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This month we start with a resource to help you to improve the quality of your life as you age. Resources will help get back to basics and strengthen the foundation upon which you can build your investment strategies.
We’ll get honest about FIRE and the challenges of finding good financial advice. Resources will help you find some great deals, the secret to happiness, and ways to live a more balanced life.
Finally, I close with a fun interview to listen to as you hit the road for your summer adventures. Enjoy and have a great month!
A Couple of Gems
Peter Attia interviewed geriatric psychiatrist Amanda Smith for a deep dive into diagnosing, preventing and treating Alzheimer’s disease and dementia. A two hour podcast on this topic may be too deep a dive for you. If so skip all the way to the one hour 47 minute mark. The last ten minutes of the conversation stand alone and are pure gold. Whether you’re 30 or 90 years old, in perfect health or battling serious illness, you will find valuable wisdom that will help you age with more happiness and dignity.
Recently a friend returned my copy of John Bogle’s book The Little Book of Common Sense Investing that I had lent to him. I started flipping through. In one evening, I ended up re-reading the entire book. One quote stuck with me on this re-reading:
“While an index-driven strategy may not be the best investment strategy ever devised, the number of investment strategies that are worse is infinite.”
I couldn’t help but think about his quote in the ensuing days and weeks. I saw and heard repeated stories about bitcoin and other cryptocurrencies, Robinhood/meme stocks/options/day trading, ESG strategies, etc.
We need to be lifelong learners, open to growth and new ideas. However, as we navigate a world filled with noise, I like to return to things that are foundational… based in math, common sense, and timeless truth. Bogle’s “Little Book” is one of those things.
Getting Back to Fundamentals
Ben Carlson reminds us How the Stock Market Works.
Carlson says we should be wary of those who claim to know when, why, or by how much the market will fluctuate. He writes How to Predict a Market Crash.
Mike Piper clarifies a topic many people misunderstand: Roth IRA Withdrawal Rules. He also created this simple Roth IRA distribution tool to help you quickly apply the information to your specific situation.
Getting Honest about FIRE
I recently was critical of Vanguard’s article about applying the 4% rule to people pursuing FIRE. My article got a lot of engagement from readers, some who agreed with my take and others defending Vanguard. Most all were respectful and valuable additions to the conversation. For that I thank you!
Tyler at Portfolio Charts also had some issues with Vanguard’s paper. He writes What Vanguard Gets Right (and Wrong) About the 4% Rule.
Applying simple FIRE principles has been life changing for me. I want those life changing principles to be made accessible to as many people as possible. I get irritated when people don’t take time to understand the concepts, then present them inaccurately or unfairly to get clicks or further their own agenda.
So it’s only fair to praise people who do take the time to present FIRE fairly. Charlotte Cowles recently did so in the New York Times, writing The Pandemic Forged New FIRE Followers, With a Difference.
Getting Good Financial Advice
One fair criticism of FIRE bloggers is that they’re often dogmatically against financial advisors. I try to be fair in writing about when and how to seek the best advice possible.
However, the financial industry doesn’t make it easy for consumers. Allan Roth points this out, writing The CFP board has given up on protecting the public from unscrupulous advisors.
Getting the Best Deals
This month I had to renegotiate my internet package. If you’ll be doing the same, this Consumer Reports article is filled with useful information. CR’s Guide to Getting Better Internet Without Busting Your Budget.
Chase is continuing to offer their best ever sign up bonus on the best credit card you can get for cash back or travel rewards, the Chase Sapphire Preferred® Card. You get 100,000 points after you spend $4,000 on the card in the first three months. These points equal at least $1,000 in statement credits, $1,250 when you redeem through Chase Ultimate Rewards® for travel or for statement credits against existing purchases in select rotating categories, and potentially more if you transfer the points to some of my favorite rewards points programs that include Southwest and United Airlines and Hyatt Hotels. This card has a $95 annual fee.
Morgan Housel writes, “One of the most important financial skills is getting the goalpost to stop moving. It’s also one of the hardest.”
Too often, we get too focused on work, saving, and planning for retirement and our lives get out of balance.
Jillian Johnsrud explores practical ideas about a slower, but possibly more enjoyable, path to financial independence on the ChooseFI podcast. Unlocking Your First Mini-Retirement.
Ed Rowell expands on a concept many of us think about only with our investments, writing A Diversified Life.
As I’ve been trying to settle back into a routine after our epic summer road trip, I loved listening to this conversation between Doc G and Heidi Dusek on the Earn & Invest podcast about one of my favorite topics: Design Your Life With Adventure.
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[Chris Mamula used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, DIY investing, financial planning, early retirement, and lifestyle design at Can I Retire Yet? Chris has been featured on MarketWatch, Morningstar, U.S. News & World Report, and Business Insider. He is also the primary author of the book Choose FI: Your Blueprint to Financial Independence. You can reach him at firstname.lastname@example.org.]
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