FINANCIaL
FIELd NOTES
How Being Present Increases Happiness in Retirement
I love the game of soccer. I played it growing up for many years and still try to catch as many games as I can. Those who share my love of the game certainly know who Lionel Messi is – arguably the best player to ever play the game. He was recently offered a historic $1.6 billion to sign with a Saudi club. He declined it and surprised the world by signing with a US soccer club owned in part by another great of the game, David Beckham.
Beckham was trying to land Messi for years but knew it was a long shot. Earlier this year he woke up one morning to a shocking text informing him that he had landed Messi. Just recently Messi moved to Miami and had his debut game. As Messi got ready to take the field, thousands of fans and celebrities whipped out their phone to record the moment. As I watched Messi come onto the field, the camera panned to Beckham who was sitting down, patiently watching Messi and fully taking in the moment…
My Thoughts on $1 Trillion of Credit Card Debt
Last week financial news outlets raised alarm bells on consumer credit card debt as it passed the $1 Trillion level.
Let me start by saying that any and all credit card debt should be eliminated first in most situations. It is nearly impossible to get ahead financially while paying 15-25% interest on that debt. Credit card debt is no joke.
But many have used this moment to suggest that the US consumer is overspending on an unsustainable path. “This can’t go on forever.” It may come as a surprise to some that it actually can go on forever…
Staying Put May Be Your Biggest Wealth-Building Tool
Families who were fortunate enough to lock in generationally low mortgage rates before the rapid increase over the past few years have one of the best wealth-building tools available - staying in their homes.
Consider a 35-year-old couple making $200,000/year that took out a $600,000 mortgage on a $750,000 home and were lucky enough to lock in at 3% for 30 years before rates started to rise. Their payment comes out to roughly $30,000/year or 15% of their income…
18 States Where It’s Cheaper to Build a Home Than Buy
With soaring interest rates over the past year and very little movement in home prices, buying a home has become much more expensive. I can’t imagine how difficult this environment is, especially for first-time home buyers, who are seeing the cost of owning the same home essentially double in just a few years.
Because of these dynamics, many buyers are turning toward building in parts of the country where it is cheaper than buying an existing home…
10 Facts That Prove the World Is Getting Better
When I open a newspaper or turn on the news, it’s hard to be optimistic about the world. Despite this, I tend to be optimistic, which can come across as a bit naive in the investing world.
As Morgan Housel puts it, “Optimism often sounds like a sales pitch, pessimism sounds like someone trying to help you.” But the opposite has proven true…
Wealth and Happiness are Loosely Connected
Recently I heard a doctor talking about the crisis in Sudan, where intense clashes between military forces have threatened the lives of thousands. He had recently spoken to another doctor in Sudan who was the sole MD in charge of patient care for nearly a million people. Every day, he saw all sorts of medical problems that we would never imagine suffering from here in the US. However, he went on to say that the US and other developed countries suffer from one illness that the Sudanese largely do not: depression.
In recent years, researchers and economists have recognized the limitations of GDP as a measure of progress and have sought other metrics to assess the well-being of citizens. One such metric is the World Happiness Report, which measures the overall happiness of citizens in a country…