Great Futures

06/27/2025

Have you ever asked ChatGPT a question and gotten an answer that sounded right but wasn’t? 🤔

According to a 2025 article in The Wall Street Journal, AI chatbots like ChatGPT are trained to find conflicting, incorrect or incomplete information about the subject you’re asking about.

That’s why they sometimes “hallucinate” answers, even when they don’t have the facts. ⚠️

The problem? Most AIs aren’t designed to say, “I don’t know.” Instead, they give answers that seem confident—even if they’re wrong.

💡 So, what can you do to help manage the risk of getting inaccurate information?

Here are some tips from the article:
1️⃣ Be specific. Vague questions often lead to vague (and less accurate) answers.
2️⃣ Provide AI with sources. This can help the process.
3️⃣ Double-check anything important. AI can be a great tool for drafts but final copy may need some scrutiny.

As financial professionals, we hear from clients who are experimenting with AI in all sorts of ways—from writing assistance to travel planning.

While these tools can be incredibly helpful, they still require human judgment to be used wisely—which is why we thought this article was worth sharing.

06/25/2025

❓❓❓Today’s Quiz Question: Which of the following is the last account some people draw from in retirement?

A) Traditional IRA / 401(k)
B) Roth IRA
C) Taxable brokerage account

Answer: B – Roth IRA.

Why? Since qualified withdrawals from Roth IRAs are tax-free, many retirees draw from them last to maximize their tax-free earnings. However, the correct approach depends on your broader tax picture, income needs, and long-term goals.

One of the most complicated parts of a retirement strategy is turning savings into steady, tax-smart income.

Here are some of the factors that we financial professionals help our clients consider:

1️⃣ Social security timing—and how it integrates with other income sources;

2️⃣ Account sequencing—to manage tax brackets, Medicare premiums, and long-term flexibility;

3️⃣ Market volatility—and how to build in guardrails early in retirement;

4️⃣ Required Minimum Distributions (RMD) and Roth conversions—to manage tax surprises; and

5️⃣ Withdrawal flexibility—to help get your portfolio through up and down markets.

Income in retirement is an art and a science, and it’s never too early to start preparing.

Consult your tax, legal, and accounting professionals if you believe taxes might influence your retirement income strategy.

In most circumstances, once you reach the age of 73, you must begin withdrawing RMDs from your traditional IRA and 401(k) retirement accounts. If you withdraw them before age 59.5, they may be subject to a 10% federal income tax penalty.

Roth IRA accounts qualify for tax-free and penalty-free earnings withdrawal if they meet the five-year holding requirement and if the withdrawals occur after age 59.5. Tax-free and penalty-free withdrawals can also be made under certain other circumstances, such as the owner’s death. Original Roth IRA owners are not required to take RMDs during their lifetime.

06/23/2025

What’s the one subject your kids won’t learn in school—but absolutely should?

Financial literacy.

Help them learn with some quick tips from Barron’s, “6 Steps to Raising Money-Savvy Children.”

1️⃣ Start them young: Introduce basic money concepts to them early to give them a strong foundation.

2️⃣ Introduce them to investing: Teach older children about investing to help them understand risk and return.

3️⃣ Offer them incentives: Encourage them to save by matching their savings or setting goals for them to reach with corresponding rewards.

4️⃣ Give tweens and teens more responsibility: Allow them to manage a budget for certain expenses to foster independence.

5️⃣ Discuss college costs with them: Have open conversations with them about funding education and the implications of student loans.

6️⃣ Keep the conversation going: Make financial discussions a regular part of your family life to reinforce your children’s learning.

Teaching your children financial literacy today helps them build a confident and responsible future. It’s never too early (or late) to start!

Do you agree with all of these?

06/20/2025

🔥 Did you know that the top 10% of earners account for nearly half of all U.S. consumer spending?

According to a 2025 report in "The Wall Street Journal", high earners (those making $250K+) are keeping the economy afloat, while much of the country tightens its belt.

Here are a few key takeaways:

👀 The top 10% now drive ~50% of consumer spending—up from 36% in the 1990s.

👜 The top 10% spent 10% more on luxury goods abroad compared to the prior year.

⚖️ This creates risk—if wealthy households scale back their spending due to market declines, the effects could ripple through the broader economy.

📊 Spending power is more concentrated than ever—making the economy more vulnerable to the behaviors of a small group.

👉 As this trend continues, it’s worth watching how shifts in markets or inflation might impact consumer spending and economic resilience.

06/19/2025

June 19 marks the day in 1865 when the last enslaved people in the United States were informed of their freedom—more than two years after the Emancipation Proclamation.

It’s a powerful reminder of how progress can be delayed and why continued reflection, education, and action are important.

As a firm, we recognize the significance of this day and the ongoing work to achieve equity and opportunity for all.

06/18/2025

If your dog flops onto the bed like it’s his personal mattress, or your cat uses your legs as a midnight jungle gym, you’re not alone.

Researchers say our furry companions can mess with our sleep—light snoozers, midnight zoomies, and all that dander—but many pet owners still say it’s worth it for the comfort and connection.

Honestly? It depends on the person. Some people sleep better with their pets close. Others might not realize that their restless nights are tied to tiny paws or a twitchy tail.

