My kids have been complaining about their lack of funds lately, so I came up with an ingenious offer that I would have scooped up in a heart beat if I were a kid ;)

For every (clump) of dog poop you pick up from our yard, I will give you 50¢!

BOOM! One less task for me, and more cash for them – which should literally only take like 15 seconds. And where can you find an hourly rate like that as a kid?! You’d think this would have motivated them, but no. After two weeks and approximately 0 scoops my genius idea was proven to be not that genius at all

So I did what any good problem solver would do – I upped it to $1.00 a clump (DOUBLE the reward!!!). But sadly that didn’t fair much better either, clocking in with a total of just *1* scoop out of about 130 opportunities given… And that was only after me hinting there was a golden prize right next to their feet where they were playing!

So back to the beginning we were, with me in the fields again scooping away, and them very much still in want of money… Though if you ask me, if you can’t even bend over for a few seconds to earn some quick cash, do you actually really want it that bad? ;)

(As an aside, I’m writing all this on my phone right now in the middle of the gastrointestinal office awaiting my own colonoscopy results, haha… Poo is on the mind today!! UPDATE: I’m in the clear!  They found a polyp in there during the procedure, but apparently it was “the good kind” so I’m set to go for another 5 years – #Adulting)

After marinating on it for a while and trying to come up with a more enticing offer, we realized we’ve never officially implemented any type of “allowance” deal yet with our family. And perhaps now was just the time to enact one? Maybe the incorporation of  *timelines* and getting weekly paychecks would motivate them more?

Or maybe they just really don’t like poop, I dunno, but either way at 10, 9 and 5 it was high-time they start appreciating where money came from more. Especially if they’re gonna take over this blog one day ;)

I remember how important allowances were for ME growing up, even if I was only getting paid $1.00/week and all my friends made fun of me (!!!), but it was enough to give me a little freedom and push in the right direction. So I dug up an old wipey board from the basement and got to work…

Here’s what I came up with:

Each kid has one daily task to complete, and if they accomplish it – AND – keep up with their other general responsibilities like making their bed and cleaning up after themselves, they’ll be entitled to an allowance at the end of the week.

If, however, they only do a partial job in any area, they’ll then get a 1/2 check and too many 1/2 checks will result in less of an allowance at the week’s end. You’ll see Baby Dime up there already got one after a couple of days rockin’ it.

As for their pay? $3.00/week. BUT! This isn’t just any ordinary allowance, oh no. As recommended by my oldest son, Baby Penny, we’ll be following the concept from the book Three Cups by Tony Townsley*. A fantastic read that surprisingly all three of my kids love! And one that recommends splitting allowances into 3 equal parts:

• 1 cup for spending
• 1 cup for savings
• and 1 cup for giving

Thereby teaching kids the importance of all THREE, and getting those habits started early. Even stars like Angeline Jolie does this!! Though perhaps filling up their houses with cash instead of plastic cups And since my kids will be *manually* receiving and divvying up their cash each week vs digitally on a screen, hopefully it’ll all sink in even more too. I’ve already headed to the bank to get stacks of ones now that I’ll be turning into an ATM!

[live shot of me flipping through a stack]

I gotta give my oldest boy mad credit again for this. We were originally going to start their allowances at $2.00/week which they could do whatever they want with, but it was him who brought up the book and said he’d like to get a little more involved and give back. I almost cried and immediately changed it.

And as you can see, we’re off to a great start! Everyone is more or less doing their part each day, and I can already tell they’re taking it seriously and excited for what they can now do with their extra money. We’ll see how long it lasts, but for now I’m a proud dad, and I’d like to think a *smart* one too ;)

Hopefully the $$$ teachings of your kids are going well for you over there! If any of them are interested in scooping up poop, my $1.00/offer is still on the table!

Yours in daddying,

*I first read Three Cups when we did a giveaway for it here on the blog over 13 years ago – way before any of my kids were born or I even had to think about allowances! Highly recommend checking out if you’re going down similar adventures right now.

*Links to book are Amazon affiliate links

[This post, No go for the poop!, was first published by J. Money on Elite Edge Money]

Good morning!

So here’s something interesting – I haven’t made any real money for the past 6 months! And even wilder – I haven’t even noticed it much lately??! It’s the first time since I started working that I don’t have a “salary”, thereby officially entering me into the status of WifeFI:

“Financially Independent, enabled by my wife who still works ”

I do make some money consulting each month, as well as some extra change typing away my thoughts here (and that’s literally all it is these days, as it turns out when you nix most of your ads you don’t get paid! lol), but by and large my income is inconsequential compared to my wife’s which is currently paying all the bills right now.

It’s an interesting place to be. I’m not very motivated to chase money for some reason, but I’m also not satisfied just laying around and doing nothing either… Hence – why I’m back here at the blog! But even more surprisingly – I haven’t really missed my paychecks since the Motley Fool gave me the boot earlier this year, which was no small amount at $10,000+ mo.

How a guy can go from obsessing over money to not even noticing he hasn’t got paid in a while is beyond me…  Though to be honest it actually makes me feel kinda proud of myself! :) It means I’m no longer a slave to the green as I once was, nor am I using up the bulk of my time chasing it all the time. I’m much more focused on *life* now and just “being”, and while I still have to pay attention to money of course, it’s no longer the top priority it once was.

I think “peace” is the right word for it. Financial peace.

And it was right around the $400k mark when I first really started noticing this… Enough to feel secure and pay all the bills, but also still able to have a little extra for fun and flexibility. With each additional $100k just adding to the foundation and making money less and less important over time. (Or I should say, not as “life changing” – I still very much LIKE having money, lol, but it doesn’t drastically change my life anymore)

I should also note that this comes from a super privileged white dude who’s had fortune and luck on his side the entire time :) Sure I’ve worked my a$$ off over the years and proud of what I’ve built, but I’ve also had a leg up throughout it and need to keep reminding myself to appreciate it all which I oftentimes fail at more than I care to admit…

Still, I never saw this stage coming!

It actually marks the 6th one since starting the journey:

• 1995-2008: I was a SINK (Single Income, No Kids)
• 2008 – 2010: We were DINKs (Dual Income, No Kids)
• 2010 – 2013:  Then SINKs (Single Income, No Kids)
• 2013 – 2016: Then the hairiest – SIKs! (Single Income, Kids)
• 2016 – 2022: Then back to the good life, DIKs (Double Income, Kids)
• 2022 – present: And now WIFEFI (Wife Enabled Financial Independence)

Such drastic stages over the years. With the best ones outside of a $hit sandwich, haha… Those middle SIK years there were pretty rough for a while!! When a perfect storm of events hit, and completely sucked our savings from $94,000 down to a paltry $3,000 in three short years… It was pretty embarrassing as a money blogger, but of course we continued to share it all in the name of transparency!

