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 Outstanding nominal value as of the current date

Average price of a bond, in % of face value

The current yield indicates the ratio of the accrued coupon to the current market price of the bond. It can be used in cases where attachments are considered for a short period of time. In this situation, the change in the market price can sometimes be neglected.

Bond duration is a way of measuring how much bond prices are likely to change if and when interest rates move.

Effective yield to maturity. It considers both coupon income and profit/loss due to the difference between the purchase price and the repayment price. Effective yield shows the investor the return on invested funds with reinvested coupons and depreciation.

Listing level — stock exchange assessment of securities reliability.

The ratio of the annual coupon to the "dirty" price of the bond, including the accrued interest. This type of yield can be used in the case of short-term investments, when the investment horizon is within one coupon period.

Average purchase price of a bond, in % of face value

Up to 2 years - short-term, up to 5 years - mid-term, more than 5 years - long-term

Bond type - goverment, municipal or corporate

Coupon yield % per annum of nominal value (coupon amount per year/nominal value)

 Simple yield to maturity. It considers both coupon income and profit/loss due to the difference between the purchase price and the repayment price. Simple yield shows the investor the return on invested funds without reinvested coupons.

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The fund expense ratio is the annual fee expressed as a percentage of a mutual fund or ETF's average assets, covering management, administrative, and other operational costs. It directly reduces investors' returns.

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6 months

1 week

all time

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First off, I owe you an apology — I missed last week’s newsletter, and I’m sorry about that.

I work hard to make sure I get an article out every week, but every now and then, life just gets in the way. There are usually at least a couple of weeks throughout the year where I just can’t squeeze it in, and last week happened to be one of them.

With that said, the time off did help me think long and hard about this week’s newsletter. As we get ready to close out 2025, I’ve been doing a bit of reflecting on the year and thinking about what I want to accomplish next.

I came into the year with the portfolio sitting at around $86,500 and am currently just over $119,000 as I’m writing this. While we didn’t beat the market this year (we’re up just over 9% YTD according to Charles Schwab), we still added more than $30,000 in value — easily the most we’ve ever added in a single year.

On the dividend income side, we officially crossed the $4,000 mark. Going into the year, my goal was to hit $3,600, which averages out to $300 per month. I’m proud to say we blew that out of the water.

We also welcomed two new positions to the portfolio — Watsco (

) — both of which have grown into relatively large positions already. I’m excited to own these for a long time.

Overall, it was a good year. 2025 marked my fifth full year of investing, and it was a solid year of growth in more ways than one.

You’ve heard me say this before, but investing really is a lifelong journey of personal development. Russ and I talked about this quite a bit in 

, and the more time goes on, the more true it feels.

There’s always something new to learn — about the market, the companies you own, about people, and about yourself. Here are a few of the biggest lessons and takeaways I spent a lot of time thinking (and writing) about this year:

One other thing I’ve been thinking about lately: as much as I love reading — and get a lot out of writing book notes — I think I need a bit of a break from finance/investing books.

The last couple I tried reading just didn’t grab me. Even Morgan Housel’s latest book — and he’s one of my favorite writers — I ended up stopping halfway through because I just wasn’t into it.

Don’t get me wrong, it’s not that these books are bad. I just think I’m getting to the point where I feel like I’m reading the same ideas over and over again.

On one hand, that’s probably a good thing. It means the learning curve is starting to flatten. But it’s also a bit of a bummer when it feels like you’re not learning much that’s new.

With that said, I’ll still be reading quite a bit in 2026. I just plan to shift more toward biographies and other things that pique my curiosity.

 this upcoming year, but it’ll also give me the chance to really spend more time going through the 

. One of my goals by the end of 2026 is to finish taking notes on all of them (I’m currently through 2003).

Alright, now onto the good stuff: my investing goals for 2026. There are a few things I’d like to accomplish, but here are the big ones:

Whew! I think this officially goes on record as my longest article yet. My apologies for the long-windedness. I guess after missing last week, I just had a lot to share. It’s good to be back.

With all of that said, now I want to hear from you: what are 

 investing goals for 2026? Let me know in the comments below!

My Dividend Investing Goals For 2026

As we move into 2026, I have set a definitive milestone for my financial journey: making the decisions on my portfolio to help it cross the 

, the goal is clear, but the path requires a transition from being a passive observer to a disciplined, self-managed lead investor.

