Superb companies They must eat their own cooking This is a revised version of a post first published October 30, 2021. I was stimulated to write this revision when I was reading the annual report of a company I’ve owned shares in for some ten years. The controlling family holds 95% of voting rights and I hold none. I’ve done well. See >>>Revision below. Investors should educate themselves about dual-class shares. In this post I’ll […]

Don’t miss an episode of our podcast, Personal Finance for Long-Term Investors. Available on all podcast players. Here’s the latest episode: The financial advising industry stinks for its jargon. The worst culprit might be the different ways advisors charge fees. Lots of DIYers – and lots of professionals too! – consistently get this language wrong. These people below? All conflating or confusing the terms. And I don’t blame them! Man alive, it’s hard to keep track of. Fee-only Advice-only Fee-based Assets under management (AUM) Commission-based Project-based “We do better when you do better.” Flat-fee Loads, trails, and wraps I’m writing this as a simple “evergreen” post that folks can use to decipher what fee jargon actually means. Fee-Only vs. Commissions The first big line in the sand: “fee-only.” Being “fee-only” means the advisor is paid ONLY by you, the client, for their advice. You pay them a fee. That’s it. The advisor does not receive commissions, kickbacks, or bonuses for selling you particular funds, products, etc. You pay the fee. They give you advice. But “fee-only” doesn’t tell you anything more about what the fee actually is. It only tells you, “No commissions here. There’s a fee for advice – and that’s it.” “Fee-Based” “Fee-based” is not the same as “fee-only.” Fee-based advisors charge fees (typically AUM, discussed below) AND earn commissions on certain products. You should think, “They are fee based, but not fee only. There’s more than just a fee.” This is the dominant wirehouse model (Morgan Stanley, Merrill Lynch, UBS, Wells Fargo, etc). “Advice-Only” or “Planning-Only” Most financial advisors will manage their clients’ assets, making investment changes within their clients’ portfolios. This is a core service of the wealth management industry, and a reason why many clients seek professional advice. But some clients are comfortable and confident investors, only seeking counsel in other aspects of their financial plans. “Advice-only” or “planning-only” advisors serve these types of clients. These advisors provide guidance and advice to their clients, but do not manage their clients’ assets or “push the buttons” on their clients’ portfolios. Most “advice-only” advisors charge flat fees or hourly fees (see more below). Being a “Fiduciary” The “fiduciary filter” is helpful in finding an advisor, but it’s far from the only question you should ask. Read more: The Questions To Ask Any Financial Advisor Being a “fiduciary” says nothing about how fees are charged. The fiduciary obligation is a standard of conduct. Not a fee structure. People conflate “fiduciary” with “fee-only” because fee-only advisors have done an effective job of marketing the idea that their fee structure inherently produces better fiduciary behavior. But there are advisors who earn commissions but also describe themselves as fiduciaries. So again – being a “fiduciary” says

The Canadian asset allocation ETF portfolios are game changers. Most Canadians who are still with an advisor should consider leaving said advisor and instead, invest in these investment options. They are so superior to poor-performing high-fee Canadian mutual funds. Those mutuals funds usually come with a salesperson not an advisor. You pay for the salesperson, you pay again for the poor investment option. In retirement, it’s even worse. The fees paid directly reduce your ability […]

When is payday? The next regular military payday is Friday, 15 May 2026. When will you get paid? That depends on the policies and practices of your bank or credit union. But Friday paydays are relatively clear-cut, so there won’t be a lot of ambiguity there. USAA Military Pay Date USAA credits military pay deposits… | Read More… The post When Is The Next Military Payday? appeared first on KateHorrell.

Fiscal Discipline Lessons Boomers Understand Best: 6 Money Habits Worth Stealing Today <img loading="lazy" decoding="async" class="alignnone wp-image-46956 size-medium" title="Fiscal Discipline Lessons Boomers Understand Best: 6 Money Habits Worth Stealing Today" src="https://www.ourdebtfreefamily.com/wp-content/uploads/2026/05/pexels-kampus-8729980-1024×684.jpg" alt=" Picture this: your grandparents still use coupons clipped from newspapers, refuse to throw away perfectly good leftovers, and somehow get nervous when you mention financing a phone upgrade. Meanwhile, younger generations can order dinner, buy concert tickets, and invest in cryptocurrency without ever […]

“What should I do with a cash lump sum?” For most people, this could be an inheritance, bonus or other windfall. But recently I had the fun challenge of discussing this with an owner whose business had just been through a partial sale to private equity. So they were sitting on a cash pile larger […]

I didn’t grow up with a lot of money. And I sure as hell didn’t become a millionaire because I nailed every financial move from day one. I used to wonder why I was working so hard yet never actually getting ahead. I had the degree, the job, the side hustle… and still felt broke. Looking back, I wasn’t failing because I didn’t earn enough. I was failing because my money was leaking out of […]

I am reading the book How to Live a Meaningful Life by Bill Burnett and Dave Evans, a couple of professors at Stanford, as part of a virtual book club I belong to. The group is comprised of middle-aged professionals, some with workaholic tendencies, who are trying to navigate the next stage of life and exploring if there’s another iteration of their lives (professional, personal) that might accompany that stage. I’m enjoying the group and […]