Whether you’re team “dog bed on the floor” or “cuddle till morning,” there’s no one-size-fits-all answer—just what helps you wake up rested and happy.

Lots of pet owners let their animals sleep on the bed with them, even though it's probably disturbing their sleep.

06/16/2025

Recent leadership changes at the Consumer Financial Protection Bureau have led to a series of rule reversals, and the financial impact is beginning to reach consumers.

Policies that once kept medical debt off credit reports, capped overdraft fees, and expanded oversight of payment apps have been rolled back or repealed.

While these changes may sound procedural, they carry real-life consequences. For many, it could mean steeper bills, lower credit scores, and fewer protections when navigating debt or unexpected expenses.

If you’re seeing new fees or credit changes you didn’t expect, this shift in oversight could be part of the reason.

From medical debt to overdraft fees, the Consumer Financial Protection Bureau’s new leaders are targeting recent policies that advocates hoped would be too popular to touch.

06/15/2025

Father’s Day is a chance to recognize the role so many Dads play—not just in providing but also in guiding. 💙

In our work, we see how often fathers think beyond today—how they make decisions that support their families, teach their children financial responsibility, and help shape what’s possible for future generations.

Whether we’re thinking about the fathers in our lives or reflecting on our own "father" roles, today is a time to appreciate dad's influence—and the legacy of wisdom, generosity, and strength they provide. 💙

06/13/2025

Is the Dow Jones Industrial Average still the gold standard for tracking the stock market?

According to a February 2025 article in “The Wall Street Journal”, the Dow’s relevance is being questioned due to its purported outdated structure and methodology.

Here are some key points to consider:

📉 The Dow is an unmanaged index generally considered representative of large-capitalization companies on the U.S. stock market.

🏢The Dow uses a price-weighted system, meaning that companies with higher stock prices have more influence, regardless of their overall market value.

🔄 Tech is underrepresented—Meta and Tesla are absent, while Apple and Microsoft carry less weight than in the S&P 500, where tech plays a larger role.

📉 Performance gap: The Dow has trailed the S&P 500 in recent years, exposing differences between the indices. The S&P 500 Composite Index is a market-capitalization weighted index that is considered representative of the overall U.S. stock market.

🏢 Index performance does not reflect the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

As financial professionals, we believe benchmarks can offer useful context—but on their own, they rarely reflect the goals or risk tolerance that most investors actually need.

06/11/2025

One step closer to a cleaner future 🌊

Scientists in Japan have developed a new kind of plastic that dissolves in seawater within hours, without leaving behind microplastics. Created by the RIKEN Center and the University of Tokyo, this material is as strong as conventional plastic but breaks down safely when exposed to salt.

There has been no commercial rollout yet, but interest is growing fast, especially from the packaging industry. Considering ocean plastic pollution is projected to triple by 2040, breakthroughs like this could be a game-changer.

It’s not just science fiction anymore—it’s science with purpose.

Japanese researchers have created a plastic that dissolves in seawater within hours, potentially addressing the global issue of ocean pollution.

06/11/2025

“The four most dangerous words in investing are: ‘This time, it’s different.’”
– Sir John Templeton

It’s normal to feel uneasy during periods of market volatility—especially when uncertainty around policies, the economy, or tariffs adds to the noise.

Nevertheless, history offers some perspectives that are hard to ignore.

Here’s what the data shows:

▪️ Missing just the 10 best days in the market over the last 30 years cuts your return in half.
▪️ Past performance does not guarantee future results.
▪️ Missing the 30 best days in the market cuts your total return by 83%.
▪️ Stocks are represented by the Standard & Poor’s Composite Index. However, index performance does not necessarily reflect the past performance of any particular investment.
▪️ Here’s the kicker: 78% of those “best days” happen during bear markets or within the first two months of a recovery.

Markets move fast. Reacting to short-term headlines might feel like playing defense—but over time, investors with a disciplined approach often come out ahead.

We help clients maintain perspective, manage risk thoughtfully, and focus on what’s within their control. Remember, however, that the return and principal value of stock prices will fluctuate as market conditions change. Moreover, shares, when sold, may be worth more or less than their original cost.

If you’re wondering whether your investment strategy is built for times like these, let’s talk.

06/10/2025

Have you heard of "Swedish Death Cleaning?"

Inspired by the book “The Gentle Art of Swedish Death Cleaning” by Margareta Magnusson, it’s about decluttering with purpose—so that you and your loved ones won’t be left with years of accumulated “stuff.”

A couple in their 50s recently shared how helping a parent downsize led them to an important question: Why wait until it’s absolutely necessary to organize our lives?

Here are some tips for organizing our lives now:
1️⃣ Start with less sentimental items—closets and storage.
2️⃣ Tackle large items first, then smaller ones.
3️⃣ Organize digital files and passwords.
4️⃣ Create a system for organizing keepsakes.
5️⃣ Gather and organize key documents.
6️⃣ Use color stickers (red for items to let go and green for items to keep).
7️⃣ Talk with your family about what matters.

It’s amazing how much lighter life can feel when you clear out what no longer serves you. Sometimes, the simplest step—just getting started—makes the biggest difference.