Investing: Why Experience Matters

One of the treasures I own is a set of my grandmother’s cookbooks from the 1960s and 1970s. They are full of newspaper clippings with recipes and notations regarding whether she tried the recipe or not. They are very retro: the kind of books you would find in a thrift store that only sold vintage bell bottoms and butterfly-collared shirts. One of them– the Better Homes & Gardens Meat Cookbook (1967) (yes, there are copies[…]

Identifying Strengths For Wealth

What would you say are your greatest strengths? Weaknesses? Think back on the last few job interviews you had for a moment. How many of them included these generic, broad questions? They’ve been handed down through generations of well-meaning hiring managers, but because they don’t relate to specific requirements for the job (other than if the job requires narcissism or self-deprecation) and they’re not tied to a specific aspect of a job (i.e., strength for[…]

Not Just Literacy: Some Control Required

Control. Control. You must learn control. – Yoda, Star Wars Episode V: The Empire Strikes Back Approximately 57% of Americans are financially literate, typically measured by answering simple financial literacy questions correctly. The work of Anna Maria Lusardi and her colleagues have demonstrated the woeful state of the world related to financial knowledge and education in the United States and around the world. Often, this group of researchers measures financial literacy with a few questions[…]

Consumption: Full Speed Ahead?

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 in[…]