The quest for reliable high-speed internet is a never-ending battle when you live in the backwoods of Wisconsin. The available options did not send their best. Normal wired internet isn’t even an option. Satellite and wireless choices helped me reach a stage of complete baldness early.
In desperate need of quality internet service I turned into a resilient cuss since I had plenty of time on my hands without the internet to distract me. Local wireless internet providers were expensive and spotty. Without other choices the local guys could thumb their nose at me. Bad idea, guys.
Time kept counting until more options materialized. The local library loaned out a wireless internet service that worked pretty good. Unfortunately, a lot of people—even in town—needed fast, reliable internet service that didn’t require a second mortgage. The library solution neededRead More
The FIRE (financial independence/retire early) community is a growing demographic still trying to find its way. The FI part of the equation is easier to understand than the RE part. The issues revolve around the definition of retirement and what constitutes the appropriate lifestyle once FI is reached.
Some of the wealthiest individuals of the last half century provide an example. When Sam Walton was the richest man alive on the planet he still drove a beat up old pickup truck. He saw no reason to spend money on a new truck when the one he had was comfortable, did the job and gave him pleasure (a bit of a status symbol). In a recent interview with the Wall Street Journal, Warren Buffett confessed he has been semi-retired for decades. Charlie Munger, Buffett’s right-hand man at Berkshire-Hathaway, joked Warren is good at doing nothing.
Like Walton, Buffett doesn’t go for the extravagant spending so common among the rich. Buffett’s suit is off the rack and he eats at McDonalds. He also lives in the same home he bought in 1958.Read More
From a young age I knew exactly wanted to do. Then I changed my mind.
Such is youth. My dad had different plans for me. My childhood was spent on the family farm and it was an awesome life. My dad owned an agricultural repair business and the plan was in place for me to slide right into the company. There was only one problem: I hated the work.
My children are now adults. One is in China while the youngest just graduated high school. My fondest hope was that at least one of the two would be interested in tax and accounting work. No dice.
Forcing your children into a family business is always a bad idea. The kids might love the work and they should then be welcomed with open arms if they do. But most kids don’t want to follow in their parent’s footsteps. Their dreams are different. Most often they follow their parent’s path because they don’t know where else to turn.Read More
I don’t know who first came up with the idea of a universal basic income. My earliest exposure to the concept was from Sinclair Lewis’ 1935 novel It can’t Happen Here. There is no doubt the idea was around much longer.
It’s an age old story. Mechanization and technology will destroy all the jobs. Computers and machines will do everything so people will be left with nothing to do but wander around the cities and countryside with dazed stares.
The solution is to provide a basic income to everyone so income inequality is reduced. The cause is noble; the solution fraught with problems. If you have freedom, you have inequality; if you have equality, you have no freedom. The real question is: how much inequality will society tolerate?Read More
It’s hard to see when watching at the speed of life, but there is no doubt it keeps getting easier to reach financial independence. Some in the crowd might disagree with me. The statistics are clear, however. As the hand of time ticks by the human race is finding greater and greater opportunity at every turn until now when it is laughably easy to reach virtually any financial goal.
But we need to start at the beginning.Read More
The FIRE community has been educating the public in attaining financial independence and early retirement for a decade or so now. Whenever the topic arises it is sure to be followed by the exasperated rebuke, “We can’t all do this! Who will do the work if we all retire at 30? The economy will fail.”
The argument has a sort of logic on the surface. If everyone retired by their 30th birthday there could be a problem. A 50% savings rate could crush the economy! Right?
Or maybe not. A high national savings rate doesn’t harm the economy! The United States had a double digit savings rate in the 1950s and the economy roared. China and many other nations with vibrant economies have high savings rates. A low savings rate seems to be the real problem. In the U.S. we struggled more as our savings rate declined to its current low single digit home.Read More
Finances are a difficult subject to talk to family about in the best of times. Add death to the discussion and it’s no reason why virtually nobody talks about it until there is no choice.
Personal finance decisions are best made when things are calm. Once emotions become involved poor decisions are sure to follow. And nothing heightens emotions more than the death of a loved one. At their weakest moment they are required to make choices that can cost $10,000 or more. A lifetime of planning for retirement and financial independence can be strained due to an untimely death.
Planning ahead allows loved ones to focus on the grieving process. With decisions, and expenses, handled in advance, a funeral doesn’t have to break theRead More