Financial Intelligence is awareness. Knowing the basics before trying to control them. Do you know what’s your Net Worth? Do you know what’s your Cash Flow? Your Incomes? Your detailed Spending? Do you know what are the interest rates of your liabilities? Do you know your actual hourly wage?
It seems it’s the simplest step one can do, but actually, very few financially-in-trouble people do it. It takes willpower and/or desperation to make the first step. It also requires some knowledge.

Financial Intelligence

Financial Integrity means taking actions. Once you have a good picture of your situation, it’s usually easy to find and grab low hanging fruits. So, strategies like cutting superfluous expenses come natural and they are easily implemented.
What will happen when you start taking action is that you better define your values. You understand easily that you need to spend less than you earn if you want to get back in financial shape. To do that, you either earn more or spend less (or, better, both).

Financial Integrity

You may be enjoying the freedom not having to think about next paycheck brings to your life and start saving, building an Emergency Fund. Eventually, when you have enough cash to survive a year (people recommend 3-6 months) without working, you’ll stop hoarding cash and start investing and/or paying back your debts, sending your money to work for you thanks to the immense power of compounding.

Emergency Fund: Savings 101

You may also work on the earning side of the equation: once you ‘stash a year of salary you may consider working part time and take some classes or learn a new skill or start a side gig to boost your earnings. You may realize your commute takes too much time and it’s costing you a lot of life energies (opportunity cost) and living far from your office is not worth the few bucks you’re saving.

Boost Your Earnings

Financial Independence means tasting freedom. You no long have to work to maintain your lifestyle, since your money are working for you instead. Your passive incomes (like stocks appreciation, dividends, rental properties income,…) cover your living expenses and you’re free to choose what to do.
You may keep your current job, try a different career, go back to school, take entrepreneurial steps, work less, work none. You may have dreams you want to follow, people you want to take care of. It’s really up to you. You’ve got freedom.

Financial Independence

Freedom here stands for freedom from selling your time for money. You no longer need it. You’ll rely on your passive incomes robustness, like betting on average market returns of 7% per year (inflation adjusted) on the long run or a combination of good tenants, rent/house appreciations and low vacation rate for your rental properties.

Freedom From Exchanging Time For Money

Financial Freedom means removing money from the equation.
True financial freedom is when you have almost military grade security measures against unplanned events. Rock solid financial integrity with a monthly budget well beyond your most desirable spending regime at your safe withdrawal rate. Or, equivalently, a withdrawal rate of 1% or less at your current spending regime.
No economic event in the foreseeable future (excluding catastrophes, world war or a sudden depletion of earth resources) can put your plan at risk.

Financial Freedom

<ul><li>Make all spending decisions as if the price were $0.00</li><li>Make all work and income decisions as if the wage were $0.00</li></ul>

True Financial Freedom: The Rule Of Free

Understanding the level of financial Independence.

Here I'm going to write my first post on a new series on Principles. I'm going to introduce concepts that are widely know to the Personal Finance community that you, my dear reader, may not be very familiar with. I'm going to talk about higher values and my philosophical and ethical approach to personal finance. In this series I'm…

moneyandinvestments

Money & Investments

Each of us, through experience or study, has built up useful knowledge in certain areas of the world. Some areas are understood by most of us, while some areas require a lot more specialty to evaluate.The bits you understand well is your circle of competence.For eg: Most of us understand the economics of a restaurant. That basic knowledge, along with some understanding of accounting would enable one to evaluate and invest in any number of restaurants. However, can most of us say we understand the workings of a microchip company or a biotech drug company at the same level? Perhaps not.

What is the Circle Of Competence?

Buffet says we do not necessarily need to understand these more esoteric areas to invest capital. Far more important is to honestly define what we do know and stick to those areas. Our circle of competence can be widened, but only slowly and over time. Mistakes are most often made when straying from this discipline.Circle of Competence applies outside of investing.

Stick to your spots

I’m no genius. I’m smart in spots—but I stay around those spots.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. You have to figure out where you’ve got an edge.  If you want to be the best tennis player in the world, you may start out trying and soon find out that it’s hopeless. However, if you want to become the best plumbing contractor in Bemidji, that is probably doable by two-thirds of you. It takes a will. It takes intelligence. But after a while, you’d gradually know all about the plumbing business in Bemidji and master the art. That is attainable.

Charlie Munger on the circle of competence

If you want to improve your odds of success in life and business, then define the perimeter of your circle of competence, and operate inside.

