My Parents’ Neighbors’ House Caught Fire: A Financial Cautionary Tale
My parents’ neighbors’ house caught fire last week. My financial mind can’t help but see powerful money lessons.
My parents’ neighbors’ house caught fire last week. My financial mind can’t help but see powerful money lessons.
“Jesse – I don’t understand why you hold bonds. I don’t know why anyone holds bonds. Can you explain the “problem” with a 100% stock portfolio?”
When should you get a credit card? How do you get approved for your first credit card? Do you need to start with a secured credit card first?Consider getting a credit card if you live within your means and have a history of paying your bills â like rent and utilities â on time.
The post When should you get a credit card? appeared first on Money Under 30.
When should you get a credit card? How do you get approved for your first credit card? Do you need to start with a secured credit card first?Consider getting a credit card if you live within your means and have a history of paying your bills â like rent and utilities â on time.
The post When should you get a credit card? appeared first on Money Under 30.
“I should have gotten serious about this 20 years ago. I’m frustrated that I blew a big chance and now I’m too late.” Here’s my response to him.
The more you accept your investing imperfection, the closer to perfect you’ll be.
One of the joys of writing a money blog like Get Rich Slowly is the continuing self-education. I’m always reading and learning about personal finance. A lot of the times — as in the past month — this education is about esoteric topics. I’m currently diving deep into the history of personal finance, a subject that’s interesting to me but admittedly not of much practical use in the modern world. (Today in the mail, I got a book about advertising and the use of credit during the 1920s. How’s that for esoteric?)
But sometimes, this self-education does have practical uses, and it’s stuff that I can share with you folks so that you too can become better educated.
For instance, I have a huge blind spot when it comes to so-called “robo-advisors”. When I stopped writing here in 2012, robo-advisors existed but they hadn’t yet become a Big Deal. By the time I re-purchased this site in 2017, things had changed. Robo-advisors had become a major force in the investment industry — and I was clueless about what they were.
I’ve remained (mostly) clueless for almost three years now. I have a general idea of what robo-advisors are and how they operate, but only in the broadest sense. During our weekly planning call on Monday, I mentioned this blind spot to my business partner, Tom.
“You should write about robo-advisors,” Tom said. “If you don’t know what they are, I’ll bet there are plenty of readers who don’t know either. Do some research, write it up, and then everybody benefits.”
Tom is a smart man.
Here then is my research into the world of robo-advisors. What are they? How do they work? And who should use them? Let’s find out.
In a recent article in The Atlantic, Joe Pinsker shared some thoughts on why many ultrarich people aren’t satisfied with their wealth.
There seem to be two reasons.
While Pinsker’s article is about the ultrarich, I think these tendencies apply to nearly everyone. Even me.
People in the middle class are just as inclined to hop on the hedonic treadmill. They’re just as likely to compare what they have to what their friends have. The same goes for those who aren’t well off. Even people in poverty get sucked into the comparison game.
In fact, I’d argue that for the poor and middle class, there’s an added element. Time and again, statistics show that folks with lower incomes watch tons more TV than people who earn more. (Also here — and many more studies.) When you allow yourself to succumb to the “other world” of film and TV, you’re exposed to more ideas about how people should and do live — even if these ideas are baseless. (It’s like “The Grand Illusion” by Styx: “Don’t be fooled by the radio, the TV, or the magazines. They show you photographs of how your life should be, but they’re just someone else’s fantasy.”)
The rich compare themselves to themselves and others. The poor do too but they also compare themselves to fictional characters on film and television.
The bottom line seems to be that comparing your situation to anyone is likely to lead to trouble. Whether you’re comparing yourself to yourself, your family, your friends, or to people in Hollywood productions, doing so leads to a desire for more.
But it doesn’t have to be this way.
Teen Drivers: 10 Things You Must Know About Your First Car Insurance Policy is a post from Pocket Your Dollars.
While walking the dog last weekend, Kim noted that I’ve been getting a lot of packages in the mail lately. “What’s up with that?” she asked.
I sighed.
“Remember how we shared that bottle of champagne on New Year’s Eve?” I said. “Well, that got me buzzed enough that I sat down at my computer and ordered a bunch of used books. Mystery novels and manga. So, those are starting to filter in.” That’s right. I got drunk on New Year’s Eve (because I no longer drink regularly, I’ve become a lightweight) and ordered old John le Carré paperbacks and Lone Wolf and Cub compilations from ABE Books. I lead an exciting life, my friends.
“Don’t you have enough books?” Kim asked.
“Honestly, I do,” I said. “And I haven’t read half of them. I haven’t watched half of the movies I’ve purchased. I haven’t read half of my graphic novels.”
“You only wear about half of the clothes in your closet,” Kim added. We stopped to let the dog dig in the ditch. Tally was certain she smelled a rodent and was desperate to find it.
“Right,” I said. “I know I’m not the only one who does this, but that doesn’t mean I like it. I feel as if I ought to take a break from buying new stuff and just work through the books and movies and clothes I already own.”
“I feel as if you ought to do that too,” Kim said, laughing. Then Tahlequah saw a deer in the neighbor’s field, and our conversation was forgotten in the ensuing excitement. Bark bark bark! Deers are evil.