This week’s readings take a small diversion into including a few short clips from YouTube that I came across. As my life has been a bit consuming lately, there is much more emphasis on the emotional/human aspect of finances and reaching FI. This is a component that should always be included and is often just put on the back-burner, so I’m very excited that I’ve found this information…not only for myself (as it is unusually timely for me), but all of you as well! Please feel free to comment here or the Facebook group if you have any statements or questions related to these.
Don’t Only Focus on your Limitations: This 6 minute video about “Mr. Earl”, a parking lot attendant is extremely interesting and very refreshing for someone who sees the general population so disconnected from the reality of their financial status. Mr. Earl, a man never earning more than $20k/year has a portfolio worth over half a million and a paid for house with zero credit card debt. Crediting both his disability (dyslexia) as well as taking/asking for real financial advice from his customers. He doesn’t live an elaborately glamorous life, he has a job seen as pretty bland and boring, but he turned it into a platform to learn more about finances then share that knowledge with others. Now he spends a good chunk of time outside of working helping others to get into investments. This instance of a pretty self-less and dedicated man not only reaped great rewards for his own life, but also enabled him to become a beacon of financial hope for countless others too!
Warren Buffet teaching class: Though this video is not brand new, it is a inspirational clip from a class he was lecturing for. The takeaway is that no matter what sort of limitations or handicaps you might have, if you put in the hard work, focus on your customers, don’t foolishly take on debt, and you ultimately believe that you can do something good with your work, then you have a really good chance! Warren briefly discusses aspects of scale that may come into play for certain fields, but overwhelmingly this clip is more focused on providing inspiration for that “wanna-be” or budding entrepreneur that’s just trying to make it to tomorrow.
Mr. Money Mustache’s take on money and life: Listen to a video about Mr. Money Mustache’s take on money, “sucking at money”, retirement, being a super-dad, and living the life he desires all while being his interpretation of a “stay at home dad”. He also shows a little bit of this calculator used to estimate how soon you could retire: Networthify: Early Retirement Calculator.
Key Concepts of Investing – In Plain English: The folks over at Nerdwallet did a good job in this article on covering a few basic investing concepts, what they mean, and how that influences your life (on a daily basis, even). No thrills or frills here, just some solid and clear communication about concepts that are likely influencing you, whether you realize it or not!
Why your home is a lousy investment: If home-buying was a purely financial decision (excluding the emotional benefits), home ownership can be a pretty sad investment for a lot of people. That doesn’t mean that you should necessarily avoid it though. Take the time, research, and calculate the cost differences between owning or renting and see for yourself. But while they neglect the emotional component in this article, don’t forget which situation will provide you the most benefit outside of the financial considerations.
US Treasury needs $3 trillion in the next 3 years: My take…don’t be as financially stupid as the US has been. It’s not good to be known to be reliable in paying back your debts. Instead, it would be better to be known for investing wisely, spending carefully, and not taking on increasingly larger debts! I sincerely hope that none of you have lifestyles as financially compromising as the US government. In my opinion, there are seemingly smaller chances that the US and its lenders will walk away from this both happy with the outcomes. This hole we’ve dug for ourselves as a nation is not a pretty one.
The Gates say it’s not fair how wealthy they are: I’m not sure I agree with their title here, but there could be much worse people to be responsible for that much money! At least they are doing what they believe to be the best thing with their money by spreading it globally via their foundation. That is a noble thing to do and they will definitely be remembered for decades if not centuries to come. We have had much worse members of society for sure!
Do you have financially dependent adult children?: As a young adult, I am proud to say my financial well-being is no longer dependent upon my parents. They did a great job providing financial wisdom in my childhood and have reaped the reward of not paying my bills for me. If however, you are one of those parents with financially dependent adult children, this article seems to do a good job outlining actionable steps to take to reduce or eliminate that dependency and create a more financially wise child. It’s never too late to instill wisdom and a sense of pride in some independence, so get out there and make it happen! Both of you will be glad when this is done. Having spoken about finances, now focus on the rest of life…I hope you and your adult children can enjoy and benefit from other forms of dependence. Family can be a beautiful thing when relied on in a healthy way.
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