Then the wife jumped back into the workforce after a 5+ year hiatus (she went back to school to get her Masters and PhD) and we were once again back to smooth sailing… Which is just one of the half dozen reasons she continues to work: she wants to use all those hard-earned degrees!, she genuinely enjoys what she does, the job is STABLE (a government one, which helps counter balance my very much non-solid one, haha…), and then of course there’s the benefits like retirement funds and pensions (remember those?) as well as a fantastic health insurance plan.

So don’t think this is just me taking advantage of her! Which I am still a little, of course – who doesn’t want a Sugar Mama?! – but in reality it’s her not wanting to join me in the dark side yet, as well as reaping the rewards after years of hustling ;)

Yet another benefit of paying attention to all this stuff!! So one day you don’t have to!

It’ll be interesting to see what happens from here (do I go back and get a “job” later after missing money??? Do I go the opposite way and cut *everything* out to free up even more time? Do I forever remain Wife-Fi’d?) but as it stands today, I’m at peace… Another new life experience under the belt!

What financial stage are you currently in? Are you content with it?

Your fiscally sexy friend,

PS: Here are some other (totally made up) financial stages I’ve hit over the years as well… Maybe you too? ;)

• BOB — “Baller On a Budget!”
• SEXPLOY — “Sexy & Unemployed”
• FIGMY$HIT— “Finally Got My $hit Together!”
• MOHO — “Money Hoarder”
• HUN — “Hustler Unleashed”
• ISNOB — “Indexer Snob”
• PX3U — “Proud Penny Picker Upper”
• FRUCLASSITY — “Frugal and Classy”
• FULLTRASH — “Full Timer Rocking a Side Hustle”
• FREEDLER — “Freedom Lover”
• MILLIONAIRING — “Millionaire In Training”
• DIVFROD — “Divorced From Debt!”
• SFL — “Spreadsheets For Life”
• CAFLOK— “Cash Flow King”
• STARFROTBONWEH — “Started From The Bottom Now We Here”

[NSFW]

[This post, WifeFI Status Activated ⚡, was first published by J. Money on Elite Edge Money]

I don’t know if bribing is good or bad in the Parenting 101 handbook, but I’ve been doing a lot of it lately and I gotta say – it works

Three examples:

#1. “If you don’t cry at drop off for a *month* I will buy you whatever you want!” – I blurted this out over dinner one night (one too many whiskeys), and my 4 year old’s eyes lit up like it was Xmas Eve… He’d been having trouble getting into preschool each morning (he LOVES it there but for some reason cries as soon as I’m about to leave him) and everything we’ve tried up to that point wasn’t working…

“I can get anyyyyyyything???” he says with a sly grin. “Yup, anything! Within reason!!” I start backpeddling, lol… “Okay, deal.”

And just like that it was on… Which a) surprised the crap out of me because it’s been such A THING lately and there’s no way this silly little trick was gonna work, right?, and b) I started to get nervous because all of a sudden I had promised him a big, probably expensive, prize, haha… But I knew he couldn’t ask for anything too crazy ‘cuz his imagination isn’t as developed as his older brothers’, and a few minutes later I was put to ease when he came back with, “I want a giant squishmallow.”

[A giant squishmallow – adorable, cuddly, under $40!]

Examples #2. and #3. Upon hearing this interaction and the joy emanating from little bro’s face, the two older bros wanted in on the action and promptly asked what challenge they can do too for a prize. I thought about the different areas they were currently struggling with, and came up with their respective challenges:

For older bro #1 (8 y/o): He has to go an entire month eating whatever we serve up for dinner that night – and not complain about it. We’d gotten into the bad habit of preparing him something different on nights he didn’t like what we were serving (a major fail on OUR part, of course, probably due to bad memories of our own childhoods of “if you don’t like it, starve!” LOL) and before we could get into more of the details he quickly complied, “I’m in.” And deal #2 was made.

This time, however, I was smart enough to put a cap on the prize FIRST ($50), to which he said he’d let us know later what he wanted so he can enjoy all the possibilities first… Something his old man likes to do too ;) (So far he’s considered Pokémon cards, Robux credit, a music player he can have all to himself, and most recently a drone after a Target visit – the place where all dreams come true)

As for the oldest boy, 10 y/o Not-So-Baby Penny who’s perfect in almost every single way (I’m allowed to say that because I’m his dad!) the challenge tailored to him was to go a whole month *without asking any questions he already knows the answers to*, or those he can easily figure out if he thinks hard enough.

He’s currently at that stage of asking never ending questions, one after another after another – which is fine! We encourage curiosity in our house! – but many of them we’ve noticed don’t really need to be asked if he just took a few seconds to think about it first. And if he catches himself before we can answer his questions, it doesn’t count – that way he’s got some wiggle room since admittedly he’s got more opportunity to fail than his brothers who only have to overcome their bad habits *once* each day. We also put the cap at $50 for him too, though interestingly he hasn’t even so much as *hinted* to what he wants in the end so I’m super curious to what’s brewing in there!!

But we’re now into week #4 of them all, and if you can believe it – everyone’s on track to get their prizes!! A fall miracle!!

Baby Dime hasn’t shed a single tear in three and a half weeks, much to the shock – and joy – of his teachers (they asked me what the trick was and thought it was hilarious when I told them I cheated and bribed him, lol…), Baby Nickel has eaten every single thing we’ve put on his plate so far, even if it takes him longer to finish than the rest of us, and Not-So-Baby Penny has since been learning how to answer his own questions in his head, saving everyone in the household major sanity ;)

I can’t tell you how proud of them I am. And of myself for coming up with the genius plan, hahaha…

Really goes to show how powerful rewards can be, though, both mentally and physically. All three of them had said over and over again how hard it is to overcome this stuff and that they “just can’t do it” before the challenges, yet here we are weeks later and they’re just breezing through it!! It was all in their head!! And of course ultimately I’m hoping it sticks WELL AFTER the deadline which was my ultimate motive for it all. Outside of just having some peace and quite for a little bit ;)

Here are some of the key parts I think that have made this so successful – in case you want to try it out in your household ;)

1. Pick things that can go on to become better *habits*
2. Pick things that are *doable* for each of them specifically (all 3 of my kids were saying “how easy” each others’ missions were, but that’s only of course because they’ve mastered ’em already! The point is to overcome their unique struggles, which will be different for each kid)
3. Pick things that really annoy you/the entire family! lol…
4. Put in the clause – “if you miss a day, the clock starts over”

I can’t tell you how often that last one comes up in conversation ;) It serves as a perfect back up motivator on days when you think they may slip up!

