Five Reasons to Buy

Five Reasons to Buy

Humble Dollar

DESPITE THE PROPERTY market’s 2006–12 downturn, many Americans remain firmly convinced of the virtues of homeownership. What underpins that faith? Here are five reasons most folks should aim to own a home.

First, with a fixed-rate mortgage, you lock in your housing costs and thereby protect yourself against a booming real estate market that drives up rents and property prices. An adjustable-rate mortgage doesn’t offer the same degree of certainty, though typically there are caps on how much your monthly payment can increase.

Second, as you pay down your mortgage, you come to own a valuable asset outright. Think of a mortgage as forced savings, with a portion of every monthly payment going toward reducing your loan’s principal balance.

Third, once your mortgage is paid off, you eliminate a major expense, making it easier to retire because you can now live “rent-free.”

Fourth, home prices historically have increased slightly faster than consumer prices, thus acting as a hedge against inflation. Inflation also effectively trims the cost of your mortgage, because it allows you to pay off the loan with dollars that are less valuable.

To continue reading, please go to the original article here:

https://humbledollar.com/money-guide/five-reasons-to-buy/

Even The Federal Reserve Doesn’t Believe The Federal Reserve Anymore

Even The Federal Reserve Doesn’t Believe The Federal Reserve Anymore

Notes From The Field By Simon Black
June 15, 2021   Cancun, Mexico

More than twenty years ago when I was a young Army intelligence officer fresh out of the academy, my commander summoned me to his office one afternoon because he had a ‘special mission’ for me.

I was beyond excited.

My assumption was that it would be a clandestine assignment to lead one of our unit’s counterintelligence teams in the Middle East. Or perhaps it would be temporary duty as an aide to the commanding general who would be visiting soon.

It was none of the above.

Instead, my commander looked at me and said, “Lieutenant, I need you to plan our unit’s long-term budget for the next ten years, and I want it on my desk this afternoon.”

Huh?

Aside from the obvious disappointment of being handed such a lame assignment, I was dumbfounded that they would entrust something like budget planning to a 22-year old with zero experience in the matter.

But the task took me all of 15 minutes to complete. I looked at what our unit’s current budget was for that fiscal year… and then I spent a few minutes researching the inflation rate.

According to Yahoo (yes, this was so long ago that people still primarily used Yahoo instead of Google), the projected inflation rate was 2%.

So basically I just added 2% to our spending every year for the next 10 years, and poof, long-term budget complete.

That’s the day I learned how government financing works; quite often the people who come up with these numbers don’t have a clue what they’re doing and base everything on some very simple assumptions about the future.

A few weeks ago, the White House unveiled its own 10 year budget, which forecasts US federal spending into the early 2030s.

Similarly, they make their own assumptions about the future. In fact, they list key assumptions about inflation, interest rates, etc. on page 60 of their budget report.

This is really interesting… because the Federal Reserve-- i.e. the US central bank that is responsible for controlling inflation-- insists that they’ll keep inflation at 2% over the long term.

But apparently the White House doesn’t believe its own central bank… because the 10-year Biden Budget assumes an inflation rate that’s, proportionally, 15% higher than what the Federal Reserve promises.

This lack of confidence is pretty remarkable; think about it-- the US Treasury Secretary, who would have been instrumental in drafting the budget, used to be the Chair of the Federal Reserve.

So even the Fed’s own alumni don’t believe the Fed when they say that they’ll keep inflation at 2%.

And why should anyone believe the Fed? Inflation has been soaring, yet the Fed has been completely dismissive of it, claiming that inflation is ‘transitory’, i.e. it’s a temporary phenomenon that will eventually stop.

We’ve discussed this before-- there is some truth in that statement. But the real issue is far more complicated.

Let’s have a look at what inflation really is--

In simplistic terms, inflation is too much money relative to the amount of stuff in an economy. And ‘stuff’ literally means ANYTHING-- a loaf of bread, a brand new Tesla, services performed by your accountant, and even assets like Bitcoin, stocks in the S&P 500, real estate, etc.

There’s a finite amount of goods and services in any economy. There’s only so much property available, only so many loaves of bread that are baked. And there are only 500 companies in the S&P.

