Find Financial Freedom: 5 Simple Tips for a Stress-Free Life
Find Financial Freedom: 5 Simple Tips for a Stress-Free Life
February 6, 2023 Financial Pilgrimage
Reducing financial stress in your life is easier said than done. Even if you have the best intentions, it can be challenging to make progress. Fortunately, making progress is possible and probable when you have the right tips to guide you.
There’s no one size fits all solution to reducing financial stress in your life. Instead, your approach depends mainly on your financial circumstances, such as how much money you have saved, your monthly expenses, and your short and long-term goals.
Find Financial Freedom: 5 Simple Tips for a Stress-Free Life
February 6, 2023 Financial Pilgrimage
Reducing financial stress in your life is easier said than done. Even if you have the best intentions, it can be challenging to make progress. Fortunately, making progress is possible and probable when you have the right tips to guide you.
There’s no one size fits all solution to reducing financial stress in your life. Instead, your approach depends mainly on your financial circumstances, such as how much money you have saved, your monthly expenses, and your short and long-term goals.
With all this in mind, let’s examine five tips for reducing financial stress in your life:
Create a Comprehensive Budget
This is where it all starts. You can’t make critical financial decisions unless you know what you’re up against. A comprehensive budget outlines your income and expenses, which gives you the knowledge needed to make more informed and confident decisions.
You can create a budget using an app, software application, or pen and paper. The approach you take doesn’t matter. As long as it’s comprehensive and accurate, you have everything you need in this regard. You will then find it easier to follow the other tips.
Slowly Pay Down Your Debt
In a perfect world, you’d have all the money you need to pay off your debt. But in reality, you know this is not the circumstances you’ve been dealt with. So, don’t get too far ahead of yourself. Instead, take your time and get into the frame of thinking that slow and steady will win the race.
Know how much debt you have and how much you can contribute to paying it monthly. You can then create a plan for making progress in a reasonable period. Knowing where the finish line makes it easier to take one step at a time.
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America Once Again Turns the Other Cheek
America Once Again Turns the Other Cheek
February 6, 2023 Simoon Black Sovereign Research & Advisory
When the infamous British smuggler Robert Jenkins sailed past Jamaica in April of 1731, he probably thought he was home free. Jenkins had a ship full of contraband which he had picked up in the West Indies, and he was heading back to England to sell his goods in London’s premium markets. But Jenkins wasn’t transporting drugs or alcohol, or even anything especially exotic. His ‘contraband’ was sugar. Big deal. The West Indies at the time, though, were mainly under Spanish control. And Spain insisted that no one could export sugar from their territory without their express approval, along with paying heavy taxes and fees.
America Once Again Turns the Other Cheek
February 6, 2023 Simoon Black Sovereign Research & Advisory
When the infamous British smuggler Robert Jenkins sailed past Jamaica in April of 1731, he probably thought he was home free. Jenkins had a ship full of contraband which he had picked up in the West Indies, and he was heading back to England to sell his goods in London’s premium markets. But Jenkins wasn’t transporting drugs or alcohol, or even anything especially exotic. His ‘contraband’ was sugar. Big deal. The West Indies at the time, though, were mainly under Spanish control. And Spain insisted that no one could export sugar from their territory without their express approval, along with paying heavy taxes and fees.
Most traders didn’t care. By 1731, Spain was a declining power. Everyone knew it. The once-dominant Spanish Empire had been vanquished by military defeat, political incompetence, succession crises, internal rebellion, and more, and it had become a hollowed out shell of its former self.
So even though it was technically illegal to export sugar from Spanish lands, British privateers and smugglers routinely thumbed their noses at the rules. After all, not only was Spain a declining power, but Britain was a rising power… so the Brits felt emboldened.
But luck was not on Jenkins’s side on that fateful day in April 1731. Somewhere off the coast of Cuba, his ship Rebecca was intercepted by a Spanish patrol boat named La Isabela.
Jenkins knew that his small vessel was outclassed, so he dropped anchor and permitted the Spanish to board his ship.
They quickly found the sugar… and we can only imagine Jenkins responding with a shrug of the shoulders and claiming “I have no idea how that got there.”
Whatever his response, the Spaniards were unimpressed. So they tied Jenkins to a mast and interrogated him for a while, until the Spanish commander finally drew his saber and sliced off Jenkins’ left ear.
Jenkins was then let go, and he hastily made his way back to London where he protested directly to King George II himself. There are even stories (though uncorroborated) that Jenkins even told his story in the House of Commons, waving his severed ear at shocked Members of Parliament.
Needless to say, Britain and Spain eventually went to war in what became known as the War of Jenkins’ Ear.
Jenkins wasn’t necessarily the primary cause. Tensions between the two kingdoms had been rising for years.
