Category: General

A hectamillion is someone with $100,000,000 – that’s one hundred million dollars (or more!).

I can’t even begin to fathom it but through the power of the internet (mostly Reddit), there’s a hectomillionaire who has written about the things that ZestyLife8262 has been working through:

• This is the their first post jumping things off – For people with $100M+ NW, how do you manage your money and life?
• Part 1 of 5 – Introduction
• Part 2 of 5 – Investments and Portfolio Management
• Part 3 of 5 – Expenses and Living without Financial Constraints
• Part 4 of 5 – I am NOT a Superman
• Part 5 of 5 – Work and Purpose

I enjoyed it for the peek into the life and challenges. I don’t know if “Mo’ Money, Mo’ Problems” is legitimately a thing but Mo’ Money certainly does mean different problems.

Welcome to Friday, my friends, and welcome to another day of Apex Money. Today, I’ve got four interesting articles for you all…

How to avoide lifestyle inflation — and when to embrace it. [Bitches Get Riches] — “If all of this sounds suspiciously like lifestyle inflation, that’s because it is! And yet I feel no guilt over inflating my lifestyle from time to time when my income significantly increases. This is generally considered a cardinal sin of personal finance. It’s right up there with buying lattes or taking the name of Dave Ramsey in vain. So let’s unpack that.”

This advice for becoming a better golfer can also help you become a better investor. [Elm Wealth] — “Scott’s insistence on taking uncertainty into account in making good decisions applies equally to golf and investing. We cannot reach good decisions by focusing on the base-case return of an investment. Instead, we need to weigh up all possible investment outcomes, the cost or benefit of each one to us, and the probability of each.” [I like this article a lot.]

Does money buy happiness? [Female in Finance] — “I lived in a beautiful building in the heart of Lake Oswego, Oregon with floor to ceiling windows. And I would lay in bed, and just watch all of the people outside. They were laughing, holding hands, playing with friends, eating ice cream, and walking their dogs. I wanted connection so desperately. I would have done ANYTHING to walk around the block, say hi to a stranger, order a chai latte, walk my dog, grab tacos with a friend. The money didn’t matter. It didn’t make me happy.”

Many Americans are overpaying for their car loans. [Consumer Reports] — “CR’s investigation found that interest rates charged can be stratospheric; in some cases APRs stretch beyond 25 percent. But our analysis also reveals that consumers who are financially similar and have comparable credit scores can be charged wildly divergent interest rates. Even people with high credit scores can be charged exorbitantly. What’s going on?” [This happened to me. I have excellent credit — a score over 800 — and I was given a loan with an exorbitant interest rate. My fault for not pushing back harder, I know. In the end, I just paid it off in a few months, but interesting to know it’s an issue for others too.]

That’s it for this week, Apexians. Jim will be back on Monday with more great stuff. And I’ll see you in ten days — from Cincinnati! 🙂

It’s Thursday, my friends, and this is Apex money, your home for great personal-finance stories from around the web. Here’s what I have for you today.

How to spend money on yourself without feeling guilty. [One Frugal Girl] — “Once you pay for your obligations, you shouldn’t feel guilty spending money. A budget helps you visualize the truth. You aren’t taking away from anyone by fulfilling your needs too.”

The problem with America’s semi-rich. [Vox] — “While this 9.9 percent drives inequality — they want to lock in their positions for themselves and their families — they’re also driven by inequality. They recognize that American society is increasingly one of have-nots, and they’re determined not to be one of them.”

Americans are more generous than Europeans — by a large margin. [New York Post] — “Liberals often love to portray America as a cartoonishly greedy nation driven by a hyperindividualistic and capitalistic nature that exhibits little concern regarding the common good or others around the world…Yet by nearly every measure Americans are more generous with their money and time than anyone — including Europeans.”

To close things out today, here’s my favorite fun video of recent weeks. It’s Jurassic Park — but with a cat!

This is so fun and so well done. It’s hilarious. And if you liked that, don’t miss Claws!

And that’s it for this edition of Apex Money! I’ll be back tomorrow with more. See you then…

Welcome to Wednesday, my friends. Today, I have several interesting articles for you. The first one is especially good, but it’s very, very long.