Similarly, there’s also a certain amount of money-- all the combined income and savings of everyone in the economy.

In a market-based economy, consumers and investors make choices about where all that money ends up; they choose to purchase loaves of bread, Teslas, or shares in S&P 500 companies.

And based on the laws of supply and demand, the prices for those goods, services, and assets will rise or fall according to consumer preference.

But then the Federal Reserve steps in… and arbitrarily expands the money supply. And by “expand”, I mean “flooded the economy with a supernova orgy of money.”

This is pretty much what the Fed has done ever since the LAST financial crisis in 2008; back then its balance sheet was about $800 billion. Today it’s $8 trillion-- 10x bigger.

This means that the Fed has stuffed enormous quantities of money into the economy over the past 12+ years… and especially over the last year.

Since COVID started, the Fed has doubled the size of its balance sheet and expanded the money supply more than any year in US history except for 1943. That’s really saying something.

So- let’s go back to our inflation definition: now there are trillions of dollars of new money in the system.

But at the same time, there’s a lot less stuff.

Countless businesses closed, others were forced to shut down, and workers have been paid to stay home.

All of those policies mean less stuff is being produced in the economy.

So-- more money, less stuff means that prices have generally been rising. That’s inflation.

Some of this really is temporary. Eventually most of those surviving businesses will open, and others will replace the ones which failed. So production will start to catch up.

But longer term, there are a lot of other factors to consider--

1) Tax policy. Remember, these guys want to raise taxes in the US, especially on investors and large companies. In fact their proposed corporate tax rate is 28%.

Yet they’ve just announced a proposal with other nations to set a “global minimum tax” of 15%. So they’re essentially creating a huge incentive for US companies to stop producing in America and head overseas for a lower tax rate. It’s genius.

2) Idiotic COVID policies. We’ve talked about this before-- COVID compliance is expensive.

Here’s a great example-- a lot of hotels are keeping a used room vacant for 24 hours after a guest checks out to ensure ‘proper ventilation’ before any new guest can stay in that room.

This means that hotels will never be able to operate at full capacity, which will cost them a ton of money. And ultimately those costs will be paid by consumers in the form of higher room rates. That’s inflation.

3) Incentives to NOT work.

This one is nuts; they give people money to NOT work. And then the government complains that the unemployment rate is too high… so they need to continue giving money to unemployed people!

It’s a never-ending cycle that creates major disincentives to produce, i.e. less stuff in the economy.

It’s even dumber than when the federal government gave money to farmers during the Great Depression to DESTROY their crops.

There are so many more examples and trends, each of which makes it more difficult to produce (i.e. less stuff) at a time when there’s more money flooding the economy. That causes inflation.

So it’s no wonder the White House is skeptical when the Fed claims that inflation will be 2%. There are simply too many forces that will keep inflation higher in the future.

To your freedom, Simon Black, Founder, SovereignMan.com

https://www.sovereignman.com/trends/even-the-federal-reserve-doesnt-believe-the-federal-reserve-anymore-32665/

Taking Sides on Financial Issues

Taking Sides on Financial Issues

Adam M. Grossman  |  June 6, 2021

WHEN IT COMES to financial questions, there are two common reasons people disagree. Sometimes, they disagree about the facts—whether, say, interest rates are headed higher. But sometimes, people disagree for another reason: They see the world through different lenses.

Last week, I mentioned that Ray Dalio, a prominent hedge fund manager, had recently said that bonds “have become stupid.” I disagreed, but not because of the facts. There’s no disputing the impact of today’s low rates. But I think the wisdom of owning bonds depends on what you’re trying to accomplish. If you’re a hedge fund manager like Dalio, your objectives will be different from those of an individual investor. For a hedge fund, maybe bonds are stupid. But for an individual investor, they might make a ton of sense. It’s a matter of perspective.

Below are five other issues that I also see as matters of perspective.

1. Asset allocation. Investment advisor and author William Bernstein is often quoted as saying, “When you’ve won the game, stop playing.” In other words, if you’ve already accumulated enough savings to meet your needs—or if you’re on track to—then you should dial back your portfolio’s risk. There’s no sense continuing to take risk when you don’t need to. Warren Buffett has expressed the same sentiment: “It’s insane to risk what you have and need in order to obtain what you don’t need.”