Britain was growing rapidly and wanted to muscle in on Spanish trade routes. Spain was shrinking and desperate to hold on to what it had.
War between rising and declining powers is actually a very common theme throughout history; it’s known as the Thucydides Trap, named after the ancient scholar who wrote the history of the wars between Athens and Sparta.
Athens and Sparta were also rising and declining powers in the 5th century BC. As Thucydides himself wrote, “the growth of power in Athens, and the alarm which this inspired in [Sparta], made war inevitable.”
World War I, which involved several rising and declining powers (Germany, the US, Austria-Hungary, the Ottoman Empire) was another Thucydides Trap.
And the rising tension between the US and China is quickly trending towards another.
This conflict is palpable, and in my opinion, obvious. I believe that China has been at war with the US for years, and they haven’t even tried to hide it.
Everyone is aware of the recent Chinese balloon found over nuclear sites in Montana. But the attacks have been taking place for years.
In 2018, for example, suspected Chinese double agent Jerry Chun Shing Lee was arrested at JFK airport after US authorities found evidence that he had infiltrated the CIA and sent classified material to Chinese intelligence.
In 2016, Chinese spying was so blatant that the US Department of Justice actually filed charges against China’s General Nuclear Power Group for stealing US nuclear secrets.
Over the past several years there have been several high profile corporate espionage incidents involving US companies like Google, Dow Chemical, and defense contractor Northrup Grumman.
In 2018 a group of Chinese hackers infiltrated a network associated with the Naval Undersea Warfare Group and stole US submarine cryptography.
Then there were other revelations in 2018 that China was electronically eavesdropping on then-President Trump’s iPhone calls.
In 2019 China was found to have hacked dozens of universities who were performing research from the US Navy.
In 2020, the California socialite Christine Fang was exposed as a Chinese intelligence operative who had managed to establish and maintain sexual relations with a number of prominent US politicians.
Then there was the Harvard University professor who had been paid off by Chinese intelligence to leak sensitive research.
Or the 2021 Microsoft Exchange Server attacks, in which Chinese hackers infiltrated several Microsoft mail servers and gained administrative access to countless corporate email systems.
Or China’s role in the 2020 Solar Winds attack, which breached millions of systems, plus hundreds of corporate and government networks, including classified systems.
China has even weaponized its popular social media app TikTok.
TikTok has not only stolen the most sensitive information from its users-- lifestyle habits, likes and dislikes, goals, locations, financial details, biometric data, etc.-- but it has also developed algorithms to essentially reprogram teenagers’ personalities and take them down a dark rabbit hole of anxiety, violence, depression, and even suicide.
Through TikTok, China has essentially created a tool to wage psychological warfare against an entire generation of young Americans.
And let us not forget, of course, that China also unleashed COVID-19 on the world. But, hey, we’re not allowed to talk about that lest Google and Mark Zuckerberg cancel us off the Internet again.
It’s remarkable that, despite incursion after incursion, attack after attack, the United States has done practically nothing about any of it.
Instead America has adopted a sort of 1930s style European ‘appeasement’ strategy. Or as I call it, “turn the other *** cheek”.
Chinese leaders must be aghast that they’ve been able to get away with so many brazen attacks. And it would be absurd to think their incursions will not continue.
They’ve already stolen mountains of classified information, infiltrated thousands of corporate and government networks… and pre-positioned who knows how many zero-day exploits on critical cyber infrastructure.
In other words, China has already given itself a major tactical advantage should any armed conflict break out.
What are key policymakers in the US doing about it? Well, their top priority seems to be pushing the US military and intelligence agencies to become more woke.
US military combat power is objectively in decline. The Pentagon itself acknowledges that mission readiness is falling, recruiting is abysmal, equipment is aging, and key weapons systems have lost their technological superiority.
But at least everyone is using the right pronouns!!!! We can only imagine how terrified China must be of US Special Operations Command’s diversity and inclusion.
To be fair, I don’t believe that either side really wants a war. If nothing else, China knows that its demographic pyramid is upside down, and they cannot afford for young people to die in combat.
But wars between rising and declining powers have been fought for dumber reasons… like contraband sugar, and a smuggler’s left ear.
Never forget that the ‘leader of the free world’ is a guy who shakes hands with thin air, so it’s anyone’s guess how this plays out.
A shooting war would clearly be a terrible outcome. But so is the status quo of turning the other **** cheek while China continues to weaken the US.
Neither is a good option. Yet once again America’s leadership has absolutely no answers to an obvious threat.
Simon Black, Founder Sovereign Research & Advisory
https://www.sovereignman.com/trends/america-once-again-turns-the-other-butt-cheek-145703/
Here's How Much Money You Need For Bankers To Think You're Rich
Here's How Much Money You Need For Bankers To Think You're Rich
Suzanne Woolley, Bloomberg News
Just how rich is “rich?”
