"Six Personal Finance Hacks..." article (pardon the hackneyed use of hack)

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AerialP
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"Six Personal Finance Hacks..." article (pardon the hackneyed use of hack)

Post by AerialP » Tue May 28, 2019 1:47 pm

I found this brief opinion piece on MarketWatch to be quite pertinent and cogent, and thought Bogleheads would enjoy reading it and perhaps sharing it within their own personal circles.

https://www.marketwatch.com/story/six-p ... 2019-05-28

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telemark
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Re: "Six Personal Finance Hacks..." article (pardon the hackneyed use of hack)

Post by telemark » Tue May 28, 2019 5:39 pm

AerialP wrote:
Tue May 28, 2019 1:47 pm
I found this brief opinion piece on MarketWatch to be quite pertinent and cogent, and thought Bogleheads would enjoy reading it and perhaps sharing it within their own personal circles.

https://www.marketwatch.com/story/six-p ... 2019-05-28
You almost lost me at MarketWatch, but Morgan Housel is always worth reading.

frugalecon
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Re: "Six Personal Finance Hacks..." article (pardon the hackneyed use of hack)

Post by frugalecon » Tue May 28, 2019 6:26 pm

I am guessing Morgan Housel did not write the headline, but the article is worth reading and sharing with a twenty something person just starting out. Perhaps as a precursor to Bernstein’s “If You Can.”

I really wish I would have had easy access to all of the information that is currently available when I was in my twenties.

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Hub
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Re: "Six Personal Finance Hacks..." article (pardon the hackneyed use of hack)

Post by Hub » Wed May 29, 2019 4:19 pm

The 1st point was actually really well said and resonated even with me, a 10 year veteran of frugality and saving. In some ways it was easier to live below my means when I made less.
1. Accepting that living below your means requires suppressing your ego to below your income.

Spending above a certain level of basic needs/leisure is mostly ego and social climbing. So savings is just a diversion from boosting the appearance of your status today for more productive use tomorrow. When you define savings as the gap between your ego and your income, you realize why many people with decent incomes save so little. It’s a daily struggle against instincts to extend your peacock feathers to their outermost limits and keep up with others doing the same. People with enduring personal finance success — not necessarily those with high incomes — tend to have a propensity to not give a damn what others think about them. It’s the most underrated finance skill.

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