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What the rich want

Happy Monday!

The Man Who Knows What the World’s Richest People Want (and How To Get It) [Vice] – “Rey Flemings has become one of the premiere fixers for the global elite. More than that, though, he gives the rich a place to admit what they can’t say publicly: that they need help finding happiness.”

Why You Believe The Things You Do [Collab Fund by Morgan Housel] – “When you have no money, and your son is sick, you’ll believe anything. That is such a powerful statement, and some version of it applies to everyone. Here’s a universal reality: What you believe to be true is influenced by how much you want it to be true. The more something helps you deal with uncertainty, the lower the bar is for you to believe it’s true.” A sad reality but it’s an important idea to remember, especially when times are tough.

The case of the Lego Bandit [Business Insider] – “On October 4, 2018, a young Frenchman named Louis came home from work to find the window in his front door smashed. A practical-minded 20-year-old with short dark hair, he figured it was just another petty crime in the rural outskirts of Paris, where he lived with his parents. But when he saw the familiar gleam of a tiny red plastic brick on the driveway, his stomach plunged. It was his Lego.” Yes, Legos. And yes, this story is wild.

What Netflix’s Beef Taught Me About Financial Independence.

Hey Plutus Fam! Can you really learn about financial independence from Netflix? Well, check out this article and let us know. Enjoy!

Check out what we have for you this week.

The Real Cost of What We Buy. [Becoming Minimalist] — “If you want to become more intentional with your spending, here’s a truth that is helpful to keep in mind: Whenever we buy something, we’re deciding that it’s worth more than anything else we could have used that money for. You see, we only get to spend our money once.” (Submitted by J. Money.)

Make A Choice And Then Let Go. [Dinks on a Bus] — “When I was considering leaving my last job, I agonized over the decision. First, I told myself I’d only leave if the right job came along. And although it took me a little while, I did end up finding another job I’d consider leaving for. But even then, once I found it, I felt paralyzed. I worried I’d make a mistake by leaving. In my typical fashion, I made a pros and cons list. Even though I felt really good about the pros and cons list, that I’d thought of everything, it still didn’t seem to help me actually make a decision. So, I agonized some more.” (Submitted by Tarsha.)

What Netflix’s Beef Taught Me About Financial Independence. [Millennial Revolution] — “Have you ever been so angry you wanted to burn someone’s house down? If so, you’ll relate to the Netflix series “Beef”… I thought this was going to be mindless entertainment like the Tiger King feud between Carole Baskin and Joe Exotic, but it ended up being a deep, social commentary about life and unexpectedly made me think of how it relates to FIRE.” (Submitted by J. Money.)

Zen and the art of managing money.

Today is Tuesday, my friends, and this is yet another installment of your favorite digest of financial news. I’m back from my month-long arctic vacation (in theory, anyhow) and adjusting to a regular daily routine. This is the last pre-written installment I have for you. I’ll have “live” news for you on Thursday.

Zen and the art of managing money. [Money and Meaning] — “We spend the first half of our lives seeking self-efficacy and agency…But when I look back at my life, the most important things that happened to me were events I had no control over…When my life is over, I’ll look back and see that the things life had planned for me were more important than the plans I had for myself. If you take a look back, I suspect you’ll see the same thing.” [True story! The beater red truck pictured in this article? I bought it from Douglas and used it for several years before selling it to my nephew last fall.]

The tension between art and money. [More to That] — “So if art is an avenue to know yourself, what happens when its artifacts become products that are sold to others? Well, the immediate thing is that the purpose of your art isn’t merely to know yourself, but to also provide value to others. What may have started as a vehicle for self-expression must also prove useful as a commodity. This tension between inner exploration and outer acceptance lies at the root of any artist’s struggle.”

Following my heart instead of money. [One Frugal Girl] — “In college, I remember reading about choice overload and the struggle to make decisions when presented with too many options. Financial independence offers a world of opportunities. So which one do I take?”

Come back tomorrow for great stories shared by our friends at the Plutus Foundation! And I’ll see you again the day after…

How wealthy people dress.

Good Monday morning, Apexians, and welcome to another week of money news. As you read this, I am on my flight home from Reykjavík, Iceland to Corvallis, Oregon. After a month exploring the arctic regions (and soaking in the cruise ship’s thermal spa), I’m eager to be home to Kim and my dog. I’m also eager to see what money news I’ve missed in my absence.

