No matter how much money you have, you get used to it. The exciting thing is not simply having wealth; it's experiencing the contrast between what you had before and what you now have. Once that contrast wears off, you are adjusted to the new wealth baseline.
The Almanack of Naval Ravikant is a collection of wisdom and insights from the well-known entrepreneur and investor. In the book, Naval shares his thoughts on a variety of topics, including wealth, happiness, and success. Below are some of the key takeaways from the book on how to achieve wealth and happiness
Quarry Hill Advisors' own Bjorn Amundson was interviewed by KTSP on the banking crisis
Silicon Valley startups nearly lost all their cash when Silicon Valley Bank collapsed this month. Almost all of the cash at this bank was uninsured. Had the government not intervened, thousands of companies would have instantly gone up in smoke.
With money, habits are incredibly powerful. Financial Therapist Brad Klontz calls them “Money Scripts.” We develop our Money Scripts throughout our lives. Some Scripts are helpful to us, but others are not.
Everything worth doing requires challenge and hardship. Children gaining independence is hard and scary for them (and their parents!). Improving your fitness requires stressing your body so that it recovers stronger. Investing for robust, long-term returns requires enduring painful (yet temporary) declines.
There is regret that comes from folly, and we want to avoid that type at all costs. But sometimes, some forms of regret stem from a wise decision.
Maybe you notice a charge on your credit card you don’t remember or all of a sudden you stopped receiving your bills and mail. Unfortunately, we are seeing this more and more frequently as of late.
Your plan is wrong. Despite our very best efforts, it was wrong from the moment it was created. In fact, I'm quite certain that not one of the 1,000 scenarios we modeled will come to pass. Even if we knew the exact returns of the market for every year going forward for the next 50 years, your plan would still be wrong.
Cornelius Vanderbilt was the patriarch of the family and an industrial-era railroad tycoon. He once told his son, "Any fool can make a fortune; it takes a [person] of brains to hold onto it." As it turned out, the Vanderbilt family didn't have enough brains.
When it comes to investing, uncertainty is the only certainty. There is always a headline to worry about - wars, viruses, debt-ceilings, Brexit, bubbles, elections, and on and on.
When it comes to investing, hitting bullseyes is extremely difficult and involves a lot of luck. Just because you correctly anticipate "the next thing" doesn't mean you'll actually turn a profit from it.
Pro Publica revealed that they had somehow obtained tax records for many of the richest people in the United States including Jeff Bezos, Elon Musk, and Warren Buffett. To a financial planner, learning the details of how the billionaires do this is pure catnip.
The Investopedia 100 celebrates financial advisors who are making significant contributions to critical conversations about financial literacy, investing strategies, life-stage planning and wealth management. With more than 100,000 independent financial advisors in the U.S., the Investopedia 100 spotlights the country’s most engaged, influential, and educational advisors.
If you aren’t content with what you have, you won’t be content with what you’d like to have.
It's quite possible that March 2020 was the lowest the market will ever be again. It was a frightening time, but successful investing depends on how you respond to scary events in the markets.
By most measures, Ryan Brady had everything going for him. He was brilliant, funny, and even in his success, he remained likable and humble.
Kyle has been honored to receive the 2021 Five Star Wealth Manager distinction after being nominated by his peers.
I'm writing this as I sit in the mountain town of Ouray, CO. During the pandemic, many people like us have hit the road for what seems to be the safest form of vacation: camping.
Long-term capital gains are taxed lower than ordinary income taxes, but can realizing this cause your wages or IRA withdrawals to be taxed at a higher rate?