Suppose you’ve saved $5 million for retirement and only need $100,000 on top of Social Security to meet your expenses. With these numbers, implying a modest 2% withdrawal rate, you’d be in great shape. If you took Bernstein’s approach, you would manage your portfolio conservatively to avoid jeopardizing that strong position. But some might reach precisely the opposite conclusion, reasoning that with $5 million in the bank and modest needs, you could afford to take more risk.

What’s the right answer? My view is that there isn’t one. It will depend on your goals and what’s most important to you. Are stability and security most important, or are you looking to grow your portfolio as much as possible? Where you come out on this question is an entirely personal decision.

2. Alternative investments. David Swensen was the longtime manager of Yale University’s endowment before he passed away recently. Swensen was a pioneer in developing complex investment strategies. But in a book he wrote for individual investors, Swensen advocated the exact opposite approach. His advice: Buy simple, low-cost index funds and steer clear of complexity.

To continue reading, please go to the original article here:

https://humbledollar.com/2021/06/taking-sides/

What You Need To Know Before You Invest In Anything

What You Need To Know Before You Invest In Anything

Thomas Kopelman / June 1, 2021

As a financial advisor, I get asked almost daily what I am investing in.

It mostly sounds like this “are you invested in Bitcoin? Ethereum, Apple, Tesla, AMC, etc.” The list could go on forever.   I always have a hard time answering this question because what I invest in doesn’t really matter. Just because I invest in certain things does not mean you should and vise versa. The real question is “why do I invest in those things?” The why is so much more important than the what.

And for me, I have a deep why for my investing strategy.

I believe in low cost, diversified investing for most of my portfolio. About 80% of my current portfolio is in low cost index funds that have the exposure I want (the same as our RLS Wealth clients). Some to large cap, some to mid cap, some to small cap, some to international, some to value, and some to growth.

My main focus here is to get what the market offers. To hold on long term and to not touch this money till I need it in the distant future — and to keep the fees as low as possible, but also to keep the gains sheltered inside as much as possible by using ETFs.

Then, with the last 20% I take more risk. I invest in some cryptocurrencies I really believe in as well as some individual stocks. The key here is that I truly believe in them. I did my research. I found what I think will make an impact in the future — and with these investments, I still have a long term view. This belief system is so crucial when you invest, because without it, how do you continue to stick with it when times get tough?

These last few weeks, so many people I know sold their positions in Bitcoin, Ethereum, and other cryptocurrencies, and if that is you, it’s probably because you never believed in the investment in the first place. You probably just invested because others were doing it and you were hoping to make lots of money off of it. I am here to tell you that investing that way rarely works.

Every time things get tough, you are going to sit there and fight yourself on whether you should sell or not simply because you have no true belief around it. This is why it is so important to invest in what you truly believe in because that long term belief enables you to hold on through short term downturns. Sure, it still won’t be easy, but it will be possible when you truly believe in the investment.

I also want to note that chasing investment returns as a millennial is not where your energy is best spent. Your energy is best spent continually investing, increasing your income, increasing your investment percentage, investing in the right accounts based on taxes, etc.

Here are some pieces of investment advice to help you out:

To continue reading, please go to the original article here:

https://thomaskopelman.com/2021/06/what-you-need-to-know-before-you-invest-in-anything/

My Uncle Died Without a Will – And It Was a Nightmare

My Uncle Died Without a Will – And It Was a Nightmare

Written by Hannah Logan   Publish date: June 4, 2021

What happens when a family member dies and doesn't leave a will? It's not pleasant, as one woman recounts. It's a frustrating exercise that underscores why everyone should have a legal will.

In April of 2017, my family got a call we never expected.

My father’s youngest brother had died suddenly in his home. My uncle Peter was a single man without children, so it fell upon my family to take care of his estate. While this is never a pleasant task for any family, our experience was made several times more difficult and stressful due to the fact that we were unable to find his legal will.

He was a former member of the Canadian Navy, based in Halifax. Upon receiving the news my parents flew out to Nova Scotia from our family home in Ontario to take care of everything.