We also incorporated some general leeway for each of them too, depending on the circumstance. For example, when my 8 y/o got sick he could “pause” the mission until he was feeling better, and for the oldest boy as I mentioned he was able to “take back” his question if he catches himself before we answer it. But for the most part this “clock starting over” clause has been enough to keep them all on track so far…

It’s also important to know *what* exactly motivates them too.

Some are excited over candy, others want cash, and then there’s the rare ones who just yearn for the inherent rewards of personal satisfaction ;) Candy and money bribes did *not* work in my case (nor the personal satisfaction – they laughed in my face when I brought that up!), but turns out the “world of possibilities” under a certain amount did motivate them enough to take action. All of which not being that different for us adults.

Oh, and here’s one more silly example of the power of rewards:

So cash hasn’t lost its edge entirely! Lol… Different situations call for different rewards ;)

What type of challenges are you currently working on? What are the rewards you have set up for yourself?

[This post, The Power of Rewards (AKA In Which I Bribe My Kids to Behave…), was first published by J. Money on Elite Edge Money]

Merry Christmas Eve, Friends!

Before you set off on your fun-filled weekend of spoiling one another with presents and delicious meals… check out this video about what kids really want for Christmas.

This 2-min video came out ~5 years ago, so some of you may have seen it already. It’s called “The Other Letter”, made by IKEA Spain.

**Fair warning: Get a box of tissues ready! I bawled my eyes out – and I’m not even a parent yet!**

The Other Letter

In the video they used 10 families for an experiment…

First, they asked the children to write a letter to Santa Claus listing all the things they wanted for Christmas. The kids listed big items like guitars, pianos, and toys… typical big presents that most children want at Christmastime.

Next, the children were asked to write a second letter… This time, to their parents. Same as the Santa letter, but this time they were asking what they would want from their parents for Christmas. And this is where the kids’ answers got really interesting.

For the most part, kids just want love, time and attention. They want you to be there for them, experience things with them, and play with them.

Presents are great. But spending quality time with family is the most precious thing in the world. 

Let’s not forget that this weekend. :)

Wishing you all a very Merry Christmas,

Love, Joel

[This post, What Kids Really Want for Christmas, was first published by 5am Joel on Elite Edge Money]

Wow — there were a ton of responses to the recent letter to my wife post about estate planning if I were to suddenly die. I guess I’m not the only one feeling underprepared for that type of situation!

Researching this stuff a bit further, I wanted to share with you all what I’ve been learning. At the top of my list has been figuring out some type of formal will(s) for me and my wife. Surprisingly, it doesn’t seem as difficult as I expected.

**Also, because death is such a sad topic, I’m going to sporadically include pictures of Cooper as a puppy to lighten the mood. Everyone likes puppies, right!?**

This was taken the day we picked him up at the shelter in 2013. We lucked out big time finding this lil guy!

Defining All the Estate Planning Terms

First, here are some words that I had to google. You might know this stuff already but I thought I’d share anyway ‘cause I found it helpful!

• Probate: This is a legal process where a court decides how a deceased person’s estate is going to be administered. If there is a will, the court decides whether the will is valid. If there is no will, the court will follow intestacy laws.
• Intestacy (or “intestate”): For people who die without a will, each U.S. state has a set of laws that determine who inherits the assets. Usually this is heirs, relatives, descendants, etc., but it can get pretty complex if there are step-children, in-laws, undocumented partnerships and stuff like that. Many people get screwed by sucky state laws, so having a will is better!
• Last Will & Testament: This is a legal document with the wishes of the deceased person. It lists how they want their property to be divided, and also *who* they want to help manage the distribution.
• “Living” Will: This is different from a will for when you die… A living will is for when you are still alive but are incapacitated or can’t handle your affairs. It’s also called an Advanced Healthcare Directive.
• Executor: Person (or people) chosen to carry out the transfer of assets. If there is a will, the executor is usually named already and they follow whatever the will says. If there is no will, the court appoints an executor (usually a relative), and they have to follow whatever the court deems is the correct transfer for the assets.
• Beneficiary: This is the person who will receive the benefit of stuff. They can be named inside the will, a trust, or with financial institutions directly designated within an account.
• Trust: This is kind of like a will, but it’s a more custom and hardcore legal document to pass assets between people. Having a trust can bypass probate, keep transfers private, and can have tax deferral/avoidance measures. **Note** A trust cannot decide who will be the guardian of children; only a will can name guardians for kids. Check out more will vs. trust stuff here.
• More estate glossary terms here

FYI: Many people choose to have *both* a will and a trust. Even though there’s a lot of overlap, one can provide a back-up for the other if something’s not executed properly.

Me and Coops, almost 9 years ago!

How to Avoid Probate

If possible, I’d like my wife to avoid probate court because it seems expensive and time-consuming. There are a couple of ways I can help do this:

1. Listing beneficiaries directly at financial institutions: If I can pass assets directly to my wife legally through bank accounts, retirement accounts, etc., then she can take ownership without going through probate court. (I’ve already done this for our checking, savings accounts and retirement accounts.)
2. Having joint ownership for assets and properties: For our duplex, other rentals and joint brokerage account, my wife is already a co-owner. Owning assets jointly means if one of us dies, the other survivor takes ownership and in most cases doesn’t have to go through probate.
3. Getting a living trust: Having a trust can avoid probate… But, ALL assets need to be transferred into the name of the trust for this to be applicable. This seems like a real pain in the ass to do, and might be more applicable if we had kids.

All in all, I think the majority of our assets — and certainly the most valuable ones — are going to be easy to transfer without probate if one of us dies. I’m feeling MUCH BETTER knowing all this stuff.

**If you haven’t done this already, add it to your to-do list ASAP… Go through ALL your accounts/assets and call the bank/broker/county to make sure your designated beneficiaries are up to date. Only takes a few minutes, and could save a HUGE amount of time for your loved one if you die.**

Cooper and I took photos like this every couple weeks, but soon enough he couldn’t even fit on my lap anymore. :)

Writing a Will

My wife and I have already thought through the scenario if one of us dies, but what will happen if BOTH of us die at the same time? Weird to think about, but this is actually a very possible scenario being that we travel together and do almost everything together.

