Your Survival Guy’s under immense pressure. (I thought you’d enjoy reading that). But it’s real. I can feel it. And I’m not talking about investing. I can handle that kind of pressure. No, I’m talking about planning for holiday weekends and special anniversaries. One evening this week, Your Survival Guy was in the kitchen sipping a glass of white, listening to music, and washing vegetables when Your Survival Gal asked, “Have you thought about our anniversary?” I looked up for a moment, staring into space, wondering how one might respond. “Yes,” I said, hoping someone might come in asking … [Read more...]
“The Sole Benefit and Interests of the Principal”
Are you working with a fiduciary? If you don’t know you can ask. Here’s how the founder of Vanguard Jack Bogle explained it: The concept of fiduciary duty has a long history, going back more or less eight centuries under English common law. Fiduciary duty is essentially a legal relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary, who justifiably reposes confidence, good faith, and reliance on his trustee. The fiduciary is expected to act at all times for the sole benefit and interests of the principal, with … [Read more...]
Summer Rental?
Prices remain high for summer rentals on Cape Cod, but demand is down. Beth Teitell reports in The Boston Globe: Has the Earth been thrown off its rotation? Apparently. In a stunning turnaround from recent years, the story with vacation rentals on the Cape this summer is not one of scarcity. It’s no longer, if you haven’t booked a year in advance don’t expect a place with window screens. Rather, it’s a tale of vacancy. “It’s crickets,” said Sarah Buckwalter, a professional organizer and co-owner of an inherited four-bedroom, two-bath that’s on a tidal pond in North Falmouth, within walking … [Read more...]
READER RESPONSE: Remember When You Were A Kid and Money Was Free?
You may have been thinking back to your childhood when you read this month's RAGE Gauge, titled "Remember When You Were A Kid and Money Was Free?" Maybe you were thinking about how much work it took to earn enough money for a movie and some ice cream on the weekend back then. Or maybe about how much more that costs now. After reading the June RAGE Gauge, my friend John wrote to me to describe how his parents encouraged him to earn money as a child and young man, and how he passed that valuable work ethic and saver's mentality on to his own children. He wrote: Good morning E.J., Your … [Read more...]
READER RESPONSE: Picked Off First
You read Investing Mistakes to Avoid: #10 Picked Off First on June 9, and learned that "When you have some money, or in my example, get a hit, you need to protect yourself. You can’t afford to be picked off and sent to the dugout." Mike responded to the post with a great story about his dad doing some great prior planning. He wrote: E.J., Excellent point! When my dad, a pitcher for the Cal Bears (UC, Berkeley), got picked off first, he told me it was a very long walk back to the dugout. Fortunately, he did much better in his retirement setup, and my mom gets a pension, Social Security, … [Read more...]
Investing Mistakes to Avoid: #9 Hobbyist or Hobbit?
“We are plain quiet folk and have no use for adventures. Nasty disturbing uncomfortable things! Make you late for dinner!” said Bilbo Baggins to Gandalf in The Hobbit. Which leads me to “Investing Mistakes to Avoid: #9 Hobbyist or Hobbit?” This is a story about a recently retired investor. The hobbyist investor. The most dangerous one of all. You see, it’s the recently retired investor who, with a fresh outlook on life, thinks he doesn’t need “experts” to guide him. Who yearns for one more bite of the apple. Who imagines himself scoring with artificial intelligence or high-yield … [Read more...]
LETTER #2: Federal Reserve Chairman from Your Survival Guy
Dear Chairman, I know you’re busy. Forgive me for writing without hearing from you. But successful Americans, the ones I work with, still have questions. But first, I do recognize you’re in a tough spot. An unelected official trying to please those busy bees buzzing about the White House while keeping decorum within your ranks. Yesterday’s unanimous vote speaks volumes to that (Good or bad? I lean toward bad, but you didn’t ask). Excuse my rudeness, but has half the group already landed for their European vacation? The pressure you’re feeling from the real estate brigade must be … [Read more...]
The Value of Being an Expert
I like this piece from Cal Newport, who emails me regularly (and will email you, too, if you're a subscriber to his emails). He writes mostly about optimal productivity, organizational behavior, unplugging your digital life, time management, etc. In this piece, he writes about the value of being an expert (or relying on one) through slow productivity to differentiate yourself from the everyday tasks everyone else you know is doing. Enjoy. I found myself recently, as one does, watching the mini-documentary featurettes included on the DVD for the popular 2014 Keanu Reeves movie, John Wick — an … [Read more...]
DOMINO EFFECT? Withdrawal Surge Forces Crypto Lender to Halt
When Haru Invest, a crypto lender, recently suspended withdrawals from its accounts, another lender named Delio experienced a sudden burst of withdrawals from its own customers and was forced to halt withdrawals itself. The two lenders don't account for a major portion of the crypto lending market, but the domino effect of any rapidly spreading panic among crypto lenders could be dangerous. Sangmi Cha and Suvashree Ghosh report for Bloomberg: Two crypto lenders with links to South Korea halted withdrawals in quick succession, a reminder of lingering risks even after regulators around the … [Read more...]
The Highest Duty Known to the Law?
You know from here and here that Your Survival Guy wants you working with a fiduciary, someone who serves you, not two masters. Here’s great wording by Jack Bogle: The concept of fiduciary duty has a long history, going back more or less eight centuries under English common law. Fiduciary duty is essentially a legal relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary, who justifiably reposes confidence, good faith, and reliance on his trustee. The fiduciary is expected to act at all times for the sole benefit and … [Read more...]
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