: permanent extensions of the current personal income tax rates and increase in the federal estate tax exemption. Those are important changes. But in conversations recently, I’ve found that some of the practical, high return planning opportunities are receiving far less attention than the headline items. One of the key changes increased the

When you set up a new investment account, how much time did you (or your advisor) spend considering the titling of the account? If you have a trust, is it listed as beneficiary on the account? Whose Social Security number is on your joint account? These decisions seem routine, but they determine who owns and controls the assets in the account and what happens to them when you die. The discussion is overdue. Have it with the attorney who drafted your will or trust. Investment

Owning tangible assets like a home, business, or other real estate is a common path to building wealth. But leverage comes from many different angles and does not always involve taking on debt. It doesn’t have to be big to be good. The new Trump Account rules are worth understanding—not because they are a giant solution, but because they may allow a child’s first dollars to be matched by time, tax structure, a federal contribution, and big family gifting leverage. The account

Years ago, when my dad retired from the legislative fiscal bureau, a branch of the state legislature, his deputy, who was replacing him, delivered a retirement eulogy that stuck with me. He recognized Dad for creating a respected bipartisan culture within the agency, defining the difference between bipartisan and nonpartisan policymaking. Nonpartisan agencies engage in public policy, but not for one side. Bipartisan is different. It means major parties are participating, agre

The years 2000, 2007, and 2022. Three market declines, three very different causes, but one common warning sign. In each case, the market entered the downturn from a place of elevated valuation. That is where the Shiller CAPE ratio becomes useful. Robert Shiller was awarded the Nobel Prize in economics for his work on why markets can become disconnected from fundamentals for extended periods. It followed his previous work on market valuation and the long-run stock market outl

People like to talk about success as if it arrives in a flash of brilliance. It makes for interesting conversation, but it’s usually wrong. Pixar, the iconic maker of animated films, figured out something most investors eventually learn the hard way: the first idea is seldom the winning idea. Ed Catmull, one of Pixar’s founders, made this point. Too many people overestimate the brilliance of the original concept. How did Pixar produce consistent box office success and positiv

Just 25 years ago, the estate and gift tax exemption was $675,000. More than 50,000 estates paid estate taxes. Fast forward: estate planning used to be about planning for incapacity and estate taxes. But the high exemption of $15 million ($30 million for couples) has left only about 2,000 estates subject to the tax. Planning has changed, but tax planning hasn’t disappeared; it’s just moved to income tax management for couples and survivors. For married couples especially, the

It won’t be long before financial journalism finds a new story about Social Security ‘running out of money.’ Following the false reports of “no tax on Social Security” (not true). The Social Security Act requires the Trustees to report each year to Congress on the financial and actuarial status of the trust funds. The most recent Report in June 2025 was followed by headlines declaring, “Social Security is “running out of money.” The latest Trustees Report deserves attention b