Having a basic will and testament would help whoever cleans up our financial mess and inherits our stuff. I certainly don’t want to leave it up to the government to decide!

The good news is, writing a will doesn’t seem as hard or as scary as I thought it’d be. In fact, we could even write one ourselves pretty easily.

I found this article helpful: Should you write your own will?  And also this list of basic will requirements per state. 

In California, the basic requirements for having a legal will are:

a) be 18 or older

b) not be drunk/on drugs when it’s written

c) signed by a couple of witnesses

Although we could do it ourselves, given the size of our estate, it’s prolly a good idea to have some professional help. Also, it seems that estate planning software covers a handful of other scenarios if disaster strikes.

LegalZoom is one I’ve been looking into. For their basic bundle it looks like I can get:

• Last will and testament – for me
• Last will and testament – for wife
• Power of attorney – for me
• Power of attorney – for wife
• Living will – for me
• Living will – for wife

Bundle price for all these: $279

What I like about using professional software to prepare documents is they use all of the state-specific requirements and ask the right questions to produce a complete will. My biggest fear is that in a probate situation they might determine that a will is not valid, in which case I’ll have done all this work for nothing. So having professional help is nice.

As for a trust, I don’t think my wife and I really need one at this point. This might change as our family grows, but for now we’ll just start with getting basic wills.

Read this if you’re wondering if you should set up a trust.

Figuring out how mirrors work ;)

You’ll Need to Have Hard Conversations About Inheritance

Welp, here comes the hard part for us.

I was just about to start the LegalZoom process, but then it hit me… My wife and I still need to talk about who the heck inherits our mess if we die!

And this — I think — is the hardest part of anyone’s planning process. Filling out forms is easy. But actually sitting down and having tough conversations is what most people avoid.

Since my wife is still touchy and crying about the last letter I wrote, I’ll need to figure out a way to make this as unemotional and easy as possible. More to come on this!

Any of you done this already and have any tips?

Stay safe out there my friends,

Love, Joel

Byyyyyyeeeee!

[This post, All About Wills and Estate Planning in Plain English, was first published by 5am Joel on Elite Edge Money]

I was thinking the other day that although my wife and I make all of our financial decisions together, I am usually the one pulling the trigger and moving the money around. I like to read boring terms and conditions, geek out on all our tax stuff, deal with real estate, etc. 

I have a passion for personal finance, which helps! She does not — and I don’t blame her as most people find this shit boring.

Anyway, this morbid thought came to mind … If I die before we’re financially independent, my wife might have a hard time converting our “couples FIRE plan” into a “single person’s FIRE plan.”

Thinking about death isn’t fun, and planning for it is even worse. But hey, we all die someday. And with the increased shark sightings at my local surf spot recently, maybe I’ll be gone sooner rather than later. Bad joke — sorry.

Until now, I haven’t done much estate planning. Since we don’t have kids yet and no big debts, I’ve kind of just assumed that when I die, my wife would be fine financially. She’s certainly capable of figuring stuff out on her own (10x my smarts). But because our portfolio landscape is a little messy right now (various real estate investments, random bank/credit card churning, multiple retirement accounts, etc.), maybe it’s time I start documenting some of this stuff and coming up with a formal plan that would help her.

So, I started writing down some changes my wife would want to make to streamline our (her) finances when I am no longer in the picture. Our overall FI strategy wouldn’t change that much (Coast FI), but having some written plans is never a bad idea — especially for someone dealing with grief of a lost loved one.

Below is a draft letter, which is just a starting-off point. This coming year I’m going to prioritize more official estate plans, including a will, proper records, and all that grow-up stuff I should have started years ago.

***BTW… As I was researching some of this estate planning stuff, I came across 2 much more thorough articles you might want to check out. Checklist for when a spouse dies and Write this letter to your family before you’re gone.***

Things to Do With Our Money If I Die

“Dear beautiful wife,

So sorry I broke my promise to live until we’re both 100… And I’m even more sorry about the financial shitshow I’m leaving behind! Hopefully, this letter will help you clean up the mess, simplify our stuff, and help you create a new/clean plan moving forward.

Things to Do Immediately

Nothing! Honestly, there’s nothing you need to worry about within the first few weeks of my death.

• You have enough cash in our checking accounts to live for a few months.
• Your name is on ALL our cash accounts as a joint owner.
• ALL our credit cards are on auto-pay.
• ALL our bills and utilities are on auto-pay.
• ALL our properties and syndications are cash flow positive with rent auto-deposited into our accounts.

So don’t freak out or worry about money right away. Nothing needs to be handled urgently.

Things to Do Within ~1 Month

Before you can do anything with our (your) accounts, you’ll probably need to show the bank/brokerage/etc some paperwork, like official copies of my death certificate and our marriage certificate. A copy of our marriage certificate is with this letter! But you’ll have to order my death certificate from the city or county. Order a few of them. You might be surprised how often you have to give someone this document.

To start taking action, contact the Social Security Admin office and report my death. You can do this over the phone (1-800-772-1213) or in person at an office.

• If we have a child, you are eligible for monthly survivor benefits of $2,132 per month starting right now, until the kid is 16! Also, the child gets $2,132 per month. So in total, you’ll receive $4,264 per month. 
• If we don’t have children, you’ll only get survivor benefits when you reach retirement age. ~It’s like $2,843 per month starting when you’re 67.

Next, (this is optional, totally up to you) withdraw $20k – $50k in cash from our taxable brokerage account (TD). You will need to sell some stock to do this — just call the TD Ameritrade number and they will walk you through it. Transfer this cash into our checking account.

Use this cash to:

• Cover funeral costs (Don’t do anything fancy – just throw a massive party and invite all our friends! Maybe fly my fam out from Australia?)
• Take time off work, as much as you need. 6 months, 1 year, or longer, it’s up to you.
• This cash will cover living expenses (auto-pays the credit cards)

Please don’t feel bad for taking time off work and spending our money. Spending $50k only puts a tiny dent in our overall net worth and won’t majorly derail any of your early retirement plans.

