Real money lessons

I have been very disappointed with the misleading "financial hacks" gaining traction on social media. For example, what are you going to do when the IRS audits your S-Corp and asks why your children are on the payroll for $12,500? Do you know the general age when the IRS would even entertain this hypothetical? Next time you hear an influencer touting this tax trick, ask if s/he is willing to defend you in an official tax audit.

I stumbled upon the following post, not my original thoughts, and I believe it will be of value to rational, real people. Feel free to question and debate. I want to have honest and meaningful conversations about money. I will never shy away from helping you. Please do not think I am the expert because I can learn from your perspective and experiences too! My tried and true advice is to only take advice from people who have been to where you want to go.

1. The Joneses aren't as rich or happy as you think they are.

Ex: Inside Kylie Jenner's Web of Lies - and Why She's No Longer a Billionaire (Forbes)

2. The more complicated the investment advice, the less useful it is.

Cardi B's advice: take a business class!

3. Get rich quick and get poor quick are two sides of the same coin.

4. Time is a scarcer resource than money.

5. Ask about anything you don't understand.

6. A house is a place to live, not an investment.

I never know if I should rent or own. But I consult a financial calculator before every decision. Most people should be living in lesser places and bringing in additional income with their purchasing power. But if a place to live makes you happy, then do you. Don't justify it as an investment decision though. It doesn't make the most sense!

7. Admire people who earn more money than you, not people who spend more money than you.

8. Your mortgage broker is lying to you about how much house you can afford.

9. You don't need to be a maths whizz to make good money decisions: financial success is 5% intelligent and 95% discipline.

10. A raise in income shouldn't mean a raise in lifestyle.

I think people giving money advice should show their personal books.

11. Forecasting for the weather.

12. Never reach for yield.

13. Fees erode performance.

14. There is an inverse relationship between investment performance and time spent watching financial news.

15. Don't pay interest to acquire something that loses value.

16. Your life is a better benchmark than the S&P 500.

17. You don't have to be rich to invest, but you have to invest to be rich.

18. Compound interest is the eighth wonder of the world. Set yourself up to benefit from it rather than battle against it.

19. A penny saved is more than a penny earned.

20. Invest in your mind and your skills first.

21. Infrequent splurges bring the greatest happiness.

22. If you're excited about an investment, it's probably a bad idea.

I was told, "if you're excited about him, then he's not the man who brings you peace."đź’”

23. Market corrections come more regularly than birthdays. Expect them.

I wish you health and wealth as we enter Q2 of 2021. Happy Spring! Hope you find many reasons to laugh.

With love,



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