Understanding your circle of competence allows you avoid problems. As we can learn from Warren Buffett, avoiding problems is easier than solving them.

personaldevelopment

Personal Development

problemsolving

Problem Solving

business

Business

Understanding your Circle of Competence: How Warren Buffett Avoids Problems

Interviewing for a new job can be exciting — every conversation is a chance to say exactly what you want in a new role or company, and to make the case for why you deserve it. But one thing that can trip up even the most enthusiastic candidate is figuring out how to discuss money in job interviews.It’s natural to want to be paid fairly for your work. And yet discussing pay plainly with someone you hope to have a long working relationship with, not to mention with a hiring manager who has way more inside information than you, can feel unnerving.

Discussing Money In A Job Interview

Experts say you should go into every first interview with your salary expectations in mind. You ca check industry salary reports, use online databases and tap your network to figure out where you stand in the market.As for timing, there are a few different schools of thought as to when to bring up salary in a job interview.More companies are beginning to state their pay upfront, in which case you might discuss salary in first or second rounds. If you’re confident in what you want your salary to be, you might bring it up on the early side to make the most of your time.

When To Bring Salary Discussion

Avoid stating your salary expectations first. State a number too low and you could shortchange yourself in the future. State one too high and HR might move on to another candidate expecting lower pay.Instead, you can respond to the question by kicking it back to HR. Be kind and curious: “I appreciate that compensation is an important aspect to the job, and it has to work for the both of us. Given you’re the hiring manager in this role, and the expert on what the company can offer, I’d like to hear what you have in mind for the salary range of this position.”

What To Do If The HR Asks For Salary Expectations

Be clear about your absolute minimum and put that number at the bottom of your range. Your target number should be on the lower end of your range, too. Identify a high enough ceiling to give yourself room to negotiate upward later on.How wide should your range be? That’ll depend on how much you want the job, how much the pay matters to you and how much leverage you have at that point in the hiring process.

What To Say If Pushed For A Salary Range

Here's how to discuss pay during the hiring process.

career

Career

How to answer ‘What are your salary expectations?’ and other tips for talking pay in interviews

If you wanna know the key points from the book, the following ideas are for you

The Summary Of The Book

The fear is the main cause of working for money. Rich people make money work for them. Job is a short term solution to a long term problem. Emotions should not control your thinking. Money is illusion. Money is not real.

Have money work for you. Don’t work for money.

It’s how much money you keep not how much you make. You need to be a financially literate. Master financial literature. Accounting is very important even though it’s boring. Account analysis is an important skill. Understanding the difference between asset and liability is crucial. Do know the difference! Keep it super simple. Buy an asset not a liability. You have to understand the numbers. Rich acquire assets. Asset is what puts money to your pocket. In financial reporting the story is important. Cash flow tells the story how the money is spending. (Continued in next idea..)

Learn financial literacy

One thing is missing in our current education is how to keep the money. Most people do what everyone does. Fear is the main reason why people play safe. Intelligent people hire more intelligent people. Keep buying income generating assets. Rich buy assets.

Learn Financial Literacy (Continued)

Aquire assets that you love. Stocks and income generating real assets. Build and keep you asset column. Keep your daily job and make your assets grow.

Mind your own business

Accounting, investing, understanding the markets, the law. You should understand the tax advantages. Corporations ear, spend their expenses and then pay taxes on what is left. It’s one of the biggest tax loopholes that you can take advantage of. Owning your corporation is also a protection from the legal part. Think about personal corporations.

The history of taxes

Be bold, take risks. Financial intelligence consists of these 4 skills: accounting, Investing, understanding markets, the law of awareness of accounting. Invest in your financial intelligence. Have fun! We learn by making mistakes. Main reason most people are not rich is because they are terrified of losing. People who avoid failure also avoid success. Learn to manage risk instead of avoiding it.

The rich invent the money

Most people need to learn one more skill to get rich. When it comes to money the only single skill that people know is working hard. You want to know a little about a lot. The main management skills are management of cash flow (assets and liabilities), management of systems (basic economic theory, political landscape, etc) and management of people. Sales and marketing are one of the most important specialized skills. Communication skills such as Writing, speaking and negotiating are crucial for life of success.

