Essential Money Tips for Surviving the ‘Pandemic Spiral’
.Essential Money Tips for Surviving the ‘Pandemic Spiral’
By Gabrielle Olya February 18, 2021
Take a deep breath before you spend more.
In a story for The Atlantic, writer Ed Yong put forth the idea that, thanks to the coronavirus, America is stuck in a "pandemic spiral" that's destroying, among many things, their budgets.
"Many Americans trusted intuition to help guide them through this disaster," he wrote. "They grabbed onto whatever solution was most prominent in the moment, and bounced from one (often false) hope to the next. (...) The country is now trapped in an intuition nightmare. (...) Americans are walled in by their own unhelpful instincts, which lead them round and round in self-destructive circles."
Essential Money Tips for Surviving the ‘Pandemic Spiral’
By Gabrielle Olya February 18, 2021
Take a deep breath before you spend more.
In a story for The Atlantic, writer Ed Yong put forth the idea that, thanks to the coronavirus, America is stuck in a "pandemic spiral" that's destroying, among many things, their budgets.
"Many Americans trusted intuition to help guide them through this disaster," he wrote. "They grabbed onto whatever solution was most prominent in the moment, and bounced from one (often false) hope to the next. (...) The country is now trapped in an intuition nightmare. (...) Americans are walled in by their own unhelpful instincts, which lead them round and round in self-destructive circles."
While trusting your instincts can be productive, it can also sometimes be disastrous -- leading to financial ruin if you're "going with your gut" with every money decision amid the pandemic. Here are a few money tips that may go against your gut reaction, but that can save you from ending up broke by the end of the coronavirus pandemic.
Prioritize Emergency Savings
Yong said it's easy to fall into a "normality trap" when dealing with a crisis, as people want to return to "normal" ASAP rather than facing the uncertain world we are now in. Put into financial terms, you may be maintaining your normal spending behaviors if you're not one of the millions of Americans who have lost their jobs due to COVID-19. But just because you haven't lost your job doesn't mean that you won't, as the economy is still rocky for many sectors. Given this uncertainty, it's important to prioritize your emergency savings.
“As the COVID-19 pandemic makes clear, financial stressors can strike with minimal warning,” said Greg Klingler, CFP, ChFEBC, director of wealth management for the Government Employees’ Benefit Association. “An emergency fund is a crucial part of your budget, and you may need to contribute a bit less to your savings (retirement or debt payments) and/or wants (entertainment, clothes, etc.) to establish and fund it. All Americans should maintain three to six months of expenses in liquid cash.”
Cut Costs Where You Can
In order to save more, you will likely have to spend less. If you're saving money by not commuting, not traveling and going out to eat less, save that money rather than blowing it on online shopping or panic buying.
Put Your Savings Into a High-Yield Savings Account
With the economy in its current state, you may be wondering if your money is still safe in a bank. Do not panic -- the Federal Deposit Insurance Corporation covers up to $250,000 in each bank account, which means that even if your bank fails, your money is fully protected by the U.S. government.
To continue reading, please go to the original article here:
12 COVID-Proof Money Tips From Financial Planners
.12 COVID-Proof Money Tips From Financial Planners
By Jaime Catmull February 22, 2021
Make sure your finances can withstand the pandemic.
The coronavirus pandemic has changed nearly every aspect of our financial lives. Many of us have lost jobs or work hours, seen our investments swing from highs to lows and changed the way we spend money, with many of our usual expenses (commuting, vacations, etc.) now off the table. With so much uncertainty still looming about how the pandemic will affect the economy going forward, it's important to make smart financial moves that can weather whatever is to come.
While some golden rules of money management still stand, other advice has changed due to all the uncertainty we've been facing in recent months. I spoke to financial planners to find out what tips they've been giving their clients to ride out the current crisis and be prepared for whatever the future may hold. Keep reading to check out this advice for yourself.
12 COVID-Proof Money Tips From Financial Planners
By Jaime Catmull February 22, 2021
Make sure your finances can withstand the pandemic.
