The Biggest Things People Get Wrong About Money
.The Biggest Things People Get Wrong About Money
Financial Literacy Zina Kumok
I’ve gotten to a point in my career where I’m commonly referred to as a financial “expert”. I’ve worked hard to broaden my knowledge and fill in the gaps, so I feel pretty comfortable in that role. When a friend or colleague asks me for advice, chances are I can help them in some way.
But the more I learn, the more I realize how ignorant I actually am. Money is such a diverse and dynamic topic that it’s impossible to know everything, and even the most basic fundamentals can change over time. The best you can do is keep an open mind and actively challenge your assumptions.
What You Need to Know to Get Through This Volatile Financial Time
.What You Need to Know to Get Through This Volatile Financial Time
February 8, 2022 (Last Modified: February 14, 2022) / Brittney Castro
As we’ve entered 2022 and the pandemic is still upon us, a lot of Minters are asking, “What do I need to know about what’s happening in the economy and stock market, and how does it all affect my finances?”
When investing, whether it is in real estate, the stock market, or crypto market, it is always important to remember your long-term game plan and investment philosophy. There are a lot of new investors on the scene and many have not yet experienced bear markets or extreme market volatility and don’t understand the principles of not reacting emotionally when they see their accounts down. If you are investing for the future, then focus on having the right allocation mix, understanding market volatility and risk, and don’t react emotionally when you see your accounts down. Remember, short-term fluctuation is not a long-term loss and you only lose money if you sell at a loss.
What Does Being ‘Good with Money’ Actually Look Like?
.What Does Being ‘Good with Money’ Actually Look Like?
Personal Finance / Zina Kumok
People tend to talk about being financially savvy in a black and white way. You’re either good with money or you’re not. But as with most things related to your finances, it’s a little more complicated than that. You could be great at earning money and terrible at saving it – or vice versa. You could have an impressive net worth and a terrible credit score. You could be the world’s greatest budgeter and the world’s worst investor.
In other words, being “good with money” can mean a lot of things. Let’s take a look at some of the most important factors to consider.
Intellectual Freedom Started With The Elon Musk Of The 1600s
.Intellectual Freedom Started With The Elon Musk Of The 1600s
Simon Black Notes From The Field February 22, 2022
If Isaac Newton were alive today, he would almost certainly have over 100 million Twitter followers. He was something like the Elon Musk of his day– a bit controversial, incredibly innovative, and always the topic of conversation. People were obsessed with Newton’s every word and action. When news spread, for example, that Isaac Newton had invested in the famous South Sea Company, investors clamored to buy the stock… simply because Newton was in it. Sort of like Dogecoin.
The South Sea Company eventually collapsed after barely generating a penny in revenue; it still ranks as one of the biggest stock bubbles of all time, and Newton himself lost a fortune. But the obsession with Newton never stopped. People even paid attention to things that he didn’t say to infer what he might be thinking.
Rich vs Wealthy: How Are They Different?
.Rich vs Wealthy: How Are They Different?
August 26, 2021 by Steve Cummings
Rich and Wealthy are two words people talk about interchangeably, but why?
Is being rich the same thing as being wealthy? “NO!!!”
Being rich and being wealthy are two different things. Yes, a wealthy person can be rich, and a rich person can be wealthy, but we have seen that high-priced athletes make vast sums of money but end up broke while a janitor makes a little bit of money and ends up super-wealthy.
How does all of this make sense? There are significant differences between being rich vs wealthy.
Advice for Everyone Who’s Confused About Money Right Now
.Advice for Everyone Who’s Confused About Money Right Now
MY TWO CENTS FEB. 10, 2022 By Charlotte Cowles
Ramit Sethi’s no-nonsense book, I Will Teach You to Be Rich, became a New York Times best seller in 2009 and spawned an eponymous podcast, newsletter, and range of personal finance courses that have made Sethi very, well, rich. It’s easy to be skeptical of what Sethi is selling, but dig under his bold promises and you’ll find approachable, empathetic advice on saving, spending, and organizing your money.
He’s also something of an anti-finance guru in that he eschews jargon and doesn’t lecture people about credit-card points and other minutiae. Instead, he has a talent for breaking down big-picture financial concepts into real-life steps. Which is why I wanted to talk to him right now, at a time when money seems especially complicated (Inflation! Interest rates! Crypto!). Here, we discussed why moments like this can be ideal for taking charge of your finances, and what that process can look like.
