Apex Money Posts

The title of today’s post is a bit too final but I like where this is going.

The FCC issued new guidelines that will affect robocallers and should reduce the number of spam calls you get.

The End of Spam [Sherwood] – “The [FCC] released new guidelines on what marketing companies are allowed to do with the data they collect, placing liability on not only lead buyers but the generators themselves. 

As the industry braces for the rules to take effect next year, Americans could soon see a precipitous drop in the number of calls and spam texts they get.”

I can’t wait!

Lifestyle creep is the concept that as your income rises, you increase your spending.

Nick Maggiulli from Of Dollars And Data found some data and was surprised to learn that perhaps lifestyle creep is a bit of a myth?

Why Lifestyle Creep is Mostly a Myth [Of Dollars And Data] – “After reviewing the data, I can say that lifestyle creep doesn’t seem to be a major issue for most people. In general, as households grow their income, they either spend less overall or increase their spending slightly over time. It’s a small minority of households that truly “creep” their spending upward. This doesn’t mean that lifestyle creep doesn’t exist, but that the fears of it are greatly exaggerated.”

In other words, lifestyle creep happens but it’s not automatic. And not a huge problem, though it can be for some.

I don’t set “goals” in the traditional sense. I like the idea of systems, rather than goals.

It’s an idea taken from Scott Adams in his book, How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life.

But David Cain of Raptitude has a different take – rather than focusing on a goal, make it a quest.

Do Quests, Not Goals [Raptitude] – “A quest is an adventure, and you expect it to be one. You expect a quest to take you into a new and unfamiliar landscape. You expect there to be puzzles, surprises, perils, and curious encounters. A bridge you counted on will be out. You’ll meet an interesting stranger on the path. You’ll hear wolves howling at night. This is all part of the fun. The goal mentality frames this stuff as setbacks, problems, pains – stuff in the way of the goal.”

It’s less “systems vs. goals,” (though there are aspects of that thinking) and more a reframing of how to approach challenges.

Honestly, if I had $500 million I’d also be happy and want to stay anonyous!

The Anonymous and VERY happy $500 Million Man [Noah Kagan] – “That’s the fascinating part about wealth, most of our stories and judgments about it are wrong.

We think rich people wear Rolexes, drive Ferraris, and have flashy gold chains. But that’s really the fake influencers talking.

John worked insanely hard for 15 years to earn 100s of millions at the expense of his family. It was a grind – but now, he prioritizes his family above all else.”

I’m not in retirement yet but I love the idea of starting or joining a retirement planning group or club.

The easiest way would be the start one with friends but sometimes it can be tricky to discuss finances with people who hang out socially, especially if your situations are different.

This post has a few good ideas on how to approach it:

How to Start a Retirement Planning Group or Club: Plan for a Happier Wealthier Future, Together [NewRetirement] – “As retirement approaches, financial security becomes an increasingly important topic. Many people face the challenge of ensuring they have enough savings, understanding investment options, and making informed decisions about their future. A retirement planning club or group can provide a supportive environment where members can share knowledge and make smarter financial decisions together.”

With the Olympics ending this past weekend, I thought this post about the wild world of Olympic nutrition was fun to read.

Also, the first story about Chris Fogt eating a 1,700 calorie “snack” from Taco Bell is insane.

Enjoy!

The wild world of Olympic nutrition [Two Percent] – “We often think that high performing athletes eat an impeccable diet. Like it’s all perfectly portioned grilled salmon and quinoa and vegetables all the time. But the truth is much different. In fact, Olympians use an imperfect diet to their advantage.”

Morgan Housel is a partner at Collaborative Fund and was previously an analyst at The Motley Fool.

Shane Parrish created Farnam Street, a great blog on decision-making.

Insightful and engaging conversation about money.

After yesterday’s sad story from the New York Times, I thought it appropriate to share with you one about the wealth effect.

Dr. Nirav Shah of Physician on Fire shares his thoughts on the wealth effect:

What is the Wealth Effect? [Physician on Fire] – “Welcome to the bizarre world of the wealth effect, where people feel the need to live the high life when their actual financial status hasn’t changed all that much, solely because things around them are going up in value.

Explaining the wealth effect as a physician is hard but it is more prevalent in the medical fraternity than you’d think. So today, let’s discuss the wealth effect, how it manifests and why it’s become such a hot topic recently:”

Oftentimes when someone projects wealthy, they aren’t.

And it can end tragically. 😟

How an Instagram-Perfect Life in the Hamptons Ended in Tragedy [The New York Times] – “Candice and Brandon Miller showed the public a world of glittering parties and vacations. The money to sustain it did not exist.”

If you grow up without a lot of money and then spend most of your life being frugal, it’s not something you just “turn off” whenever you start to make, save, and invest more.

It’s why my parents, who now have far more savings than they could use, remain frugal. It’s part of their identity.

It comes as no surprise that long time FIRE blogger Mr. Money Mustache may have more funds but hasn’t changed all that much (other than writing a bit less).

$656,000 of Frugal Things I Still Love Doing [Mr. Money Mustache] – “Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly.  But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.“

If you live your life the way you want, you don’t have to change.