Peace of mind and simplicity have become much more important than outward shows of success.
[Morningstar](?utm_source=eloqua&utm_medium=email&utm_campaign=newsletter_improvingfinances&utm_content=43539&elqTrackId=84799c84cabc444ab682cbf194ad2ff2&elq=2c52174678e44ee2a3fed780366292af&elqaid=43539&elqat=1&elqCampaignId=20983) [Improving Your Finances] Improving Your Finances with [Christine Benz]( [Christine Benz] This topic of what constitutes a luxury has been on my mind a lot, but I hesitated to write an article about it. I didnât want to seem boastful; I know these are first-world issues. And Iâm private. But I wanted to articulate what I was thinking because, over the years, many financially âwellâ people have shared variations of the same sentiment. Their need for outward shows of success has been inversely correlated with their net worths. With time and more assets, Iâve realized that my luxury goods arenât âgoodsâ at all. Rather, theyâre in the category of things that make me feel good inside rather than looking good on the outside. [I wrote about my own version of luxury goods]( holding cash, not having a budget, and keeping my investments simpleâfor Morningstar.com this week. My hope is that reading the article will get you reflecting on your own definition of luxury goods and help you be mindful in managing your financial life. The right financial decisions may not improve your bottom line, but donât underrate their intangible benefits, especially peace of mind. As I write this, Iâm waiting to hear what our tax bill will be for 2022. For reasons I wonât bore you with here, I expect that weâll owe more than usual. As tempting as it might be to absorb the amount we owe and move on to a happier subject, a tax return can yield valuable insights into your investments and financial life. Maria Bruno, Vanguardâs head of U.S. wealth planning research, recently sat down with me to discuss some of [the intelligence you can pick up from your tax return](. In the realm of keeping things simple and saving on taxes, I recently [published a rundown of top tax-efficient mutual funds and exchange-traded funds](. If your incoming 1099s reveal that holdings in your taxable account are kicking off a lot of income, capital gains, or both, you might find that giving your portfolio [a tax-efficient makeover]( is less costly than you thought, especially factoring in last yearâs losses. With warm regards, Christine Benz [Real Luxury Goods Donât Have Brand Names]( Peace of mind and simplicity have become much more important than outward shows of success. [Read More]( Share: [facebook]( [twitter]( [linkedin]( ADVERTISEMENT [media]( [media] [What You Can Learn From Your Tax Return]( Scrutinizing your tax documents can help you improve your financial and investment plan, says Maria Bruno, Vanguardâs head of U.S. wealth planning research. [Watch Now]( [25 Top Picks for Tax-Efficient ETFs and Mutual Funds]( These funds can help manage your tax-cost ratio while providing stock and bond exposure. [Read More]( [A Tax-Efficient Portfolio Makeover May Be Less Painful Than You Think]( Proper accounting of cost basis is essential to avoid paying more taxes than you need to. [Read More]( [Brad Barrett: âStart With a Small Winâ]( The podcaster and blogger discusses what financial freedom means to him, his thoughts on safe withdrawal rates, and travel tips and hacks. [Listen Today]( [TIPS Versus I Bonds]( I Bonds boast tax advantages, but purchase limits reduce appeal. [Read More]( [The Best (and Easiest) Investment for an IRA]( Target-date funds are an easy remedy for IRA procrastinators. Hereâs why. [Watch Now]( [5 Ways Investors Can Succeed by Knowing Their Limits]( You donât know what you donât know when investing. [Read More]( [How the 10-Year RMD Rules Work for Inherited IRAs]( Rules work differently for each class of beneficiary. [Read More]( Listen Now
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