Things to Do Within 1 – 3 Months

Log into our Mint.com account, and you’ll see a list of all our assets, accounts, credit cards, etc. These are also all listed in our Net Worth spreadsheet. Here is what to do with each of them:

Checking Accounts: Since you are listed as the primary beneficiary on all my accounts (100%), you don’t need to go through the probate process. Just call the bank directly and change them into your name. For any old account with a $0 balance, just close the account completely. You probably only need 1 main checking account going forward.

Credit Cards: Sorry we have so many, you really only need 1 going forward! Contact all of the banks and credit card companies and cancel the cards in my name with a $0 balance. These are old and no longer needed. You just need 1 main CC going forward → whatever one you decide, just make sure bills are auto-paid from the main checking account each month.

Investment Accounts: Again, for the ones in my name, you are listed as the primary beneficiary (100%). You can deal with the banks/brokers directly to change the names without going through probate.

Joint brokerage: Change this into your sole name. Should be easy-peasy.

My IRA: They will convert this into an “inherited IRA.” Don’t touch this account, just let it grow until the year 2045. (That’s when I would have turned 60). There will be about ~$1M in this account by then. You’ll be taxed when you withdraw this later in life, so do it in small amounts annually as needed.

Roth: As my spouse (and listed primary beneficiary) you can just change this account into your name, and it will be treated as if it was yours all along! (Ideally, try to consolidate my Roth with your existing Roth!) This is called a “Spousal Transfer”. Remember, Roths grow tax-free so leave the assets in this account alone as long as possible.

HSA: Same as the Roth → do a “Spousal Transfer” and this now becomes your HSA account. Let it grow tax free as long as you can for future medical costs.

Gift accounts for nephews: This money technically isn’t ours, it’s owned by our nephews. But since they are still minors, an adult custodian must be assigned (me currently). My advice would be to change the custodian to the kids’ parents → get the management off your plate.

Physical Rentals: Contact xxxx at xxxx management company and she’ll help you transfer the titles into your name. Since we have joint ownership, when I die, the ownership should revert to you as the sole survivor.

Syndications: The full list of contacts is *here.* Notify everyone and ask them how to change the ownership into your name. The private partnership agreements make this pretty easy and your name is listed on most of the shares anyway.

Things to Do Within 3 Months – 1 Year

Set an appointment with our tax guy, xxxxxx. Tell him everything that’s going on, the changes you’re making with our assets and ask him what forms to save and collect. He’ll help file your taxes.

List and sell all the physical rental properties. Xxxxx will help you do this! Put all the sale proceeds into our TD brokerage account. Invest everything in VTI, just like all the other money in there. (This is optional, of course. But I think you’ll be much better off owning no physical real estate.)

Figure out the DMV process to put the Prius in your name. Here’s a list of forms and paperwork you might need for that.

Contact my retirement broker in Australia. I have about $30k down there in a retirement account and you are the non-contingent beneficiary. I believe you are able to “withdraw” these funds as a lump sum, being that you are not an Australian citizen. My parents can help you research and figure out that crap. If you’re able to get the funds out, move the money to the U.S., stick it in your brokerage and buy VTI.

Things to Do Between Years 1 – 5

I’ve got some good news and bad news…

The bad news is, we are not financially independent yet. So you’ll have to continue working at some point, and growing our (your) retirement nest egg.

The good news is, you have a 1M+ net worth, which gives you considerable momentum! If you can cover your basic living expenses and leave all the investment accounts untouched, you will probably retire before your 45th birthday! We’ve been on this train for a while already — Coast FI baby!!

Some things to help you out…

Take a year to figure out your *new* approximate annual spending (without me in the picture). Continue to use Mint.com to track expenses and spending trends.

Keep using our budget template in *google docs* to make sure you’re on track each year.

If you overspend a little within a year, no problem! It will just take you a tiny bit longer to reach FI. A $10-15k variance isn’t a huge deal at this point. Don’t stress.

If you underspend a little within a year, that’s great, too! Keep putting all excess savings into the brokerage account and buying VTI.

Track your net worth every few months to make sure things are trending upward. If the market crashes or has dips, don’t freak out. Just leave everything untouched and let it rebound.

Once your net worth reaches 25 – 30x your annual spending, you’ve reached FI and can do whatever you want for the rest of your life!

You know most of this already, but I wanted to write it down anyway. It really is this simple, and you can do it.

My Wishes for the Rest of Your Life

You get to design your own life after I die. So don’t feel compelled to follow any of the plans or advice that I give.

That being said, I hope you find and pursue work that you truly enjoy and are passionate about. I know teaching is an underappreciated and underpaid profession, but you have a gift and I encourage you to continue sharing that with the world.

I hope you spend and enjoy all of our money. Please don’t feel bad about treating yourself, living comfortably, and giving as much as you can to others.

Love you so much,

Joel

PS: If and when you are ready to start dating again, there’s a dating app — FireDating.Me — where you might be able to find another personal finance nerd to date! Just don’t get remarried before you turn 60, or else you’ll forfeit my Social Security survivor benefits! (Actually, never mind, you’ll be FI long before then anyway and won’t need that money.)

*****

Well, there you have it. That’s my starting point and I’ll build from here.

Now if you’ll excuse me, I’m off to go cry my eyes out and hug my wifey for 100 hours.

Cheers!

– Joel

Any of you readers created a letter like this with a financial roadmap for your spouse or heirs? Care to share some stuff that you included — and perhaps things I’ve missed in mine?

[This post, Dear Wife, Here’s How to FIRE If I Die Early, was first published by 5am Joel on Elite Edge Money]

Good morning, money nerds!

I recently came across an old quiz from a post called 20 Money Questions to Ask Your Significant Other. These 20 questions are designed to bring couples financially closer together by understanding each other’s past, present, and future thoughts around money.

It’s not just for new couples. Even though my wife and I have been together for 10+ years, we went through these questions recently and found some new and fun things about each other! Having the same financial mindset is important to us because we can achieve our goals faster as a team vs individually.

So if you’re up for the challenge, grab a bottle of wine one night this week and hit up your significant other with these questions.

(And just for fun, I’ve included my wife’s answers. Gives you more insight into my other better half, plus you’ve heard enough of my crap recently. )

******

1. What’s your first money memory?

At the store one day when I was little I remember my older sister was asking mom to buy her new clothes. I was extremely nervous about my parents spending money, because growing up I believed that my family and I were on the verge of being homeless. (We weren’t at all!) I’m not sure if this was a cultural thing with my mom always penny pinching or just some weird kid stress.

