Some Financial Advice from the Steve Miller Band

Some Financial Advice from the Steve Miller Band

The Steve Miller Band had a hit song "Take the Money and Run" — and while we don't recommend the characters' approach of robbing and fleeing, the song does give us a chance to think about some important financial planning principles.

Take the Money and Run (When It Makes Sense)

One of the most powerful but underutilized financial planning strategies is knowing when to "take the money" — in other words, when to capture gains and lock in financial wins. After years of strong market performance, many investors have significant unrealized gains sitting in their portfolios. Strategic harvesting of some of those gains, especially during high-income years before tax rates potentially increase, can be a smart move.

The Fly Like an Eagle Principle: Think Long-Term

Another classic Steve Miller tune, "Fly Like an Eagle," encourages us to rise above the noise and think with perspective. One of the most important things we can do for our clients is help them zoom out and think about their finances over a 20–30 year horizon rather than reacting to every market movement. The investors who have done best historically are those who stayed the course through downturns and allowed compounding to work in their favor.

Living in the USA: Local Tax Planning Matters

If you live in Washington State, you are now subject to the new 7% capital gains tax on long-term gains above $262,000. This is a significant change that requires thoughtful planning around the timing and structure of investment sales. As with many Steve Miller songs, the key message is: be intentional. Don't let important financial events happen by default.

The Joker Principle: Don't Be Your Own Fool

One of the most common ways investors hurt themselves is by making emotional decisions — selling when markets are down, chasing performance, or letting tax procrastination cost them thousands. Working with an advisor who can keep you disciplined and focused on your plan is one of the best financial decisions you can make.

As always, we're here to help you navigate your financial life with clarity and confidence. Feel free to reach out any time.