Friday reads – volume 18

And here are the lineups…

Who Cares? Why Write About It? (Physician on FIRE) 

“When we continually upgrade our lifestyle and the objects that accompany it, what was once sufficient becomes inadequate and what was once amazing becomes… well… adequate. When a treat becomes the norm, living without that treat becomes uncomfortable. Enjoy that thing rarely, and you can keep it a treat.”

PoF (Physician on FIRE) is an anesthesiologist and I am a long time fan of his blog. In his latest article, he shared about why he shared some of his thoughts and expenses on the public space. Indeed, physicians are some of the highest-earning individuals out there but at the same time, many are saddled with debt, either through lifestyle inflation or what not. A pretty heartfelt article, would recommend a read.

 Our Cost of Raising a Child: $3,200 Per Year including World Travel (Root of Good) 

“We cook at home for almost all meals, which is something we enjoy. And not just simple stuff. Delicious foods from all over the world are commonplace on our dinner table. Dishes such as pad thai, tacos, sushi, and spring rolls. We don’t spend a lot on convenience foods, but instead spend more on sauces, spices, and other seasonings to make basic ingredients really awesome. All that on a $100 per kid per month food budget.”

Another gem by Justin of Root of Good. He shares how they manage to raise a child at $3,200 a year. Multiple by 3 and they cost him $10,000 a year! Well, the circumstances are slightly different and all but there are quite a couple of things he shared which provides some food for thought.

The “Real” Advantage Of Being Wealthy (Mr Tako Escapes) 

“The wealthy have a big advantage in how money is earned — they don’t have to deal with that little inconvenience called a job. Instead of trading time for money, their money simply does the work for them. That money is invested in assets like real estate, bonds, stocks, and other business interests which works while the investor eats, sleeps, and otherwise carries on with life. All without having to lift a finger or commute to work.”

Mr Tako discusses some of the advantages of being wealthy, no longer having to wait in line, becoming healthier, and even the “weirdo” effect, many of which are true to a certain extent. Wealth can’t buy happiness, but that doesn’t mean there are no advantages to being wealthy.

My Mini-Retirement: A Financial Failure, A Personal Success (Keep Thrifty)

“But I don’t look at this year as a failure at all. Despite all the heartache and pain, the challenge and struggle, I have no regrets about the leap we took this year. On the contrary – I think this year was one of the most important and successful years of my life.”

Success does not need to refer to financial success – which is how it is commonly defined. Personal success, areas such as personal growth, self development and rediscovering yourself are as important and is as worthwhile to pursue.

To The Girl Who Wants To Marry A Rich Man (The Financial Diet)

“Being dependent on someone else financially is not a positive thing, and sometimes it just happens to be that way, but seeking it out is a mistake. There is a difference between building a relationship on mutual respect and then deciding, for whatever reason, that one of you should not work, and seeking out a relationship where you’re taken care of. Because even if it does work out for a while, you will be trapped. You will be trapped by the power they have on their side, and the decisions they get to make, and the fact that, if and when you re-enter the workforce, you will be competing with 22-year-olds, and no one will want to hire you.”

Not every divorce will end up like a Jamie Chua who gets a six figure monthly settlement when they divorce from their husbands. In many cases, many women find themselves at wits end, as they need to head back to the work force and support their children. Marrying a rich guy is not a bad thing, but as women, we should still be prudent nevertheless, and setup your own portfolio. As the old adage goes, “save up for a rainy day”. You never know when you will need it.

And here’s a quote to round it up.

Have a great weekend!