Money For the Rest of Us

Asset Location: Where You Invest, Where You Live, What You Can Access

7 snips
Feb 11, 2026
They explore how to decide which investments belong in taxable, tax-deferred, and tax-free accounts. They examine how where you live shapes financial opportunities and access to services. They discuss mobility, cross-border care, and how location choices act like asset allocation. They consider climate and resource limits as factors that affect financial strategy.
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ANECDOTE

Early Client Shaped Tax Focus

  • J. David Stein recounts advising a taxable medical malpractice insurer early in his career and manually tax-adjusting returns for them.
  • That experience forced him to focus on after-tax income and shaped his approach to asset location.
INSIGHT

Asset Location vs Asset Allocation

  • Asset allocation divides assets by expected return and risk across categories like stocks, bonds, and real estate.
  • Asset location instead decides which account (taxable, tax-deferred, tax-free) should hold those assets to maximize after-tax return.
INSIGHT

Capital Reservoir Beyond Money

  • Stein frames financial decisions inside a broader 'capital reservoir' including skills, health, time, relationships, and mobility.
  • This reservoir expands choices but resists mechanical optimization; instead we should calibrate trade-offs.
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