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Howdy, I’ve been talking to many different folks about Finance for the People. There have been consistent questions about the concept of “enough” that have surprised me. In particular, I’ve been asked, “how much is enough?”, and “how do you know when you have enough?” From my perspective, the answer is quite personal. Of course, it depends on your economics, needs, wants, where you live, and many more factors. Once you figure out those factors, the math, in my opinion, is easy. You can reasonably expect to generate 4% on your invested assets. So for every $1,000,000 you have invested, you can expect to earn 4% or $40,000 in interest and dividends. Using that rule of thumb, you can back into your net worth goal. Of course, there are other ways to think about financial independence, retirement, and of course, enough. For example, investing in real estate that provides a stream of income is another popular avenue folks take. The math of “enough” has always been easy for me to understand. What’s not easy to predict is how much our target will move. If we ever arrive at enough, will it truly feel like enough? And how much of this question and this moving target is related to our sense of worthiness and deservingness. I also wonder if the folks who are lucky enough to ask these questions and truly contemplate them in their lives, realize what a privilege it is. Further, if we have a responsibility in any way, to help those who have never had the opportunity to contemplate this question. What do you think about enough? Don’t be shy, hit reply. Your favorite finance friend,
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1. 🤑 Do you consistently overspend? You can use gratitude as a tool to rethink where your money goes (CNBC) I spoke with the fine folks over at CNBC about Finance for the People and how I can’t stop recommending that everyone try their hand at a gratitude practice. 2. 🤔 How Much Do You Need For a Down Payment? (A Wealth of Common Sense) 3. 🧾 Buy Less Stuff (30 Days of Climate Action) Use it up, wear it out, make it do or do without 4. 😲 Link You go viral overnight on Tiktok or Instagram. Now how do you get rich? (Vox) Inside the fledgling cottage industry helping influencers make money. 5. 🤓 A bookkeeping thing - Things Your Bookkeeper Will Do For You (HYG Original) If you haven't worked with a bookkeeper, it might be hard for you to imagine the benefits of working with one.
6. 🎼 What Spotify and the ‘Audio Industry’ Are Doing to Musicians (The Atlantic) “At its best, Spotify is an elegant tool—a conduit between artist and art and listener. But at its worst, it’s a bad actor in a worse industry that historically treats artists miserably. Spotify is a hero, having brought new money to artists and labels when the music industry had hit rock bottom in the mid-2010s. It is a villain, paying pitifully low royalties per stream to artists, while the rich people in the industry—whether label heads, or Spotify executives, or famous artists—somehow still get richer.” 7. ⌛ The Age of Anti-Ambition (New York Times) “Consider this theory: that the current office ennui was simply the inevitable backlash to the punishing culture of the previous decade’s #ThankGodItsMonday culture. And furthermore, sometime around the rise of #MeToo (and after Donald Trump’s election), ambition began to seem like a mug’s game. The enormous personal costs of getting to the top became clear, and the potential warping effects of being in charge also did. It wasn’t just the bad sexually harassing bosses who were fired but the toxic ones, too, and soon enough we began to question the whole way power in the office worked. What started out as a hopeful moment turned depressing fast. Power structures were interrogated but rarely dismantled, a middle ground that left everyone feeling pretty bad about the ways of the world. It became harder to trust anyone who was your boss and harder to imagine wanting to become one. Covid was an accelerant, but the match was already lit.” 8. 🐰 The Rabbit Hole Beneath the Crypto Couple Is Endless (VICE) “Earlier this week, federal prosecutors accused Morgan, 31, and her husband, 34-year-old Ilya Lichtenstein, of conspiring to launder around $5 billion in stolen bitcoins. Within hours, they had achieved global notoriety as the embodiment of everything lurid and grotesque about the recent mania for cryptocurrencies. The sheer scope of the alleged fraud, and Morgan’s bizarre online presence as maker of some of the most cringeworthy music ever recorded, positioned their story as a perfect synecdoche for everything anyone doesn’t like about an attention economy in which anything can be—and is—financialized.”
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I got to do an episode of This Is the Author Podcast. I’m in such great company and I had a lot of fun with it. I hope it makes you chuckle or at the very least smile.
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