Finance Friday August-10-2018

Finance Friday August 10th, 2018

Finance Friday, August 10th, 2018

This week I share articles about college hustle, life insurance strategies, an interactive retirement calculator, and free lunch.  Happy Friday!

1.  How to Build a Life Insurance Ladder

I’ve talked a fair bit about life and death, and I’ve got my personal emergency fund in a CD ladder.  Dr Linus shows you how to combine the two concepts.  Your life insurance needs vary over the course of your life time.  Here’s a method to optimize your coverage.  It’s not a perfect science, but it’s better than having too little insurance now and way too much later.

2. When Can I Retire? Early Retirement Calculator

Engaging Data presents compelling and interactive charts on a wide variety of topics.  If you’re not a pro at excel, this article contains a nice calculator for you to explore the impact of various assumptions on your early retirement.  Use it to figure out a reasonable goal, and then track your progress!

3. 13 Easy Ways to Make Money in College

I tend to focus more on folks already in the workforce, so it was refreshing to be reminded that the best way to get out of student debt is to hustle and avoid debt in the first place!  I found this article by Chonce Maddox via Frugal Rules via Rockstar Finance (who was in Footloose with Kevin Bacon).  Other than selling your notes and your textbooks, every one of these hustles is available in the post graduate world.

4. Investment Fees Will Cost You Millions

but also…

5. Don’t Obsess About Expense Ratios

Finally, this week in cognitive dissonance I present the White Coat Investor.  Investment fees will cost you millions, and you shouldn’t obsess about them.  Both articles are 100% correct. This is a good reminder that you should worry about money issues in proportion to how large an impact they will have.  Paying a 6% front load and an ongoing 2% per year in fees will destroy your wealth in the long term.  But succumbing to the flavor of the month to save 4 pennies on every $100 you invest is wasteful (and probably won’t save you anything in the end after all).  There’s no such thing as a free lunch.

Enjoy your Friday, and pay for your lunch!

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