Work to learn. Don’t work for money

Although we have been successful in our careers, they have not turned out quite as we expected. We both have changed positions several times-for all the right reasons-but there are no pension plans vesting on our behalf. Our retirement funds are growing only through our individual contributions. Michael and I have a wonderful marriage with three great children. As I write this, two are in college and one is just beginning high school. We have spent a fortune making sure our children have received the best education available. One day in 1996, one of my children came home disillusioned with school. He was bored and tired of studying. “Why should I put time into studying subjects I will never use in real life?” he protested. Without thinking, I responded, “Because if you don't get good grades, you won't get into college.” “Regardless of whether I go to college,” he replied, “I'm going to be rich.”

education

Learning & Education

books

Books

Kiyosaki is best known for his book Rich Dad, Poor Dad, the #1 New York Times bestseller. Kiyosaki followed with Rich Dad's CASHFLOW Quadrant and Rich Dad's Guide to Investing.

Robert T. Kiyosaki

Rich Dad, Poor Dad

An economic indicator is simply any economic statistic, such as the unemployment rate, GDP, or the inflation rate, which indicate how well the economy is doing and how well the economy is going to do in the future.Investors use all the information at their disposal to make decisions. If a set of economic indicators suggest that the economy is going to do better or worse in the future than they had previously expected, they may decide to change their investing strategy.

Economic Indicators

<ul><li>Procyclical: This indicator is one that moves in the same direction as the economy. The GDP is an example.</li><li>Countercyclical: This indicator is one that moves in the opposite direction as the economy. The unemployment rate gets larger as the economy gets worse so it is a countercyclical economic indicator.</li><li>Acyclical: This indicator is one that has no relation to the health of the economy and is generally of little use. The number of home runs the Montreal Expos hit in a year generally has no relationship to the health of the economy, so we could say it is an acyclic economic indicator.</li></ul>

Economic Indicators: Relation to the Business Cycle / Economy

<ul><li>Leading economic indicators change before the economy changes. Stock market returns are a leading indicator, as the stock market usually begins to decline before the economy declines and they improve before the economy begins to pull out of a recession.</li><li>A lagged economic indicator is one that does not change direction until a few quarters after the economy does. The unemployment rate is a lagged economic indicator.</li><li>A coincident economic indicator is one that simply moves at the same time the economy does. The Gross Domestic Product is a coincident indicator.</li></ul>

Three Timing Types of Economic Indicators

These tend to be the broadest measures of economic performance and include such statistics as:<ul><li>Gross Domestic Product (GDP) [published quarterly]</li><li>Real GDP [quarterly]</li><li>Implicit Price Deflator for GDP [quarterly]</li><li>Business Output [quarterly]</li><li>National Income [quarterly]</li><li>Consumption Expenditure [quarterly]</li><li>Corporate Profits[quarterly]</li><li>Real Gross Private Domestic Investment [quarterly].</li></ul>

Total Output, Income, and Spending

These statistics cover how strong the labor market is and they include the following:<ul><li>The Unemployment Rate [monthly]</li><li>Level of Civilian Employment[monthly]</li><li>Average Weekly Hours, Hourly Earnings, and Weekly Earnings[monthly]</li><li>Labor Productivity [quarterly].</li></ul>

Employment, Unemployment, and Wages

These statistics cover how much businesses are producing and the level of new construction in the economy:<ul><li>Industrial Production and Capacity Utilization [monthly]</li><li>New Construction [monthly]</li><li>New Private Housing and Vacancy Rates [monthly]</li><li>Business Sales and Inventories [monthly]</li><li>Manufacturers' Shipments, Inventories, and Orders [monthly].</li></ul>

Production and Business Activity

This category includes both the prices consumers pay as well as the prices businesses pay for raw materials and include:<ul><li>Producer Prices [monthly]</li><li>Consumer Prices [monthly]</li><li>Prices Received And Paid By Farmers [monthly]</li></ul>These measures are all measures of changes in the price level and thus measure inflation. Inflation is procyclical and a coincident economic indicator.

Prices

These statistics measure the amount of money in the economy as well as interest rates and include:<ul><li>Money Stock (M1, M2, and M3) [monthly]</li><li>Bank Credit at All Commercial Banks [monthly]</li><li>Consumer Credit [monthly]</li><li>Interest Rates and Bond Yields [weekly and monthly]</li><li>Stock Prices and Yields [weekly and monthly].</li></ul>

Money, Credit, and Security Markets

These are measures of government spending and government deficits and debts:<ul><li>Federal Receipts (Revenue)[yearly]</li><li>Federal Outlays (Expenses) [yearly]</li><li>Federal Debt [yearly].</li></ul>Governments generally try to stimulate the economy during recessions and to do so they increase spending without raising taxes. This causes both government spending and government debt to rise during a recession, so they are countercyclical economic indicators. They tend to be coincident to the business cycle.

Federal Finance

Learn about economic indicators including prices, federal finance, and international trade, and why are they important.

