University business professors and people in general love to talk about opportunity cost. The semi-rhetorical question, “Should Bill Gates mow his own lawn?” is the tried and true lead-in to a lengthy discussion of how much he makes per year, then per day, and finally per hour. Inevitably the professor and students conclude that if [...]
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Salary, salary, salary. OK — and bonuses. That’s where most people focus their efforts when they’re negotiating the details of an annual review, promotion, or new job. The reasons for the tunnel vision are pretty clear. We’re conditioned to think about salary and bonuses because everyone else does, because they’re easily quantified, and because employers [...] There’s no question that some purchases are wiser than others. What’s tough about personal finances specifically (and life in general) is that delayed gratification is underrated. How can that tendency be overcome? When it comes to personal finances, the best way to focus on the long term is to track your net worth. People who [...] As recently as a few years ago, I dreamed of having a house so big that some rooms would only see use when large groups of friends or family visited at the same time. “We aired out several rooms in the south wing to get them ready for you,†I imagined myself saying to a [...] Trying to determine your net worth is a valuable exercise, though it’s not always straight forward. There are several forces working against you and some obstacles that you’ll need to overcome. Reimbursements. Try as I might, reimbursed work purchases and travel expenses never fall in the same calendar month as the deposit (of the reimbursement [...] |
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