Before I left, though, I collected these fine stories about how we spend. Enjoy!

There’s no secret to how wealthy people dress. [The Atlantic via MSN] — “Stealth wealth looks like it has all the makings of a fashion sea change, in the same way that streetwear altered fashion’s trajectory a decade ago, when sneakers and logo hoodies took over the wardrobes of the young and style-conscious. But what if that’s not what’s going on at all?”

The case for quiet thriving. [Budget Life List] — “Quiet quitting includes doing the bare minimum to prevent getting fired, quiet thriving is at the other end of the quiet spectrum. Instead, it’s more like ‘taking specific actions and making mental shifts that help you to feel more engaged on the job’ states the psychotherapist, Lesley Alderman.”

Ten ways minimalism can help you be less busy. [Becoming Minimalist] — “We often complain about how busy life has become… but we are always sure to complain loud enough that everyone can hear us. As if, being busy has become a badge of honor we love to wear. But does this endless chase ever bring true fulfillment? Doubtful. As Socrates said, beware the barrenness of a busy life.”

We’re all shopping addicts now. [The Cut] — “On social media, we constantly complain about having too much stuff, not enough money, and unfulfilled desires. We expect what we buy to add value to our lives, even if only in the form of a tiny thrill, but those purchases soon come to represent an embarrassing waste of our money.”

That’s it for today. Tomorrow’s installment will be one last Apex Money that I prepared before leaving. On Thursday, I’ll be back with new stuff…

Creating an awesome life

As we cruise into the weekend, I wanted to share a video that resonated with me:

I had this same realization twenty years ago when I heard about someone dying in a SCIF on a Friday (a secure classified area) and not being discovered until the following Monday. I didn’t freak out afterwards but it was eye opening… and probably pushed me to start my first personal finance blog.

How to Build Good Credit Without Going Into Debt [Bitches Get Riches] – “Adult human beings need credit—good credit—to do lots of important adult things such as renting apartments and buying cars. We’ve been over this! But conventional wisdom says that the best way—nay, the only way—to build good credit is by accumulating debt. […] So let’s toss out the conventional wisdom. There’s got to be a better way! And there is. For it’s entirely possible to steadily build good credit without going into a day of debt.”

‘One billionaire at a time’: inside the Swiss clinics where the super-rich go for rehab [The Guardian] – “If the sky is clear, it is possible to lean out of the windows of Paracelsus Recovery, a luxury rehabilitation clinic in Zurich, and gaze along the lake to the Alps in the distance. It is the kind of view, of blue water and white peaks, that promises immediate rejuvenation, a purity close to holiness. The clinic, meanwhile, offers more elaborate treatments at a cost of between 95,000 to 120,000 Swiss francs (£85,000-£107,000) a week for the typical six- to eight-week stay.” Pretty incredible read.

Lastly, please enjoy this commencement speech by Mark Rober, one of my favorite engineer/Youtubers:

He brought his own music!

Have a great weekend and see you all on Monday!

Rekindling the Eye of the Tiger

Rekindling the Eye of the Tiger – Escaping Mediocrity [Route to Retire] – “As someone who tends to have higher-than-high and lower-than-low temperaments in life, I sometimes have a hard time in those lows. Unfortunately, life’s not always a bowl of cherries so you gotta push your way through the bad times to get back to the good. The key is to be able to step back and realize that the lows are just a blip in life’s radar.”

Navigating Early Retirement [Rational Walk] – “Most people dream about retirement but not necessarily because they dislike work. Having more time to devote to family, recreation, hobbies, and volunteer activities are common motivating factors. Unfortunately, most people fail to achieve financial independence due to the trap of an ever-ratcheting lifestyle. But for those who are motivated, early retirement is within reach even without an unusually high income. It just takes a great deal of discipline and a fiercely independent mindset.” Don’t miss the the “Key dates in retirement” section.

How To Take A Year Off From Work Without Wrecking Your Money Goals [Gen Y Planning] – “If you plan on taking an absence from work rather than quitting altogether, you’ll need to work closely with your employer and give them ample notice. More employers are adopting ample paid time off policies due to the Great Resignation, which means it may be easier than you think to leave for an extended time. Some companies offer sabbatical leave, and others may be open to the idea on a case-by-case basis.”

Capitalism and the Environment: Are They Good or Bad for Each Other?

