TSA Wealth Management

TSA Wealth Management A firm dedicated to the specific investing, tax, and estate planning needs of income-focused retirees in Houston. Full disclosure at https://tsawm.com/

TSA Wealth Management is a Securities and Exchange Commission-registered investment advisor.

Long-term averages are all that matter while you're saving, but once you start withdrawing, the order of good and bad ye...
09/04/2026

Long-term averages are all that matter while you're saving, but once you start withdrawing, the order of good and bad years can make or break your retirement, even with identical average returns. Two retirees with the same 7% average return can end up in totally different places: one thrives, the other runs out of money, depending on whether losses hit early or late. The fix: keep a cash reserve and a flexible spending plan so a downturn doesn't force bad decisions under pressure. https://open.substack.com/pub/swanburg/p/sequence-of-return-risk?r=1tn7mx&utm_campaign=post&utm_medium=web

It's easy to assume stocks are just getting irrationally expensive. But when you break down the S&P 500's year-to-date r...
08/28/2026

It's easy to assume stocks are just getting irrationally expensive. But when you break down the S&P 500's year-to-date return, the story looks different: the vast majority is coming from actual earnings growth, not investor optimism. In fact, if investors were paying the same premium for earnings today as they were at the start of the year, the market would be nearly 10% higher than it is right now.

In other words, stocks have gone up AND gotten cheaper at the same time.

https://open.substack.com/pub/swanburg/p/the-market-went-up-it-also-got-cheaper?r=1tn7mx&utm_campaign=post&utm_medium=web

Stocks are up double digits this year. Bonds are down 0.69%. So why own bonds at all?Because they're not trying to do th...
08/21/2026

Stocks are up double digits this year. Bonds are down 0.69%. So why own bonds at all?

Because they're not trying to do the same job. Nobel laureate Harry Markowitz said his own asset allocation wasn't about maximizing returns, it was about minimizing future regret. And today's higher rates mean bonds are paying far more than they did a few years ago: the same $1 million Treasury that generated $5,000/year in 2020 now generates $47,000.

Diversification means something is always disappointing you. That's the point.

Full note here: https://www.swanburg.com/p/remembering-why-we-own-bonds

TSA Wealth Management President Jonathan Swanburg breaks down the new "Trump accounts" in our latest newsletter. Free mo...
07/17/2026

TSA Wealth Management President Jonathan Swanburg breaks down the new "Trump accounts" in our latest newsletter. Free money is worth claiming, but whether to add your own contributions depends on your family's specific goals. Using his own 8-year-old daughter as an example, Jonathan compares Trump accounts to 529 plans and taxable custodial accounts to help you figure out which strategy actually fits your situation. https://www.swanburg.com/p/trump-accounts-take-the-free-money

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5718 Westheimer Road Ste. 950
Houston, TX
77057

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