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Weekly Column

Why Are Bequests to Charity So Rare?

Based on my experience, American societal money scripts around estate planning appear to be “Good parents leave everything to family,” and “The more money I can leave my kids the better off they will be.” It’s not surprising, then, that estate...

Financial Infidelity: When Money Secrets Add Up To Betrayal

Someone who wouldn’t dream of betraying their spouse or partner by having an illicit affair may be risking the relationship in another way: by committing financial infidelity. Being financially unfaithful to a partner has the potential to be just as damaging to the...

Covid’s Long-term Impact on Your Money Health

Two years ago, writing at the outset of the pandemic, I cited a March 2020 New York Times column by David Brooks, “Pandemics Kill Compassion, Too.” He warned that, historically, pandemics, unlike other disasters which bring communities and nations...

More Cognitive Biases That Can Cost You Money

Last week we looked at four types of “stinking thinking,” cognitive biases that can contribute to poor investment decisions. Here are six more. Monte Carlo Fallacy. This is placing too much emphasis on the likelihood of an event happening, just because it...

Cognitive Bias: How “Stinking Thinking” Can Cost You Money

“I reject your reality and substitute my own.” As youngsters, my kids used to quote this line from host Adam Savage of Mythbusters, one of their favorite TV shows. While he was being humorous, he was also describing the human condition. Regardless of the...

Will Your Health Care Directives Protect You?

For decades, financial experts like myself have implored you to have a health care power of attorney. Now, some health care experts say you don’t need one because they don’t work. “Decades of research demonstrate advance care planning doesn’t work. We need a new...