Look! A box of financial stupidity!
We all love getting packages. It’s exciting to open your front door and see a box sitting there, and it’s even more exciting when we’re not sure what’s inside. (A gift! For me!)
This appears to be the motivation behind companies like Birchbox and other ‘curated commerce’ companies. For a monthly, quarterly or yearly fee, you get a box of stuff sent to you once a month. It could be cosmetics.It might be shoes. It might be a collection of random stuff.
It’s also a waste of your money.
I recently met with my investment advisor from Fidelity to get a quick assessment of my financial picture.
Need more money? Save what you have.
My main concern entering the meeting was how we could bolster the family emergency fund while still aggressively funding our retirement accounts.
The advisor, Dan, listened intently as I kicked around ideas about boosting dividend income, investing in municipal bonds, or even selling some stock. But none of those were perfect options. Every discussion about boosting income also came with a discussion about tax implications or other downsides.
Dan let me talk for a while, until I came to the inevitable conclusion: the best way to ensure a sizable emergency fund and money for retirement is to not spend your money. Continue Reading
As my friends and family are aware, I spend a lot of time and money putting up my holiday lights display each year.
Don’t spend money on this.
I don’t go completely insane with moving lights synced to music or something like Clark Griswold’s display, but I use a sizable number of lights, and it requires two solid days of work.
I estimate that I’ve spent about $1,000 on Christmas lights and related gear over the years, and always seem to spend about $100 annually, despite my wife’s protests.
I will not pretend that this is money well spent. Continue Reading
Here are the five personal finance articles I most enjoyed coming across this week. I hope you learn something, then use that knowledge to achieve greatness. Be good. Continue Reading
Would you invest in the future earnings of this man?
People wager millions of dollars on sporting events each day, and millions more are spent to play in fantasy sports leagues. It’s not uncommon for people to bet their hard-earned money on the performance of an athlete.
In most of these cases, however, people are wagering on an athlete’s success only indirectly. And the average person has no stake in the current or future earnings of the player.
That could change after the introduction of a new company that allows people to more directly invest in an athlete, by buying “shares” of a contract linked to the player’s value and performance. Continue Reading