2. Did you know how much your parents earned when you were a child?

Again, I thought that we were on the brink of homelessness growing up. I think I started to get the real picture in middle school when my dad brought home a big-screen TV one day. I rarely got new clothes or toys as kid, I always had hand-me-downs from my sister. So the fact that my dad could buy a brand new large TV had me thinking that we were doing better than just OK. I never knew my parents’ salary and was taught it was rude to ask people.

3. Did your family have a budget? How did you feel about it?

No, my family never had a budget. My mom just never spent any “careless” money. Any money that we did spend was seriously scrutinized. If I did want something like a toy or fancy outfit, my parents would tell me to ask for it for my birthday or Christmas. Probably about 50% of the time I would get it if it wasn’t too expensive.

4. Did you get an allowance as a child? What did you do with it?

No, I never got an allowance. I kind of wish that I had and was taught how to budget out what I needed. Instead I was taught just don’t spend any money — ever. And when you do … feel guilty. But, I was very fortunate. For example if I wanted to go to the movies as a kid with my friends, my parents would give me just enough to buy the ticket and I would be expected to give them back exact change.

5. Did your parents fight about money?

Definitely, my dad would want to spend a lot of money on random things like toys, boats, cars etc. and my mom would be against all of it; she didn’t want any luxurious items.

6. What money habits did your parents practice? How did you feel about those habits?

The basic money habits of my parents was mom saving all the money and dad spending all the money. Seemed normal to me… I guess I felt fine about it. Seems like a waste of energy now that I’m older, like wouldn’t it be easier just to get on the same page and not fight?

7. What drives your financial decisions?

Our budget. All our wants and needs are budgeted for. And our lifestyle. “Our” as in my husband and I. We are fortunate enough to make decisions based on what we want in our life, not just what we need. 

8. If you won $1 million today, what would you do with the money?

Probably put whatever we need towards reaching our FI number early then give the rest of it toward clearing our families’ mortgages and helping other people (family/friends/community) get to their FI-number faster.

9. What’s one money habit that you admire about me? (i.e. your significant other)

You taught me about investing. Before you, I was just a money saver… I would’ve been working for my entire life if I didn’t start investing.

10. If I (your significant other) lost $100 on something and didn’t tell you, would you be upset with me? How about $1,000?

Yes of course I’d be upset. We have a very open communication relationship so the fact that you wouldn’t tell me is the most hurtful. It doesn’t matter the money amount.

11. What scares you about money?

The stock market scares me. Mainly because it’s something that’s not tangible. I know it’s there, I know it’s growing, but I can’t physically see it. No matter how much my mind understands how it works, I always have a little bit of anxiety about is that money real? Where is it right now?

12. What do you wish you knew more about?

I would like to learn more about budgeting with children. That is a very personal area though, and most of my friends that I’ve asked have completely different views on how much children cost. For example, one of my friends said that it costs $40,000 a year to raise her child. Another of my friends (who lives on the same street) is raising three children on a teacher salary! Obviously people do it differently depending on their priorities and resources.

13. What would it take for you to feel happy about money?

I do feel happy about money already. It’s the tool that is making my way of life doable.

14. What does having money mean to you?

Having money means work/life balance. Working in a field of my choice, not for income.

15. What are you comfortable telling about your money? Any debts that are important to know?

I was extremely spoiled growing up. I had college paid for and family that supported whatever field I wanted to go into. No debt :)

16. What are you working towards? What dreams do you have (1 year, 5 years, 10 years, 20 years)?

I consider my job now as part-time. I absolutely love this work load. I enjoy my work days, I also enjoy my days off. If I continue to like this, I will keep going for probably the next five years. After that, who knows? We might be FI by then. Possibly go back to school, possibly stay at the job I have. Or go travel! My 5 – 10 year dreams change consistently, I have a long bucket list.

17. What do you want to leave behind (for kids or others)?

The ability to have free education. Also, if we have kids I want them to have some travel experiences while we are a young family. Leaving money behind for them isn’t as important as teaching them life skills.

18. Do you expect to get any inheritance from your family?

Most likely. But I’d really rather them spend it all. 

19. What would you want to happen to your money if you died?

I’d like to donate most of it.

20. Do you expect to support your parents or other loved ones in the future?

Yes. But most likely not financially. I expect to have my parents live with me at some point. 

******

Welp, there you have it. My wife is spoiled yet frugal, both a happy worker and freedom-focused, who wants to travel more and invite my in-laws to live with us one day. Lucky me?

Would love to hear some of your responses if you care to share …

Make it a great day,

Joel

[This post, 20 Money Questions for Your Partner + My Wife’s Answers, was first published by 5am Joel on Elite Edge Money]

Happy Friday, everyone!

Today’s story isn’t really about personal finance … But, it does involve finding hidden treasure! !! And it could also be a cheap-ish adventure of a lifetime that you can plan for your kids! (Or in my case — future kids!)

The story starts about 30 years ago, back when my friend was ~10 years old…

The Backstory …

My friend’s Dad came home from work one day and said there was a rumor floating around town: “There might be some old hidden treasure buried in this area from pirates way back in the day.”

This was in rural Montana, so the idea of buried treasure isn’t that far-fetched. People find old weird stuff in the woods all the time up there. Plus, kids are excited to believe any fun story — especially if it involves pirates and treasure! ‍  

A few days later, the Dad came back from the pub and said there was an old man there who had his tongue cut out! Apparently his tongue had been removed because he knew the location of the secret treasure, and the pirates didn’t want him running his mouth. My friend’s Dad warned his sons not to tell any of their school friends about the treasure, or their lives might be in danger, too…

A few more days passed and the Dad laid on the story even thicker … He said he might have discovered the general location of the treasure! And that maybe he and the boys should go camping that weekend and search the area for any clues.

The weekend came and they went camping at a remote lake in the middle of nowhere. They brought flashlights, shovels, a compass … You know, all the tools they had seen people use in the movies when treasure hunting.

After setting up camp and looking around, one of the boys found a large rock with some strange markings. The Dad told the kids to start digging, and lo and behold, there was a map hidden in the ground! (Actually, it was one-third of a treasure map, with clues to the other missing pieces.)

It took the entire weekend for the kids to decipher the clues, find the various map pieces, and finally locate and dig up the treasure. The treasure itself was a bunch of foreign coins, old jewelry, and other antique trinkets that you could imagine would be inside an old treasure chest. 

It was one of the most memorable weekends of my friend’s life. And the Dad never told the kids he had set the whole thing up. I think at some point in high school my friend figured out it was all rigged — but he didn’t care. It was still one of the best memories from his childhood.

