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John Stoj® Profile picture
@StojBoj
Sep 9, 2022 • 10 tweets • 5 min read • Read on X
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September’s a big birthday month in our house, and it made me think of something missing from so much financial advice distributed by social media gurus peddling concepts like FIRE, when they clearly haven’t even considered their own retirements: Family #familymatters 1/9
Concepts & schemes including popular ideas like geo-arbitrage, or moving from high cost of living areas (HCOL) to lower (LCOL), sometimes including attempts to avoid taxes, like Reason’s latest suggestion to move to Puerto Rico, ignore the F word. reason.com/2022/08/03/the… 2/9
I love the idea of moving where my dollars go further, and some might say I already did, going from NYC to Chicago to Atlanta, but I did that when I was single. Now, with a working spouse & grade school child, that idea is much more complicated. #FamilyMatters 3/9
I’m also in the sandwich generation, which makes me more aware of family responsibilities than your average Twitter HODLer or TikTok coach. Our son is in school, which we don’t want to leave, and my mom moved into a senior living building down the street. 4/9
On top of that, my (ex military) in-laws actually moved closer to us (to a higher cost of living area) to be closer to their grandson. Who thinks moving to save some money is a real possibility for me? 5/9
It’s not just moving. Children cost money. We’ve seen the studies. Can you raise children more cheaply? Of course. Do many folks already do it? They sure do, but most of them do so because they’re forced to. If you can afford it, you buy the new soccer cleats for the kid. 6/9
I’m not trying to be a downer. I’m just saying that if you’re lucky, life gets more complicated as you get older & closer to retirement, traditional or “early,” and options you thought you would have or used to have simply no longer exist in real life. 7/9
What’s the solution? Save early, save often. Give yourself the flexibility and grace to deal with life’s curveballs. Money can give you flexibility, but mindset is important too. Some years you won’t be able to save. Don’t beat yourself up over it. 8/9
Don’t let yourself feel like you’re doing something wrong or missing out because you can’t FIRE to Vietnam because you have make sure your mom has a roof over her head or your daughter really wants to take extra robotics lessons. And have a great weekend! 9/9
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More from @StojBoj

John Stoj® Profile picture
Mar 19
You don't need to be Gen X to be a memeber of the sandwich generation, but it's likely the case, based on age & Gen X's tendency to have kids later in life.

The stresses that come along with it are real.
There's no way to fully avoid the stress that comes with raising kids while trying to take care of aging parents, and managing a career at the same time, but planning for it, and even just thinking through options, can help.
Typical sandwich generation stressors include wondering whether the call from your parents or your parents' senior living facility is them asking how their iphone works, or the one telling you that something's wrong.
Read 9 tweets
John Stoj® Profile picture
Feb 3
@alphaarchitect "we don’t want active managers to disappear."

Close to an answer without a question for me.

My totally anecdotal & experience based opinion: there will always be opportunities for active management to deliver alpha. Consistantly delivering, however, is fairly impossible.
@alphaarchitect It makes for a singularly frustrating & difficult situation for investors, if the goal is to, "outperform."

Without deep knowledge of specific situations & managers, choosing one who might deliver that alpha is a fool's errand.
@alphaarchitect Anecdotal evidence 1: before the GFC, a few funds I helped manage outperformed our indices, sometimes significantly, but only because the GFC was on the way. For years prior (and after) all they did was match the indices.

We made one right call. Who could have predicted that?
Read 6 tweets
John Stoj® Profile picture
Jun 16, 2023
In defense of financial advisory fees

Since I post about the benefits of low fee index funds, flat advisory fees & the illogical nature of percentage based AUM fees, many folks assume I'm all about just making advisory fees lower. Nope.

Friday 🧵1/15
Financial advisors & other professionals, like doctors & lawyers, deserve to be paid for their work, and the higher the quality of the work, the greater the applicable experience, the higher the justifiable fee. 2/15
To be clear, no one should overpay for financial advice, any more than they should overpay for electrical work in their house, but they should pay appropriately. 3/15
Read 15 tweets
John Stoj® Profile picture
Jun 9, 2023
I’ve shared some recommendations recently on how to select a financial advisor which have been quite popular. (Links to previous tweets follow this thread.) 1/11
Some of the most important questions are the ones you ask yourself before even contacting the first advisor candidate. The advice-only side of my business gave me a new one that no one should miss:

Will I follow through?

2/11
Because I’m a flat fee advisor, and I don’t require clients to transfer their assets to my custodians, some clients choose to keep their legacy accounts wherever they are. This has no impact on the planning I do for them or the advice they receive. 3/11
Read 14 tweets
John Stoj® Profile picture
Apr 19, 2023
As a financial advisor & sort of a known entity in terms of investing among friends, I get asked about investments a lot. One of the questions often surround alternative investments. Today I was asked about BDCs, or Business Development Companies. What do I think?
I'll leave aside specific issues that arrive with BDCs in general, and publicly issued BDCs, and tell you about how most funds & alternative investments work:
I've been involved with founding & analyzing any number of alternative investments funds, and they mainly follow the pattern below:
Read 9 tweets
John Stoj® Profile picture
Nov 15, 2022
If you are a professional investor who handles other people’s money and you think your job is only to maximize returns, you are in the wrong business. Are we still doing this, @Twitter? Yes? Time for a thread on @SBF_FTX , #FTX, & due diligence. This is not a crypto 🧵1/23
@Twitter @SBF_FTX Money managers all disclose the possibility of loss. Those that invest in high risk assets might even highlight the fact that you could lose it all. But let’s be serious for a minute. 2/23
Whether they admit it or not, most clients don’t just pay fund managers to get a better return, they pay to reduce their chances of losing money. They pay for stewardship. Professional investors who don’t take that responsibility seriously should be in a different business. 3/23
Read 25 tweets

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