Taking full control of a near-million-dollar portfolio is both a privilege and a significant responsibility. To move from approximately 

 to the seven-figure threshold, I am implementing a strategy focused on cost efficiency, tactical asset allocation, and emotional discipline.

. This represents a total return of approximately 

 over the year. While a strong bull market could do the heavy lifting, I am not relying on luck alone. My strategy involves a combination of:

 The engine of this portfolio is market growth. My current allocation is strategically split to balance stability with alpha-seeking potential: 

This 60/40 structure allows me to capture the steady rise of the overall market while giving me the "engine room" of individual equities to potentially outperform. However, the math of the final push requires a reality check. To grow from 

 through price appreciation alone, I would need a total return of approximately 

 return is certainly possible in a strong bull market, relying solely on market growth to hit this target is far too optimistic for a disciplined plan. Market volatility is outside of my control, and a flat or down year could stall my progress. For 

. This is exactly why the market growth strategy cannot stand alone; it must be supported by the two human-controlled pillars below.

While market growth provides the "lift," net new contributions provide the "fuel." In 2026, I am committing to an aggressive contribution schedule to ensure the principal is constantly expanding, regardless of market swings. By managing the portfolio myself, I can be more surgical with where this capital goes.

If I can contribute consistently throughout the year, I effectively lower the "required" market return. Every dollar I add is a dollar the market doesn't have to "earn" for me. This strategy turns the $1,000,000 goal from a hope into a mathematical certainty over time, acting as the ultimate insurance policy against a stagnant market

 The final pillar is the strict implementation of 

. With a portfolio nearing the million-dollar mark, the yield alone becomes a powerful force. Even a conservative dividend yield of 

 in annual cash flow. By reinvesting dividends I am increasing my share count automatically. This creates a feedback loop: more shares lead to more dividends, which lead to more shares. This compounding effect is the silent partner that will help bridge the gap between a standard market return and my seven-figure target.

 in 2026 is about more than just a number; it is about the transition to true financial self-reliance. I invite you to join me as I document this journey in real-time. I will be tracking my progress, sharing my monthly updates, and breaking down exactly how these strategies are performing right here on this blog. Whether you are aiming for your first ten thousand or your first million, I hope this transparency helps us both stay disciplined as we chase our financial milestones together.

The Road to Seven Figures: My 2026 Portfolio Strategy

I didn’t grow up rich. I didn’t win the lottery. And for most of my career, I’ve never had a massive salary that made wealth inevitable.

Like many people, I spent years treating money as something that just “happened” to me. I paid bills when they arrived, spent what was left in my checking account, and hoped for the best at the end of the month. It wasn’t a disaster, but it wasn’t freedom either. It was a treadmill.

But my finances changed—completely—not because my income doubled overnight, but because I fundamentally rewired how I think and act around money.

The shift wasn’t magic. It was mechanical. I adopted three specific habits that moved me from reactive to proactive. These weren’t complicated investment strategies or risky stock picks; they were small shifts in behavior that compounded into massive results.

Here are the 3 simple habits that transformed my financial life.

For years, I operated on financial intuition. I “kind of” knew where my money went. I knew roughly how much rent was, roughly how much I spent on groceries, and roughly how much I had left for fun.

But “roughly” is the enemy of wealth.

I decided to stop guessing and start knowing. I made a commitment to write down every single expense—no matter how small. That $4 coffee? Tracked. The $12 subscription I forgot I had? Tracked. The impulse buy at the gas station? Tracked.

At first, it felt tedious. It felt like homework. But then, something powerful happened: 

When you force yourself to log a purchase, you introduce a moment of friction. You have to acknowledge the spending. Suddenly, I saw patterns I had been blind to. I saw waste I didn’t know existed. I realized I was spending hundreds of dollars a month on things that brought me zero long-term joy.

You don’t need a fancy accountant. You can use an app like Mint or YNAB, a simple Excel spreadsheet, or even a pen and paper. The tool doesn’t matter; the awareness does. Just start. Every dollar you track is one step closer to control.

We go to school for nearly two decades to learn history, biology, and algebra, but most of us never take a single class on how to manage the money we’ll spend our lives earning.

I realized I didn’t need a finance degree to be good with money—I just needed wisdom.

Consume one piece of financial content per week.

 It could be one chapter of a book, one podcast episode, or one thoughtful article on money mindset.