Burying Treasure for Our Future Kids

So when my friend first told me this story, we started joking about doing something similar one day for our kids. We weren’t even married yet, but we always dreamed of giving our kids the same fun childhoods we had.

Then one of us came up with the idea to bury treasure *now,* even though we didn’t have kids yet. Also, since we had many years to plan, maybe we could set up a *global* treasure hunt.

A little while later (this was back in early 2014), my wife and I got engaged and planned a trip down to Australia to visit my family. We invited a handful of friends to join us and thought this would be the perfect time to find a remote location, bury some treasure, and maybe return one day with our kids.

The Treasure We Buried

There were about 8 of us, and we all chipped in various items. Coins, fool’s gold, gemstones and silver jewelry. Some of our parents threw in stuff like old rings, bracelets, watches … I specifically remember my Mum adding a special ring that her Grandma passed down. Not sure if it’s worth much, but kind of cool knowing that it’s there (and that maybe MY kid will dig it up one day).

Here is a photo from the night before we buried the box. We were swapping stories, memories, and making sure all the items inside looked “cool” for kids to find.

The box itself wasn’t too big. Maybe the size of a small shoe box. From memory, we wrapped it up in a garbage bag so the elements wouldn’t eat and rot the wood. Here’s a peek inside…

Where We Buried the Treasure

Not so fast! You didn’t think I was going to reveal the exact location of the treasure, did you? If I were to tell anyone, I think my friends would have my tongue cut out. :)

What I can tell you is this: It is buried somewhere inside the state of South Australia. (Map below if you don’t know where that is.) We went hiking deep inside a nature reserve and buried the treasure off-trail, in the middle of nowhere.

In fact, maybe it’s a little too well hidden. My friends and I joke about not being able to find it with the crappy notes and vague maps we have. I think one of us was smart enough to snap the GPS coordinates with our iPhone, but don’t know how accurate they are. There’s only one way to find out — to take the trip again with our kids one day.

So … When Are We Going to Dig It Up?

My friend has 2 kids, and the oldest one is 5. Our nephews are about that age too, so I think we’re about 5 years away from planning a big family trip to dig it up.

My wife and I still don’t have kids yet. We got introduced to our foster/adopt social worker this month and are in the matching process. We’re requesting kids in the 2-6 age range, so if this ends up happening, all our kids will be about the same age.

Anyway, it looks like 2026 or so is when we’ll head back down — when the older kids are 10ish. Until then, we are still coming up with a narrative for our treasure story to tell the kids. Also, we are thinking of burying more treasure — on another continent maybe — and making this truly a worldwide hunt.

Pretty cool, hey?

*****

Have any of you done something like this? Time capsules or adventures you had growing up that you plan to relive with your kids?

Have a great weekend,

Love, Joel

[This post, We Buried Treasure in the Australian Outback 7 Years Ago, was first published by 5am Joel on Elite Edge Money]

About 10 years ago, my wife ran into the room and yelled, “Babe! I won a free cruise!  All we need to do is take a phone survey and we get to go on a free cruise!”

Bless my wife. She’s gullible. It’s one of her many adorable qualities (and also probably the reason she married a fool like me.)

I hated to burst her bubble, but I said something like … “There’s no such thing as a free cruise, babe. When something sounds too good to be true like that, it’s usually a scam. If you want to go on a cruise, we can just buy one.”

She was heartbroken. She didn’t want to buy a cruise, she wanted a FREE one!

After a couple of weeks passed, my wife ran to me again. “The free cruise people keep calling me! Are you sure it’s not a scam? I’ve been ‘especially selected.’ We could go to Mexico or the Caribbean!”

Again, I had to be the bearer of bad news: “There’s no such thing as a free cruise! I promise, it’s a scam.”

If I recall, we went back and forth like this for a few months. She kept getting calls, I had to convince her they were fake, she’d get excited, then disappointed again, etc. Our frustrations continued to grow. I was mostly frustrated at the Do Not Call Registry because we somehow kept getting spam calls even though our numbers are private. My wife was mostly frustrated at ME, for being a big meanie and not letting her go on her free cruise.

Fast forward 5 years… It was now some time in 2017…

We received a random letter in the mail one day. It was from “Birchmeier et al v. Caribbean Cruise Line Inc.”  It took me a while to decipher the legal jargon, but it turned out the free cruise calls were definitely a scam. A pretty big scam! The marketing group was really just trying to sell time-share packages. They violated some privacy laws, and now they were being sued by a bunch of pissed off people who wanted free cruises.

I ran over to my wife. “Babe! We’re part of a class action lawsuit. We’re gonna join in and sue those bastards who were trying to scam us years ago.” I was pretty excited. Mostly because after 5 years, I was holding written proof that I was right: There is no such thing as a free cruise!

My wife got excited, too. She asked, “If we win the lawsuit, does this mean they’ll give everyone the free cruise?”

Sadly, I had to burst her bubble again. I explained that most class action lawsuits result in everyone receiving about $12.50 in compensation, and they take years – sometimes decades – to reach a settlement.

Once again, our excitement turned to frustration. I was frustrated with the lengthy claims process, which required us to dig up phone records from 5 years earlier. My wife was still mostly just frustrated at ME, for still being that asshole husband who never takes her on free cruises.

Fast forward another 2 years… It’s now the middle of 2019…

We had almost forgotten about the whole free cruise saga. Then another letter arrived in the mail. This one had 2 big surprises inside…

The first surprise was a cashier’s check for $200! No questions asked, no forms to fill. Woohoo!

The second surprise was the letter. It read: “This is your first of two installments. At a later date, you will receive your final installment.”

This was awesome news! Not only was $200 WAY more than we were ever expecting, but we were also told to expect more.

I was over the moon! But my wife was still a little sad … “What about the free cruise?… They promised me a free cruise!!!”

Another 2 years went by… It’s now mid-2021…

I just received the final letter in the mail. It’s been almost a decade since this all started, and now our payday has finally arrived…

Here’s what I received…

BOOM! Our final installment check is $575. Wow.

$200 + $575 = $775 total. Not bad at all! I guess sometimes these class action lawsuits really do work out well. Thank you, Caribbean Cruise Lines.

I’m pretty happy!

… but not as happy as my wife is going to be…

Maybe we can take a “free” cruise now?

I may not be the smartest husband in the world, but I’m not a complete dumbass. If there’s one thing my wife wants more than anything out of this lawsuit, it’s a free cruise. She doesn’t care about money, revenge, corporations paying fines … she just wants a free cruise.

