Apache is functioning normally
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Apache is functioning normally
This guest post from Bon is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success â or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes.
I’ve always been a bit of a capitalist so to speak, so when I decided to join the Peace Corps several years ago, not only was it a shock to my family and friends, it was a little bit of a shock to me. At the time I loved my job but knew that I would regret staying too close to the corporate path I had been following.
Calculating Opportunity Cost
When considering a major lifestyle change, ask yourself if you’re really losing your entire salary when you take a break from work. When I was weighing the financial impact Peace Corps would have, I knew the program would cover my travel, living expenses, and health care, so I wouldn’t really be giving up my entire salary for two years. I’d only be giving up what I might potentially have saved at the end of each year. Instead of my opportunity cost being something like $100,000 for two years, it was actually closer to $14,000 total. This seemed like a reasonable price to pay for the experience.</
Apache is functioning normally
Saturday, I posted what I thought was an amusing anecdote. I told how I’d bought some treats from a young girl’s bake sale, but she’d been woefully unprepared to take my money and give me change. I meant the story to be comic relief, but quite a few GRS readers found it unamusing â and, in fact, thought I came off as something of a jerk. Oops.
In retrospect, many people raised valid concerns (though some folks were making mountains out of molehills). I was something of a jerk. To make amends, today I want to provide a frame of reference so you can see where I’m coming from (not that this excuses my behavior), and I want to provide some tips for parents with entrepreneurial kids.
I was a grade-school entrepreneur
As I’ve mentioned many times, I always do what I can to support young entrepreneurs â that’s why I bought the goodies from the girls last week in the first place. I believe strongly that kids should be encouraged to make and sell things, and even start their own kid-sized businesses. I probably feel this way because I was a grade-school entrepreneur.
Don’t have savings? Quit making excuses
I’m back, and I sound just like your mom: Save that damned emergency fund, already.
This week (Feb. 24-March 1) is America Saves Week. And not a moment too soon: As a nation, we’re losing ground. An ASW survey shows that just 51 percent of us have a savings plan with specific goals; four years ago that number was 55 percent. (Still too low, IMHO.) Just 40 percent of us have budgets that allow for savings at all, compared with 46 percent in 2010.
The ASW report notes several reasons (stop me if these sound familiar): relatively high unemployment and underemployment rates, stagnant wages and the struggle to pay off homes. (Hint: In the past four years, the number of homeowners who expected to pay off mortgages before retirement dropped 10 percent.)
How to Throw a Kick A$$ Conference and Get All The Cool Kids To Show Up
A year after graduating high school, I remember throwing one of the biggest parties while my mom and step-dad were out of town one weekend.  There were tons of people and for one night I felt like “the man”. It was short lived as the police showed up to shut it down. Nonetheless, it feels […]
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The Best 37 Books For Entrepreneurs That Kick Serious Butt
If you have any inkling of wanting to become an entrepreneur, then you should be doing one simple thing. What’s the simple thing? Reading. Reading is said to be the spark behind creative thinking, and is one of the most predominate traits of individuals said to pertain a level of âhigher intelligenceâ. Is the thought […]
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8 Best Investments to Generate Monthly Income
Bills for utilities, mortgages, auto loans and similar expenses usually arrive monthly, while many investments generate income only quarterly, annually or even less often. However, there are a number of assets that pay income on a monthly basis. Options include ⦠Continue reading â
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Understanding How Your Bank Manages Risk
When you open a checking account or a savings account, you might not be too concerned about the possibility of losing money. After all, bank failures are largely a rarity and when one does occur, the FDIC is there to ⦠Continue reading â
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How to Protect Trust Assets From a Beneficiaryâs Divorce
Trusts can be a useful estate planning tool for passing on wealth to heirs. When naming beneficiaries, itâs important to consider how their spouses may fit into the picture. Specifically, you may wonder how to protect trust assets from a ⦠Continue reading â
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How A Cushy Job Can Be Your Ticket To Financial Freedom
This is a guest post from Steve who runs the popular blog MyWifeQuitHerJob.com where he writes about building wealth and entrepreneurship with an online store. Are you bored with your job? Are you tired of what you do on a day to day basis? The fact is that there are many people who aren’t 100% […]
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