The answer, of course, depends on who’s asking—and these days, many are.
In rich-tropolises such as New York and London, 1 per centers moan that living on US$500,000 a year feels Dickensian. With a pot of US$40 million—and private schools, a Hamptons retreat, a horse and a charity to feed—a hedge funder on the Showtime drama “Billions” exclaims: “F---! I’m broke!”
Here, then, is a real answer, courtesy of the hush-hush world of private banking: US$25 million.
Twenty-five million dollars in investable wealth. The kind of money you could afford to see dip into the red for a quarter or three, maybe even a year or two, without breaking a sweat. With US$25 million, maybe, just maybe, you're starting to be rich.
Here's How Much Money You Need For Bankers To Think You're Rich
Suzanne Woolley, Bloomberg News
Just how rich is “rich?”
The answer, of course, depends on who’s asking—and these days, many are.
In rich-tropolises such as New York and London, 1 per centers moan that living on US$500,000 a year feels Dickensian. With a pot of US$40 million—and private schools, a Hamptons retreat, a horse and a charity to feed—a hedge funder on the Showtime drama “Billions” exclaims: “F---! I’m broke!”
Here, then, is a real answer, courtesy of the hush-hush world of private banking: US$25 million.
Twenty-five million dollars in investable wealth. The kind of money you could afford to see dip into the red for a quarter or three, maybe even a year or two, without breaking a sweat. With US$25 million, maybe, just maybe, you're starting to be rich.
Because in this era of hyper-wealth and hyper-inequality, that is simply where rich begins—a ticket, in truth, to the first, lowly rung of rich. For most of the planet, US$25 million represents unfathomable wealth. For elite private bankers, it buys their basic service.
Call it economy-class rich. Business class? That's US$100 million. First class? US$200 million. Private-jet rich? Try US$1 billion.
We all know the wealth gap between the rich and poor, and the rich and the really rich, is only getting wider, due in large part to the bull market in stocks and wealth generated in private businesses around the world.
What may be less apparent, at least outside financial circles, is what all that money is worth to the bankers who discreetly tend those fortunes. No private bankers worth their wingtips will say they don’t care about clients with “only” a few million. Northern Trust Corp., which works with many of the world’s richest families, stresses that in recent quarters more than 50 per cent of new clients have had investable assets in excess of US$10 million. But “to get the highest level, companies have raised the bar,” said Brent Beardsley, who leads Boston Consulting Group’s work in asset and wealth management globally.
The measure of what makes someone rich has changed dramatically in the past two decades. In 1994, when Peter Charrington, global head of Citi Private Bank, first joined the firm, “Three million was largely considered ultra-high net worth across the industry,” he recalled. “Fast-forward almost 25 years, and US$25 million is how we define ultra-high net worth.”
Wealth managers like to frame the type of client they target in terms of the services needed. For example, a married couple with an estate valued well below US$22 million, held largely in a diversified portfolio of publicly traded stocks, may not need a lot of fancy trusts-and-estates work, since about US$22 million can go to heirs without worrying about estate and gift taxes. (That US$11.18 million per person is up from US$5.49 million in 2017, and sunsets in 2025.)
A much wealthier family with homes and assets in multiple countries and currencies might require more cash flow management, customized financing for mortgages, yachts or planes, and the ability to borrow against art or investment portfolios. It may make sense for a client to house business interests in a trust, with the adviser as trustee.
At a private bank with an investment banking arm, “sometimes the investment bank collaborates with the private bank client in doing a recapitalization of the company, or maybe sells a non-core division to create liquidity so a family member can exit the business,” said John Duffy, global head of Institutional Wealth Management for J.P. Morgan Private Bank.
“Getting rich is complicated,” said Steven Fradkin, president of wealth management at Northern Trust. “It’s just a good complication to have.”
To continue reading, please go to the original article here:
Proof Of Time: A Different Way To Think About Gold
Proof Of Time: A Different Way To Think About Gold
February 3, 2023 Simon Black
Gold is really an amazing metal when you think about it. It doesn’t corrode. Coins buried underground or sunk at the bottom of the ocean for hundreds of years are routinely pulled up and brushed off, and they’re good as new. This strength and durability is precisely what makes gold so interesting as an inflation hedge.
It undoubtedly takes a lot of work to produce a gold coin or bar-- so much labor, energy, technology, etc. A gold coin essentially represents all of the work… all of the effort and labor… that went into producing it.
Proof Of Time: A Different Way To Think About Gold
February 3, 2023 Simon Black
Gold is really an amazing metal when you think about it. It doesn’t corrode. Coins buried underground or sunk at the bottom of the ocean for hundreds of years are routinely pulled up and brushed off, and they’re good as new. This strength and durability is precisely what makes gold so interesting as an inflation hedge.
