Mick Jagger is among the most successful entertainers of our time. But despite his wealth, Jagger tells his eight children that they’ll need to make their own way. Similarly, Shaquille O’Neal tells his children that they can earn some of his millions, but it won’t necessarily be given to them. Actor [...]
Almost True
Last week, I discussed a key challenge in personal finance: that in a field where we would expect facts and logic to drive decisions, we instead find that misconceptions and misunderstandings often take hold. Last time, I outlined five common financial myths. Below are five more: “When a company [...]
Stories We Tell
In his book Narrative Economics, Yale economist Robert Shiller argues that storytelling has more of an impact on economic events than we might assume. In a domain that seems like it ought to be driven by facts and data, stories often take on a life of their own. Many stock market bubbles—and [...]
Year-end giving
With December approaching, it’s a good time to think about end-of-the-year financial planning. What steps might you take? One common strategy is to make charitable gifts—to support good causes, of course, as well as to reap a tax benefit. But before doing that, I suggest a related exercise, which [...]
Estate tax strategies
A while back, I outlined 10 reasons why I think everyone should have an estate plan. That’s especially true for those whose assets will likely be subject to estate taxes. Under today’s rules, the Federal estate tax applies to individuals with assets over $12.9 million. That might sound like a high [...]
