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Pros and cons of being wealthy

Happy Thursday! I’m (Jim) currently at FinCon right now, a conference for personal finance creators, and so this post was put together earlier in the week. J.D. and I will be here until Sunday, doing conference things, and hope these picks can satisfy your craving for posts about money (and other articles I find interesting). 🙂


Pros and cons of being wealthy [Monetavor] – “You want to be rich. Perhaps very wealthy indeed. Who wouldn’t? Debating the pros and cons of being wealthy seems as one-sided as a boxing match between Warren Buffett and Muhammad Ali. However I’ve given this some thought – inspired by a strange and unfounded fear I’d be the £195 million winner in the EuroMillions – and there are quite a few bad points.” Some good points in this about the downsides of fantastic wealth.

I like this next one because it shows how spending just 20 minutes a week can have a big impact:

20 Minute Tasks to Improve Your Finances This Year [Jessi Fearon] – “Did you know that if you spent just 20 minutes a week focusing on your finances, you’d have spent a total of 17 hours on your money in just a year?! Okay, okay, I know what you’re thinking. “Uh, Jess, 20 minutes a week is nothing.” or you’re thinking, “20 minutes a week?! I don’t have that kind of time.””

This next article is about raising kids but has quite a few parallels with other areas of life, even if you don’t have kids (especially the emotional regulation section):

Ancient Traditions Reveal 2 Rituals That Will Make You An Awesome Parent [Barking Up The Wrong Tree] – “When the kid world is so divorced from the adult world, children feel exempt from responsibilities. Instead of getting emotionally rewarded by being a part of the family team, they find reward only in Roblox and Minecraft. But when their primary context is family tasks, they want to be a part of them – both the responsibilities and the benefits. This doesn’t sound as odd if you talk to the older generation. They grew up knowing they were expected to help in the family store or on the farm, not to live in a totally separate child-centered world.”