The Friday Feast ~ the 18th of November

Published November 18, 2016   Posted in Friday Feast

The personal finance community is filled with so many talented writers and inspiring families in search of something better out of life than the traditional society-approved plan of buying lots of stuff and retiring in your 60s if you’re lucky.

Here is a look at the best of this week’s personal finance blogs.

In this episode of Friday Feast: Rockstar Finance, Mr. Tako Escapes, Retirement Savvy, Millionaire Educator, Money Minded Mom, Freedom 40 Plan, Chris Reining, Trapped In Work, Zaptitude, Chris Istace.

readingWelcome to another Friday, and congrats for making it here. Lots going on these days! We are making a trip from Tucson, Arizona up to Oregon (this morning!) to have solar panels installed on our Airstream – along with an upgraded battery system. This sets us up for free camping after retirement! This is our first major long haul with our home on wheels. Wish us luck!

Now, on to the personal finance blogosphere!

First, J Money from Rockstar Finance released a kick-ass forum for us to chat in! Super cool group of people over there already, chattin’ up a storm.

And, Mr. Tako Escapes tackles an important early retirement question: Was it worth it? “Everyone I know is at work, and my neighborhood is empty.  For certain people, this could be considered a lonely existence.”

My favorite post of the week

My favorite post for this week is an oldie (but goodie!) from Retirement Savvy on your net worth being a meaningless metric. Do you agree?

“You might hear a couple say their net worth is $265,000.00. No doubt that number is quite impressive,” James said.

“However, if you break it down, you might discover that they are assuming they have $120,000.00 in equity in their home because of some improvements they have made to the home or because of what comparable homes in the neighborhood have sold for in the recent past or what Zillow estimates their home is worth.”

James advises us to focus more on income generation than valuing all the “stuff” to our names.

“Do yourself a favor and stop focusing on net worth; but if you have to, use either of the modified definitions. Spend your time and energy paying more attention to developing multiple streams of passive and portfolio income.”

More from the personal finance community

Millionaire Educator talks about how they saved $250,000 by taking crappy jobs.

Don’t miss Money Minded Mom‘s complete guide to living below your means. “Living below your means is a way of life you need to adapt to truly live the life you want. It means being happy, healthy and stress free.”

Also, Freedom 40 Plan wrote that he’s not a big fan of Christmas.

Lastly, Chris Reining talks about an important topic: Is my financial advisor ripping me off?

Honorable mentions: Trapped In Work reminds us that math isn’t subjective, Zaptitude reminds us that life is made up of moments, not things, and lastly, Chris Istace asks how will you value life?

Video of the week

Our first real Frank Financials video went live on Wednesday. Check it out! It’s about the importance of knowing where your money is being spent. 🙂

Coming up in the week ahead on ThinkSaveRetire: I’m going personal! On Monday, I am writing about how I almost quit my job a couple weeks ago, early! And on Wednesday, I’m giving you good people a little insight into where we are…literally!  🙂

Thanks for reading, and cheers to another financially productive week ahead!

We track our net worth using Personal Capital



Comments

23 responses to “The Friday Feast ~ the 18th of November”

  1. James says:

    Thanks for the share and mention. That particular posts is still among my most viewed and discussed. Have a fantabulous weekend!

  2. The Rockstar Forum has been a lot of fun. It’s been a great way to meet and get to know other bloggers, not to mention all the great posts about personal finance. I hope J$ agrees that it’s been a success because it looks like it has enough activity to be around for awhile.

  3. Thanks for the mention Steve! Happy Friday!

  4. Thanks for the post! I agree with Retirement Savvy that net worth CAN BE a meaning measure. If too much of your net worth is in your primary residence, then it could be misleading. However I think net worth is a better measure than income on how well someone is doing financially. You could be make $250,000 a year but succumbing to lifestyle inflation and thus spending $250,000 a year. On the outside, it would look like you’re doing great. But this person is worse off than someone making $75,000 a year who has build their net worth up to $500,000 by living below their means and saving and investing wisely.

    • James says:

      I absolutely agree that net worth is better than income as a measure of financial health. As you note, it’s easy to get caught up in lifestyle creep and not build a solid financial foundation even with a significant income. It’s easy to imagine that an individual making $50,000 can have a greater net worth, or even more importantly, investable assets, than someone making twice as much.

      However, I don’t believe net worth is a good measure for retirement preparedness. Ultimately, what matters in retirement are expenses, sources of passive income, sources of portfolio income and the tax treatment of each source of income.

    • Steve says:

      Agreed. The ability to retire early is more about your savings then your income. I’d much rather make less and save more than make more and save less.

  5. Lisa says:

    Thank you so much for the mention. There are so many talented personal finance writers out there, I feel honored:)

  6. NWOutlier says:

    Love the idea/concept of you doing videos! I don’t blog or have a blog, but as I get closer to having enough to ‘choose’ – I may start donating my time to the range (family) of bloggers I’ve been reading over the years…

    Thanks! keep’m comin!

  7. First off, thanks so much for the shout-out on this edition of Friday Feast, very grateful.

    Now on to the meat and potatoes of this post, the Frank Financials video. I love that you are providing a relaxed “frank” discussion with your followers on paying attention to the simple things that can get their finances on track.

    I think the videos will be a great addition to your website and probably your followers favourite thing to look forward to, I know I will.

    As to watching my spending I check in at MINT every single day and on the iPhone app. As for Personal Capital, it would be nice if it was available to Canadians but unfortunately not at this point. I don’t use spreadsheets right now but if I every find my tracking slipping I think I would look at starting using them.

    Thanks for sharing

    • Steve says:

      You are very welcome, Chris! Also, I didn’t realize that Personal Capital wasn’t available to Canadians. That’s no bueno, but good to know for future reference. Thanks for your comment!

  8. Thanks for the share Steve! Stats are on a big uptick today thanks to you!

  9. Eawoods says:

    I often thought about using Personal Capital, but I can’t get past giving them all my account passwords. As I understand it, if you provide your passwords, financial institutions are not responsible for hackers and data breaches. Isn’t this a little risky?

    I love the video addition to the blog! 🙂

    • Steve says:

      I can understand your concern regarding privacy. I suppose that is a risk that we are willing to take – it’s true that fraud happens, but banks and credit cards have incredibly sophisticated systems to prevent (and reverse) fraud. It happens, but not nearly enough for us to be all that concerned with it. For now, at least, the visibility that we get into our financial standing is well worth the risk.

  10. Jef says:

    Loving these videos, thanks for putting them together and 100% agree on the importance of tracking a spending plan!

    Awesome resources shared here as well, appreciate your contribution Steve 🙂

  11. Joe Freedom says:

    Steve! Thanks A TON for the plug! I’ve been slowed by a cold and am still working my way through Friday’s reading-list feast!

    —Joe

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