At least, that was the plan. What happened was a frantic scavenger hunt that led us to dead-ends and an agonizing process with the government. Did I mention that we had to deal with this gong show while trying to process our grief of losing a loved one?

Since he had served in the navy, we all assumed Peter had a will. Despite hours of searching, there wasn’t one to be found. Instead of spending the time in Halifax to clear out his apartment and to distribute/sell his belongings, my parents were trying to find Peter’s will. After a week of searching, they gave up, put Peter’s stuff in storage, and flew home. They were still determined to look for a will from afar.

Over the next two months, we did everything we could to find his will, if one even existed at all. We contacted the Canadian military in hopes they might still have one on file. After all, he had only been out of the military for a few years before his death. Even if it wasn’t a recent will, it would have given us some understanding of his last wishes.

No luck. We reached out to every bank and lawyer office we could find in the Halifax area. Again, we came up empty-handed. So we rifled through boxes and boxes of my uncle’s papers that my parents had brought home. Perhaps somewhere in that pile, we’d find a will or clue about whether he had created one and with whom.

But it was all a lost cause. Grief-stricken and frustrated, we had to figure out our next steps of dealing with what the law calls dying “intestate”—meaning that a loved one hasn’t left any instructions as to how they’d like their property to be divided and distributed. It also meant his last wishes for burial were a guessing game.

Unfortunately, this is more common than you would think. Based on a poll conducted by the Angus Reid Institute in 2018, 51% of Canadians don’t have a will. One of the main reasons for this, according to the poll, is that people think they are too young to need one. The study showed that Canadians over the age of 55 are four times as likely to have a will as those aged 18-34, and twice as likely to have a will as those aged 35-54.

To continue reading, please go to the original article here:

https://youngandthrifty.ca/what-happens-if-you-die-without-a-will-in-canada/

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Play Your Own Game

Play Your Own Game

May 13, 2021 by Morgan Housel

Michael Jordan said he had to reconstruct his body when he went from basketball to baseball back to basketball. Baseball favored strong arms and chest; basketball required a leaner figure with a stronger core and legs. Part of the reason Jordan’s basketball return was rusty was because he was still lugging around his baseball arms. “Looking back, I didn’t have enough time to get back to a basketball body,” he said.

Which makes sense. Different sports have different objectives requiring different skills. No one criticizes marathon runners for doing things completely differently from powerlifters, despite both being athletes. ESPN covers sports, yet no anchor pretends golf and mixed martial arts are remotely similar.

But when people use the common label “investors,” that same logic breaks down.

Someone recently asked how my investment views have changed in the last decade. I said I’m less judgemental about how other people invest than I used to be.

It’s so easy to lump everyone into a category called “investors” and view them as playing on the same field called “markets.”

But people play wildly different games.

If you view investing as a single game, then you think every deviation from that game’s rules, strategies, or skills is wrong. But most of the time you’re just a marathon runner yelling at a powerlifter. So much of what we consider investing debates and disagreements are actually just people playing different games unintentionally talking over each other.

A big problem in investing is that we treat it like it’s math, where 2+2=4 for me and you and everyone – there’s one right answer. But I think it’s actually something closer to sports, where equally smart and talented people do things completely differently depending on what game they’re playing.

What you want might not be what I want.

What’s fun to you might be miserable to me.

Your family’s different from mine. Your job’s different from mine. You have different life experiences than I do, different role models, different risk tolerances and goals and social ambitions, work-life balance targets, career incentives, on and on.

So of course we don’t always agree on what’s the best thing to do with our money. There’s no world in which we should.

To continue reading, please go to the original article here:

https://www.collaborativefund.com/blog/play-your-own-game/

50 Ways You’re Throwing Money Away

50 Ways You’re Throwing Money Away

Sabah Karimi   Fri, June 11, 2021,

You probably don't realize all the ways you're wasting money and leaving free money on the table -- and these little missteps can add up to big dollar losses. Fortunately, once you're aware of these bad money behaviors, you can take steps to change them. Making small tweaks to your lifestyle and spending habits could pay off in a big way.

Throwing Money Away on Layaway

While layaway might seem like a sensible way to hold onto something you want to buy, it's not always a smart way to net savings. That's because layaway locks you into a certain price and -- if ultimately financed by a credit card -- additional interest charges.

