Become a Patron! The late Paul Volcker is famously said to have quipped that he hadn’t seen a worthwhile financial innovation since the ATM, which makes him slightly more cynical than even I am. In fact, I think we're on the brink of a real revolution in shareholder democracy. Mutual funds and direct ownership are competitors Vanguard has offered low-cost, commission-free, … [Read more...] about Direct indexing and shareholder democracy
investing
The SECURE Act is headed into law; small employers get a few handouts
Become a Patron! I've written extensively about the hilariously-named SECURE Act, which sailed through the House but was frozen in the Senate while Ted Cruz extorted his colleagues to allow wealthy Texans to make tax- and penalty-free withdrawals from their 529 accounts for "homeschooling" expenses. Contrary to some early reporting, that provision does not seem to have made … [Read more...] about The SECURE Act is headed into law; small employers get a few handouts
Strategies to pay for an early retirement
Become a Patron! Last month I got to spend some time with a relation who recently left a high-powered tech job, and who asked for some advice about financing a more or less indefinite period of unemployment. I am strongly opposed to mixing money and family, but I eventually relented and offered some ideas in general terms about how I would advise someone who came to me in … [Read more...] about Strategies to pay for an early retirement
What the media can’t get right about retirement, and why
Become a Patron! A long-time reader passed along an article from the World Economic Forum's blog (yes, for some reason the World Economic Forum has a blog) titled "To retire at 65, American millennials need to save almost half their paycheck." While the article is absolute drivel, it's a good starting point to understand some things the business and financial press gets … [Read more...] about What the media can’t get right about retirement, and why
What to watch for as the Senate panics over the SECURE Act
Become a Patron! My readers know that the SECURE Act, passed unanimously out of its House committee and overwhelmingly on the floor of the House, was conjured into existence by the insurance industry in order to increase the distribution of expensive, opaque annuity products in 401(k) retirement plans. It incidentally also includes a few other provisions designed to reduce … [Read more...] about What to watch for as the Senate panics over the SECURE Act