If a financial salesperson says “trust me,” don’t.
Adam M. Grossman is the founder of Mayport, a fixed-fee wealth management firm. Sign up for Adam's Daily Ideas email, follow him on X @AdamMGrossman and check out his earlier articles.NO. 53: STRIVING toward our goals is usually more satisfying than achieving them. Yes, we should think hard about our goals—but we should also ask whether we’ll enjoy the journey.
FOCUSING ILLUSION. Those with high incomes or significant wealth are more likely to say they’re happy. But this could be a focusing illusion. When asked about their happiness, the well-to-do ponder their good fortune—and that prompts them to say they’re happy. But are they? Research also suggests high-income earners suffer more stress and anger during the day.
NO. 18: WATCH OUT for crowds. Popularity is typically a good sign when picking a movie, cellphone or restaurant. But it’s bad when selecting investments. If an investment is highly popular, the eager buying likely means it's overpriced. Why do we favor popular investments? They’re comfortable to own because we get validation from those around us.
NO. 70: FOCUS on the negative and we’ll feel miserable, while focusing on the positive can boost our mood. Suffering through a long workout? Imagine how good breakfast will taste afterwards. Upset because stocks are struggling? Focus on how well the rest of your portfolio is holding up, or on how your nest egg is worth so much more than it was five years ago.
NO. 53: STRIVING toward our goals is usually more satisfying than achieving them. Yes, we should think hard about our goals—but we should also ask whether we’ll enjoy the journey.
THE TOP COUNTRIES for gender-equal pay are Iceland, Norway and Finland, according to the World Economic Forum. As it happens, those three countries also rank among the top four countries for Gross National Happiness. The U.S. didn’t crack the top 10 on either list.
The gender wage gap is a major problem in the U.S.—and it affects all of us. Over half of American families are dual income. That means women not receiving their financial due impoverishes American families.
So, we have signed the contracts. We have advised all our staff. We are talking to our customers every day about the sale, about the new owners and how it will be “business as usual”, how they can expect the same service that they have been used to.
We have already received lots of really positive and quite humbling feedback from our customers. Even those that could be challenging at times have been really generous in their praise and thanks.
AROUND THE TIME of my birthday each year, I request a copy of my Social Security Statement. This year, as l reviewed my report, I realized many life stories lie behind the numbers that appear in my earnings record.
The first year I had taxable earnings was 1985, the year I graduated high school. Minimum wage was $3.35 an hour and my annual income that year was $861. My earnings over the following seven years were meager,
It’s a question many of us ponder as we transition into retirement: Beyond the financial aspects, what truly sticks with us from our working lives, and what do we find ourselves missing?
For me, like many others, it’s the daily banter and camaraderie with customers and colleagues. There’s a unique energy in those professional interactions—the quick jokes, shared challenges, and the general buzz of a workplace. It’s a specific kind of social connection that’s surprisingly hard to replicate.
I GREW UP IN a blue-collar family. When money was tight, one strategy my dad used to improve the situation was simple but effective. Overtime, time-and-a-half and double-time were all terms I heard frequently throughout my childhood.
In this Iowa factory town, those words can still be regularly heard at the taverns, bowling alley and family get-togethers. Overtime is the gift that can make a low-paying factory job worthwhile. Time-and-a-half turns that $12 job into a far more palatable $18 an hour,
A MAN DIED AND MET Saint Peter at the gates of heaven. “Saint Peter,” the man said, “I’ve been interested in military history for many years. Tell me, who was the greatest general of all times?”
“Oh, that’s simple. It’s the man right over there.”
The man looked where Peter was pointing and said, “You must be mistaken. I knew that man on earth, and he was just a common laborer.”