This habit completely rewired my brain. It removed the fear and mystery surrounding investing. It made wealth feel doable rather than impossible.

If you don’t know where to start, these are the three books that truly changed the way I think:

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I still go back to these resources today—not just to learn, but to recenter my mindset when the noise of the market gets too loud.

If you rely on willpower to save money, you will eventually fail.

We are human. We get tired, we get stressed, and we get tempted. Relying on discipline to transfer money to savings at the end of the month is a losing strategy because, usually, there is no money left at the end of the month.

I learned that discipline is hard, but automation is easy.

I set up a “pay yourself first” system. The moment my paycheck hits my account, my bank automatically routes the money where it needs to go:

I don’t have to decide to be good with money this month. The decision was made once, years ago, and the system executes it every single month.

This one shift alone—setting up auto-transfers—created more wealth than any stock pick or side hustle ever could. It removed me from the equation, and that was the secret.

brain

Money isn’t just about the numbers on a screen. It’s about habits. It is about the small, unsexy decisions you make on a Tuesday afternoon that determine where you’ll be in ten years.

These three habits—tracking, learning, and automating—are free. They are simple. And they are available to you right now.

You don’t have to do all three at once. Start with one. Maybe today you download a tracking app. Maybe you order one of the books I mentioned. Or maybe you log into your bank and set up a $50 recurring transfer to savings.

Start with one action. Stick with it. The momentum will follow.

If you’re ready to take control of your finances, one simple action at a time, then you’re already on the right track. Remember: this isn’t about perfection or quick wins. It’s about building a stronger financial future.

What is one money habit that changed your life? I’d love to hear your story in the comments.

 Some links in this post are affiliate links. If you choose to make a purchase, I may earn a small commission at no extra cost to you.

The 3 Money Habits That Changed My Life (And Can Change Yours Too)

If you have the prerequisite minimum level of knowledge, I often recommend that people try to manage their own money. While the world of finance can seem intimidating, the math behind "Do It Yourself" (DIY) investing is compelling—specifically when you look at the destructive power of fees.

To understand why, we have to look at the data. One of the best resources for this is the SPIVA (S&P Indices Versus Active) Scorecard. As of the time of this writing, here is the data over the last 15 years regarding U.S. Large-Cap funds:

Why are the vast majority of professional funds underperforming the S&P? It is rarely a lack of skill; it is almost always a result of 

Different funds have different fee structures, but it is common to see a minimum fee of at least 1% of the portfolio value annually, sometimes rising higher than 2%. When you are compounding interest over a long period, that small percentage makes a massive difference.

Let’s make an extreme, simplified assumption. Say that over a 30-year period, the S&P 500 has a return of 

Now, let’s say you invest in an actively managed fund that actually 

 the S&P 500’s performance regarding pure asset selection, achieving 

 each year. However, this fund charges a fee on assets under management of 

, meaning your return after fees is only 

 in the S&P 500 (through a low-cost ETF like SPY) at the beginning of the 30 years, and another 

Even though the fund employees were skillful and made choices that outperformed the S&P 500 pre-fee, here is where you end up:

In this simplified example, the investor ended up with nearly a quarter-million dollars more in the DIY portfolio. This is the "fee drag" in action.

Looking at the SPIVA data, we can see in hindsight that for 11.71% of funds, the investor would have been better off paying the fees for that outperformance. But how do you know if the fund you are choosing today is one of the lucky 11.71% that will win over the next 15 years? The odds are not in your favor.

I do not want to oversimplify this; there are many good funds and skillful money managers out there. However, based on the math I have seen, I personally manage my own portfolio to avoid these fees. When choosing ETFs to put in my portfolio, I specifically look for passively managed ones with low expense ratios.

If you are going to go the DIY route to save on fees, you need to treat your portfolio with the same seriousness that a professional manager would. That means knowing exactly how your asset allocation looks, tracking your dividends, and benchmarking your performance to ensure you are actually capturing those market returns.

As a DIY investor, it is helpful to have powerful tools to guide your decision-making. I have personally found 

 to be a very valuable tool for a guy like myself. It allows me to automate my portfolio tracking, analyze my diversification, and see my true annualized returns net of any costs.

