It’s moving season in my neighborhood and, as a result, the streets are getting filled with trash as the college kids in my neighborhood move out. For someone like me, it’s like Christmas. There’s more trash out there than I can even realistically grab. If you’re a new reader, you’re probably wondering what the heck […]
A few months ago, I got into a dumb and completely avoidable bike accident. My wife and I were biking to meet up with a friend that lives not too far from us. The bike path that leads to our friend’s apartment winds its way through campus and part of the path goes through this […]
A few weeks ago, I ran into a colleague of mine from my old law firm. After exchanging the normal pleasantries, we got to talking about who from our class was still working there. It wasn’t many. I graduated law school back in 2013 and started my first biglaw gig soon after. Just four years […]
One of the things that I think holds a lot of people back financially is this total aversion to even a moment of discomfort. Sure, being successful with money requires an ability to handle money well – that’s probably a prerequisite. But I think there’s more to it than that. When it comes to success with money, you’ve got to be comfortable with being uncomfortable.
The price of comfort is pretty high. Living in a luxury apartment, getting food delivered to you, or running that air conditioner throughout the summer is going to cost you. If you opt for 24/7 comfort, you’re basically doing two things that are bad for you financially:
When you’re married to a dentist, you tend to learn a lot about the world of dentistry. Turns out dentists love to talk about teeth and when you hear them talk about it all the time, you end up picking up a few pieces of information here and there.
In addition to learning about teeth, I’ve also been learning about the crazy amount of student loans that most new dentists graduate with these days. I’m definitely no stranger to student loans. Law school is notoriously expensive and in the legal world, student loans are pretty much a given. When it comes to student loans though, lawyers don’t even compare to the type of debt that dentists can graduate with.
I was recently talking to a buddy of mine about personal finance when we ended up on the topic of saving money. He knew he needed to save more money, but was having trouble actually doing it. To him, saving money came down to self-control. As he explained it, he was struggling to save more because he couldn’t resist the urge to spend. If he could just avoid buying the latest gadgets or going out to eat so often, he’d definitely be able to put more money away – or so he told himself. Saving money came down to willpower. If he wanted to save more, he needed to will himself to do it.
I’ve always seen it a little differently. I’m admittedly a terrible budgeter. I don’t give every dollar a job and while I track my account balances regularly using both Mint and Personal Capital, I rarely, if ever, actually sit down and review my spending. I’m also horrible at self-control. I go out to eat all the time. And if I see something that I want that isn’t too expensive, I’ll just buy it without much thought…