It undoubtedly takes a lot of work to produce a gold coin or bar-- so much labor, energy, technology, etc. A gold coin essentially represents all of the work… all of the effort and labor… that went into producing it.
This is not unique. In the same way, a bushel of wheat represents all the labor that went into producing the grain. An iPhone represents all the labor and effort that went into producing it. Except that wheat doesn’t last. iPhones don’t last. Gold does.
So gold essentially encapsulates all of the resources, including TIME, that went into producing it… in a way that lasts forever.
Right now, for example, it costs major mining companies about $1,270 to mine a single ounce of gold. So if you buy gold today, you’re essentially locking in a $1,270 production cost.
This is the reason that gold does such a great job of maintaining its value against inflation, because, over time, production costs tend to increase. And higher production costs eventually result in higher prices.
This is true with just about any product or industry. We’ve seen companies like Procter&Gamble, Unilever, CocaCola, McDonalds, etc. all increase prices because their production costs are rising.
Again, though, you cannot use a Big Mac as a store of value. It won’t last forever. It won’t even last a day.
But gold lasts. You can buy a Canadian Maple Leaf coin today, and, ten years from now, your 2023 coin will be worth exactly the same as a brand new coin minted in 2033.
And if you anticipate that inflation will push up production costs over the next decade (which tends to happen), you can easily make a case that gold prices will be higher by then.
This is the topic of our podcast episode today; we take a deeper look at why gold has long-term value-- a variation of ‘proof of work’ that I call Proof of Time.
We start out in Yap Island, in Micronesia, and discuss how the natives there developed one of the most advanced financial systems in the history of the world based on the concept of ‘Proof of Work’.
Anthropologist William Furness wrote that, despite the Yapese having no understanding of economics, they realized that “labor is the true medium of exchange and the true standard of value.”
I believe this is true. But more than labor, I believe that TIME is real standard of value.
Time is the ultimate scarce resource. No one, no matter how rich or powerful, can create any more of it. And once it is used, it is gone forever. Labor is one of the ways that we use time. And gold is a rare asset that transmits both time and labor… forever.
We also talk about different BUY signals for gold. We talk about miners’ gross profits-- and why it makes sense to think about buying when profits are low… or even when the price of gold falls below the price of production.
In a way that’s like buying a house for less than the cost of construction; it’s a SCREAMING deal and definitely worth considering.
Gold isn’t at that level right now. But it could be soon… and that’s why it’s worth understanding how to think about gold, and many other assets, through this lens of ‘time’.
You can listen to this week’s episode here.
To your freedom, Simon Black, Founder Sovereign Research & Advisory
https://www.sovereignman.com/podcast/proof-of-time-a-different-way-to-think-about-gold-145695/
How the Principles of Fitness Apply to Personal Finance
How the Principles of Fitness Apply to Personal Finance
January 25, 2023 Financial Pilgrimage
What do physical fitness and personal finance have in common? On the surface, there are a lot of differences between your fitness program and financial wellness. One involves income, spending, saving, and investing. The other involves physical activity, nutrition, and overall health. The reality is that financial fitness (and just fitness) are some of the most critical areas of our lives. It’s no coincidence that there are striking similarities between fitness and finance once you start digging in.
How the Principles of Fitness Apply to Personal Finance
January 25, 2023 Financial Pilgrimage
What do physical fitness and personal finance have in common? On the surface, there are a lot of differences between your fitness program and financial wellness. One involves income, spending, saving, and investing. The other involves physical activity, nutrition, and overall health. The reality is that financial fitness (and just fitness) are some of the most critical areas of our lives. It’s no coincidence that there are striking similarities between fitness and finance once you start digging in.
Financial Fitness is Behavioral
Fitness programs have always been a big part of my life. So when referring to fitness, we’ll discuss both sides of the equation, including physical activity and nutrition. Being raised by a dietitian and having a love of sports had me interested in both early on. Looking back, I feel fortunate to have built habits in both areas at a relatively young age.
Growing up in a house with two younger brothers and a junk food-loving dad, the competition for unhealthy food was fierce. My mom would grocery shop every ten days, and the one bag of chips or a package of cookies would be gone within a day, sometimes minutes. That would leave us with rice cakes, fruits and veggies, and other healthy options for the rest of the week and a half. It was rough.
We had home-cooked meals that consisted of protein, carbs, and vegetables most nights. But, as I got older, I realized that having home-cooked meals was a rarity compared to other households.
We’d still get fast food on occasion. My dad was a fast-food manager, after all. With three kids in the house, sometimes the easy thing was to bring home a big bag of burgers and fries so we could eat and then make our way to evening activities. This taught me that one of the most critical nutrition lessons is “everything in moderation.” Eating fast food, sweets, or potato chips is fine occasionally as long as most of what you put into your body is more healthy.
