Say “Yes” to Everything or Say “No” to Everything? Which Is It?

Always Say No? Always Say Yes? Which Is It? Warren Buffet is cited for the wisdom that “the difference between successful people and really successful people is that really successful people say no to almost everything.”  Over the years I’ve heard any number of snippets of advice from Mr. Buffet and I have to concede that I usually find myself nodding in agreement with his folksy, common-sense perspective. It’s hard to argue with his …
In a Wall Street Journal article this week, the perils of debt-supported spending by Chinese Gen Z-ers and millennials were contrasted with the potential benefits of a hyper-charged consumer economy. The upshot from a macro-economic perspective is that while some amount of borrowing can be good for an economy (leading to job creation and more productivity), it can also lead to unhealthy levels of household debt, which in turn can lead to an overall …
If part of your work involves educating others on how consumption can affect their ability to build and maintain wealth, looking for outside patterns of data and trends might be a way to bring an “ah-ha” moment to clients, children, friends, or family members. A string of articles in yesterday’s Wall Street Journal wove an interesting pattern for me, and the interpretation might prove educational for consumers and clients. First, this: Holiday Shoppers Were …
Can a disciplined approach help create wealth? Some still contend that it can only have a limited impact in most cases. However, in the case of becoming financially independent, the self-made millionaires highlighted in The Millionaire Next Door demonstrated the value of “rigid rules of behavior:” spending less than they earn, limiting the trading of investments, etc. Data Points’ research demonstrates the value of behavior and experiences in the prediction of net worth, regardless of one’s …
A recent article in The Boston Globe highlights the issues Bostonians are considering related to purchasing homes in affluent areas. The piece recites a financial-planning principle: “A bit of perspective: In many parts of the country, the rule of thumb is that housing costs should occupy a third of one’s income. Here, that standard frequently doesn’t apply.”  Because of rising real estate prices and a desire to keep up with the Joneses, many Boston …

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