As part of my journey to understand this situation better, I’ve been talking to people at all levels of wealth. One major goal is to find out how professional, active money management differs from the administration of the average middle class nest egg. To that end, I recently talked with a wealth manager for a large bank. Let’s call him Tom.
The story of my first credit card is dead boring. Nonetheless, I’d appreciate it if you read on, because my dad deserves his kudos. And besides, when it comes to money, boring can get you very, very far.
A few years ago, my 401(k) started to exhibit strange behavior. I check my statement about once a week, and at the time, I noticed that my balance was dipping and rising, and I had no idea why.