The Objective Advisor

Many of us spend decades looking forward to retirement—the day when we no longer have to work. Yet at the same time, work is often the foundation of a meaningful life. It gives structure to our days, opportunities to contribute, social connection, and a sense that we are needed.

This tension is not just philosophical. Research has consistently shown a significant statistical correlation between men retiring and an increased risk of early death. To be clear, retirement itself is not the cause—but the sudden loss of purpose, routine, and identity that can accompany it matters deeply. When meaningful engagement disappears, health and well-being often follow.

When we talk about the future, the focus usually lands on numbers: savings targets, performance reports, next steps. Those matter, of course, but they aren’t the ultimate point.

Part of the purpose of preparing for what’s ahead is to enjoy future freedom—stepping back from the noise and finding a sense of calm and direction that feels right to you. Every week brings new developments—from evolving conflicts to policy shifts and economic updates that influence how we envision the road ahead. The headlines may change quickly, but your focus and consistency are what drive lasting progress.

Stocks have done so well this year that it’s fair to say market participants haven’t feared much. But just because risks haven’t affected markets lately doesn’t mean they won’t in the future. In that “spirit,” as Halloween approaches, we discuss what scares us about the economy and financial markets.

#1: Stalwart Upper-Income Consumers Are Starting to Feel Some Pressure

For U.S. consumers, it’s the best of times and the worst of times. It’s no surprise that upper-income households supported consumer spending in recent periods. And it’s also no surprise that firms like credit card lender Capital One (COF) want to focus on the wealthier consumer, knowing those consumers weather downturns better.

When people talk about a “resilient consumer,” what they are really talking about is upper-income households. To borrow from Charles Dickens, the current macro landscape is the best of times and simultaneously the worst of times.

So, it behooves investors to carefully track the health of wealthier consumers, and they just got a troubling update from the New York Federal Reserve (Fed). What scares us this Halloween season is the potential stress on the wealthier cohort as more upper-income households reported they will most likely be unable to make their minimum debt payment — now at the highest percentage since mid-2014 when the economy was feeling the aftereffects of the Global Financial Crisis.

After last week's whirlwind of national events, and as we strive as Americans to navigate the days ahead, this week let’s turn our focus to what is within our control—with some helpful financial literacy tips in the articles below, curated from recent headlines.

Here's an empowering reality: though large-scale political and economic events of the day may feel unpredictable and unmanageable, it’s the personal decisions YOU make every day that truly shape your life and future—far more directly than any election outcome. And just as a voter exercises their power at the ballot box, you can exercise profound control over your financial destiny through your intentional choices each day.

As we approach Thanksgiving, the thought of discussing money matters with our loved ones can stir up all kinds of emotions. Those conversations can feel as tricky as trying to carve the perfect turkey—so delicate!

But here's a little food for thought: being real and open about financial topics with your family and friends could actually strengthen your bonds in ways you might not expect. Sure, it might be tempting to dodge the money chat and stick to lighter topics like the weather or holiday recipes. However, embracing these conversations can lead to a deeper understanding and connection with those you care about. It's a chance to share values, learn from each other's experiences, and support one another across the generational divide.

If you need more specific guidance on how to kickstart these conversations or navigate other tricky topics this holiday season, don't hesitate to reach out. Together, we can make this Thanksgiving one filled with unforgettable memories and stronger connections that last many lifetimes.

Enjoy the articles below, curated for you from the financial world this week. And please have a safe and happy Thanksgiving!

Thank you,
Paul Celentano

The beginning of a new year always brings a fresh sense of optimism and opportunity. Markets are abuzz with predictions, tech innovations are unfolding, and potential changes in economic policy are on the horizon. While it's easy to get caught up in the excitement and noise, it's important to remain anchored to the financial and investment strategies we've carefully crafted together.

This year, be particularly mindful of the dangers of FOMO—the fear of missing out—which can lead to impulsive decisions, resulting in departures from the thoughtful long-term strategies we've established. Remember, financial success is a marathon, not a sprint. History clearly shows that reacting to every market fluctuation is an unlikely recipe for ultimate success.

