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Luke McDermott - Northwestern Mutual

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Luke McDermott - Northwestern Mutual

Luke McDermott is a financial advisor primarily focused on local business and individuals.

10/28/2026

The Fed announces its decision today. Here is what actually matters, and what does not.

Whatever the announcement says, the Fed's rate does not set your mortgage rate. It does not set your car loan rate either. Those are priced mostly by longer-term bond markets, which react to what investors expect the Fed to do next, not just what it did today.

That is why the press conference usually moves markets more than the decision itself. If the Fed sounds like more hikes are coming, longer-term yields tend to stay high, and borrowing stays expensive. If it sounds patient, yields can ease, and so can loan quotes, over time.

What should you do with that? Honestly, not much, and that is the point. A rate announcement is a headline. Your plan is built for a whole range of rates, not for one meeting. If you are sitting on cash waiting for a "better" rate environment, or rushing a big borrowing decision because of one announcement, you are letting a press conference make a plan decision.

Watch the Fed to understand the news. Build the plan so you do not have to react to it.

10/27/2026

Economic data remains strong, but investors are weighing rising oil prices, sticky inflation, and the cost of the artificial intelligence (AI) buildout. Bonds rallied as yields fell, and many stocks outside the AI trade moved higher. Read Northwestern Mutual Wealth Management Company CIO Brent Schutte’s latest commentary and reach out to me to talk about how your plan is positioned. http://spr.ly/6187BH9et7

10/27/2026

A bonus gives you choices: spend some, save some, have a little fun, pay down debt, or invest for the future. If you’re not sure how to prioritize, let’s talk through the benefits of each option.
http://spr.ly/6187BGstGZ

10/26/2026

You spent years building toward retirement. Now’s a good time to make sure your money continues supporting the lifestyle and goals you’ve worked hard to achieve. Review your plan before year-end to provide the clarity and confidence to move into next year with stability and peace of mind.
http://spr.ly/6181BGLZP1

10/26/2026

"Renting is throwing money away."

It's one of the most repeated lines in personal finance, and it's wrong more often than it's right.

Rent is not throwing money away. It's the cost of housing without the obligation. What it buys you is flexibility and the ability to invest the difference between a rent check and the full cost of owning, which is bigger than most people think. Homeownership isn't just a mortgage payment. It's taxes, insurance, maintenance, repairs, closing costs, and the opportunity cost of a down payment locked into one asset. Roughly 1 to 2 percent of a home's value goes to maintenance every year, and that never shows up in the comparison people make in their heads.

The math actually favors renting in a lot of real situations: short time horizons, high-price markets, careers that might move, or years when you'd rather have cash in the market than equity in walls. The breakeven on buying is usually around 5 to 7 years once you count everything, not the 2 or 3 people assume.

None of this means renting is always better. It means the right answer is arithmetic, not slogans. Run the actual numbers for your timeline, your market, and your down payment. If buying wins, buy with confidence. If renting wins, do it without guilt. A home can be a great investment. But a home is also a place to live, and the best housing decision is the one that leaves your whole plan stronger, not the one that sounds best at a barbecue.

10/26/2026

People ask me what I actually do all day.

The honest answer: I have conversations most people never have with anyone else.
I know what keeps people up at 2 a.m. Not in an abstract way, in a specific way. The parent wondering if the college savings will be enough. The couple disagreeing about how much is okay to spend. The person who did everything right and still feels behind because someone on social media retired at 38.

Money is never really about money. It's about whether the life you're building is going to be okay. That's what every spreadsheet, every plan, every review meeting is actually about. Nobody calls their advisor excited about asset allocation. They call because they want to know they're going to be fine.

Becoming a dad soon has made this feel even sharper. The families I work with aren't protecting portfolios. They're protecting mornings, school years, the version of life they pictured. I get to help make that version more likely. That's the job.

The numbers are the easy part. The trust is the whole thing.

10/21/2026

We’re inside the window where small moves matter most. Before the year closes, three things worth a look:

1. Tax-loss harvesting. If you hold taxable investments that are down this year, selling them before December 31 can offset gains elsewhere, and you can rebuy similar (not identical) exposure after 30 days to stay invested. It’s one of the few places the tax code hands you a timing advantage. Just know the wash-sale rules first: rebuy the same thing inside 30 days and the IRS disallows the loss.

2. Confirm any required minimum distributions. If you’re over the RMD age and own an IRA or inherited retirement account, the deadline is December 31. Miss it and the penalty is steep. Most custodians process these in a few days, but December backlogs are real don’t wait until the last week.

3. Review your 401(k) contributions against the limit. If you planned to max out this year, a quick check now tells you whether you need to bump your final paychecks’ deferral. Some employer matches also cut off mid-year once you hit the limit, worth a look if your bonus lands late in the year.

None of these are exciting. All of them are the difference between a plan that works and one that’s just a plan.

10/20/2026

Higher borrowing costs are raising questions about the artificial intelligence spending boom. Read this week’s market commentary for a closer look at the risks to growth and why diversification remains important. http://spr.ly/6181BHrnxb

10/19/2026

Saving for your child’s education can feel overwhelming—but you don’t have to figure it out alone. A 529 plan can be a helpful tool, and I can help you decide how it fits into your broader financial plan. http://spr.ly/6181BGUANX

10/19/2026

One of the most expensive pieces of advice floating around right now: “Interest rates are rising, so sell your bonds.”

Here’s why it’s wrong. When rates rise, bond prices fall that’s the part everyone sees. But the part everyone misses is that the bond you still hold is now paying you more. A bond paying 5%+ has a much bigger income cushion against future rate moves than the same bond did at 2%. Rising rates are painful for today’s statement, but they raise the expected return going forward. The pain and the improvement are the same event.

The underlying mistake is confusing price with return. The price is what it would fetch today. The return is what it pays you over time. Selling after prices fall locks in the loss and walks away from the higher yield the worst of both worlds.

None of this means everyone should love every bond in every situation. It means the decision should be about your timeline and your plan, not about a headline. Short-term money that needs to be there in a year is a different decision than a 15-year portfolio.

Check the plan before you react to the headline. The headline is priced in by the time you read it.

Address

3 W Hawthorn Pkwy Ste 310
Vernon Hills, IL
60061

Opening Hours

Monday	7am - 8pm
Tuesday	7am - 8pm
Wednesday	7am - 8pm
Thursday	7am - 5pm
Friday	7am - 4:15pm
Saturday	9am - 12pm

Website

http://www.lukemcdermott.nm.com/

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