A Halsted vs. Dwight Eisenhower Investor - Over Confident vs Healthy Confident - Risk vs Opportunity
.A Halsted vs. Dwight Eisenhower Investor - Over Confident vs Healthy Confident - Risk vs Opportunity
Write Two Letters Feb 22, 2022 by Ted Lamade Collaborative Fund
Guest post by Ted Lamade, Managing Director at The Carnegie Institution for Science
So, what differentiates someone with a healthy amount of confidence from someone with too much of it? In my experience, people with the right amount of confidence share the credit when they succeed, but more importantly, accept the responsibility when they fail. This combination translates into an ability to admit when they’re wrong and change direction if needed.
Overconfidence is everywhere in life. In finance, it is what caused John Merriweather, Dick Fuld, and Jeff Immelt to destroy billions in shareholder value. In sports, Barry Bonds, Roger Clemens, and Pete Rose are three of the greatest baseball players of all-time, yet none are in the Hall of Fame because of it. In entertainment, Martha Stewart, Michael Eisner in his last few years at Disney, and John Antico at Blockbuster all fell victim to it. In politics, the list is simply too long to get started.
Saving Happiness
.Saving Happiness
Jiab Wasserman
RESEARCHERS HAVE spent decades probing the connection between money and happiness. For instance, a much-cited 2010 study by academics Daniel Kahneman and Angus Deaton found that folks tend to feel happier the more money they make—but only up to a point, which they estimated to be about $75,000 a year.
But using only income to measure the link between money and happiness is incomplete. Another study, entitled “How Your Bank Balance Buys Happiness,” analyzed the connection to people’s “cash on hand.” The researchers found that having more money in checking and savings accounts was associated with higher levels of life satisfaction. But similar to the income studies, so-called liquid wealth appeared to be subject to diminishing returns, with the impact on life satisfaction tapering off as folks have more.
After The Fact
.After The Fact
Feb 8, 2022 by Morgan Housel
Let’s say you exercise an hour a day, seven days a week. Sweat, grunting, the real deal.
Exercising does two things: It makes you hungry and makes you proud. So let’s say after every workout you eat a huge dinner with extra dessert. You know that’s not ideal, but you just accomplished something hard, so it feels justified. After a year of this you haven’t lost any weight, which was your goal. You can’t figure it out. You’re exercising every day. You’re so frustrated.
The name for this is “food compensation,” and it’s wily foe. In his book The Body, Bill Bryson writes:
One study in America found that people overestimate the number of calories they burned in a workout by a factor of four. They also then consumed, on average, about twice as many calories as they had just burned off … the fact is, you can quickly undo a lot of exercise by eating a lot of food, and most of us do.
10 Mistakes That Deplete Your Wealth
.10 Mistakes That Deplete Your Wealth
Cynthia Measom Fri, February 18, 2022
Proper planning is crucial when it comes to your finances -- not only for the decisions that can affect your wealth now but also for those that will influence your bottom line long term. But knowing how to make the best financial decisions isn't innate. And if you don't fully understand how to manage your finances, you're likely to make mistakes that can take your net worth from well-cushioned to barely getting by -- or force yourself to stay stuck in a constant financial struggle.
The good news is that the longer you have until your target retirement date, the easier it will be to recover from financial blunders, but what if you could avoid money pitfalls altogether? Take a look at these 10 mistakes that deplete your wealth so you can sidestep them and achieve personal financial freedom.
What Is A Multicurrency Account, And Should You Get One?
.What Is A Multicurrency Account, And Should You Get One?
Spencer Tierney Tue, February 15, 2022,
You might need a more global account for certain banking needs. That’s where a multicurrency account comes in. How it works, and other options that may work better for you
The minute you use your U.S. debit card or bank account abroad, your wallet may feel the impact. You may incur foreign transaction and ATM fees. Or your bank may decline debit card purchases if it doesn’t know you’re traveling. If you live or have close connections outside the U.S., you might need a more global account for certain banking needs. That’s where a multicurrency account comes in. Here’s how it works and how to know if one’s right for you.