A few years ago, a family member transitioned to assisted living. The decision felt difficult for her, like a loss of independence. She fought it hard. But once she settled in, something unexpected happened: she found routine, connection, and purpose again.

Watching that shift reframed how I think about financial planning.

As planners, we often approach aging and retirement through a practical lens. We focus on the details: health care plans, long-term care, estate documents, and whether the financial plan can support the years of spending ahead.

Those things matter. But quality of life matters too. So does preserving a sense of agency as your needs, abilities, and priorities change.

Earlier this year, during a conversation about a client’s transition into assisted living, his daughter suggested I read Being Mortal by Atul Gawande.

I’m glad she did. The book changed how I think about the later stages of life and the role planning should play in them.

1. Independence Matters More Than Perfect Safety
One of the book’s core ideas is that many senior living decisions prioritize safety over autonomy. Safety matters, of course. But losing independence can take a real toll on wellbeing.

The best living environments preserve choice: how you spend your day, who you’re around, and what gives you meaning.

We’ve seen this with clients who explore senior communities early, before they need them. Beginning earlier gives families more agency over the decision. It can also help clients gain more life through social connection, activities, and less stress about home maintenance.

2. Purpose Is Fundamental to Wellbeing
Gawande highlights research showing that even small responsibilities, like caring for a plant, can improve wellbeing and longevity for older adults.

The lesson is simple: people need purpose. They need a reason to get out of bed in the morning.

Financial independence is important. But planning should also ask what replaces the structure and meaning that work once provided. People who thrive in this phase often stay connected to hobbies, community, family, or roles where they still feel needed.

3. Define Quality of Life, Before a Crisis
Being Mortal reminds us that our definition of quality of life changes over time.

When we’re younger, it may mean freedom and adventure. Later, it may mean staying close to family, maintaining familiar routines, or enjoying a favorite meal with people we love.

Many families avoid talking about aging until a crisis forces decisions. The book encourages asking better questions sooner:

• What are your fears and goals as you get older?
• What tradeoffs would you be willing, or unwilling, to make?

In our advisory role, we’ve seen how helpful it is when families have these conversations before a medical event or major transition. When your values are clear, decisions become less about guessing and more about honoring what matters most.

Planning for aging doesn’t mean expecting the worst. It means getting clear about what matters most, so that when decisions come, they reflect your values instead of default choices.

At Hill, we believe financial planning is about more than numbers. Taking the long view means helping people live well across every stage of life, with clarity, confidence, and peace of mind.

If this sparks a conversation about aging, independence, or planning for later life, we’re here to help you or someone you care about talk through it. Reach out any time here.

Earlier this month, with the IPO of SpaceX, the world witnessed the creation of the world’s first known trillionaire.

How does that number look to you?

How does it make you feel?

Humans have real feelings and emotions, especially when it comes to money and wealth. We naturally compare ourselves to others. It’s human nature. As the saying goes, “It’s all relative.”

But that’s precisely the challenge.

If a billion dollars once seemed unimaginable, what are we supposed to do with a trillion? More importantly, what happens when we compare ourselves to someone who possesses it?

The truth is that comparison has no finish line. If wealth alone created contentment, a millionaire would envy no one. Yet we know that’s not how humans work.

Over more than 25 years in the wealth advisory profession, I’ve noticed something interesting, particularly among our clients at Hill Investment Group.

When people first meet with us, they often have a number in mind.
“I want to have $X.”

It’s understandable. Having a financial target can provide motivation and direction.
But something often changes over time.

As clients learn and embrace our evidence-based investment philosophy, gain confidence in their financial plan, and begin taking the long view, their goals frequently evolve beyond simply reaching a number.

Why?

Because they increasingly believe they can achieve their financial goals if they remain disciplined and stay the course. The constant worry begins to fade. The daily noise matters less. Confidence gradually replaces uncertainty.

And when that happens, something powerful occurs.

People begin thinking less about accumulating wealth and more about what that wealth can make possible.

They think about experiences.

They think about family.

They think about legacy.

They think about causes they care about.

They think about opportunities they never allowed themselves to consider before.

Ironically, many people discover that once they stop obsessing over a number, they begin focusing on the people, experiences, and opportunities that number was meant to support in the first place.

It’s a little like climbing a mountain with an experienced guide. Instead of worrying about every step, every turn, and every obstacle along the path, you’re able to lift your eyes and appreciate the view.

How does that perspective make you feel?

Not just about hearing about a trillionaire, but about your own future.

If you’re already a client, you may recognize this shift. The conversation gradually moves from “How much is enough?” to “What do I want to do with the life I’ve built?”

That’s an exciting transition.

It’s future-oriented.

And in many ways, that’s when financial success becomes less about what you’ve accumulated and more about the life, relationships, and opportunities it makes possible.

If you’re not yet a client, we’d welcome the opportunity to help you explore what financial peace of mind might look like for you and your family. Whether through our monthly newsletter, a copy of Odds On, or a simple conversation, we’re here whenever you’re ready.

On June 11th, Space Exploration Technologies, better known as SpaceX (SPCX), began trading on Nasdaq. The headlines were everywhere: A $1.75 trillion valuation. The largest IPO in stock market history. The media is suggesting that this is a once-in-a-generation opportunity.

The noise around IPOs is likely to continue throughout 2026, with more large IPOs planned this year, including OpenAI (known for ChatGPT) and Anthropic (known for Claude.ai).

These companies may change the world as we know it. Maybe not. As investors, we can be excited about these companies, but the evidence tells a clear story about IPOs and how we should treat them in our portfolio.

What the Evidence Shows on IPOs

Based on research from Dimensional Fund Advisors (DFA), we can examine IPO performance across two timeframes: short and medium-term.

Over the short term (first trading day), IPOs typically perform well. This phenomenon is often referred to as the “IPO Pop.” Insiders and some large institutions can buy shares at the IPO price (unavailable to the public) and sell them at higher prices on the open market. Thus, the positive return from the IPO Pop is reserved for insiders and unavailable to the average investor. Individuals can only access shares on the open market meaning after the shares start trading. Often, investors may have to pay higher prices, thereby decreasing (or eliminating) the day-one returns that we see in the data and which the media loves to hype.

After the IPO Pop, over the next six to twelve months after listing, IPOs tend to lag the broader US stock market by 2-3% per year. Please reread the last sentence.

Obviously, these trends may not happen every time. Any individual IPO stock may be different. But the point is that, on average, IPOs tend not to be great investments, particularly when they have high valuations and negative profits, like SpaceX.

An Evidence-Based Alternative

There is good news here. As always, we can leverage this data and evidence to build better portfolios. The funds that we use at HIG typically wait for the IPO hype to fade and for insiders’ lock-up periods to end (increasing the supply of shares) before buying newly listed companies. What does this mean? We expect that, over time, all of our clients will have an appropriate allocation to many of these newly listed companies in the six to twelve-month timeframe as they meet the evidence-based criteria for inclusion in the portfolio.

The Temptation Is Real

We understand the emotional pull. When something feels “historic,” sitting on the sidelines can feel like missing out.

As advisors, our job is to keep clients focused on what the evidence says, not what the moment feels like. The same discipline that keeps you from panic-selling in a downturn is the same discipline that keeps you from buying into a frenzy.

A great company is worth rooting for. It is not always worth buying.

If you’d like to continue this discussion, please reach out to me at ryan@hillinvestmentgroup.com.