Untangling skill and luck. [it’s complicated…] — “There’s a simple and elegant test of whether there is skill in an activity: ask whether you can lose on purpose. If you can’t lose on purpose, or if it’s really hard, luck likely dominates that activity. If it’s easy to lose on purpose, skill is more important. In this report, we will discuss why unraveling skill and luck is so important, provide a framework for thinking about the contribution of skill and luck, offer some methods to help sort skill and luck in various domains, and define the key features of skill in the investment business.” This PDF is long (and 11 years old) but it’s fascinating. Well worth reading.

Ten ways to make your time matter. [Greater Good Magazine] — “The modern discipline of time management (or productivity) is depressingly narrow-minded, focused on devising the perfect morning routine or trying to crank through as many tasks as possible, while investing all your energy on reaching some later state of well-being and accomplishment. It ignores the fact that the world is bursting with wonder—and that experiencing more of that wonder may come at the cost of productivity.”

A man’s dog was stolen. He found the thief, and instead of calling the police, he got her into rehab. [The Washington Post] — “Morton shared his story with the woman, and she told him her own. She explained that she had been living on the streets for several years, relying on sex work to fund her drug addiction, Morton said. She wanted to get help, he said, but she was terrified.” [This is a great story.]

Are we on the verge of chatting with whales? [Hakai Magazine] — “Several animal species have proved to be vocal learners—acquiring new vocabulary, developing dialects, identifying each other by name. Some birds even learn to imitate cellphone ringtones. Dolphins acquire individual whistles that they use as an identifier for themselves, almost like a name.” [I believe strongly that animals are far more intelligent than most people credit them.]

And that’s all for today. Come back tomorrow for more interesting stuff, won’t you?

Are you ready for a second consecutive day of long, interesting articles? I hadn’t intended to dive deep two days in a row. In fact, I’d already created today’s edition of Apex Money, but yesterday I read two fascinating articles related to the current supply chain issues in the U.S.

Because these pieces are timely and very much money-related, I’ve decided to run them today instead. And the regular links (and cat video) I had scheduled for today? Well, we’ll do those on Thursday instead.

I hope you find these articles as informative as I did…

I’m a twenty-year truck driver. Let me tell you why America’s shipping crisis isn’t going to end. [Ryan Johnson on Medium] — “I’m a Class A truck driver with experience in nearly every aspect of freight. My experience in the trucking industry of 20 years tells me that nothing is going to change in the shipping industry…My prediction is that nothing is going to change and the shipping crisis is only going to get worse. Nobody in the supply chain wants to pay to solve the problem. They literally just won’t pay to solve the problem.”

An unexpected victory: Container stacking at the port of Long Beach. [Don’t Worry about the Vase] — “A bureaucrat insisting that stacked containers are an eyesore, causing freight to pile up because trucks are stuck sitting on empty containers, thus causing a cascading failure that destroys supply lines and brings down the economy. That certainly sounds like something that was in an early draft of Atlas Shrugged but got crossed out as too preposterous for anyone to take seriously.”

Hey, how about we close things today with something light? After two days of long, deep articles, here’s a short video that has nothing to do with money. It’s a recipe my brother posted on Facebook yesterday that I’m eager to prep: carrots with chives from Jacques Pépin.

Doesn’t that look delicious?

Okay. That’s it for Tuesday. I’ll see you Apexians tomorrow. Sound good?

Yesterday, I read (re-read, actually) a Quartz article from May 2018. In it, Michael Coren interviews Jameson Wetmore, a social researcher at Arizona State University’s School for the Future of Innovation in Society. Their conversation explores the Amish and their relationship with technology.

I found the interview helpful because it crystalized some of the things I’ve been thinking about since last winter.

You see, I’m more and more convinced that the online world isn’t the place for me. It’s been my primary home for twenty years now, and during those two decades the internet has given me a lot. It’s given me wealth, friends, a career. But it also seems to have directly contributed to my poor mental health. It’s exacerbated my depression. It’s introduced anxiety to my world. It’s introduced me to addiction.

During the past twelve months, I’ve given a lot of thought to my relationship with technology — especially my relationship to the modern internet. As a result, I’ve begun distancing myself from social media. (I used to love posting on Facebook. Nowadays, I rarely do so.) I’ve written less at Get Rich Slowly. Sometimes, I even find it tough to gather links for Apex Money.

And you know what? By distancing myself from the online arena, my mental health problems have decreased. I’m happier. I’m more engaged with the world around me. I’m more like the person I used to be.