Whenever a new diet fad becomes popular, I’ll ask my mom about it to get her thoughts. Usually, she rolls her eyes. Over the years, there have been so many diet fads—Atkins, Paleo, Intermittent Fasting, Mediterranean, South Beach, and on and on. Almost everyone will swear by one of these diets and back it with “science.” I understand that some diets result from personal beliefs or food allergies. However, most people latch onto these fad diets, stick with them for a while, and then end up right back where they started. We’ll hit on this topic more below.
Personal Finance is Personal – So Is Fitness
To continue reading, please go to the original article here:
https://financialpilgrimage.com/fitness-and-personal-finance/
Do I Need a Living Trust Lawyer?
Do I Need a Living Trust Lawyer?
Geoff Williams Thu, February 2, 2023
If you plan to create a living trust or already have one, you may wonder if you need a living trust lawyer. The short answer is that you don't. But just because you don't technically need an attorney to put together your trust doesn't mean you shouldn't hire one. Living trusts can be complicated and if you worry about your own ability to create a trust, you may want to hire a living trust lawyer who you can consult with. Living trust lawyers can help your trustee distribute assets after your death, keep your information private and avoid probate. You may also want to work with a financial advisor who can help you create the right estate plan.
Do I Need a Living Trust Lawyer?
Geoff Williams Thu, February 2, 2023
If you plan to create a living trust or already have one, you may wonder if you need a living trust lawyer. The short answer is that you don't. But just because you don't technically need an attorney to put together your trust doesn't mean you shouldn't hire one. Living trusts can be complicated and if you worry about your own ability to create a trust, you may want to hire a living trust lawyer who you can consult with. Living trust lawyers can help your trustee distribute assets after your death, keep your information private and avoid probate. You may also want to work with a financial advisor who can help you create the right estate plan.
When Do You Need a Living Trust Attorney?
Everyone will feel differently about how much their net worth should be before they need a living trust attorney. Certainly, there are no hard and fast rules on when you should hire one. But you should strongly consider enlisting the help of a living trust attorney if:
Passing on Assets: If you have a lot of assets that you want to pass on to family members. If you have more than $100,000, for instance, you may want to enlist the services of a living trust lawyer. Perhaps not, however, if your financial portfolio isn't complicated and your will states that one or two family members will get your money.
Special Trust Conditions: If you have certain conditions attached to the trust then it might be right to hire a lawyer. For instance, if you want your money to go to some key family members but not others, such as your grandchildren instead of your kids or you only want the assets to go to a beneficiary if they meet certain conditions that you have set up. (In fact, if you give money to your grandchildren instead of your kids, you may want your attorney to set up what is called a generation-skipping trust.)
Tax Liability: If you are going to owe federal estate tax. The federal estate tax exemption for 2023 is $12.92 million. If your estate is larger than that, you will owe estate taxes. That said, even if you have an estate worth less than $12.92 million, you would likely want to hire a living trust attorney.
Unique Beneficiary Situation: If one or more beneficiaries have a unique situation then it can be another reason to use an attorney. For instance, if one or multiple beneficiaries has special needs or is receiving assistance from the federal government, a living trust attorney could be very helpful. You don't want to risk setting something up yourself only for your beneficiary to someday learn that you did it wrong.
For Peace of Mind: If you simply have a complicated estate and are overwhelmed by the idea of setting up a trust.
In short, the more complex your estate is and if you have a lot of wealth to give away and perhaps property as well, the more of an argument you have for hiring a living trust lawyer.
Should I Make My Living Trust Lawyer the Trustee?
To continue reading, please go to the original article here:
https://www.yahoo.com/finance/news/living-trust-lawyer-140008680.html
Can The Bank Take Your House Even If You Pay Your Mortgage?
Can The Bank Take Your House Even If You Pay Your Mortgage?
by Wanderer / January 30, 2023
The Wanderer retired from his engineering job at a major Silicon Valley semiconductor company at the age of 33. He now travels the world, seeking out knowledge from other wealthy people, so that he can teach people how to become Financially Independent themselves.
It’s every home-owner’s worst nightmare. Already drowning in debt, and with a rampaging cost of living crisis causing many families to barely be able to make ends meet, they get a notice from their mortgage company that says something to the effect of:
You have 30 days to pay back your entire mortgage balance in full, or we’re taking your house. Have a great day!
Can The Bank Take Your House Even If You Pay Your Mortgage?
by Wanderer / January 30, 2023
The Wanderer retired from his engineering job at a major Silicon Valley semiconductor company at the age of 33. He now travels the world, seeking out knowledge from other wealthy people, so that he can teach people how to become Financially Independent themselves.