Not Using a High-Interest Savings Account

Having a high-interest savings account can help you grow your money and build an emergency fund more quickly than with a traditional bank account -- so if you don't have one, you're leaving free money on the table.

The average savings account interest rate is 0.09%, according to the Federal Deposit Insurance Corp., but high-interest savings accounts can offer rates that are much higher -- easily reaching over 1.00%, which is quite a difference compared to the average rate.

Trying To Time the Stock Market

When stocks are on the rise, it's tempting to think you're smart enough to know when to get in and out to make a killing. But this move is one of the worst mistakes rookie investors make.

Experts say it's nearly impossible to do this correctly every single time. After all, you need to be right twice -- when you get out of the market and when you get back in.

Ignoring Refurbished Goods

It’s easy to dismiss refurbished electronics as rejects or factory failures. The truth is, many items are returned for trivial reasons, like being the wrong color. Even then, manufacturers subject these returned projects to rigorous tests. And the difference in price between refurbished and new usually starts at 10% and can be as much as 50%.

Closing the Box on 'Open Box' Savings

A great way to save money when shopping online marketplaces such as eBay is to see if a vendor has cheaper, brand-new "open box" products, which are returned items that have been inspected and put back on shelves by retailers.

Paying Full Price for Gas

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/50-ways-throwing-money-away-220000548.html

Old-School Money Advice You Shouldn’t Follow Anymore

Old-School Money Advice You Shouldn’t Follow Anymore

These old-school rules could hurt you financially.

By Valencia Higuera

If you don't know much about money, you don't have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family.  Although there's no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here's what the experts said is some of the worst money advice.

Pay Off Your Mortgage Early

Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments.  This advice isn't bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn't make the same financial sense in our current low-interest environment as it did when mortgage rates were higher, like 6% to 8%.

"Those extra payments can do more work for you by being placed in other investments," Moyer said. "Even if you only get 6% over the life of the investment, you will beat the interest you are paying on your home mortgage."

You Can Buy a House You Can’t Afford — Just Get Roommates

Taking in a roommate or two can be a financially savvy way to save money, but never purchase a home if you can’t afford to make the mortgage payments yourself. Roommates come and go, so you can’t rely on them to pay off your home loan. And defaulting on a mortgage will ruin your credit and could result in foreclosure, making it hard for you to take out loans and buy another home in the future.

Prioritize Saving For Your Child’s Education

Some parents believe it's their responsibility to pay for their child's college education. The problem, however, is that some people save for their child's college education at the expense of saving for their retirement. Rather than sock all your money away for college tuition, David Walters, a certified financial planner with Palisades Hudson Financial Group, encouraged prioritizing retirement.

"I often need to remind (parents) that you can finance your child's education with college loans and other funding sources, but you can't finance your retirement, so a balance is needed," said Walters. "This is even more important for parents with children at or close to college age, as their time horizon for retirement is much shorter."

Use a Money Transfer Company To Send Cash

To continue reading, please go to the original article here:

https://www.gobankingrates.com/money/financial-planning/old-school-money-advice-shouldnt-follow-anymore/

12 Essential Money Tips for Every Phase of Your Financial Life

12 Essential Money Tips for Every Phase of Your Financial Life

Get the secrets money experts want you to know.  By Gabrielle Olya May 17, 2021

Everyone makes money missteps at some point in their lives, whether it's splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes.   To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life -- no matter your age.

Start With Saving

Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.

Avoid Lifestyle Inflation

It's important to increase your savings rate whenever you start earning more in order to keep growing your net worth.

"Save one-third of every pay raise you get so you don't succumb to lifestyle inflation," said Ted Jenkin, a certified financial planner. By starting this practice early in your career, you'll develop good habits like saving, investing and paying down debts instead of spending it on more stuff you won't care about in a few years' time.

Don't Waste Your Money on Things You Don't Need

Whether you've just received your first paycheck or your first raise, it can be tempting to spend your money on things you want rather than on things you need -- but this can be a huge mistake.

"Don't spend so much money on clothing," said Michelle Schroeder-Gardner, founder of the personal finance blog "Making Sense of Cents." "I've worked full-time since I was around the age of 14, yet I didn't really start saving money until nearly a decade later."

