July 2026
From the Field
Whew! It is HOT out here in Northern Virginia. I generally take my own financial planning medicine when it comes to balancing work with the other things I love, but this summer heat has me renegotiating my run start times to hours no retiree should have to see on an alarm clock.
Outside of that minor inconvenience, this summer is off to a fantastic start. One of our boys is now married, Chicago marathon training is underway, and there are a few trips on the horizon worth looking forward to.
Speaking of travel: I will be on the road in the middle of July visiting family. If we are meeting during that time, expect a slightly different background and some limited hours as I work from a different location and time zone.
This balance of travel and work speaks to my inner soul. In fact, it reminds me of a conversation from the past few weeks. Someone told me that when they retire from military and federal service, likely in their 40s, they want to go live abroad for a while. That is exactly the kind of goal that reminds me why I started Formynder. When people begin to attach real purpose to their money, the conversations change entirely. I spent years without a clear finish line. Now that I have experienced what can be on the other side of military retirement, I want to show you, too.
Oh, and happy 250th birthday, America! I know the Europeans are likely thinking, "that's cute," but 250 years IS worth celebrating!
The BLUF
I know you'll want to read the entire newsletter, but here's a preview of what's included in this month's edition:
✅ Feel Good Moments. Here comes the bride and groom!
✅ Some Resources for You
✅ What are we talking about? Client conversations.
✅ SpaceX IPO. Is it that big of a deal?
✅ In plain site. Some of the other places you'll find my musings.
Feel Good Moments
For those of you new to my newsletter, I like to start with gratitude, identifying those moments in my life that make every day worth waking up for.
On June 5th, our son married his girlfriend of five years. On top of that, they asked me to officiate the ceremony. I was honored, of course.
Most of you don't know that tears come easy for me after retirement and I have no idea why. Naturally, I started crying when they asked me. You can imagine my concern about getting through an entire ceremony without losing it.
So. Funny story.
There I was at the altar as the bride approached, praying I could just make it all the way through without any awkward pauses to cry. I got to page three of my script and started thinking through the upcoming portions: the confirmation, the vows, the ring exchange... Wait. THE RINGS! I was supposed to have them, and I didn't!
I kept moving calmly through the script while my mind was racing. Where were the rings? Even if I could find out, how would I get them? Then it hit me. There was a four-minute song and prayer scheduled after the ring exchange. I flipped ahead and got the song going early, then leaned over to the bride and asked where the rings were. After she appropriately freaked out, she told me. The best man, who I have never seen move that fast, went to retrieve them. At the end of the song, I put my left hand behind my back, and two rings appeared. I flipped back a few pages and carried on as if nothing had happened.
Crisis averted and great story for years to come.
And I never cried.
Notable Client Resources
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Client Conversations: What am I talking about, with you?
Every once in a while, when I see a topic trending in conversations, I might take a few moments to share that topic among all of you as readers. Clearly, there are no particulars here, but I think it is important for you to know that you are not alone.
Most people spend their careers earning money without ever stopping to ask, or answer, a simple question: how much do I actually need? Not how much can I accumulate or how much would make me feel comfortable, but how much do I need to do everything I want to do and never run out before I run out of time.
That distinction matters more than most people realize, and it is the core of almost every planning conversation I am having right now.
Here is how it usually goes. Someone sits down with me and we start talking about their goals. Where do they want to live? What do they want to do when they stop working? How much do they want to travel? Do they want to help their kids with a down payment someday? Do they care about leaving something behind, or do they want to spend it all and die with a zero balance? Unfortunately, most people have never allowed themselves to think about these goals for fear that they may never achieve them. 'Going there', however, is the only way we can start to put a dollar figure on how much is enough.
Once we have real answers to real questions, we can begin to work backward. We figure out what those goals actually cost. Then we figure out what income sources are already in place. Then we figure out what gap, if any, the portfolio needs to fill. And here is the part that surprises people every single time: the number is usually smaller than they expected.
This is especially true for families with pensions. A pension alone changes the math dramatically. Add VA benefits, a second career, a spouse's income, and suddenly the portfolio carries very little of the load. It only has to fill a specific gap for a specific period of time. When you know what that gap is, investing gets simpler. Saving gets more intentional and the anxiety that comes from chasing an undefined number starts to calm down.
I worked with someone recently who had been maxing out every account available to them for years; disciplined savers who did everything right. But they had never sat down and actually calculated what they needed. When we did the math together, they realized they were on track to accumulate nearly twice what their goals required, which meant that technically and mathematically, they were work-optional! That is a great problem to have, but it also meant they had been living tighter than they needed to for a long time. There were things they had been putting off, experiences they had been delaying, because the number in their head felt like it was never quite enough.
It was enough. It had been enough for a while.
This conversation is never a one-time event. As goals are accomplished, as life changes, and as the numbers come into sharper focus, we revisit it together. The plan grows with you. That is the entire purpose of continuous, on-going planning.
Market Corner: What's the deal with SpaceX?
SpaceX went public on Friday, June 12th, on the Nasdaq under the ticker SPCX. It was the largest IPO in history, raising $75 billion at $135 per share. The stock jumped 19% on day one and has continued climbing. Elon Musk became the world's first trillionaire on paper. The excitement is real and it's loud, although it's died down some.
I feel it's important to offer a few thoughts around the buzz.
First, excitement and profitability are two different things. SpaceX lost nearly $5 billion in 2025. The company operates three primary business arms: Space, which covers rocket launches and missions; Connectivity, which is Starlink; and Artificial Intelligence, which includes Grok and data center infrastructure. Starlink is the only one generating meaningful profit. The launch business runs on thin margins. The AI division is burning significant capital as SpaceX races to build out data center infrastructure. The stock is currently trading at roughly 94 times its 2025 revenue. That number has no precedent among the world's most valuable companies.
It's not all bad news. There is genuine long-term potential here. SpaceX is actively exploring the idea of launching data centers into space, which would solve three problems: power from the sun, cooling from space, and getting data centers out of populated areas. SpaceX is also the only private company that knows how to build, launch, and recover rockets at scale. The concept is not far-fetched. It's also likely many years away from generating meaningful revenue. Potential and proximity are two very different things.
Second, at least one major analyst firm initiated coverage on day one with a sell rating, projecting the stock could fall nearly 30% from its current price within a year. Beyond the hype, this comes down to valuation. SpaceX has been around since 2002 and much of its expected future value is already baked into the stock price. That is different from a younger company going public where the growth story is still unwritten and the entry price reflects that uncertainty.
I've Got A Fever and I Need More Cowbell
After reading this, if you still feel like you cannot sit on the sidelines, I understand. Some people need to take the swing. That's human. But be honest with yourself about one thing: where is the money that you would like to use to buy SpaceX coming from?
There's investment money and there's play money. Investment money is attached to your retirement, your goals, your plan. Play money is what you can afford to lose entirely without it changing anything that matters. SPCX, at this valuation, belongs in the play money bucket. Why? FOMO is not a financial strategy. It never has been.
If Formynder manages your investments and you have questions or concerns about SpaceX, give me a call or book an appointment and we will talk through it together. If you are wondering when you will see it in your Formynder portfolio, it will be there just as soon as it hits the S&P 500 (presumably, about a year from now).
In Plain 'Site'
Check out the Fiscal Foxhole podcast with myself and Rob Moore - we're out every Wednesday morning!
Have any specific topics you'd like me to write about?
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Disclaimer: This newsletter is provided for educational, general information, and illustration purposes only. Nothing contained in this material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation.
