I rented (not through choice) for over 20 years and finally managed to get on the property ladder (UK) 5 years ago. Renting meant zero security and I had to move every 2-3 years or less due to rent hikes and flats being sold underneath me. So yes I have a mortgage I'll be paying off for the next 23 years but how on earth is renting better than trying to own your own place which is also an asset that could help fund retirement?
I disagree with the notion that people shouldn’t donate to charities because charities are terrible. Some charities? Yes, sure. There are always bad actors who have started charities as tax shelters. But there are more that publish their administrative budgets in all transparency. Where social safety nets are minimal or non existent they provide essential support. I’d reframe this to “do your research before donating”
Tim, the 2% inflation figure comes from the Consumer Price Index or its equivalent in other countries. It's based on 80,000+ items in the US with different weights. Shelter has more weight than, say, Coca-Cola. But if you don't buy a new property every year, the CPI has nothing to do with you. This is why everyone's inflation is different. And I doubt it's 2% for anyone.
P.S. I lost my childhood friend after lending him $300. Never seen him since 20 years ago.
Couldn’t say less but for one thing Bitcoin is not scares it is actually infinitely down scalable : you can divide it endlessly… its a fiat related thing so watch your Mining 😎
pretty much agree with the content. This is a motivation for me to start side hustle which I am already being process of equipped to upskill. Thanks for highlighting money part since bad debt and good debt exist and we need to study and make informed decisions about the money. One of the good decisions that i took is to stick to 5 year old fixed interest rate for my current mortgage. One of the bad decision is to rely on credit cards and paying a lot of interest rate and lot of lessons learned for sure
Tim, you hit important points and part of the reason I started my Substack….Conventional personal finance advice based on rules of thumb is constantly rehashed, and rarely correct. For me, it is all about the best living standard.
In most countries, we truly do a disservice to children (heck, and adults) by not educating them on money management. But then I think, who would educate them? As your article stated, 'most' people aren't educated on it themselves. First, I think we need to take away the stigma that is money and what it (can) represent. It's a means to an end. A tool. Not our identity or what our morals are built around.
Thank you Tim - this is so on point to so many things I have seen - I can't say I have done all these things, but I have experienced the effect of the ones I haven't, so one can always learn. But even with just 3/6/9/10 I think one can do better than the average person...
And yes, government statistics are always bogus, especially since they give themselves the ability to "revise" their statistics later (which are never covered by the media) so then they can say they were accurate, even when they weren't originally!
Honest question - where are you doing deep research on stocks? For years I worked in a field where I legally could not buy individual stocks and am now finally (yay!) able to
I rented (not through choice) for over 20 years and finally managed to get on the property ladder (UK) 5 years ago. Renting meant zero security and I had to move every 2-3 years or less due to rent hikes and flats being sold underneath me. So yes I have a mortgage I'll be paying off for the next 23 years but how on earth is renting better than trying to own your own place which is also an asset that could help fund retirement?
Well, he admitted he owns property (as a hedge against inflation presume), so I think that's the real answer...
I disagree with the notion that people shouldn’t donate to charities because charities are terrible. Some charities? Yes, sure. There are always bad actors who have started charities as tax shelters. But there are more that publish their administrative budgets in all transparency. Where social safety nets are minimal or non existent they provide essential support. I’d reframe this to “do your research before donating”
Tim, the 2% inflation figure comes from the Consumer Price Index or its equivalent in other countries. It's based on 80,000+ items in the US with different weights. Shelter has more weight than, say, Coca-Cola. But if you don't buy a new property every year, the CPI has nothing to do with you. This is why everyone's inflation is different. And I doubt it's 2% for anyone.
P.S. I lost my childhood friend after lending him $300. Never seen him since 20 years ago.
P.S.S. Bitcoin to the Moon!
Couldn’t say less but for one thing Bitcoin is not scares it is actually infinitely down scalable : you can divide it endlessly… its a fiat related thing so watch your Mining 😎
Some people don’t know they don’t need $90k to start investing in Bitcoin. It blows their minds when you say they can buy one Satoshi.
tim is him!
pretty much agree with the content. This is a motivation for me to start side hustle which I am already being process of equipped to upskill. Thanks for highlighting money part since bad debt and good debt exist and we need to study and make informed decisions about the money. One of the good decisions that i took is to stick to 5 year old fixed interest rate for my current mortgage. One of the bad decision is to rely on credit cards and paying a lot of interest rate and lot of lessons learned for sure
Tim, you hit important points and part of the reason I started my Substack….Conventional personal finance advice based on rules of thumb is constantly rehashed, and rarely correct. For me, it is all about the best living standard.
Most of these are older than time when it comes to money. Not now concepts.
Reading any historical biography of wealthy families gives the same insights.
Saving money in banks is a new thing, old money families rarely used them. For good reason.
Anyway, glad you wrote it for those who needed it
In most countries, we truly do a disservice to children (heck, and adults) by not educating them on money management. But then I think, who would educate them? As your article stated, 'most' people aren't educated on it themselves. First, I think we need to take away the stigma that is money and what it (can) represent. It's a means to an end. A tool. Not our identity or what our morals are built around.
“In fact, in 2024, Wall Street officially embraced it and allowed it to be traded on the New York stock exchange.”
Nope. Bitcoin is NOT traded on the NYSE. It’s not a stock.
The micro skills is my favorite. Stack them up to become unstoppable
As usual, this was eye-opening, Timbo.
Insanity is doing the same thing expecting different results
“Poverty an artificial creation!
Eradication of poverty is an Obligation, not a charity.” Prof. M. Yunus
Invented charity should be branded as a disgrace to society!
Thank you Tim - this is so on point to so many things I have seen - I can't say I have done all these things, but I have experienced the effect of the ones I haven't, so one can always learn. But even with just 3/6/9/10 I think one can do better than the average person...
And yes, government statistics are always bogus, especially since they give themselves the ability to "revise" their statistics later (which are never covered by the media) so then they can say they were accurate, even when they weren't originally!
Ppl think house prices "always" go up because they only remember back around 50 years: https://unchartedterritories.tomaspueyo.com/p/why-i-dont-invest-in-real-estate
Honest question - where are you doing deep research on stocks? For years I worked in a field where I legally could not buy individual stocks and am now finally (yay!) able to
But I feel so unconfident!!
Love it, can‘t think of any of the general ideas I disagree with and I‘m an old git with enough experience to judge