There is an actual cost to holding onto things we should let go of. It can come in the form of anger, frustration, resentment or something even worse. The question is, can you really afford to keep paying the bill?
Category Archives: New York Times
Sixteen days from now, my family and I will board a plane for New Zealand. Not for a vacation — but to live and work for the next 12 months or so. It’s spontaneous, it’s exciting, it’s new, and it’s something I’ve always wanted to do. Sounds awesome, right? Yes!
But it’s also completely terrifying. Big changes are unpredictable. They’re daunting. But that doesn’t mean you shouldn’t make them.
The more you consume, the less content you are.
If you don’t believe me, think back to the last time you ate just a bit too much of your favorite ice cream. For me, that’s Jeni’s salty caramel. There are few things in life better than that first spoonful. Except, that is, for the second bite, and then the third and the fourth.
But somewhere along the way — at right about the last five spoonfuls in the pint for me — it starts to taste not so good. In fact, at that point, I don’t even want it anymore. I usually just finish it out of a sense of obligation. And then comes the stomachache.
I fear the clever marketing in the traditional financial services industry continues to confuse many people. They see the title “financial adviser,” “financial planner” or “financial” anything and expect to receive unbiased advice. This concern makes me think of the sketch above, which I shared many years ago in a…
My wife and I are setting up a customs screening station in our driveway. No, we’re not starting an international airport. And it’s not for solicitors, strangers or gift-bearing guests.
It’s for us and our stuff.
From now on, before anything new comes into the house, resident buyers will need to answer a series of questions. How much did it cost? Are you replacing something you already own? Why do you think it’s amazing? And if it’s food, are you sure you’ll eat it?
We’re doing this because stuff is taking over our home. And right now we’re in the process of getting rid of things we never use. We’re organizing, sorting and throwing things out from one end of the house to the other. And it feels. So. Good.
Early Friday morning, a friend texted me. Here’s what he said: “Will you come talk to my co-workers?! They are talking about stopping their 401(k) contributions because of what’s going on! Driving me nuts!”
Still not quite awake, I replied, “What?”
Within seconds, he replied, “Stock market fell 500 points this morning, Carl! It’s all the way down to 17,537!”
My first thought: “Wow! The Dow is over 17,000.” And this is where things got a bit exciting for me as a financial professional.
I’m getting more questions about what this election will mean for people’s personal financial situations than I’ve received in any previous election that I can remember. Financial advisers almost twice my age tell me the same thing. While I’m sure there are many reasons for these questions, I submit that the primary one is this: Our collective anxiety around money has never been higher. People are scared, and at the root of that fear is money (or the lack thereof).
Money is an interesting actor that plays two roles in our lives. In the first, money equals money. It fits in a spreadsheet. It’s something to be calculated. In the other, money equals stories. It’s what we tell ourselves about our relationship with money.
Perhaps you’ve heard the expression, “Only the paranoid survive.” Ring a bell? If so, it’s probably because that’s the title of a book by Andrew S. Grove, the former chairman and chief executive of Intel. When I read this book in late 1999, I bought into the need to always be looking for opportunities and to live my life at full throttle. I was afraid that if I stopped for even a moment just to rest, relax and recover, I wouldn’t “make it” (whatever that means). I was paranoid, and I was surviving — but just barely.
A couple of weeks ago, I wrote a column about the growing tribe of people who value experiences over security in their lives. But there is something that I didn’t say then that I want to emphasize: You don’t necessarily have to trade experience and financial security off against each other.