So before telling my wife about the final check, I went on the Carnival Cruise website to look at some deals. Here’s what I found…

This Mexican Riviera package will give us 5 days cruising from Los Angeles down to Cabo for $300 per person. Which with about $150 in fees and taxes, will equal about ~$750 total. Almost the exact same as the total settlement amount we received.

After finding this, I quickly ran to my wife. “Babe! We just got our final letter from the Free Cruise settlement! Guess what they’re giving us?”

“A free cruise?” she said sheepishly, fully expecting another let down …

“Yeah, babe. We got a 5-day cruise. Me and you, in Mexico. You won us a free cruise.”

*****

Believe it or not, the story above is 100% true. Here’s the class action website if you’re interested in reading the legal side.

Have any of you readers received a decent sized class action settlement? How much and what for?

Happy Friday!
Love, Joel

**Update 2/7/2022… We just received a 3rd check in the mail for $131!! This thing never ends (well I hope we continue to just receive checks in the mail )**

[This post, There’s no such thing as a free cruise… Or is there?, was first published by 5am Joel on Elite Edge Money]

Good morning, money nerds!

Today I thought we could play a little game called “How do your finances compare to the average American’s?”

Below I’ve gathered 10 money statistics about the average U.S. household’s finances. And while this data has no actual effect on your personal situation or trajectory, it’s still fun to see how you stack up.

I’ve also showed my own comps. Feel free to play along and drop any fun results in the comment section. Remember, it’s just a game. Don’t get too wrapped up in the numbers — everyone’s situation is different!

Let’s get to it …

The Average American Financial Profile: How Do You Compare?

Most of this data is pretty recent, but because 2020 was such a strange year, some data points are a few years old. There are also a ton of variables that we could pick apart in this data, but for now let’s just play along and take the figures at face value.

1. The average gross household income is $87,864

Well, I’m not off to a great start… My wife and I are already below average in this category. Our household income for 2021 will probably be between $70 – $75k, not including investment growth or rental income. Oh well, we’re committed to Coast FI so our income is intentionally low!

Interestingly, we do earn more than the median income in this study, which is ~$62k. You can check out all the study data here with categories and breakdowns: Average U.S. Income) 

2. The average balance in a 401(k) is $106,478

Woohoo! I’m certainly above average in this category. Just checked my IRA balance (Don’t have a 401(k) from my employer any more) and it’s sitting at $175,684.

This statistic comes from Vanguard’s 2020 How America Saves Report. Here’s also a screenshot of the average and median by age breakdown…

3. The average American *retirement savings* is $407,490

I like this study a bit better than the last. It’s from Personal Capital, which as you guys know has a more complete overview of people’s entire net worth — not just their 401(k) balances. This data is as of April 3, so it’s hot off the press!

The study also breaks down average retirement savings by state, as well as age groups which are pasted below.

For my wife and I, we rank above average in this category for our state, age group, and the general averages. We are on track to early retirement!

4. The average checking account balance is $10,618

As of this writing, my wife and I have a little over $24,000 across our checking accounts. So we’ll claim above average for this statistic.

In the full report here, it also shows that the median checking account balance is only $2,000. Which means 50% of Americans have less than $2k in their checking accounts.

5. The average American spends $5,102 per month

Here’s a peek inside the average monthly expenses of Americans. The total is a little more than $61,000 each year. Keep in mind this is the average, and there’s a pretty huge difference between high/low cost of living areas, kids or no kids, etc.

As frugal as my wife and I are, living in LA puts us in the above average expenses group. At least for this year and next! Most of our income will go to rent and travel.

6. The average FICO credit score is 711

Some good news… The data shows that the national average credit score has increased every year over the past decade! If you want to see how you compare by the state you live in, all the data is here.

I regularly check my credit score with the Mint app. Right now I’m sitting on an 814, well above average.

7. The average American has $6,194 in credit card debt

I feel like this statistic can be interpreted many ways. In fact, the full report shows that most people (52%) have a balance of less than $2,500.

For my wife and I, we keep a rolling credit card debt of about $2-3k, and our accounts are paid off in full every month. I’m gonna give us a below average rating on this credit card debt category.

8. The average U.S. *total household* debt is $145,000

This total household debt statistic covers a broad range of debts like auto loans, home mortgages, rental property loans, student loans, etc. So I guess the argument of “good debt” vs. “bad debt” is open to interpretation here.

Since my wife and I currently have 9 real estate investments, all of which are leveraged with mortgages and loans, it’s safe to say we have above average household debt compared with others. Except mortgages, we have no other loans or consumer debt. :)

9. The average U.S. savings rate is 13.7%

This is a 2020 statistic, which could be an anomaly because a bunch of households cut down their spending last year in quarantine. The 2019 savings rate was just 7.6%. See all yearly data here.

My wife and I are definitely below average in this category. But, as I mentioned before, we are coasting to early retirement as our existing assets are compounding quicker than we can save excess money ourselves.

10. The average Social Security retirement benefit is $1,514 per month

Social Security benefits are very modest. For a medium earner retiring at age 65, it’s predicted that Social Security income will replace only about 35% of their prior working income. Daaaang! A good reminder to take retirement into your own hands and build up your personal nest egg.

Personally, I don’t include Social Security income in my retirement projections. I’m still 30+ years away from any benefits, and a lot can change in 30 years. I just logged into my Social Security portal and it shows I’m on track for a $1,742 monthly payment. So I’ll put myself as above average for this data point, even though it’s kind of moot for me right now.

So there you have it!

How do your finances stack up? Do you feel OK with your situation compared with to your fellow Americans? (Sorry to the international readers out there!)

My results are all over the place, in both good and bad ways. I have low income, high spending, larger than normal investments, a weird debt profile, etc. In general I feel good, but there are definitely some items I can improve on.

What about you?

Oh, lastly, a quick note about comparisons… Usually I don’t recommend comparing yourself to others — it can lead to unhappiness. So, keep the following in mind when you play games like this:

1. This is just a game. Average stats don’t determine your personal success.
2. If you are above average in something, take a second to count your blessings and practice appreciation. 
3. If you are below average in something, use it as motivation to progress and get better. That’s what this blog is all about — helping improve your situation (and having fun along the way). Let me know if you need help in any specific area.

Have a great week,

– Joel

[This post, 10 Financial Statistics of the Average American, was first published by 5am Joel on Elite Edge Money]