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Clark is fierce about his feelings on public education. He thinks public school systems are harming our country and he loves the idea of charter schools. In Washington, D.C., in particular, charter schools and vouchers are huge. On the other hand, the public school system has always been a “social promotions” system. That means that people move to the next grade regardless of what they know. The good news is that the public schools in D.C. are now trying to get their act together, too. Houston is another area with struggling school systems. Thankfully, the Bill and Melinda Gates Foundation is opening 42 new charter schools in the Houston area. It will allow more impetus for change and opportunity, in Clark’s opinion. Today, more than ever people need education. We are a “knowledge-based” economy. In the past, people could get by simply with hard work. But, if a child grows up in a poor area these days, his or her education will also be poor. And, therefore, that child will not have the same opportunity to succeed as a child reared in a good school. Even if you don’t have kids or your kids are grown, you are still affected by this. That’s because huge amounts of your tax dollars are spent on education.

Do you know what a tax managed portfolio is? It’s a fund that is specifically managed by one person and, therefore, has very few tax penalties. The money you contribute is not taxed, just the earnings. And, even then, the money can’t be taxed any more than 15 percent. In addition, tax-managed portfolios are a great product to inherit because you can pass them on tax free. You must have $10,000 to open one, which can be tough for some people. But if you can afford it, you may want to buy more than one. Choices include big companies, small companies, international companies and a mix of all of the above. But how do you know where to begin? Well, if you go with Vanguard, for example, a good game plan is to go with the “Capital Appreciation” fund first. The next $10,000 would go in the international fund, followed by the small company portfolio. That way, you’re diversified across all three sectors of the financial market. Then, when it’s time to put more money in, you put half of the money you have into the first fund, and 25 percent into each of the other two. If you’re self-employed, consider a SEP and do the same thing. Good luck!