FINANCIaL
FIELd NOTES
Wealth Is What You Don't See
As I wrote about here before, one of my favorite finance books is The Psychology of Money by Morgan Housel. It is the most approachable book on managing your money I have ever read and tackles many of the softer areas of financial planning, such as common investor biases and psychology.
One of my favorite quotes from the book is “We tend to judge wealth by what we see because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements.”
Do Home Renovations Increase Resale Value?
Maybe you’re considering renovating your master bath or kitchen – or doing something simple like changing out the toilets or garage door. There are plenty of reasons to do projects like these but one I hear most often is “to increase resale value.” But does it really do that?
According to the Cost vs. Value 2022 report, below are the national averages for what you can expect to recoup from various home renovation projects…
What I'm Teaching My 5 Year-Old About Money
Zeke just turned 5! I have to say, despite how crazy these past few years have been, they are so, so sweet. I told Emily this week that I would do his ages 3 to 5 on repeat for the rest of my life and be perfectly happy.
If you’ve ever stepped inside a Costco food court, the churro has probably called your name. This is the story for Zeke every time we walk by the food court on our way out from buying our 10-year stockpile of toilet paper. “Dad, I neeeeeed it” Zeke whined pointing at the churro…
My Experience With A Human Travel Agent
About a decade ago when my wife and I got married, we were referred to a travel agent. We went to his office, gave him our budget and a few preferences, and about an hour later we had booked every detail of our honeymoon.
It was a great experience that saved us a lot of time and uncertainty. He also beat the price I had seen on the “Cheap Caribbean” website and had gotten us a free upgrade!
How Much Do You Need In An Emergency Fund?
It is common practice that a typical emergency fund should be 3 to 6 months of essential expenses. Typically 3 months is sufficient if you have a secure job with consistent pay or there are two spouses working full time in the house. Typically 6 months is best if you have inconsistent pay (commissions, bonus, etc) or only one household member works.
However, how much your expenses are in an emergency is much different than how much your typical expenses are…
What I'm Teaching My 4-Year-Old About Money
My 4-year-old is fairly spoiled. Between his Nana, Grandpa, Gigi, Chief, aunties, and uncles, he pretty much has gotten every toy his heart desired. The other day he was watching a show and there was a commercial for a Disney train set.
Without thinking about it, he turned to me and asked if he could have it. I said no. He turned to his mom and tried her. She responded with a little more grace and humor - “Sure. It costs about 25 dollars. Do you have the money for it?” He looked bewildered. And rightfully so - up to that point, I don’t think we had mentioned “money” to him…