If you want to upgrade your toolkit, we are running a special New Year sale on Snowball Analytics from 

Click here to get 30% OFF Snowball Analytics until January 1

Managing your own money doesn't mean you have to do it without support. By cutting out high management fees and using high-quality analytics tools, you put yourself in the best position to let compound interest work for 

Claim your 30% discount on Snowball Analytics here

Disclaimer: The following content is for educational purposes only and does not constitute financial advice. All investments carry risk, and you should perform your own due diligence or consult a certified professional before making investment decisions.

The High Cost of Fees: Why Managing Your Own Portfolio Pays Off (Literally)

 I’ve been using Snowball Analytics almost daily for more than two years to track my passive income portfolio, and I genuinely love what the platform brings to the table.  But like any tool, there are areas where it shines… and areas where it could become even better with the right improvements.

In this video I deep dive and not only show where Snowball shines but I also show all the areas of improvement the Snowball Analytics Development Team could consider to make Snowball an even better tool for sybscribers!

Snowball: What is Great - What Can Be Improved

High-yield ETFs have become increasingly popular among income investors seeking consistent cash flow, but they also attract criticism and confusion. Many investors assume that falling prices, large distributions, or reverse splits are red flags. In reality, most of these concerns stem from misunderstandings about how these funds operate.

Let’s clarify three of the most common myths around Net Asset Value (NAV), Return of Capital (ROC), and reverse splits, using clear examples and simple logic.

When investors see a fund’s price drop right after a dividend payout, they often assume the ETF is “eating itself” or destroying its NAV.

When a fund pays a dividend, the NAV naturally declines because cash leaves the fund and enters the investor’s account. This isn’t a loss, it’s simply the transfer of value from the fund’s holdings to the investor.

Think of it as moving money from your left pocket to your right one, your total wealth hasn’t changed.

Look at total return, the combination of price movement and dividends (after taxes and fees). Price alone doesn’t tell the whole story. A fund can show a falling price chart yet deliver strong income once dividends are included.

Personally, I like using Snowball Analytics for this because it shows my 

, factoring in both taxes and fees. It gives a clear, realistic picture of how my investments actually perform.

Let’s take $ULTY as an example for 2025 YTD:

These two charts tell the story perfectly, focusing only on price would suggest a massive loss, but the total return (including dividends) shows that the fund is actually up strongly this year.

Return of Capital (ROC) often sparks confusion among investors, especially in high-yield ETFs. Many assume it means the fund is “paying back your own money,” but that’s not always true. In reality, there are two very different forms of ROC  and $ULTY offers a perfect real-world case study.

According to YieldMax’s official data from August 29 2025:

This composition clearly indicates that $ULTY’s ROC is constructive, not destructive. The majority of payouts come from the fund’s options income, while the small ROC portion simply adjusts for timing and tax treatment.

Weekly Payout Stability: More Evidence of Constructive ROC

Another way to identify constructive ROC is by checking the consistency of distributions over time.

Snowball Analytics’ payout history shows $ULTY has maintained steady weekly dividends around $0.09 – $0.10 per share throughout 2025  with no sign of shrinking payments.

If ROC were destructive, those payouts would decline month after month as capital eroded. Instead, they’ve stayed stable, reinforcing that ULTY’s ROC classification reflects tax treatment, not a deteriorating strategy.

When ROC appears alongside stable or rising distributions and positive total returns, it’s constructive, a tax-efficient way to deliver income.

When ROC coincides with declining NAV and shrinking payouts, it’s destructive, a sign of real erosion.

With Snowball Analytics, investors can easily distinguish between the two by tracking both income stability and total-return performance side-by-side.

3. Reverse Splits: Cosmetic, Not Catastrophic

Reverse splits often sound alarming, but they’re sometimes just cosmetic adjustments.

A reverse split reduces share count and increases share price proportionally.

For example, in a 1-for-2 reverse split, 1,000 shares at $5 become 500 shares at $10, the total value remains the same ($5,000).

Real-World Example:  $TSLY (YieldMax Tesla Option Income ETF)

In February 2024, $TSLY executed a 1-for-2 reverse split, meaning every two shares became one while the price doubled.

An investor who held 1,000 shares at $5 each ($5,000 total) ended up with 500 shares at $10 each, still $5,000 in value.

The split itself doesn’t affect your investment’s value, it’s simply an accounting change.

What really matters is the performance of the underlying assets, the stability of distributions, and the total return of the fund over time.

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 Focus on total return after taxes and fees, that’s the real scoreboard.

Remember that price charts alone can paint an incomplete picture.