The coronavirus pandemic has changed nearly every aspect of our financial lives. Many of us have lost jobs or work hours, seen our investments swing from highs to lows and changed the way we spend money, with many of our usual expenses (commuting, vacations, etc.) now off the table. With so much uncertainty still looming about how the pandemic will affect the economy going forward, it's important to make smart financial moves that can weather whatever is to come.
While some golden rules of money management still stand, other advice has changed due to all the uncertainty we've been facing in recent months. I spoke to financial planners to find out what tips they've been giving their clients to ride out the current crisis and be prepared for whatever the future may hold. Keep reading to check out this advice for yourself.
Focus On What You Can Control
"You can’t predict or control how the pandemic will impact the market," said Carrie Schwab-Pomerantz, CFP, board chair and president of the Charles Schwab Foundation. "But you can control how you manage your investments, your savings rate, having a financial plan and how you react to events."
Create a Budget To Maximize Your Resources
Creating and sticking to a budget is one financial tip that always applies; however, you may need to revisit yours to account for any changes in your lifestyle due to the pandemic.
"If you can, rethink your needs and wants, reprioritize your expenses and plan better for the future," Schwab-Pomerantz said. "Put what you don't spend on 'extras' toward the future — whether that's your emergency fund, retirement or education."
Keep Your Expenses Low
"Managing expenses during this time is very important," said Robert Conzo, CFP, CEO and managing director of The Wealth Alliance. "Job stability is a very big issue and can dramatically affect people’s lives. Living within one's means is always a good practice -- now is no exception and could potentially allow a family to reduce the negative impact of a job change."
Discover: Are You Spending More Than the Average American on 25 Everyday Items?
Build an Emergency Fund
"We don't know how things are going to unfold or how long all of this will last," said Justin Pritchard, CFP at Approach Financial. "It's smart to have a little extra cash on hand for these times."
With so much volatility in the job market and the stock market, it's important to be financially prepared for whatever crisis you may face.
To continue reading, please go to the original article here:
Will There Be a Fourth Stimulus Check?
.Will There Be a Fourth Stimulus Check?
How Much Will It Be? All Your Questions Answered
Checks from the third stimulus are being distributed now. The program has proven to be really popular with the public. Nevertheless, the third stimulus is probably the last one.
Still, if you want to know more about a fourth stimulus check, we have some answers.
Q: Will there be a fourth stimulus?
A: The fourth stimulus will be in the form of President Joe Biden’s American Jobs Plan, an infrastructure plan. The initial bill includes funding for different projects all over the country, which will create work and benefit local communities. It also includes some worker protection language. The final bill may be very different.
Will There Be a Fourth Stimulus Check?
How Much Will It Be? All Your Questions Answered
Checks from the third stimulus are being distributed now. The program has proven to be really popular with the public. Nevertheless, the third stimulus is probably the last one.
Still, if you want to know more about a fourth stimulus check, we have some answers.
Q: Will there be a fourth stimulus?
A: The fourth stimulus will be in the form of President Joe Biden’s American Jobs Plan, an infrastructure plan. The initial bill includes funding for different projects all over the country, which will create work and benefit local communities. It also includes some worker protection language. The final bill may be very different.
Q: Does the new stimulus include a check?
A: No.
Q: Why won’t there be a fourth stimulus check?
A: In large part, because the economic damage from the pandemic is easing. People are getting vaccinated and offices are reopening.
Save for Your Future
Q: What about this $3,600 per child? Isn’t that a stimulus check?
A: Sort of. The $3,600 is an expansion of the Child Tax Credit for children age 5 and under. For children ages 6 to 17, the amount will be $3,000 per child. This is instead of the $2,000-per-child tax credit for 2020.
The stimulus bill increased the amount of the credit, and it changed the distribution from a credit taken at tax time to periodic checks. The IRS is still working out the details, but the current thought is that families would receive a payment of $250 to $300 per month per child, depending on the children’s ages.
Find: This Loophole Is Allowing Debt Collectors to Take Your Stimulus Check
To continue reading, please go to the original article here:
Here’s How To Win A Real Estate Bidding War
.Here’s How To Win A Real Estate Bidding War
Swapna Venugopal Ramaswamy, USA TODAY Thu, July 29, 2021
‘I don’t care that I’m overpaying’: Houses are selling over asking price. Mystoura "Misty" Afolabi, a real estate agent in the Los Angeles area, was working with a young family for more than a year, trying to find them a home. But every time they saw a house they liked, they were outbid. Then in March, the couple decided to bid on a house even before they had a chance to see it.
