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Truth is Stranger Than Fiction Thumbnail

Truth is Stranger Than Fiction

Our family's Spring Break trip to Florida in 2000 took place during the infamous dot-com bubble burst. I can vividly remember my dad's reaction to the news of the bursting of the tech bubble. He had some of his portfolio (I'm not sure how much) invested in dot-com stocks via the Nasdaq Composite Index, which declined by 25% that week of our Spring Break. It ultimately took 15 years for the Nasdaq to get back to its high from the year 2000.

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Frugality Never Fails at Building Wealth Thumbnail

Frugality Never Fails at Building Wealth

I won’t tell you that skipping lattes will make you a millionaire (because I don’t believe that). I’m not going to spend-shame anyone in this post. But I will forever maintain that frugality is a darn-near surefire way of building wealth. If you spend meaningfully less money than you make (that is, saving 15% or more of your income), it necessarily follows that you will build wealth. That’s not an opinion; it’s math. If you can only save 10%, then start there. But ultimately, work up toward a 20% savings rate…and then move higher from there. We have multiple clients saving more than 50% of their after-tax income.

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Cheap Money

Statements you will hear outside TWG’s walls, but not inside them: “Money is really cheap right now.” “I get a tax deduction on this, so it’s a good deal.” “The dealership is providing interest-free financing on the new model, so I’ll buy new.” “We refinanced and are saving $300/month on our payments.”

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