The 7 Personal Finance Articles We Loved This Week
It’s Thursday, and you know what that means: time for another round of awesome personal finance articles hand-picked by ESI of Rockstar Finance!
I feel extremely lucky to be one of those people who absolutely loves their job. I love not only my coworkers and the culture, but also the majority of the tasks I do on a day-to-day basis. Not everyone can say that! But here’s the thing: it’s still a job. If it were the only thing in my life that I found fulfilling, I’d for sure feel like I was missing something. I don’t think anyone’s job should be the absolute most important thing in their life — which is why I’ve always had a problem with the idea that “if you love what you do, you’ll never work a day in your life.” That’s not only not true, it also promotes an unhealthy work culture that so many of us already battle in our society!
That’s why I loved this post from the Military Dollar, which tackles the same sentiment and points out even more flaws in its argument. For instance: there is no guarantee you will get that perfect dream job, and thinking you’re a failure for not getting it? That’s just unhealthy. I really appreciated this excerpt:
Okay, so let’s pretend that there are jobs out there that are both 100% fun/satisfying and pay well. You never have to do a single thing you don’t like to do.
Well, what are the chances you are going to get that job?
I mean such a job is going to be pretty rare, right? So there is going to be a lot of competition for it.
You might be thinking to yourself “well not everybody is going to love the same job” and you’d be right. But I think we can all agree that some jobs are more desirable than others. That’s not a comment on job worthiness – it’s a comment on human nature. We (humans) like some things more than others. #science
You know what job gets tons of interest? Astronauts. Thousands of people apply for each astronaut candidate opening. I don’t see similarly competitive programs for, well, any job.
Talk to an astronaut. It’s still tough, tough work.
Be sure to check out the full post, as well as the rest of this week’s great picks, below!
1. 10 Bits of Financial Advice for the Average American – White Coat Investor
Who are you? Well, your household has an income of about $60K, you have a total debt (including mortgage) of $137K, and you probably are carrying a balance on your credit card, have a car loan, still have student loans, and have a mortgage. You’ve got $96K in your 401(k). Your net worth is $45K. Here’s my financial advice for you.
But the takeaway is that while money can’t make you happy, lack of money can make you unhappy. P.S. — You know that cliche, “I’d rather be happy than rich?” That’s B.S. The effect is either positive or neutral. There’s zero research that shows an inverse correlation.
3. The Problem With “Choose A Job You Love And You Will Never Work A Day In Your Life” – Military Dollar
So, what? We are going to tell people to find a job they love so they never have to work…and then all those who aren’t doing something they love are just some poor saps? Really? And our advice to them is just keep looking for a job they love instead of, I dunno, doing something that makes work optional?
4. So what, we retired at the peak of the bull market? Here are 7 reasons why we’re not worried… – Early Retirement Now
When you’re still working and contributing to your retirement savings it’s easy to lean back and relax: you can buy equities at discount prices and you buy more shares for the same amount of savings when prices are down, a.k.a. dollar-cost-averaging. Now that we’re retired things are different.
5. Feeling Rich and Feeling Poor – The Simple Dollar
In the end, if a sense of freedom of choice is what makes you feel “rich,” step back and look at your choices more carefully outside the heat of the moment. Which choices really bring more value into your life? When you’re sure about a particular choice, start doing it in the more meaningful way.
6. Why You Should Be Happy the Markets Are Crashing – Millennial Revolution
Here’s the truth. Investing in the stock market using low-cost Index ETFs is simple, but it’s not easy. I mean, when stock markets are just rising every day it’s easy. But when it’s plummeting, that’s when you figure out if you have what it takes to do this.
7. Investing – Why Take The Gamble? – The Loonie Doctor
Just like with building a rewarding career, you cannot reap rewards without taking some risks. All investments fall somewhere along the speculation spectrum. Try to invest and not gamble. Be careful to not let investments slide towards the gambling end of the spectrum due to the wrong investment horizon, overleveraging, or bad investor behavior.
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