Since the decisions you make today shape the financial well-being of tomorrow, I invite you to explore a concept that extends beyond numbers and spreadsheets: the courage to be disliked.

One key aspect of this concept is the separation of tasks. Clearly delineating what is within your control alleviates the pressure of external expectations, freeing you to prioritize decisions that align with your unique goals, rather than succumbing to societal norms or peer pressure.

As Presidents Day approaches, this week we’re reminded not only of the influence of great leaders who came before us, but also of the potential to inspire a legacy within our own families.

This is the perfect moment to sow seeds of financial wisdom and foresight in our children. By guiding them toward strong financial habits and modeling a life well-lived, we can empower future generations to transform life's challenges into opportunities for growth.

A significant new bill was just signed into law, locking in the 2017 tax cuts and introducing new deductions across its 900+ pages. While a few new tax breaks could fatten your refund next spring, there are also some belt-tightening measures for federal healthcare, food-aid, and student loan programs that could impact millions—so don’t tune out.

What does this mean for you? In the short term, your paycheck probably won’t shrink, and you might notice a little extra thanks to extended tax rates. But with cuts to some benefits programs, it’s more important than ever to contribute to a safety net, so keep growing your emergency fund and investing for your future. With steady money habits, you’re less vulnerable to policy swings—Congress might cast the votes, but you steer your own financial direction.

As headlines shift away from the recent flooding in Texas and elsewhere, the real work for many families is just beginning. Recovery after a tragedy often happens in phases: there’s the immediate response, and then there’s the longer, quieter rebuild. While initial support often quickly fades, the true progress comes from patience and steady effort over time.

Rebuilding—whether it’s after a natural disaster, a financial setback, or a major life event—always starts with a first step, however small. It’s learning to honor the memories of the past while embracing new beginnings and celebrating the progress you make along the way. The process can feel slow, but remember, this is where meaningful change and growth take root.

A difficult truth in life is that if we are never wrong, we probably aren’t trying hard enough. There is comfort in sticking with what we know and in reinforcing our assumptions rather than questioning them. Psychologists call this confirmation bias: the inclination to seek out evidence that tells us we’re right and to avoid what might suggest otherwise.

However, markets are unpredictable by nature. Economic conditions shift, new opportunities arise, and risks evolve. A willingness to ask, “What if I’m wrong?” is a safeguard, not an embarrassment. It’s a mindset that protects your assets, positioning you for long-term growth.

In financial terms, burn rate describes how quickly money goes out compared with how fast it comes in. Everyone has one — it’s simply the rhythm of how we use our income to support our lives. When you understand your own burn rate, you gain insight into what keeps your household running smoothly and where there’s room to build flexibility.

Most of the time, that rate feels invisible. Paychecks arrive, bills get paid, and life moves forward on autopilot. But when that rhythm breaks — whether from a layoff, a career change, family challenges or even a short-term disruption like a government shutdown — your personal burn rate suddenly comes into focus.

Many of us are taught that wealth is the bridge to the life we want—that if we work and sacrifice enough now, we’ll eventually arrive at a time and place where we can finally “live.”

But there’s a danger in that kind of tradeoff. When we give up what is good, meaningful, and nourishing in the present in exchange for a distant promise of freedom later, we overlook a simple truth: the person you will be years from now will not be the same person you are today. You “future you” may no longer want the things you sacrificed to earn them.

Please pass the pumpkin pie—and that paperwork you’ve been putting off.

Thanksgiving is about good food, friends, family, and gratitude. But it’s also a rare pause in our busy year, a moment when everyone finally ends up in the same room. Between the laughter and the leftovers, it might be the perfect time to do something unexpectedly meaningful: talk together about the future.

The end of another year is the perfect time to take stock of where you stand to make the most of opportunities that can benefit you now and in the future. Two of the most important ways are through a year-end financial review and strategic charitable giving.

A year-end review helps ensure that your financial plan stays aligned with your goals. It’s an opportunity to assess how your portfolio has performed and whether adjustments are appropriate, allowing you to evaluate whether your savings, spending and investment strategies are on track for retirement or other life goals. It’s also the time to review whether your tax planning, insurance coverage, and estate strategies still fit your current situation.