The two-bedroom, two-bath property was listed at $585,000, well below market value – a tactic increasingly used to trigger bidding wars in a super-competitive, pandemic housing market. The couple offered $620,000, or $35,000 above asking. Their offer was rejected. “We couldn’t believe it,” says Afolabi, an agent for Redfin.
However, the homeowners, who had received 32 other offers, reached out to the five prospective buyers with the highest bids, including Afolabi’s clients, and asked them to come up with their best offer.
Here’s How To Win A Real Estate Bidding War
Swapna Venugopal Ramaswamy, USA TODAY Thu, July 29, 2021
‘I don’t care that I’m overpaying’: Houses are selling over asking price. Mystoura "Misty" Afolabi, a real estate agent in the Los Angeles area, was working with a young family for more than a year, trying to find them a home. But every time they saw a house they liked, they were outbid. Then in March, the couple decided to bid on a house even before they had a chance to see it.
The two-bedroom, two-bath property was listed at $585,000, well below market value – a tactic increasingly used to trigger bidding wars in a super-competitive, pandemic housing market. The couple offered $620,000, or $35,000 above asking. Their offer was rejected. “We couldn’t believe it,” says Afolabi, an agent for Redfin.
However, the homeowners, who had received 32 other offers, reached out to the five prospective buyers with the highest bids, including Afolabi’s clients, and asked them to come up with their best offer.
Having made the shortlist, the young couple, who have three kids, decided to see the house. “We met with the seller’s families, and both families got along really well,” says Afolabi. “They loved the house even more.”
The couple sent in their next offer at $650,000 with reduced time frames on inspection, appraisal, and loans. They increased their down payment to 50% from the standard 10% to 20%. They also wrote a letter to the sellers highlighting the specific things they had loved about the house. In the end, the couple beat out the competition, some of whom were investors and developers offering all cash.
Nearly three-quarters (74%) of offers written by Redfin agents in April faced bidding wars, according to the real estate brokerage. On average, every home sold in March had nearly five offers on it, according to the National Association of Realtors.
The housing market continued to break records in April, as home prices rose 21% year-over-year and the median home-sale price soared to $348,500, according to a report by Redfin.
The report also found that 48% of homes sold for more than their list price, with the average home selling for 1.4% more than the asking price.
To continue reading, please go to the original article here:
https://money.yahoo.com/don-t-care-m-overpaying-150730911.html
More Stimulus Money May Be Coming Your Way
.More Stimulus Money May Be Coming Your Way – Here’s What To Do With It
Early tax filers may get a treat this year. If you’ve filed your taxes for 2020, you could be getting one of the “bonus checks” or “plus-up payments” the IRS distributed in the past two weeks, according to MoneyWise.
You may also be due to receive your third economic impact payment this week, as the IRS has been sending payments through the month of April, according to an IRS.gov press release. The press release states that a seventh batch of nearly 2 million Economic Impact Payments from the American Rescue Plan began processing April 23, with an official payment date of April 28. Some people may have seen the money in their account, marked as pending, prior to April 28.
The IRS says these funds total $4.3 billion across nearly 2 million payments.
More Stimulus Money May Be Coming Your Way – Here’s What To Do With It
Early tax filers may get a treat this year. If you’ve filed your taxes for 2020, you could be getting one of the “bonus checks” or “plus-up payments” the IRS distributed in the past two weeks, according to MoneyWise.
You may also be due to receive your third economic impact payment this week, as the IRS has been sending payments through the month of April, according to an IRS.gov press release. The press release states that a seventh batch of nearly 2 million Economic Impact Payments from the American Rescue Plan began processing April 23, with an official payment date of April 28. Some people may have seen the money in their account, marked as pending, prior to April 28.
The IRS says these funds total $4.3 billion across nearly 2 million payments.
Some people, however, who already received their third check could be receiving a “plus-up” payment if their economic situation changed between 2019 and 2020. If their 2020 tax return shows a new child or dependent or if your income dropped, you could be getting more money.