It’s every home-owner’s worst nightmare. Already drowning in debt, and with a rampaging cost of living crisis causing many families to barely be able to make ends meet, they get a notice from their mortgage company that says something to the effect of:
You have 30 days to pay back your entire mortgage balance in full, or we’re taking your house. Have a great day!
Sound like a bad dream? Like something that would never happen here in Canada? Well, I got bad news for you: There are early signs of rough times ahead in the GTA real estate market, with some Toronto mortgage brokers reporting a rise in the forced sale of homes by private and alternative lenders.
Mortgage brokers report an uptick in forced sales of GTA homes, TheStar.com
I have to admit, even I was surprised that this was even possible. In my head, if you still have a job, and you’ve kept up to date with your mortgage payments, the bank can’t just foreclose on your house like that.
And the reason why this is happening is that these aren’t technically foreclosures. They’re called power of sales, and this is how they work.
Say you’re a mortgage company that gave out a mortgage on a $1,000,000 property in, say, early 2022. Then interest rates shot up over the course of the year. Depending on the type of mortgage this was, the mortgage holder may or may not see their monthly payment change, but regardless when the mortgage comes up for renewal, the property is now worth considerably less on the open market. The Toronto housing market has seen an average decline of about 20%, so let’s say this property is now worth $800,000. But the outstanding mortgage is still way more than that, say, $900,000.
It’s completely up to the lender whether they want to renew your mortgage for another term. In the above scenario, they might look at your salary, your credit worthiness, and the fact that you’ve kept up your payments so far and approve you for renewal. But if there’s anything different about your financial situation, like a change in job status, or if they’re simply feeling spooked about whether the house may fall in value even further, then they may reject you and demand the entire mortgage balance back all at once.
And if you can’t pay it, they can sell your house out from under you.
Welcome to the wonderful world of power of sales.
The big difference between a foreclosure and a power of sale is that technically, the borrower hasn’t done anything wrong. A foreclosure requires the borrower to miss multiple payments and ignore repeated requests from the bank to comply with their lending obligations. In a power of sale, the borrower may lose their house simply because their bank doesn’t think lending to you is a good bet anymore.
Is this fair? Not really. Again, the borrower didn’t do anything wrong here. But is it legal? You betcha.
To continue reading, please go to the original article here:
Everything You Can’t Have
Everything You Can’t Have
JAN 31, 2023 by Morgan Housel@morganhousel
Nothing is as desired as much as the thing you want but can’t have.
In fact for most people there’s a hierarchy of wants that goes something like this:
If you don’t want something and don’t have it, you don’t think about it.
If you want something and have it, you might feel OK.
If you want something and don’t have it, you might feel motivated.
If you want something and can’t have it, you drive yourself mad.
A few years after leaving office, Richard Nixon mentioned that the richest people in the world are some of the unhappiest, because they can afford to never struggle.
Everything You Can’t Have
JAN 31, 2023 by Morgan Housel@morganhousel
Nothing is as desired as much as the thing you want but can’t have.
In fact for most people there’s a hierarchy of wants that goes something like this:
If you don’t want something and don’t have it, you don’t think about it.
If you want something and have it, you might feel OK.
If you want something and don’t have it, you might feel motivated.
If you want something and can’t have it, you drive yourself mad.
A few years after leaving office, Richard Nixon mentioned that the richest people in the world are some of the unhappiest, because they can afford to never struggle.
“Drinking too much. Talking too much. Thinking too little. Retired. No purpose,” he said.
To ordinary people, it sounds amazing. To those who can afford to do anything, it often falls flat.
Nixon elaborated:
You feel that, gee, isn’t it just great to have enough money to afford to live in a very nice house, to be able to play golf, to have nice parties, to wear good clothes, to travel if you want to?
And the answer is: If you don’t have those things, then they can mean a great deal to you.
When you do have them, they mean nothing to you.
This is a little exaggerated. But the idea of valuing only what you’ve struggled for is real.
In 1905, author William Dawson wrote in his book *The Quest for The Simple Life* about how the hardest thing to understand about money is the thrill of the chase. Something you can easily afford brings less joy than something you must save and struggle for. “The man who can buy anything he covets values nothing that he buys,” Dawson wrote.
He went on:
There is a subtle pleasure … in the anxious debates which we hold with ourselves whether we can or cannot afford a certain thing; in our attempts to justify our wisdom; in the risk and recklessness of our operations; in the long deferred and final joy of our possession.
But this is a kind of pleasure which the man of boundless means never knows.
The buying of pictures affords us an excellent illustration on this point. [Ordinary people] … have to walk weary miles and wait long weeks to get upon the track of their treasure; to use all their knowledge of art and men to circumvent the malignity of dealers; to experience the extremes of trepidation and of hope; to deny themselves comforts, and perhaps food, that they may pay the price which has at last, after infinite dispute, reached an irreducible minimum; and the pleasure of their possession is in the ratio of their pains.