“That’s right,” Peter remarked,
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- The points relate to a mortgage to buy, build or improve your principal residence
- Points were reasonable amount charged in that area
- You provide funds (at or before closing) at least equal to the points charged
- The points clearly show on the settlement statement
In general, points to get a new mortgage or to refinance an existing mortgage are deducted ratably over the term of the loan. Note that the deductible points not included on Form 1098 (the mortgage interest form) should be entered on Schedule A (Form 1040), Itemized Deductions, line 8c “Points not reported to you on Form 1098.” 2. Property taxes Property taxes can be deducted on your tax return if you itemize deductions. The total amount of taxes (including state and local income taxes) is capped at $40,400 for 2026. This cap is temporary and will increase by 1% annually through 2029 before reverting to $10,000 in 2030. If you make between $500k to $600k of modified adjusted gross income, the $40.4k deduction is reduced by 30% for each dollar you make. At $600k MAGI, the deduction drops to $10k, potentially raising marginal tax rates to 45.5% (!) for singles due to “SALT torpedo” if you are in the $500-600k range. If you are at that range, it’s recommended to mitigate this by lowering AGI/MAGI by maximizing pre-tax 401(k)/403(b), HSA, FSA contributions, timing RSU sales, tax loss harvesting, or deferring income/accelerating expenses for business owners. 3. Improvements Improvements are significant enhancements made to your home that increase its value. Many people overpay on taxes when they ultimately sell their house because they don’t keep track of these improvements. Here are some examples provided by the IRS: > Putting an addition on your home > Replacing an entire roof > Paving your driveway > Installing central air conditioning > Rewiring your home > Building a new deck > Kitchen upgrades > Lawn sprinkler system > New siding > Built in appliances > Fireplace Now, these costs aren’t deducted, but they are added to your home’s cost basis. This could lead to lower capital gains taxes when you sell your property (more on this later). Repairs, on the other hand, don’t impact your basis and don’t affect your taxes (e.g. repairing a broken fixture, patching cracks, etc) You will need to document every improvement, as this can help you save money on taxes. Keep your receipts and invoices (upload them to Google Drive) and record the dates and descriptions of the work done. Taxes when selling your house When you sell your house, here’s the formula: Selling price > Selling expenses (like realtor fees) > Adjusted cost basis (how much you purchased it for + all these capital improvements I talked about above + any closing costs you paid when you acquired the home (legal fees, recording, survey, stamp taxed, title insurance) = Gain/Loss You will need to pay capital gains tax if there is a gain, but, luckily there is a gain exclusion (Section 121 exclusion) that can also help you save on taxes: 4. Gain exclusion If you sell your primary residence, you may be able to exclude up to $250,000 ($500,000 for married) of the gain from taxes if you meet some conditions. > Ownership (must have owned the home for at least 24 months within the 5 years prior to sale. For married couples only one spouse needs to meet this requirement) > Residence (you must have used the home as your main residence for at least 24 non-consecutive months during the 5 years before the sale. For married couples both spouses must meet requirements. > Look-back (you must not have claimed the exclusion on another home within the 2 years before this sale) Now, many people don’t know this but there is actually a partial exemption. 1. Work related move (i.e. you started a new job at least 50 miles farther from home) 2. Health related move (you moved to obtain, provide, or facilitate care for yourself or a family member) 3. Unforeseeable events (casualty, divorce, death, financial difficulty) 4. Special circumstances So, instead of claiming the full exclusion, you can exclude a prorated portion of the $250,000/$500,000 limit based on how long you owned and lived in the home. By the way, you can rent out a home for 2 years and still qualify for the exemption, as long as you lived there for the required period before selling (many people do this). 5. Tax example selling a home You bought a home for $200,000 (including all other costs) in 2018. You built a new deck, new roof and siding totaling $50,000. You now sold your home for $500,000. You are single. Selling costs are $20,000 (agent fees, etc) Sale price: $500,000 -$20,000 of selling costs (200,000 + 50,000) = -$250,000 (adjusted basis) Total Gain = 230,000 Exclusion = $250,000. Total taxes paid = $0. But what if you didn’t keep track of all your renovation costs like new siding or a deck? You would’ve had to pay taxes on $20,000 of capital gains! Overall, knowing how these things work can literally save you thousands in taxes. Do you have any tips with homeownership? Share some in the comments!Sector Fund by Stealth
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