This is especially true if you didn’t qualify for the full $1,400 in the third round based on 2019 returns, but you do based on your 2020 filings, or if you got married in 2020 and filed a joint return, with adjusted gross income under $150,000 combined.
If you hadn’t been required to file taxes in previous years but did in 2020, you may also have more money coming, the IRS says.
While you may be tempted to book a trip for this summer as lockdown measures are lifted worldwide, don’t rush to spend those funds without taking a close look at your financial situation first. It’s okay to treat yourself, but there may be better ways to spend that money.
Pay Down High Interest Credit Card Debt
Don’t just toss money at your highest interest credit card, though. Instead, if your credit is good, apply for a credit card with an introductory APR of 0%. Consolidate as much of your debt as you can, and then begin paying down what’s left.
To continue reading, please go to the original article here:
People Who Are Good With Money Avoid These Missteps
.People Who Are Good With Money Avoid These Missteps
By Jake Schroeder
While there are hundreds of potential mistakes people might make with money, there are some financial moves that can really set you back. Between bad habits and wishful thinking, poor financial choices can happen all the time. This round-up can serve as your guide for what not to do when it comes to personal finance. From not saving for retirement to living beyond your means, here are some things that people who are financially stable don’t do.
Lose Track of Money
Money isn’t infinite. That’s why it’s important to keep track of where you’re spending it. If you don’t know where your money is going, it’s easier to waste it. Let’s say you’re paying for subscription services you don’t use. Before long, you’ve spent $1,000 on music streaming, and you had no idea. That $1,000 you didn’t use could’ve paid down a credit card.
People Who Are Good With Money Avoid These Missteps
By Jake Schroeder
While there are hundreds of potential mistakes people might make with money, there are some financial moves that can really set you back. Between bad habits and wishful thinking, poor financial choices can happen all the time. This round-up can serve as your guide for what not to do when it comes to personal finance. From not saving for retirement to living beyond your means, here are some things that people who are financially stable don’t do.
Lose Track of Money
Money isn’t infinite. That’s why it’s important to keep track of where you’re spending it. If you don’t know where your money is going, it’s easier to waste it. Let’s say you’re paying for subscription services you don’t use. Before long, you’ve spent $1,000 on music streaming, and you had no idea. That $1,000 you didn’t use could’ve paid down a credit card.
Keep track of your spending, expenses, debts and investments. This doesn’t have to consume a lot of your time, but keeping track will ensure you’re going in with your eyes wide open. You should know where your money is and where it’s going.
Buy Houses They Can’t Afford
Being house poor isn’t a good look. This term refers to someone who uses most of their income on a housing payment. If you pay more for a house than you can actually afford, you’re putting yourself at risk financially.
Buying a house that you can’t really afford means you’re holding a lot of debt and making larger mortgage payments. The money you’re earning is all going to your mortgage instead of a savings account or a retirement fund. People who are good with their money understand that it’s better to stay within your means when it comes to housing.
Overspend on Credit Cards
Overspending on credit cards is one of the biggest financial mistakes someone can make. If you have too high of a credit card balance, you may be heading down a slippery slope. If you can’t make your payments, then you’ll also be subject to expensive late fees and interest charges.
Financially savvy people understand the importance of keeping their credit card debt low. You’ll save a ton of money on interest, and you won’t need to pay extra fees or late charges. The lower your credit card debt is, the higher your credit score will be, too.
Invest Money They Can’t Lose
To continue reading, please go to the original article here:
THE 3 Principles of Building Wealth
.THE 3 Principles of Building Wealth
“These are the habits that brought us to where we are.” – my girlfriend once told me while filling a bottle of water so we don’t have to buy any in an amusement park.
I couldn’t agree more.
Although our principles of building wealth are not exclusively based on saving, any financial endeavor requires starting capital.
That’s why we’ll start there.
Principle #1: Capital
Capital – assets that can enhance one’s power to perform economically useful work.1
THE 3 Principles of Building Wealth
“These are the habits that brought us to where we are.” – my girlfriend once told me while filling a bottle of water so we don’t have to buy any in an amusement park.
