What's in store for you:

1. Photo From My Life
2. Life Thought: Fear -> Action
3. Financial Thought: Cash -> Muni Bonds
4. Good Sh*t: Working Outside

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Photo From My Life:

Life Thought:

Fear -> Action: As an entrepreneur, I think it's impossible to fully eliminate the fear that comes with this risky career path. As I start VDB Wealth, I've noticed fear starting to show up more and more. Not in a dramatic, fall-to-the-floor kind of way, but in quiet questions that poke at my confidence: What if I fail? What if I can’t get clients? What if I’m not even good at this?

Early in my entrepreneurial journey, I’d let those thoughts sit. Sometimes I’d stew in them for hours, other times I’d pause everything completely—paralyzed by the unknown. But after seven years of living with full responsibility for my work and life, I’ve learned one thing that’s helped more than anything else: when fear hits, act.

It doesn’t have to be big. Send a message. Write a letter. Reach out to someone who might need what I offer. Taking even the smallest step shifts the energy. It’s like converting nervousness into forward motion. And while it doesn’t always solve the problem, it always makes me feel better.

This “bias to action” has served me well—not just with big business decisions but even in small, everyday moments. While working at Kingfish, I remember getting tough emails from clients and spending hours overthinking my response. Eventually, I realized that responding quickly—before the fear had time to spiral—always worked better.

The more conscious I become of how my body reacts to fear, the easier it is to spot. These little signals aren’t red lights—they’re reminders. Fear is part of the deal. I can only control how I respond.

Financial Thought:

Cash -> Munis: Lately, I’ve been chatting with more and more people who have oversized cash positions. I'm not going to get into the why behind this trend—that's a much longer conversation. What’s been interesting is that despite living in high-tax areas (New York, California, etc), most of these folks are parking their cash in high-yield savings accounts, treasuries, or taxable money market funds.

Here’s the problem: it’s sub-optimal.

Let’s do some simple math. Say you’ve got $1 million in a high-yield savings account or taxable money market fund earning 5.0%. At first glance, that’s a solid $50,000 a year in interest. But in a state like California or New York, where your marginal tax rate can easily top 45% when you combine federal and state income taxes, here’s what you actually keep:

Taxable Yield Example:

• Yield: 5.0%
• All-in tax rate: ~45%
• After-tax return: 5.0% × (1 - 0.45) = 2.75%

Now compare that to a municipal money market fund yielding just 3.5%. Since municipal bond interest is exempt from federal income tax—and in many cases, state income tax too—the entire 3.5% drops into your pocket. No taxes. No games.

Municipal MMF Example:

• Yield: 3.5%
• After-tax return: 3.5%

That’s a 75 basis point difference in after-tax returns—on the same cash. Put another way, you’re earning 27% more with a muni money market fund, even though the headline yield looks lower.

This isn’t investment advice and every situation is different (yada yada), but if you're sitting on a big pile of cash and you're in a high tax bracket, you should be seriously considering tax-exempt options. Especially if you’re just looking for safety and yield.

Eaton Vance has a VERY cool tax-equivalent calculator if you want to see how this looks for your specific situation.

Cash isn’t bad. Taxes on cash are.

Good Sh*t:

Working Outside: These past two week, I started working outside for a few hours on our outdoor dining table. Game changer. It’s amazing what a location shift can do — fresh air, sunlight, a breeze, and most importantly, a direct view of the bird-feeder. My work days are long and when I sneak in this location change, I’m noticeably happier and more energized.

If you're stuck in an office, can you convince your boss to take a “walk and talk” meeting? Could your next Zoom call happen from a bench in the park instead of your desk chair? The weather’s getting better — take advantage of it. The grind feels slightly more manageable when you're surrounded by green and sunshine.

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