Good morning, money nerds, and happy Friday. Here are your top money stories for today.
“What I teach my kids about money.” [Cameron Huddleston] — “I don’t claim to be an expert on kids and money. But as a mom of three kids ages 7 to 14, I’ve had plenty of experience teaching my own children money lessons. Here are five key things about money that I’ve tried to instill in my children.”
It’s okay to be good and not great. [Outside magazine] — “We’re told that striving to be great and never being satisfied are necessary to meet the ever increasing pressures and pace of today’s world. It’s the only route to success. But what is it all for? What does success even mean? […] Adopting the following core principles of good enough is likely the best route to being happier and getting better.”
How discount brokerages make money. [Kalzumeus] — “The discount brokerage industry works because you can make decisions which are bad for users and lucrative for you (‘Ahh you have entrusted me with cash money; let me park it safely and pay you 50 bps while keeping the next 150 bps for me, rather than parking it in the equally safe place any of my product managers could have implemented if they wanted to be fired instantly’); roboadvisors depend on making decisions which are good for users (‘Let me minimize that cash drag for you’) and then being very explicit about costs which are anchored very low.”
And because it’s the weekend, here’s a little something that has nothing to do with money:
How to run a small social network site for your friends. — “Since August 2018 I have run a social network site called Friend Camp for about 50 of my friends. I think Friend Camp is a really nice place, and my friends seem to agree that it has enriched our lives. I’d like to see more places like Friend Camp on the internet, and this document is my attempt to provide some practical guidance as to how you might run a social network site like this.”
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