Discover the world of business and economics.

economics

Economics

scienceandnature

Science & Nature

Economic Indicators: A Beginner's Guide

Peer-to-peer payment networks are having an extended moment. About <a href="https://www.statista.com/statistics/946109/digital-banking-users-usa/">65 percent</a> of Americans are expected to bank online in 2022. Cash and credit card use has been in decline for years and the pandemic accelerated people’s move to contactless payments. There are also 63 million Americans whose only financial options are money transfer apps. People use Cash App as their primary bank account, and in some cases as their only bank account.

Peer-To-Peer Money Transfer

Cash App didn’t invent #CashAppFriday. Cash App’s genius was to get on the trend. #CashAppFridays mark giveaways to people who tweet at it. Cash App figured out that: a) people use financial apps their friends are using, so creating social engagement is critical for growth; and b) the fastest way to social influence is to piggyback on the already existing social influence and amplify it through a go-to-market strategy that emphasizes social activity among Cash App’s initial following.

Cash App Lessons: Community

Cash App collaborated with everyone from Travis Scott to Red Bull to Cardi B to Meghan Tee Stallion and Miley Cyrus. These collaborations include cash and stock giveaways, tutorials and Cash App financial wisdom. Through linking itself with celebrities, Cash App embedded itself not only in communities of its users and fans, but also in the wider culture. Collaborations extend to charitable causes, like matching donations and emerging artist promotions.

Cash App Lessons: Collaboration

Cash App curates its brand narrative around the hustle ethos, hip hop aesthetics, and voices of those who have often been traditionally excluded from the establishment but who are in charge of cultural innovation. Cash App started with empathy for a particular group of people and their particular interests, tastes and values. The outcome is that Cash App’s users feel like there’s nothing out there that’s like it - and that they are creating culture together with the app and all others who use it. The commercial activity becomes cultural activity.

Cash App Lessons: Curation

Over time, Cash App created recurring content streams, delivered in Gen Z-meets-hip hop aesthetics and revolving around democratization of investing and improving financial literacy. “Cash App Wisdom” is a series of explainers focused on everything from the basics of stock investing to account protection. Various money lessons are regularly delivered by Meghan Thee Stallion. A Red Bull Racing content partnership brings one up to speed on everything crypto. Content creates a massive following and differentiates Cash App from other financial applications

Cash App Lessons: Content

Why turning commerce into culture is the best go-to-market strategy

Lessons from Cash App 

According to the National Center of Education Statistics, the number of students over 25 who pursue higher education will increase. Older students have many options, such as online courses, professional certifications and doctoral programs. While it can be difficult to fit school into your lifestyle, navigating student life and adult responsibilities are possible.

Adult higher education

There are two signs that you are ready to go back to school. <ol><li>You know what you want. You picked the subject you want to study and the goals you want to accomplish through your education.</li><li>You're reasonably sure you can pay for it. Ideally, your education should open career doors that will enable you to pay back any student debt.</li></ol>

Consider the ideal time

<ul><li>There's no age limit for federal aid. So you can fill out the FAFSA again, but now as an adult. FAFSA can also help you narrow down federal aid prospects.</li></ul> <ul><li>Contact the financial aid office of the school you would like to attend. Ask if you can enter your upcoming year's projected income of the FAFSA, which is helpful if you plan to scale back on work hours.</li></ul> <ul><li>Ask about grants and scholarships. Search independently for scholarships, such as on Fastweb and scholarships.com.</li></ul> <ul><li>Paying for school get you tax breaks. A common student tax credit is the Lifetime Learning Credit.</li><li>Consider a loan.</li></ul>

Paying for school

Consider your logistical requirements. Is there a program near where you live? Do you have transport available? Should the program offer evening, weekend, or online classes? Start your research: Look up program rankings, find the program's graduation rate, investigate how many graduates are employed and read student reviews.

Choosing a program

<ul><li>Free massive open online courses (MOOCs) are ideal if you want to know more about a subject.</li><li>Certificates are non-degree-granting programs and are helpful when exploring a new area or increasing your current expertise.</li><li>Professional certifications or trade certifications. Certifications can qualify you to perform a specific job.</li><li>Degree programs. These train you for a specific job or give you a broader education in a particular subject. Bachelor's degree programs take four years.</li><li>Advanced degrees. These degrees help with an employment niche. A master's degree can increase your earning potential.</li></ul>

Certificate, certification or degree

Many people work full-time while studying. Their employer may also help pay the tuition. You can study full-time or part-time. Full-time will get you quicker to completion, but part-time will allow some breathing room to attend to other responsibilities easier.