I couldn’t agree more.
Although our principles of building wealth are not exclusively based on saving, any financial endeavor requires starting capital.
That’s why we’ll start there.
Principle #1: Capital
Capital – assets that can enhance one’s power to perform economically useful work.1
The opening sentence of this post might seem like I’m trying to promote aggressive saving or extreme frugality.
That’s actually far from the truth.
So unlike the advice you’d get from the personal finance police, I back to differ:
Don’t cut your own hair
Don’t wait for discounts
Don’t sacrifice quality to save cents
Don’t cook at home if you don’t feel like it, etc., etc., etc.
But would that mean that you’ll go broke?
Nope.
Just don’t spend emotionally.
That’s it.
Congratulations, you’re frugal now. That’s literally everything you needed to do.
To continue reading, please go to the original article here:
https://monkwealth.com/the-3-principles-of-building-wealth/#easy-footnote-2-1762
19 Principles That Will Help You Succeed in the “Real World”
.19 Principles That Will Help You Succeed in the “Real World”
by JJ
Okay, so here is a list of 19 principles that I have accumulated over the years. These are things that I wish someone would have shared with me when I was ready to graduate high school and enter the “real world.”
My hope is that you will skim through this list and find a few things that are useful or inspiring! I can’t say that I was ready to accept some of this “guidance” when I was 18 years old and that’s totally okay. In fact, as I read back over this post I can’t believe that I wrote it. It has a self help, motivational vibe that I was definitely not giving off in high school. But, a little over 10 years later (well closer to 15…) and I’m starting to buy into it.
So, if you find some of these points kind of hokey…just give it a few years
19 Principles That Will Help You Succeed in the “Real World”
by JJ
Okay, so here is a list of 19 principles that I have accumulated over the years. These are things that I wish someone would have shared with me when I was ready to graduate high school and enter the “real world.”
My hope is that you will skim through this list and find a few things that are useful or inspiring! I can’t say that I was ready to accept some of this “guidance” when I was 18 years old and that’s totally okay. In fact, as I read back over this post I can’t believe that I wrote it. It has a self help, motivational vibe that I was definitely not giving off in high school. But, a little over 10 years later (well closer to 15…) and I’m starting to buy into it.
So, if you find some of these points kind of hokey…just give it a few years
19 Principles That Will Help You Succeed in the “Real World”
1. Does it add value?
I think this is the single most important question you can ask yourself when you’re about to make a purchase, start a business or struggling to make any kind of decision.
The way each of us defines value is different. A university education might be valued by some and not by others. Saving up to travel might be more important to you than having a new car or the nicest clothes. When it comes to business, if your idea, content or product does not add value to other peoples lives then it is doomed to fail.
2. Practice, persistence and patience.
Good things come to those who wait….right? Kind of. Success doesn’t happen over night. Instead it comes to those who practice their craft, those who stick to their goals and those who are in it for the long haul.
Researchers have studied the differences between those who are able, and those who are not able, to delay gratification early on in life (preschool age). Delayed gratification meaning you forgo a prize now so you can receive a bigger one later on.
The best example of this is the Stanford Marshmallow Experiment. In the 1960’s a couple of psychologists had young children participate in a study where they were brought into a room and sat directly in front of a treat (a marshmallow).
They were then told that they could eat the marshmallow OR they could wait 15 minutes (literally an eternity for a child) and they would receive TWO marshmallows.
Multiple follow up studies were done over a forty year time period. Results demonstrated that the preschool children who were able to wait for the bigger prize were more competent academically and better equipped to deal with things like frustration and stress at all stages in life (1) (2).
3. Reframe your problems.
To continue reading, please go to the original article here:
http://thefinancialgraduate.com/19-principles-that-will-help-you-succeed-in-the-real-world/
Suze Orman’s Top 26 Tips That Will Save You From Financial Disaster
.Suze Orman’s Top 26 Tips That Will Save You From Financial Disaster
Gabrielle Olya Sat, July 31, 2021
Suze Orman was working as a waitress and making $400 a month at 29 years old. She then decided to take a chance on a major career change and landed a job as a broker for Merrill Lynch.