Anyhow, re-reading the Quartz article about how Amish people relate to technology really hit home yesterday. There’s so much to think about here that I’ve decided that today’s installment of Apex Money will feature only this interview.

From the piece:

It’s not that the Amish view technology as inherently evil. No rules prohibit them from using new inventions. But they carefully consider how each one will change their culture before embracing it. And the best clue as to what will happen comes from watching their neighbors.

This article made me realize that perhaps I (and perhaps you?) ought to approach technology the way that the Amish people do. Instead of embracing every new thing that comes along, perhaps I (and perhaps you?) ought to wait. Be patient. Watch what happens as others adopt the new tech and how it changes their lives.

By now, I think it’s pretty clear that social media is a cancer in our society. Therefor, I’m ready to (mostly) leave it behind. It doesn’t improve my life, and it doesn’t improve the lives of anybody that I know. But the internet itself? Well, I’m still undecided about that. For now, I’ll keep doing what I’ve been doing for the past few months: maintaining my old habits, but at a much-reduced level of involvement.

(Okay, I lied. Today, let’s have two links. The Quartz interview refers to a E.M. Forster story from 1909 called “The Machine Stops”. I just read it. It’s a shockingly prescient piece of writing. Forster predicts a future where people live isolated in underground rooms but connect with each other through a vast Machine. Then he explores the social ramifications of such a society. He gets much very, very correct.)

Our first post is a great one about how we think about risk all wrong and Tanja is completely right. A scary story about Mark illustrates the point perfectly.

Also, her book Wallet Activism comes out in three weeks. Read the origin story of the book (some pre-order bonuses too) and consider getting the book.

We Think About Risk All Wrong // How Riding a Bike Almost Ruined Everything [Our Next Life] – “One day back in July, Mark was riding his mountain bike on the Tahoe Rim Trail, something he loves to do, in an area he’d ridden plenty of times before. Every year, all summer long, and as much of the spring and autumn as possible, Mark is on that bike. And given who he is, he’s both adventurous and careful, always looking to improve his technique and fitness so he can ride more and more challenging terrain, but do it safely. That’s let him reach an expert level without taking careless risks. He’d just gotten through a techy (meaning technical, or rocky) section and relaxed a bit when he felt his wheels wash out. Though he didn’t go over the handlebars or hit his head, he landed hard on his left side ribs right on top of a jagged spur of granite.”

Extreme couponers were sent to prison in $31.8 million fraud scheme [CNN] – “The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann Talens and her husband, Pacifico Talens, Jr.. The falsified savings were worth more than $1 million. They also found designs for coupons for more than 13,000 products on Lori Ann Talens’ computer.” Wow!

10 Odd Status Symbols Throughout Time [Saving Advice] – “Crakows were a type of shoe that became popular in the 15th century in Europe. They were incredibly impractical, featuring long, extended toes that went anywhere from a couple of inches to 20 inches or more past the end of a person’s foot. The long toe was simply a fashion statement, though some associated longer lengths as a sign of the increased “masculinity” for the wearer.”

And to help you into the weekend, ever wonder how cast iron pans are made? (via Kottke.org)

Have a great weekend!

I really like novel solutions and this suggestion by Alex Tabarrok on Marginal Revolution certainly fits the bill:

Be Green: Buy a Coal Mine! [Marginal Revolution] – “It’s time to reup the idea of buying coal mines and shuttering them. I wrote about this a few years ago based on Bard Harstad’s piece in the JPE and it came up again on twitter so I went looking for a coal mine to buy. Here’s a coal mine for sale in West Virginia for only $7.8 million! According to the ad, the mine produces 10,000 tons of coal monthly and has reserves of 8 million tons. Now here are some back of the envelope calculations.”

The gist is that if you want to reduce carbon dioxide, just buy a mine and shut it down. Buying the mine pays for itself (in carbon offsets) in about 3 months!

When the Place You Live Becomes Unlivable [The Atlantic] – “After Hurricane Ida, New Orleanians are weighing the emotional, cultural, and financial costs of leaving the place they call home.” Rising temperatures that lead to more extreme weather is only going to make this worse.

What Actually Happened During the Cuban Missile Crisis (And What You Can Learn About Influence)… fascinating behind the scenes look at the backroom deal between Kennedy and Khrushchev.