Don't Buy Things To Impress Other People

Spending on immediate wants can hurt your future needs, said John Rampton, founder and CEO of Calendar. "Don't waste your time on expensive cars or gadgets," he said. "It's better to save money for the long-term and for things that can keep generating money, rather than taking (your) money."

Start Investing In Your Retirement ASAP

A GOBankingRates' retirement savings survey found that 64% of Americans have less than $10,000 saved for retirement. It's easy to put off saving for retirement when you're in your 20s, but that's the best time to start. The sooner you save, the sooner you can take advantage of compound interest. No matter your age, it's important to prioritize investing in your retirement accounts.

Don't Fear the Stock Market

Doing something that scares you can be a good thing for your finances. Novice investors are often scared of the stock market, but just by getting started, even on a small scale, you're furthering your financial life. Learn some of the safer ways to invest for the long term if you're worried about making mistakes. And the sooner you get started, the better off you'll likely be.

Now, Invest Even More

To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/savings-advice/money-tips-for-every-phase-of-life/

45 People Share The Best Piece Of Advice They’ve Ever Heard

45 People Share The Best Piece Of Advice They’ve Ever Heard

By Charlie Shaw, February 13th 2014

1. On giving excuses.    Don’t ruin a good apology with an excuse

2. On comparing.   If you keep comparing your life to someone else’s you will never be happy.

3. On “hoping.”   “Hope is not a strategy.”   My dad says this whenever someone says “I hope this works out” or something.   Pretty much it means you can’t rely on something working out, if you want it to work do something to make it happen!

4. On saving.   Always save 10% of what you earn.

5. On toilets.   Buy a plunger before you need a plunger.

6. On manners.   Make eye contact when shaking hands.

7. On college.   My dad gave me this piece of advice before I left for college: “Treat it like a job. Work 9 to 5, going to classes, then studying in a quiet spot in the library. Nothing to do? Work ahead on papers and assignments.” I did as he directed from the first day after orientation. I never pulled an all-nighter writing a paper or studying for exams. I never missed a class. College wasn’t a stressful experience for me, despite being in a competitive major. I graduated with a 3.83.

8. On priorities.   Don’t give up what you want most for what you want now.

9. On taking photos.   When you’re on vacation, take pictures of all the amazing places you see, sure, but make sure you or your friends are in the photos too. In 20 years when you look back at them, you’re not going to care about the Eiffel Tower, you’re going to care about the people you love standing in front of it.

10. Don’t brag.   Don’t boast about your abilities, if they are good enough, people will do the talking for you.

11. A simple maxim.   Do no harm, but take no crap.

To continue reading, please go to the original article here:

https://thoughtcatalog.com/charlie-shaw/2014/02/45-people-share-the-best-piece-of-advice-theyve-ever-heard/?utm_campaign=related&utm_source=thoughtcatalog&utm_term=charlie-shaw

Rude Money Habits You Need To Break Now

Rude Money Habits You Need To Break Now

Gabrielle Olya   Tue, June 8, 2021,

Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.

Here are 10 rude money habits you need to break now.

Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.

Asking How Much Someone Paid for Something That You Have No Intention To Buy

"It’s not polite to just ask prices of things," said Jennifer Porter, an etiquette expert and manners teacher in Seattle. "Some people love sharing prices, but unless it is offered, that is private information."

The exception to this rule is asking about pricing for something that you are interested in purchasing.

"It can be appropriate to open a conversation about how you’ve been looking for X and wondered what range a friend paid for a similar item," Porter said.

Asking To Borrow Money From Friends

Porter said that asking a friend to lend you money is an etiquette no-no. You may borrow money from a family member under certain circumstances, but if you do, have "a written plan and timeline to pay it back and offer to pay a small interest rate or whatever the ‘lender’ stipulates," Porter said.

Discussing Salary

It's rude to ask how much money someone else makes, and it's also rude to share how much money you make (unless there is good reason to do so, i.e. someone is looking for a job in your field and wants to know a typical salary range).

"This can make people feel uncomfortable," Porter said.

Not Tipping at a Restaurant

 To continue reading, please go to the original article here:

https://finance.yahoo.com/news/rude-money-habits-break-now-110024151.html