How illness inspires gratitude plus your thoughts on tip inflation

Research shows that the biggest difference between people with high and low levels of financial well-being is their savings and ability to absorb an unexpected expense.

Yet sometimes life throws you an unexpected wrench, as it has for Jonathan Clements, a former personal finance columnist for The Wall Street Journal and esteemed author. Clements, however, is not disappointed that a fatal cancer diagnosis will keep him from spending the money he saved for decades.

“I haven’t worried about money in more than 20 years,” Clements recently told Ron Lieber of the New York Times. “The No. 1 thing money can do for us is to give us a sense of financial security, and the way it does that is not to spend it and to hang onto it.”

Among personal finance writers, Clements is a legend. His no-nonsense, honest and insightful pearls of wisdom have guided me throughout my career. I’ve also known and admired him for decades. In fact, before I was hired by Reuters, I almost joined Clements for a role at Citibank.

In June, Clements shared on his HumbleDollar website the news that lung cancer metastasized to his brain and a few other spots.

I am in awe of his perspective and profound candor: “…Mostly what I feel is profound gratitude for the life I’ve had,” Clements writes. “I’ve had amazing opportunities and wonderful experiences, and that allows me to face the time ahead with surprising equanimity.”

Please take a moment to read his post, which reminds us of life’s real priorities.

I am holding you and your family close in my heart, Jonathan Clements.

What asset class do millennials and Gen Z investors both want to own?

Here is an answer you may not have guessed: Gold.

Among wealthy investors under the age of 43, 45% own gold as a physical asset and another 45% are interested in holding it, according to a recent study by Bank of America Private Bank.

Those are far higher percentages than other age groups.

Usually this demographic is not interested in assets like gold, cash or Treasuries, because they are considered to be “boring,” says Liz Young Thomas, head of investment strategy for digital financial services firm SoFi.

Part of gold’s renewed buzz is its healthy price, which is above $2,400 per ounce.

Gold is also increasingly on the shelves in popular retail environments, which boosts visibility. Big-box chain Costco started selling 1-oz gold bars last fall and has been doing a brisk trade of up to $200 million monthly, according to Wells Fargo estimates.

I’ve never had the gold bug (aside from jewelry), but I am a big believer in diversification. Here are some important things to consider if you want to invest in gold – at any age.

Do you hold gold in your portfolio? Share your thoughts on investing in gold at onthemoney@thomsonreuters.com.

US school spending to remain muted in 2024. Back-to-school spending this year is expected to be flat or lower in the United States, as shoppers dial down on expensive electronics such as laptops and personal computers, Deloitte said. Watch here.

Should you and your partner consider a staggered retirement? REUTERS/Mike Blake

If you have a significant other, do you plan to retire at the same time? 

Frankly, I cannot envision retirement yet. I know many couples where one person is working and the other is retired, though. My observation is that having a reliable dog walker is a big benefit, but I’ve seen problems arise when the retiree wants to travel and the other needs to be in the office.

Surprisingly, only 11% of American couples actually retire at the same time, according to a survey by financial services firm Ameriprise.

In fact, 62% of couples end up retiring more than a year apart, the firm’s Couples, Money & Retirement survey found.

There are some good reasons to stagger retirement, including healthcare coverage and additional income. Here are four things to consider.

Tip options at my favorite coffee shop! Have you ever left a 30% tip for a latte? REUTERS/Lauren Young

Thank you to everyone who commented on the item in my last newsletter about tip inflation in America! Wow, tip creep really strikes a chord with readers.

In fact, 79% of you say tipping culture is out of control in our LinkedIn poll.

I also received more than a dozen emails on the topic. As always, I especially appreciate your thoughtful comments, including:

“All this tipping craziness has forced me and my wife to skip going out for dinner, drinks and to Starbucks,” writes Suresh in Delaware, who notes that his salary is not keeping pace with inflation.

Adam in New York has a beef with his local sandwich shop, which doesn’t offer a digital tip option. And he says he feels guilty if he does not have cash to put in the tip jar. 

“We are all so attacked for tips that any time we are not, it probably feels like a sneaky relief,” Adam writes.

The expectation for tips today is preposterous, writes Thomas in New York City. When consumers were encouraged to give tips of 20% during the COVID pandemic, “I did not flinch,” he says. But now even bigger gratuities are expected.

“Why can’t we just include the tip in the price at the very beginning on the menu?” Thomas writes. “It seems as if one does not come close to 30% or 40%, one is regarded as thoughtless. That has become ridiculous.”

Do you need to appoint an executor for your estate? Are you shopping for a new credit card? Send questions to onthemoney@thomsonreuters.com, and I’ll tap my extensive source network and braintrust for expert advice.

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