Imagine your bank closed your checking account. Kicked you out. Said, “we no longer want you as a customer.” What would you do? You’d probably first ask: “why are you closing my account?” To which, the bank might respond: “We’re under no obligation to provide a reason. We can close your account at any time and for any reason, terms you agreed to when you opened up your account. This is clearly stated in the account agreement.
Credit Slips is an influential blog that takes a deep dive into the world of debt. It’s run and authored by a diverse group of academics, ranging from law professors to sociology professors, whose research explores all things debt: bankruptcy, foreclosure, student loans, consumer finance, and on. The group uses Credit Slips as a space to share their work and insights with you. And because debt is determined to wiggle itself into your financial underpants at some point in your life, it’ll pay dividends to know a thing or two about related debt issues—which is where Credit Slips comes in.
Claire aka Claire WantLess (@wantlessblog) is the creator of Want Less and Simplicity Voices. Want Less is “a blog about ditching stuff, beating debt and getting a life.” And Simplicity Voices is a curated space for articles on minimalism, slow living, wellbeing and financial freedom. Both are terrific. Claire’s popular blog Want Less caught my eye because I had written a piece called Want Less. I started reading Claire’s articles and I was immediately drawn to her refreshing perspective on simple living and money.
I’m an Alternative Moneymaker, meaning someone who earns money in non-traditional ways. Think of “traditional” as working, say, a traditional office job. And if you’re an Alternative Moneymaker, chances are you’ve made money in a number of diverse, nonlinear, non sequitur ways. Which is how I’ve made money. Here’s the list: High School Beach club bellboy [job] Babysitter [gig] Lifeguard [job] and [gig] Dog waste management servicer (aka Pooper Scooper) [job] Pizza delivery man [job] College Lifeguard [job] and [gig] Epidemiologist Assistant at WI Department of Health Services [job]* $5,000 dollar scholarship to intern in Latin America [scholarship] Research assistant to a study on mindfulness meditation [job] Interest on bank accounts [Market] Post-college Executive Assistant to CEO [job] Dog walker [gig] Lifeguard [gig] Digital marketing intern [job] English tutor in Colombia [self-employed] Founder of Cup of Inglés, an English-conversation group in Colombia [self-employed] Legal assistant at a Colombian law firm [job] Head of Business Development, startup in Uruguay [remote job] Head of Business Development, startup in France [remote job] High School Football Referee Chain Guy [gig] Business Development Consultant [self-employed] Personal Finance Writer [self-employed] Passive Income through GilbertIndex.
I wrote a piece breaking down the basic elements of Passive Index Investing over at Wealth Meta. And if you’re happy, curious and enjoy dark chocolate covered raisins, you can find the piece here. Below is a snippet from the article, a quote by the legendary John (aka Jack) Bogle (the father of Passive Index Investing) in his investment classic Common Sense on Mutual Funds: The index fund is a most unlikely hero for the typical investor.
If you want to be a Master Negotiator, the single best thing you can do is save your money. Because saving gives you a superpower, which is, the ability walk away from any business/job/money-related deal. Almost everything having to do with money is a negotiation. Which means it pays to be savvy at negotiating so you don’t lose out on opportunities that come your way. And to be savvy at negotiating you don’t have to read books, watch TED Talks or attend how to negotiate workshops.
Where do you house your emergency fund? As in where do you house your cash reserve that’ll cover anywhere from three to six months of expenses? The two most important features of an emergency fund are that it’s highly liquid and low-risk. You want high liquidity because, in the event of an emergency, you want to be able to access your funds quickly and easily. And you want low-risk because these are funds you want to be sure you can rely on at any given moment.
There are two types of money thinkers: the Net Worth Thinker and the Income Thinker. One is characteristic of a Financially Free person or someone on their way to Financial Freedom. The other, that of a Sucker. I.e., most American consumers. If you’re serious about reaching Financial Freedom, you’re probably already a Net Worth Thinker and know that being an Income Thinker means you’re a Sucker. And if you’re a Net Worth Thinker, you probably already exhibit the behaviors that naturally follow from being a Net Worth Thinker:
Today I tell you what the two biggest problems are with Social Security. 1: Its long-term financial solvency 2: And its name The political debate around the long-term financial solvency of Social Security is so hairy and smelly and sweaty that I want to leave that to the side for now. I’m not saying it’s not important. It is. Wildly important. It’s just I want to use this time to focus on the other big problem: Social Security.
How much money do you need to retire? When you find yourself asking this question, I assume you mean how much money you need so you never again have to generate outside sources of income beyond your investments and investment income (e.g., interest and dividends)? I’ve been asked this question many times in person, and so today I give you an answer in writing. First off there’s good news and bad news.