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Choose a fund issued with bonds from your state to compound your tax savings. FCEPX has historically beaten more than 90 percent of other small-cap funds for tax-adjusted returns. If you live within the state or municipality that issues the bond, income may also be tax-free on that level.

In fact, according to just about every analysis of funds that exist, the best overall performance comes from index funds with low fees. I personally believe this should be illegal, but in today’s system, it is not only allowed but very common. A fee-only financial advisor cannot receive compensation from a brokerage firm, a mutual fund company, an insurance company, or any other source besides you, the client.