Most would think of a large house and fancy cars. Vacations 6 times a year. Eating out at 5 star restaurants while wearing Armani and owning a yacht. Well, yes and it is definitely Wealth and a lot of it at that, but that is the top 1% and not remotely achievable to the average person. But there is another type of wealth that I would argue is even better than all the Bugatti’s in the world and achieved by the common folk.
Skipping Starbucks
I recently saw a post about how if you skipped your Starbucks order you still wouldn’t have enough money for a downpayment so order away. I find this to be incredibly horrible advice. It's like saying, “If you cannot save for the most expensive purchase of your entire life by cutting out a single aspect of your spending, then don’t try at all”. It is so short sighted and overly simplistic. But maybe Eric Hoke is being sarcastic, who knows.
Two Cents is a YouTube Channel that focuses on personal finance for millennials and Gen Z. It has videos on Investing Basics, Behavioral Finance, Smart Shopping, Career and Work, Retirement and Family Finance. The hosts are a married couple Philip Olson, Julia Lorenz-Olson while being directed, produced, edited, and animated by Andrew Matthews, and Katie Graham. It is family friendly with great visuals and straight to the point with videos being less than 10 minutes. I highly recommend it if you are interested in video related content that is focused on financial literacy. The hosts are down to earth and not preachy making you feel bad for your lack of knowledge. It is explain simply so even someone with very basic knowledge can follow along. Check it out
If you found this helpful and would like help budgeting or investing please email me at TaylorMckeeCoaching@gmail.com
Nothing in life is free, but there are some things that close or at least feel free. Between getting deposits back, money equivalents, subsidized service, easy side gig, unlocking trash to cash and using coins. There are many ways to get little advantages of "Free Money" whether real, or psychological.
Debt is bad and when you get a lot of debt, it is very bad. As discussed before in my post “Credit Cards”, debt can snowball and spiral out of control due to compound interest. Eventually one may not even be able to afford the minimum payments on their personal debt by ignoring their debt obligations. This is also known as burying their head in the sand or the Ostrich effect. One will ignore their debt for so long and not address or even face the reality that there is a problem, just like an ostrich burying its head in the sand. When one finally faces the music and realizes how dire their situation is, it may seem like bankruptcy is the only option, but in Canada there is another option.
Insurance can be helpful, but it can also be the worst. Best case scenario it helps you in a time of need, worst case they are casinos masquerading as helpful loving companies. Most financial advisers and insurance brokers have a more positive view of insurance, but I would say that is only because they have a vested interest in you or the public believing and purchasing insurance. There are often kickbacks or commissions when insurance is sold to a client making their opinion or advice not in your best interest. You really want a fiduciary advisor when working with a financial adviser, which is a fancy word for someone who doesn’t sway you to a product just to sell (make commission) you something that you may or may not need.
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Comparison is a thief of joy. Generally comparison is looked down upon and for good reason, but a part of me wonders if there is some good t...
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