Having been on both ends of the financial spectrum, Orman knows what it takes to make the leap from broke to wealthy, and is now one of the most respected voices in personal finance -- as well as a New York Times bestselling author with more than 25 million books in circulation. According to Celebrity Net Worth, she is worth some $75 million, indicating that she’s followed her own financial advice for saving, investing and preparing for retirement.
Suze Orman’s Top 26 Tips That Will Save You From Financial Disaster
Gabrielle Olya Sat, July 31, 2021
Suze Orman was working as a waitress and making $400 a month at 29 years old. She then decided to take a chance on a major career change and landed a job as a broker for Merrill Lynch.
Having been on both ends of the financial spectrum, Orman knows what it takes to make the leap from broke to wealthy, and is now one of the most respected voices in personal finance -- as well as a New York Times bestselling author with more than 25 million books in circulation. According to Celebrity Net Worth, she is worth some $75 million, indicating that she’s followed her own financial advice for saving, investing and preparing for retirement.
As any self-made millionaire will tell you, going from rags to riches takes hard work. It also calls for tons of tried and true personal finance strategies to maintain and build financial success.
Live Within Your Needs but Below Your Means
Living within your needs but below your means is the golden rule of the Suze Orman budget. Although food and shelter are needs, you might be spending too much on these essentials.
"How much you choose to spend on your basic needs is a squishy number dependent on the choices you make," Orman wrote in a blog post on her website. "For example, a mortgage lender may tell you that you will qualify for a $250,000 mortgage. But if you can find a great home that meets your family’s needs and it costs $195,000 you will save a lot of money that can be used for other important goals. The $195,000 home fits your needs."
Don't Lease a Car — Buy Instead
"Leasing is a horrible financial move," Orman wrote in a blog post. "It is the auto industry’s way to get you to buy a car you can’t really afford. (...) The big problem is that when you lease there’s the temptation to keep leasing forever. So every three years — the standard lease length — you turn in your car and lease another. That means you are signing on for never-ending monthly car payments."
Orman explained that buying is better because once you pay off your loan, you have that extra monthly payment to build your emergency fund, contribute to a retirement account, save for a home down payment or meet another financial goal.
Stop Paying Extra for Minor Conveniences
The difference in the cost of paying for food delivery instead of cooking or hopping in an Uber instead of taking the bus might seem small, but the expense of always taking the convenient option will add up over time.
To continue reading, please go to the original article here:
https://www.yahoo.com/finance/news/suze-orman-top-26-tips-120054435.html
It Takes More Than Money to Retire Early: Lazyman
It Takes More Than Money to Retire Early: Lazyman
When we think about early retirement, we tend to focus on the money. That’s natural because we need money to retire early. Building a portfolio is a crucial step to early retirement. When I was trying to retire early, it was all about how much we spend and how much passive income we need. However, it takes more than money to retire early.
We have done well over the years and saved up a good amount. That’s true for lots of people. There are over 11 million millionaire households in the US now. Most of these millionaires are still working hard. Clearly, money isn’t the only requirement for early retirement. Some people just aren’t a good fit for early retirement. Finance is a big part of the equation, but there is more to it than that. I thought it’d be interesting to see what that elusive something is. That’s why I’m doing this interview series.
It Takes More Than Money to Retire Early: Lazyman
When we think about early retirement, we tend to focus on the money. That’s natural because we need money to retire early. Building a portfolio is a crucial step to early retirement. When I was trying to retire early, it was all about how much we spend and how much passive income we need. However, it takes more than money to retire early.
We have done well over the years and saved up a good amount. That’s true for lots of people. There are over 11 million millionaire households in the US now. Most of these millionaires are still working hard. Clearly, money isn’t the only requirement for early retirement. Some people just aren’t a good fit for early retirement. Finance is a big part of the equation, but there is more to it than that. I thought it’d be interesting to see what that elusive something is. That’s why I’m doing this interview series.
Today, we have Brian from Lazy Man and Money, my east coast doppelganger. I met Brian in 2014 and found that we are very similar. We both retired from an engineering career, became a stay-at-home dad, and our wives kept working. Also, he’s one of the few bloggers that started before me! I’m a big fan of his blog.
