Here is the weekly roundup of the best content of the week for January 18, 2019.
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A lot of what I read that doesn't make it to the this weekly best content I post on social media.
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Since I'm just now getting back into the swing of things, this week's edition will include three, rather than the usual four posts.
Route to Retire
The first post this week comes from someone who's been here in past issues. It's Jim, from Route to Retire. Jim is age 43 and will, this summer, be retiring from his IT job of almost twenty years. Jim is moving to Panama with his family to “retire.” I put retire in quotes because Jim is not someone who will be sitting at the beach drinking his favorite adult beverage (well, may some of the time he will.).
Today's selection, The Path Is Simple, but It’s Not Necessarily Easy, summarizes their journey. Jim offers advice and encouragement to anyone interested in early retirement. The gist of the post is that our biggest obstacle to financial success is us. Something gladly missing from the post is so-called “latte factor” of cutting spending. You know, the one that says cut out the Starbuck's coffee and you'll achieve financial independence. That's an oversimplification. Here's a quote from the article:
“This is not the time to do something silly like giving up chocolate or beer for a while (besides those are two of my favorite things!). This is your future.”
The post is full of common sense ideas that are not complicated, but often difficult to execute. It's a great read.
I've been doing a lot of thinking lately… dangerous, right? Hindsight has me realizing that if you're hoping to reach financial independence, the path is simple, but it's not necessarily an easy journey to get there.
NextGen Life Insurance
Clint Haynes is a financial planner in Kansas City, MO at NextGen Wealth. He also operates NextGen Life Insurance to educate consumers on the different types of life insurance and help them find the best rates for coverage.
Life insurance, like any other form of risk transfer, comes with certain requirements to get the best rate. In life insurance, those in the best physical and mental health will get the best rates. Those with a poor medical history, who smoke, or take various kinds of medications, will likely have to pay more for our insurance. It's simple, really. The more risk the insurance company has to pay a claim, the higher you're going to pay to cover that risk. We could have a discussion (OK, an argument) on the fairness of some of those premiums. We'll save that for another day.
In his post, How do Prescription Medicines Affect Getting Life Insurance, Clint breaks up various medications into categories like pain relievers, mental health, heart-related meds, diabetes, and many others. Within each category, you'll find specific meds listed and learn how insurance underwriters view them when considering the premiums for our policies.
It's a well researched and very informative article. I highly recommend you take the time to read it.
You've done all the work – figured out how much life insurance you need, the type of product that best fits your situation, and you know what to do once the policy is issued. But what about the in-between; the part that happens once you zero in on the policy type and amount, and before it gets issued?
The blog Otterwize has co-founders, Eric, a Millennial, and Janet, a Boomer. Eric has extensive experience in the capital markets, hedge fund, and private equity business. Janet is an attorney who specializes in financial technology and data analytics. Her latest was as director of research at an NYC fintech startup. As a Boomer myself, I love this partnership. There is a lot of tension between the two groups these days. I've always said we have a lot to learn from one another. Both groups have bouts of arrogance that distances them from the other. But I digress…
I found this post on Campfire Finance, a site that curates content from the personal finance blogosphere and publishes it on their site. My selection from Otterwise, 10 Personal Finance “Fortune” Cookies, offer ten things to think about on the journey to financial independence. Here's why they use fortune cookies as a backdrop.
“Fortune cookies cannot guarantee that you will amass a fortune of wealth. Fortunately, though, there are steps you can take to put your finances on the right path (no matter how the cookie crumbles).”
It's full of very practical advice. Many of the items on the list are not new. However, I found their approach to many of these things clever and unique. It ‘s hard to find new information in the blogosphere. I like it when I find an article that offers a different take on common personal finance topics. This article does that.
Fortune cookies cannot guarantee that you will amass a fortune of wealth. Fortunately, though, there are steps you can take to put your finances on the right path (no matter how the cookie crumbles). Here is our list of ten things to think about on your journey to financial independence: 1.
Budgets are Sexy
One of the most popular blogs in the personal finance space, today's selection from Budgets are Sexy is actually a guest post. It comes from Dan over at Fired & Free. The post, Identity Theft, originally posted on Fired & Free in October 2017. J. Money reposted it on Budgets are Sexy in February 2018. He changed the title a bit to A Different Kind of Identity Theft.
Dan and his business partners started their own company in 2008. It grew to a company with over 200 employees. On October 18, 2016, Dan walked into the boardroom for a meeting. Here's how he describes it – “I walked out of that board room a business owner and CEO no longer. It was on this date when I was fired by my former partners and stripped of the business I had worked so hard to create.”
Dan goes on to talk about what he went through after he got fired. Imagine the betrayal, pain, and abandonment he felt. The partners with whom he started the company led the charge to fire him. He goes on to talk about how he realized his identity throughout those years came from being CEO of the company. In the U.S., isn't that pretty common? Don't many of us find our identity in the work we do? When we meet someone at a party or event, what's one of the first questions asked? Isn't it, “what do you do for a living” or some version of it.
Dan talks about how he, without realizing, judged others based on what they did. There's a great example of this when he talks about a trip he took to New Zealand shortly after being fired. It began to change how he viewed others.
It's a really thought-provoking post. I'd love to hear your thoughts after reading.
On October 18, 2016, I walked into a board room as the CEO of a multi-million dollar business with responsibility of over 200 employees. The business was my first-born, grown from an idea hatched in 2008. Minutes later, I walked out of that board room no longer a business owner nor a CEO.
My posts this week
Desperate times call for desperate measures. Or should it be crazy times call for crazy measures? With the craziness of the last quarter of 2018, it might seem like the latter. At any rate, I thought this would be a good time to talk about how to invest in the current stock market.
Today's interview is both hard to read and inspiring at the same time. It's about a woman who took a long journey back from a suicide attempt to using her platform to inspire women to love life. Melissa Blevins runs the blog Perfection Hangover. The tagline of her site is Seek peace…not perfection.
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