“Money is the root of all evil.” This common quote actually comes from the Bible. 1 Timothy 6:10: “For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.” Paul (author of Timothy) isn’t saying that if you have money or want money you are evil. He is saying that money can’t be your number 1 and you must always love God more than money. Money isn’t evil nor does wanting it make you evil.
I was a little bit nervous the first time I ever brought it up. Theresa and I had been dating for about two months and I was fairly certain she was the one. One thing I knew we needed to discuss however was money. Money touches almost every aspect of our lives but it’s this funny taboo topic that people don’t want to talk about. Talk money while dating to avoid yelling about money while married.
Stocks, bonds, ETF’s, Mutual Funds, high yield, diversity, portfolio, risk management, bull markets, bear market, management fees, tax loss harvesting, 401k, IRA, Brokerage accounts, and magical unicorns. Who wouldn’t be freaked out by all that? Most people grow up knowing about checking and savings accounts. Then you get a job and people start telling you to be sure you are saving for the future. Well, what the hell does that mean? How are you supposed to know what to do with your money when there are so many options and things to consider? Not like they teach this stuff in school. Besides, how am I supposed to save for the future when the present is so expensive?
How are you supposed to know what to do with your money when there are so many options and things to consider? Not like they teach this stuff in school. Besides, how am I supposed to save for the future when the present is so expensive? Let us debunk some common excuses/fears. Continue reading
Time is a beautiful thing. No matter your income, race, or gender we all get the same 24 hours per day. We may never have income equality but we will always have time equality. (Unless that cheesy Justin Timberlake movie, In Time, becomes true.) Which means that you need to stop saying “I Don’t Have Time”. You do have time you are just making different choices. Continue reading
I have had many jobs over my life. Soccer ref, basketball ref, phone book delivery guy, machine operator, concession stand worker, concession stand manager (look out promotion!), building test equipment for hospitals, designing overhead electrification systems for trains, designing high-speed package handlers, engineering lift assist equipment. A lot of these jobs were great and I certainly didn’t hate any of them. However, the only job I ever loved was working at the UNCC Fitness Center. That’s right the energetic personal greeter slash student ID card swiper. That was my jam for three years during college.
A cash budget means that you make all of your purchases with cash and never use a credit card. This is a method commonly touted by financial gurus such as Dave Ramsey. He calls it the “envelope system”. You may have even heard of some of the studies showing the money-saving benefits of using only cash. I was a big Dave Ramsey fan when I first started working “in the real world” and took all of his advice. I tried going to all cash but found the system impractical, at best. Continue reading
We are now half way through the year so it is time for another New Year’s Resolution Update. My original goals are here and my first quarter progress is here. As always there have been some wins and loses but I’m learning and still pushing the ball forward. Without further introduction let us begin.
I wrote an earlier post about Why I’m Chasing FIRE (Financial Independence / Retire Early) and in it, I said that my definition of FIRE is when my investable assets are equal to 20 times my annual expenses. 20 times your annual expenses means you would have a 5% withdrawal rate in retirement. This statement goes against conventional wisdom so I rightly got a few comments about being more conservative. Most people recommend a withdrawal rate of 3-4% which is 25-33X expenses. So why am I going against the flow on this one and going with a 5% withdrawal?
It’s graduation season! I was recently reminded of this because I unintentionally planned my golf/beach weekend during “senior beach week”. This is the time of year when all the high school kids head to the beach for a week to celebrate their graduation. For kids on the east coast, that means Myrtle Beach, South Carolina. (I’m not sure if “senior beach week” is really a thing all over the country, or not.)
Anyway, I was only there for one night but that still led to some interesting interactions with some rather intoxicated kids. It seems that everyone goes to college but no one has a clue why or what they will study. I did attempt to ask some thought-provoking questions such as “why that school” and was met with blank stares and “because my friends are going there”. I considered putting together a powerpoint for the kids on “making good life choices” but decided against it. Just not sure it was the right environment. 😉
Your life will be filled with all kinds of pain. The difference is in the intensity. Since we can’t avoid pain we must embrace pain.
“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces and regret weighs tons” – Jim Rohn Continue reading