But the man who enters a sale-room with the knowledge that he can have everything he wishes by the signing of a cheque feels none of these emotions.
This all makes sense when you understand what your brain wants.
To continue reading, please go to the original article here:
12 Life-Changing Millionaire Lessons I Learned From Working with the World’s Richest People
12 Life-Changing Millionaire Lessons I Learned From Working with the World’s Richest People
10. December 2022 Financial Imaginer
Over the years, I’ve had the opportunity to meet hundreds of millionaires and learn valuable millionaire life lessons from them first-hand on and off my job as their wealth manager. While their backgrounds, lifestyles, and fortunes vary greatly, there are some common traits that all millionaires seem to share.
In this blog post, I will share with you 12 life-changing millionaire lessons that I’ve learned from the world’s richest people. My goal in sharing these lessons is to “inspire” and help you become the best version of yourself and build a path to financial freedom!
12 Life-Changing Millionaire Lessons I Learned From Working with the World’s Richest People
10. December 2022 Financial Imaginer
Over the years, I’ve had the opportunity to meet hundreds of millionaires and learn valuable millionaire life lessons from them first-hand on and off my job as their wealth manager. While their backgrounds, lifestyles, and fortunes vary greatly, there are some common traits that all millionaires seem to share.
In this blog post, I will share with you 12 life-changing millionaire lessons that I’ve learned from the world’s richest people. My goal in sharing these lessons is to “inspire” and help you become the best version of yourself and build a path to financial freedom!
Let’s get started:
1. Investing in Personal Growth:
All millionaires invest heavily in themselves and their personal growth. They understand that growing as a person is a foundation for becoming wealthy and successful. Most wealthy people I’ve come across read a lot, meet with others more often, and usually have found ways how to satisfy their interest in many things to grow.
There is no more profitable investment than investing in yourself.
They invest time, money, and effort in their personal growth continuously.
2. Working Harder and Smarter Than the Average:
Successful millionaires usually work much harder, smarter (!) and longer than average people. This doesn’t mean that they sacrifice their time with family and friends or their health, but rather this is how they structure their life — to get more done in less time.
They don’t work for money and status, but to unlock more time and freedom.
A dream does not become reality through magic; it takes sweat, determination, and hard work.
They understand that hard and mostly smart work will take them further faster while they still maintain balance in their lives. They’ve learned to be very efficient, delegate, and automate as much as possible in their doings and focus on where they are needed the most: Putting the rubber on the ground.
3. Taking Bigger Risks:
The Millionaires I’ve served have developed skills to differentiate between good and bad risks. They understand risks are part of life and are not scared of them. They know that taking risks can open up new opportunities for them.
The biggest risk is not taking any risk.
Wealthy people know when to walk away from an investment or situation if it is no longer beneficial. They are smart in calculating their chances and setting themselves up with the right team around them. Success is about smart risk management, not about wild risk-taking.
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When to Use A Cashier's Check vs. Money Order
When to Use A Cashier's Check vs. Money Order
Andrew J. Dehanb Tue, January 31, 2023
There are a few options when you need a secure way of paying for something. Sure, cash is king, but not everyone feels safe carrying a thick wad around. Cashier's checks and money orders are two of the more secure options for making a payment. Each comes with its own set of advantages and disadvantages. Let's start by defining cashier's checks vs. money orders and going over their individual pros and cons. Consider working with a financial advisor as you decide where to put your money.
When to Use A Cashier's Check vs. Money Order
Andrew J. Dehanb Tue, January 31, 2023
There are a few options when you need a secure way of paying for something. Sure, cash is king, but not everyone feels safe carrying a thick wad around. Cashier's checks and money orders are two of the more secure options for making a payment. Each comes with its own set of advantages and disadvantages. Let's start by defining cashier's checks vs. money orders and going over their individual pros and cons. Consider working with a financial advisor as you decide where to put your money.
What's a Cashier's Check?
A cashier's check is a check issued and guaranteed by a bank or credit union. Unlike a personal check, a cashier's check comes directly out of the bank's funds instead of your checking account. These checks are more secure than personal checks for both parties as they are fully backed by the bank. That makes them great for large purchases, such as closing costs on a house or buying a car.
To get a cashier's check, you'll need the exact amount, your ID and the recipient's name. You'll be able to order one at your local branch or potentially online. You'll need to pay the bank the amount of the cashier's check, plus whatever fees they may charge. Cashier's check fees may be discounted or waived for certain accountholders. If you do a lot of business with a bank or credit union, it doesn't hurt to ask.
Lastly, get a receipt as proof of purchasing the check. You'll be able to use your receipt to track when the check is cashed.