Happy Wednesday Plutus Family!!  Grab your coffee and enjoy these great articles from the Plutus team!

Check out what we have for you this week.

Investing for 100-year-olds. [Monevator] — “If young people realize they might live past 100 and be in good shape to 90 or 95, it might make more sense to mix education, work and child-rearing across more years of life instead of devoting the first two decades exclusively to education, the next three or four decades to career and parenting, and the last four solely to leisure.” (Submitted by J. Money.)

Capitalism and the Environment: Are They Good or Bad for Each Other? [The Impact Investor] — “The impact of capitalism on the environment is not a new concern. It can be changed back to the foundation of capitalism in various ways. The fundamental function of capitalism is the competitive exchange of products or services to create a profit.” (Submitted by Tarsha.)

The Changing Landscape Of High-Yield Savings Accounts. [Financial Panther] — “If you have money in a savings account that’s still paying nothing, you absolutely need to move it. With rates where they are now, it’s an insult that some big banks are still paying nothing for their savings accounts.” (Submitted by J. Money.)

Useful childhoods

We (Jim here) have four kids and as I’ve watched them go through school, I’ve long had a nagging feeling that much of what they learn in school is “good” but not necessarily “useful.” I’m not of the camp that school is useless or bad or anything like that, I just think it’s a foundation you have to build on.

I’ve long been pushing our kids to have hobbies. We’re not doing traveling sports or anything that involved, but I’d like them to cultivate hobbies so they are creating as much as they’re consuming. We’ll see how that goes but this first article about cultivating agency is a powerful one.

School Is Not Enough [Palladium Magazine] – “In my examples, the individuals were all doing from a young age as opposed to merely attending school. And while they may not have wanted to work, the work was nonetheless something that they, their families, and society felt was useful, purposeful, and appreciated. In a sense, they had useful childhoods. Do children today have useful childhoods?”

Three ways I’m teaching my son about money [Rich & Regular] – “The combination of questioning and Dad voice was overwhelming and after repeated failed attempts to utter a coherent word, he resolved to hang his head in shame, cry for thirty minutes straight and hide in his room. He knew he did something really bad and he genuinely feared I would be upset with him. And if we’re being honest…I was upset. But there was no point in piling onto the weight he was already carrying on his tiny shoulders. Recognizing this was a teachable moment, Kiersten stepped in to console him and we all had a long talk about the word expensive.”

How to Invest if You’re Sitting on a Pile of Cash Right Now [A Wealth of Common Sense] – “I would love to be able to tell you how to invest this money — be it index funds or blue chip stocks or real estate but I can’t. You can’t just wing it by putting your money into something and hoping for the best. You need an overarching investment philosophy to follow.”

Begging to Differ

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.

How some people get away with doing nothing at work.

Howdy, folks, and welcome back to Apex Money. It’s almost time to head into the weekend! Before you do, here are some money stories I’ve gathered for you.

Why frugality is the root of riches. [Darius Foroux] — “The truth is you don’t have to live on these extremes. You can live a balanced, frugal, and still rich life. Cicero believed that to live a fulfilling life, we must cultivate virtues such as honesty, compassion, and courage. He saw philosophy as a means to attaining wisdom and leading a good life.”

“31 lessons I’ve learned about money.” [Ryan Holiday] — “To the Stoics, the solution to these timeless problems—the way to be better with money, to improve your relationship with money, to not fall for every smooth talker, Marcus Aurelius said—is the same: get smarter. Become better educated on the topic of money.”

How some people get away with doing nothing at work. [Emily Stewart] — “Reporting for this story, I spoke with multiple people who are essentially funemployed, or at least one meaning of it, who sit around at work all day with very little to do. What was most surprising was that many did not exactly love the situation and felt somewhat conflicted.”

The problem with the 4% rule (and why you can retire even sooner). [Mad Fientist] — “I’ve always had a problem with the 4% rule for early retirement. It’s not because it’s bad or wrong. It’s because it’s not for early retirement. My biggest issue is that it doesn’t account for the flexibility of most early-retirees.”

This weekend is the climax of my arctic cruise. On Sunday, the ship will reach Longyearbyen, Norway, the world’s northernmost settlement with a population greater than 1000 people. How far north? 78°13′N 15°38′E — 817 miles from the North Pole. After that, we begin wending our way south to Iceland.

Jim will be back with you next week. I’ll return in ten days with more of my own money magic. See you then.