Can you give us a brief background about yourself? What career did you retire from?
Answer> I was a software engineer. I started programming when I was 8 or 9 back in the mid-1980s. In 2008 (age 32), I transitioned from full-time software engineering to blogging.
At that time, my military wife was working in Silicon Valley, which sounds like a perfect situation for me as a software engineer. However, Silicon Valley demands 12-15 hours of engineers’ time (hence the Google/Facebook/Apple campuses). That doesn’t work for a military spouse, because the military commitment has to be the main priority. The competing priorities wouldn’t work if we were to start a family. Now we have two boys ages 7 and 8.
Early retirement means different things to different people. Many people don’t think I’m “retired” because I blog a few hours per day and I’m a stay-at-home dad. That’s perfectly fine. Everyone is entitled to their opinion. What does early retirement mean to you? Do you work at all?
I’m not retired, but self-employed. I blog, run customer service for a small Silicon Valley company, and sit dogs while their owners are away. It sounds like a lot and it can be, but I can mostly choose when, where, and how much I work. It has those elements of retirement, but it keeps me busy.
Like many FIRE bloggers, I prefer to focus on the Financial Independence (FI) rather than the Retire Early (RE) of FIRE.
What were your financial goals and how long did it take you to achieve them?
My main financial goal was to be able to “retire” with my wife when her military pension vested at age 44. We’re 45 now and I think we reached the goal of financial independence.
FI is a difficult calculation for us because we have three rental properties and our primary residence with mortgages. The kids go to an expensive (but great) private school. We get a very good military discount making it a reasonable investment.
To continue reading, please go to the original article here:
https://retireby40.org/it-takes-more-than-money-to-retire-early-lazyman/
Advice That Can Help You Survive a Crisis
.Advice From Mark Cuban, Warren Buffett and Other Experts That Can Help You Survive a Crisis
Nicole Spector Thu, July 29, 2021
Amid a calamitous year (and then some) marked with historic civil unrest, a full-blown pandemic and a whiplashed economy, we could all use some words of encouragement. And to whom shall we turn for those prized pearls of wisdom? Might we suggest financial advisors.
These money-minded folks are able to see the state of the economy in a way that the average American doesn’t always get to see — unless they’re hiring them or their services. They bring a detached, big-picture perspective to financial affairs, understanding situations not only according to how they feel in the short term, but what they mean in the long term.
Advice From Mark Cuban, Warren Buffett and Other Experts That Can Help You Survive a Crisis
Nicole Spector Thu, July 29, 2021
Amid a calamitous year (and then some) marked with historic civil unrest, a full-blown pandemic and a whiplashed economy, we could all use some words of encouragement. And to whom shall we turn for those prized pearls of wisdom? Might we suggest financial advisors.
These money-minded folks are able to see the state of the economy in a way that the average American doesn’t always get to see — unless they’re hiring them or their services. They bring a detached, big-picture perspective to financial affairs, understanding situations not only according to how they feel in the short term, but what they mean in the long term.
Just as people lean on mentors in their respective fields, financial advisors look to successful people in their industry for guidance and perseverance. GOBankingRates consulted 11 different money experts to learn: What quotes spoken by great financial thinkers do they turn to in these times of trouble? How can these words of wisdom help out the average American right now, no matter their money situation?
Suze Orman
“The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem. If you're not staying on top of your money, you are putting your financial well-being at risk.”
Ebony J. Howard, CPA, a financial expert for RetireGuide.com, loves how this quote “establishes how to maintain financial security.” She added that this bit of Suze Orman's wisdom is essential to help folks become adequately prepared for any crisis that may arise during COVID-19. “Ensuring that you have built an emergency savings fund to cover at least six months’ worth of expenses is the key to stay afloat — while focusing on keeping spending habits under control, lowering debts and only the necessities."
Warren Buffett
“Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
Warren Buffett wrote these prescient words in The New York Times op-ed in 2008 during the Great Recession. Now, in the bellows of the COVID-19 recession, these words ring true again to Asher Rogovy, chief investment officer at Magnifina.
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https://www.yahoo.com/finance/news/advice-mark-cuban-warren-buffett-120047426.html