Pros of Cashier's Checks
Great for large purchases: Cashier's checks are best used for purchases over $1,000.
Are more secure than money orders: Cashier's checks generally have more security features than money orders. And while there are cashier's check scams, there are fewer compared to money orders.
Cons of Cashier's Checks
Higher fees than a money order: A cashier's check can cost between two and 10 times more than a money order.
You must have access to a financial institution that will write your check: This can be a problem if you don't have a checking account, have recently moved or are on vacation.
What's a Money Order?
Cashier's Check vs. Money Order
To continue reading, please go to the original article here:
https://news.yahoo.com/cashiers-check-vs-money-order-140001962.html
Speed Of Time
Speed Of Time
23. October 2020 Financial Imaginer
Today I’m celebrating my birthday. I’m turning 41. Translated for you: It means I’m now closer to 50 than to 30 and closer to 60 than to 20. At least that’s what I’m thinking about right now. Also, 41 years means I’ve spent now more time living after the year 2000 than before. Hell, just think about it, 1990 is now further away than 2050.
Yes, birthdays get me thinking “about time” every single time. And I like it. Because time flies.
The speed of time is exactly 365.242189 days per year!
Is this fast? Is it slow? Well, that’s where it gets interesting, you see:
It depends!
Speed Of Time
23. October 2020 Financial Imaginer
Today I’m celebrating my birthday. I’m turning 41. Translated for you: It means I’m now closer to 50 than to 30 and closer to 60 than to 20. At least that’s what I’m thinking about right now. Also, 41 years means I’ve spent now more time living after the year 2000 than before. Hell, just think about it, 1990 is now further away than 2050.
Yes, birthdays get me thinking “about time” every single time. And I like it. Because time flies.
The speed of time is exactly 365.242189 days per year!
Is this fast? Is it slow? Well, that’s where it gets interesting, you see:
It depends!
What’s for sure is this: Time moves forward and forward only.
The past five years I kept thinking of ways how to “slow down” time in my life. We’ve experimented a lot with life and “this time around” I’m happy to write a blog post to share my findings and thoughts with you.
Hope you too can slow down time in your life!
Today is the oldest you’ve ever been.
And the youngest you’ll ever be again.
Five years ago, on my 36th birthday my dad called me. He was 72.
He said:
First: “Congrats, you’ve already reached half my age!”
Second: “You’re catching up!”
Last: “Beware, the second half goes faster…”
Like so many other lessons I could learn from my dad:
This sunk in.
Deeply.
While I appreciate every single day that is given to me, it’s terrifying how fast time actually flies.
Where did all the time go? Tomorrow isn’t promised.
The fair part of it is: It’s the same for everyone.
Nobody has figured out how to stop – or even reverse – time.
Time keeps flying no matter what you do.
Besides eliminating Time Bandits in your life, there are many more things you can do!
Create your own life progress-bar t-shirt at NAS daily, it shows how many % of your life as vs. your life-expectancy have passed already. [no affiliate link]
Time is Relative
The futurist Peter Diamandis once said, “The faster you move, the slower time passes, the longer you live.” At first sight, this quote simply explains Einstein’s relativity theory.
But there’s more to it than meets the eye.
Let’s take the relativity theory apart and apply the findings to enrich our lives!
What does “time is relative” mean? It simply means that depending on the perspective of an observer, the passage of very same amount of time is perceived differently. I fully appreciated this meaning once we started living in Singapore.
Singapore is located almost at the equator. Every day you got about the same amount of sunshine and darkness. Further, every day, year around, the weather will be mostly the same. There is no more seasonality in Singapore as for in places where you take notice of spring, summer, autumn, or winter.
Due to missing seasonality, every day looks and feels the same. Lack of weather stimulating our brains will make perceived time speed up. It will get hard to “archive” your memories according to a season. For me in the beginning it felt like living “out of time”.
While this concept can be well explained with seasonality or the lack of it, it also works with your personal life experience.
Think of it like this: The older you get, the more you’ve experienced life, the less “interesting” or “new” normal experiences or habits will be for your brain. As a result, given no new stimulations, your brain will switch into autopilot and cruise-control through your ordinary life. Your brain zooms out!
Remember when you were a kid, how did waiting for Christmas feel? Waiting those 25 days through December? It took an eternity! On one hand our brain has a relativity function, so let’s say when you’re a five year old, your total accrued life experience is merely (5 x 365) 1,825 days, hence, waiting 25 days translates to a relatively long time as compared to your accumulated total. Once you’re turning 41 like me today, the brain has 14,965 days to put 30 days in relation to.
The older you get, the more you’ve seen and experienced, the easier it will get for your brain to essentially put your life on FASTFORWARD – if you stick to your current habits!
Have you ever watched the movie “Click” with Adam Sandler?
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