I have a rule about windfalls. Money is a tool, and it can be used for good or for ill. Don’t be a knucklehead—the money won’t last forever.

You own gold to smooth out the ups and downs in your portfolio. This works because gold has a low or negative correlation to stocks, bonds, and other stuff.

One of the common misconceptions about money is that you need a lot of it to be happy. But if your basic needs are met and you don’t have any debt or risk, you can live paycheck to paycheck and be perfectly content.

Things are pretty good right now. But I think most experienced market practitioners know that pain could be just around the corner.

The market is not going to go straight up and to the right. You will experience drawdowns. Prepare accordingly.

Short answer: You can’t.

Usually, when I rank on Dave Ramsey, I get back the following: “Well, he has helped a lot of people, hasn’t he?”

Common financial advice from Suze Orman and other “experts,” like avoiding daily coffee, is wrong. Focus on big financial decisions, not the little things that just don’t matter.

I was in Boston last week, and usually I stay in the Seaport—the high-rent district.