In our first post, Jonathan Clements makes the argument that personal finance is personal and that what works for someone else isn’t necessarily what will work for you (and several other ideas of a similar vein).
I think most of what someone needs to do is universal – ideas like spending less than you earn. But the approach to it can be different. Some people love tracking their spending and budgeting because it gives them control and freedom. Others hate it because it’s a chore and they loathe it (so pay yoursel first!). The core idea, of saving money, is the same – the way you get there can shift.
His post delves into a few reasons why you shouldn’t just take an expert’s advice as gospel and apply it to your life, exactly as they prescribe:
(good general life lessons too, not just about money)
Begging to Differ [Humble Dollar] – “But make no mistake: When it comes to handling money, nobody has a monopoly on truth. Yes, logic and evidence favor certain courses of action, such as buying stocks if you have a long time horizon, holding down investment costs, diversifying, indexing, saving diligently, insuring against big financial risks and so on. But in the end, each of us has to tailor such advice to our individual financial life.”
Buy well. Buy once. [fellow.ventures] – “In 1999 a soap salesman called Tyler Durden told me ‘The things you own end up owning you’. Since then I’ve been extremely intentional about what I own and why. I do my best to ‘Buy well. Buy once.'” Great story about “upcycling.”
The $400 Million Investment Fund That Gives Athletes Cash In Exchange For Future Earnings [Huddle Up] – “Big League Advantage is an investment firm that provides athletes with cash payments in exchange for a percentage of future earnings. The company has raised over $400 million and signed deals with several big-name athletes, so today’s [post] breaks down everything you need to know about how their business works.” Fascinating model that they’ve tried elsewhere, like with Ivy League college students, but it really goes to show how valuable modeling is. It’s like an evolution of sabermetrics.