I’ve spent the last 5+ years self-educating myself on personal finance. I’ve read damn near every book and listened to practically every podcast on the subject. One of the main things I learned is wealth generation happens in 3 separate phases:Make MoneyKeep MoneyGrow MoneyMore importantly, each phase takes a different set of skills. I’m an expert at […]
Continue reading
I found this infographic from a survey conducted by Edward N. Wolff back in 2017. It’s called The Composition of Wealth.Sidenote: The most right (ultra-rich) bar has a typo: 6.7% for liquid assets should read 4.6% as per actual study data (page 48).Each bar accounts for 6 items as a % of net worth (NW):Principal […]
Continue reading
My parents paid for my entire college experience.TuitionHousingMeal PlanBooksLate Night Pizza, Taco Bell, …BoozeAll of it. Covered. I never saw a bill from the Bursar Office or heard anything about what my education cost them. But it didn’t start there, my parents also paid for my last two years of public high school because we moved […]
Continue reading
In September of 2019, the United States Bureau of Labor Statistics published a Consumer Expenditures report for the years ending 2016, 2017, & 2018. See Table A. Below.The average income before taxes per consumer unit for 2018 was $78,635. The average expenditure per consumer unit for 2018 was $61,224. Source: BLS.gov*The meaning of the blue dots will […]
Continue reading
I have a not-so-secret obsession with personal finance. I love to talk about taxes, retirement accounts, credit card points, etc. I geek out on tracking our income and expenses. It sounds ridiculous, but I treat our personal finances like a business. Around the 4th day of the month, I download the transaction summary for the prior month […]
Continue reading