How I Accidentally Wrote My Son Out of His Inheritance [Financially Alert] – “Oops. Yes, you read the title right. I accidentally wrote my son out of his inheritance! Sometimes we can have the best of intentions, and yet our actions end up not being aligned.” DIY has its risks!

A lot of people like Warren Buffett because they consider him an investing genius (he is). I find that aspect of him to be very impressive even if the totality of his life isn’t something I’d aspire to (his personal life is one aspect I do not like all that much).

One professional characteristic that I do find enviable is his ability to keep things simple. Berkshire Hathaway owns many companies with hundreds of thousands of employees but the headquarters has only about two dozen!

Here are the six strategies of Warren Buffet, as interpreted by Michael Simmons on Accelerated Intelligence:

Warren Buffett: “Really Successful People Say No To Almost Everything” [Accelerated Intelligence] – “As we grow in our careers, in our companies, and in our lives, it’s extremely easy to add complexity. In fact, it’s the norm. As you get more profit, it’s normal to hire more employees. As you earn more money, it’s normal to spend more and more. What’s truly powerful and unique is to keep things simple. That takes effort and skill. And, that is part of Buffett’s genius.” It’s hard to keep things simple.

How We Manage Our Money [The FIoneers] – “I have a confession to make. Until 2018 and the age of 31, I wanted nothing to do with our finances. […] As a feminist, I’m now a huge proponent of women having their own money and being full partners in the management of money in their households. I can’t believe it took me so long to get involved.” A peek into how Jessica and Corey manage their finances.

They reference the Anti-Budget, which is a great concept:

Hate Budgeting? Here’s the Easiest Budget Ever [Afford Anything] – “There’s no need to track how much you’re spending on groceries, electricity, restaurants and clothes. You don’t need to line-item your sunglasses, toothpaste, and that time you dropped $80 at the bar.”

Billions of banknotes are missing. Why does nobody care? [The Economist] – “One Saturday evening last October, a young woman called Tara Hanlon arrived at Heathrow airport with five suitcases. When a customs officer asked why she had so much luggage, she explained that she was going to Dubai with friends and didn’t know what she might want to wear. Hanlon’s long hair, plump lips and sculpted eyebrows gave her a passing resemblance to Kim Kardashian, but her diva-ish explanation didn’t satisfy the customs officer. Her bags were searched. Inside were stack upon stack of banknotes – £1,940,120 ($2.7m) in total – strewn with coffee in an apparent attempt to confuse the sniffer dogs.”

I love how publicly irascible Bill Murray always seems. I wonder if it’s an act or what but I hope it isn’t and he’s living his best life.

As for his best quote, this is it:

Bill Murray once said – “I always want to say to people who want to be rich and famous: ‘try being rich first’. See if that doesn’t cover most of it. There’s not much downside to being rich, other than paying taxes and having your relatives ask you for money. But when you become famous, you end up with a 24-hour job.”

As for fame, it probably sucks to be famous. I’m not famous, do not want to be famous, and rather how things are… though I don’t know if I’d have the self-awareness that Tim Minchin did during his ascension:

http://‘There is a reason why famous people are often screwed up’: Tim Minchin on quitting comedy [The Guardian] – ““Fame” takes that internal camera we call the “self” and puts it on a massive selfie stick, so when you are in public a percentage of your brain is always occupied by observing yourself in the third person. And eventually you don’t know how to reel that camera back in, even when you’re at home with your partner and kids. You start to believe that you are an entity. You learn to like yourself as much as you are liked, which means, when the trolls come trolling, you tend to hate yourself as much as you are hated. There is a reason why famous people are often screwed up: it’s not that wankers become famous, it’s that fame makes you a wanker.”

Ever wonder what an early retiree does all day? Wonder no more! Purple recorded everything she did for the last year, down to the hour.

I Recorded Everything I Did Every Hour For A Year: Here’s What Retirees Do All Day! [A Purple Life] – “As y’all know, I’m a super nerd. And part of being super-nerdy involves being curious about what in the world I would get up to in retirement with 24/7/365 freedom. I also knew that weeks and even months can seem to pass so fast that it’s difficult to recall what I actually did with all those hours. So with that knowledge, I decided to record everything I did in retirement in hourly increments. Originally, this was going to be a month-long experiment, but it took so little time and was so fascinating to me that I kept going…and before I knew it, a year had passed 🙂 . So now I have an actual record of what I did every hour for my first year of retirement and I wanted to share that with y’all today.” Wow, so cool.