Learn the difference between constructive and destructive ROC.

 Reverse splits can be cosmetic, not a death sentence for a fund.

Snowball Analytics makes all of this easy to see by combining income, price movement, and tax effects into one clear total-return view.

High-yield ETFs aren’t as mysterious as they seem. Once you understand NAV, ROC, and reverse splits, you see that the real power lies in total return, the complete picture of income and growth working together.

High-Yield ETFs: The Truth About NAV, ROC, and Reverse Splits

The "debasement trade" is an investment strategy driven by the belief that major fiat currencies (like the US Dollar, Euro, etc.) will steadily lose their real value and purchasing power over the long term. All one has to do is look at the cost of housing and other items to see that this is happening around them. 

Investors engaging in this trade move capital out of cash and sovereign debt (like government bonds) and into "hard assets" or assets with 

 to protect their wealth from this perceived erosion.

The Core Idea: Currency Debasement Historically, currency debasement was a physical act, for example, a king reducing the gold or silver content of a coin while keeping the face value the same.

     1. Large & Persistent Fiscal Deficits: Governments consistently spending more than they take in and financing the gap by issuing massive amounts of debt. The US debt adds 1 trillion dollars every 71 days on average. 

     2. The devaluing of the US Dollar as outlined in the “A User’s Guide to Restructuring the Global Trading System”  This is the paper or plan that is put into place by key President Trump cabinet members and is being played out right now during his administration.  

     3. China and other BRIX – Countries moving away from the US Dollar in the form of Treasuries and buying physical gold.  

    4. In the modern financial world, "debasement" refers to the loss of purchasing power due to: Excessive Money Supply Expansion: Central banks creating new money to inject liquidity into the system (often through policies like Rate cuts and Quantitative Easing). This can be seen in M2 Money Supply. 

 This does not always mean that Fed Reserve is increasing its balance sheet. This has recently been discussed about the Federal Reserve balance sheet. We will address that in detail in another post, but not as relevant to the core factors of the debasement trade. Quantitative Easing only adds fuel to the fire.

     5. Inflation: The result of the money supply growing faster than the production of real goods and services, meaning each unit of currency buys less.

The fundamental assumption of the debasement trade is that policymakers will likely continue with expansive monetary and fiscal policies to manage high national debt, leading to structural, long-term inflation.

The debasement trade is a defensive strategy designed to preserve real value. It involves shifting money into assets that cannot be arbitrarily created or "printed" by governments or central banks.

Rationale for the Trade Gold & Silver: Traditional safe-haven assets with a finite supply. Their value is independent of any government or financial system.

Bitcoin, often referred to as "digital gold," it has a mathematically fixed supply cap (21 million coins), making it scarce and independent of central bank policy.

Real Estate: A tangible, limited asset that tends to hold value and appreciate during periods of inflation (though dependent on location and other factors).

Commodities Raw materials (like oil, copper, agricultural products) which often rise in price as a symptom of inflation.

Equities (Stocks)Some view certain stocks, especially those of companies with pricing power or tangible assets, as a hedge, as they represent a claim on real-world business and production, not just currency.

The debasement trade narrative gained significant momentum following the 2008 Financial Crisis and was greatly accelerated by the fiscal and monetary responses to the 2020 pandemic.   

Investors point to: Record-High National Debts: The unsustainable trajectory of government borrowing. Unprecedented Central Bank Balance Sheets: The massive increase in the money supply due to central bank asset purchases.

Loss of Confidence: Growing skepticism that governments and central banks will prioritize currency stability over financing debt and government spending.

In my words, due to the high spending, rate cutting, dollar devaluing, and Central Banks buying gold over US Treasuries.  We are going to see hard assets outpace other asset classes. 

How do you invest into something like this?  There are 3 ways that should be considered. 

1.     Own an ETF that unencumbered $BAR, $PHYS, $PSLV

It’s important to understand that not all ETFs are structured the same. These three provide access to the underlying assets, with the key distinction that they are unencumbered. Both 

 also offer the option to take physical delivery of gold or silver, but it’s essential to read and understand the requirements before doing so.

2.     Income ETFS. $KGLD, $IAUI and $KSLV

These ETFs allow you to generate income from Gold and Silver. 

3.     Trade options on $GLD and $SLV

Someone could also trade options on funds that give you exposure to the Gold and Silver price action. 

Snowball: What is Great - What Can Be Improved

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