.Experts From A World That No Longer Exists

Nov 10, 2021 by Morgan Housel

The biggest risk to an evolving system is that you become bogged down by experts from a world that no longer exists. The more evolution you have, the more you should expect that expertise has a shelf life. That’s always been the case and will always be. It’s just hard to accept because people need experts to trust and experts want to hold onto beliefs that were hard-fought to learn. Some expertise is timeless. A few behaviors always repeat. They’re often the most important things to pay attention to.

But most things evolve, and evolve faster than people’s beliefs. It’s a tricky thing that leads to a long history of older generations whose success came from understanding the new rules of their era not recognizing that the rules may have changed again.

.13 Really Common Money "Facts" That Actually Aren't Facts At All

Mon, November 22, 2021,

A lot of us don't get a great financial education from our families or in school, which can make figuring out all our money stuff pretty tricky. And as if it's not already hard enough, there's also a lot of misinformation out there. To help you sort out the actual facts from the fiction, I rounded up 13 common money myths, plus what you actually need to know:

1."You Don't Need To Worry About Investing For Retirement Until Your 40s."

Nope, nope, nope. In fact, the earlier you can start putting money away for retirement, the better, thanks to the magic of compound interest. This is when you earn interest on your investments and then earn more interest on top of that interest. And the sooner you start investing for retirement, the more time your money has to grow.

.Considerations About Passing an Inheritance to Children

By Stephanie Powers Updated June 24, 2021

Reviewed By Ebony Howard Fact Checked By Katrina Munichiello

Deciding whether to leave an inheritance for your children impacts the amount you save, the retirement plans you choose, and how you take qualified retirement plan distributions. However, beyond your desire to leave some wealth to your children (or not), there are some essential personal financial issues to consider.

.No Such Thing as Enough Money

Posted by Jacob Schroeder October 27, 2021

How much money is enough?

It’s a philosophical money question that often arises out of discontent. We see someone of substantial means, like a celebrity, live a troubled life. Or, we ourselves experience great fortune yet feel unhappy. It makes us wonder where the finish line is, the point when you can stop striving for more and settle into a life of satisfaction.

There are some great financial blogs that provide good answers, such as here and here. And then there are a variety of books that tackle this question in their own ways: Ego Is the Enemy, The Last Lecture, the Bible, to name a few. Another book that resonates with me, perhaps because of its instructive format, is How Will You Measure Your Life? by the late Clayton Christensen.

.How Much You Need To Rank in the Top 10% of Manhattan’s Wealthiest Elite

Bob Haegele Mon, November 15, 2021,

Lavish apartments, fancy cars and dressed to the nines: Manhattan’s wealthiest elite seem to have it all. And yet, while the city’s mega-rich or ultra-high net worth individuals are worth billions, you don’t need all that to be in the city’s top 10%. New York has $3 trillion in total wealth. But in a city of nearly 9 million people that is home to almost one million millionaires, having $1 million already puts you close to the top 10%.

To add to that, dollars and cents aren’t everything. Yes, in purely monetary terms, hitting certain income or net worth thresholds is the only requirement to be in the top 10%. But without your health and a network of support, you won’t be able to enjoy your swimming pool of gold coins.

.Using an LLC for Estate Planning

By Michelle Ullman Updated November 14, 2021

It can help you pass assets down to your heirs while avoiding taxes

Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial for small-business owners and is also a powerful tool for estate planning.

If you want to transfer assets to your children, grandchildren, or other family members—but you are concerned about gift taxes or the burden of estate taxes your beneficiaries will owe upon your passing—an LLC can help you control and protect assets during your lifetime, keep assets in the family, and reduce taxes owed by you or your family members.

.12 Realistic Ways to Make Your First $1 Million

Barbara Friedberg Sun, November 14, 2021,

At first glance, building a net worth of $1 million might seem unattainable, but it's more realistic than you think. In fact, you don't even need a winning lottery ticket or a trust fund to join this exclusive club.

Your annual income certainly plays a role, but the way you allocate your funds actually matters more than your salary. When properly planned, a solid work ethic, responsible spending habits and savvy investing can grow your fortune to $1 million -- and far beyond.