Work and study

Going back to school as an adult can be the key to the career you always wanted. Or it can increase the earning potential and enjoyment of the career you already have.

Should You Go Back To School As An Adult? - Money Under 30

When you're new to investing, it is best to start with index funds or mutual funds. This will keep your portfolio diversified and reduce risk. But if you want to move on to invest in individual stocks, a good first step is reading and understanding stock charts.

Investing in individual stocks

A stock chart is a graph that shows the stock price over a specific period. Advanced stock charts will show additional data. The best website for basic stock information is Google Finance or Yahoo! Finance. The series of letters after the company's name is the ticker symbol and identifies the company on the stock exchange. For example, AAPL is Apple's ticker symbol. Then click the button to expand the chart to full screen.

The stock chart

The Robinhood app can make trading easier by analyzing stocks using the quick-to-open charts. Then, filter the chart from one day to five years' worth of performance. Trades cost $0 with Robinhood if you wish to invest independently.

Buy stock on your own with Robinhood

A stock chart shows historic prices. It is useful when you can decipher what it's showing so you can make more accurate predictions. <ol><li>Identify the trend line</li><li>Look for lines of support and resistance</li><li>Know when dividends and stock splits occur</li><li>Understand historic trading volumes.</li></ol>

Learning to read a stock chart

It is essential to understand that stocks will take massive dives and make huge climbs. But it is best not to react to these huge drops or gains. News will come and go, but pay attention to it when news coincides with a drastic change in the trend line. For example, in 2011, Steve Jobs resigned, and Apple noticed that their profit margins were decreasing despite a growing smartphone market. This and other factors caused the stock price to fall. But new CEO Tim Cook turned that around, as noted on the trend line. While most companies will bounce back, not all can.

Identify the trend line

Lines of support and resistance are levels at which the stock stays within over a certain period. <ul><li>A level of support is a price that a stock is unlikely to drop below.</li><li>A level of resistance is one that it's unlikely to climb above.</li></ul> The lines are subjective. Everyone will draw these lines differently, depending on how long they plan to hold the stock. Someone planning to hold stock for a long time won't care as much about the ups and downs, but a short-term investor may draw more lines to analyse trends during a shorter period.

Look for lines of support and resistance

You can see at the bottom of the chart when a company issued a dividend and if there was a stock split. <ul><li>A dividend is when the company decides to give a portion of its earnings back to its shareholders. (Not all do. Some prefer to focus on growth). If you own the stock, you'll get some of the profit.</li><li>A stock split is when more shares of stock are issued to the public. This is done to attract smaller investors or if the price isn't in line with competitors. For example, Apple did a 7:1 stock split, meaning you now have seven for every share you owned before the split.</li></ul>

Know when dividends and stock splits occur

At the bottom of the chart are small, vertical lines. This is a trend of the volumes at which the stock is traded. You should not only focus on volumes when you buy a stock. While there's not always a correlation, sometimes volumes can increase to shift the stock's price quickly. For example:<ul><li>In line A, there was a high volume of trading activity and a drop in the stock price. It could have been news that caused people to panic.</li><li>In line B, there is a slight uptick in trading volume that corresponds to an upward stock price trend. </li></ul>

Understand historic trading volumes

When you are practised at reading a stock chart, you might be looking for more powerful tools, such as: <ul><li>E*trade takes advantage of robust stock charts and trading tools. However, their pricing isn't the best.</li><li>Robinhood. This app gives just enough information to make informed decisions.</li><li>TD Ameritrade. You pay nothing for access to any of TD Ameritrade's trading platforms, streaming news, and expert research.</li><li>Public makes stock trading into a social event. You have access to a community of investors. Public also gives you access to stocks for as little as $5 and offer fractional shares.</li></ul>

Stock trading tools

Stock picking is hard, and understanding stock charts is the first step toward success. Here's our beginner's guide on how to read a stock chart.

Investing 101: How To Read A Stock Chart For Beginners

<ul><li>We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initially</li><li>A rich life is not a number; it’s understanding you and your partner’s values/interests and achieving them without the influence of society</li><li>What is your rich life? Talk about this with your partner</li><li>Money is opaque and unclear to compare across situations</li><li>We always try to compare ourselves to others but it’s more important to take a deep dive into understanding your goals</li><li>Spending/saving habits are not always directly correlated to wealth</li></ul>

Podcast: Key Takeaways

It’s a tragedy to live a smaller life than you have to.

<ul><li>Most people have never thought about this question, individually and as a partnership</li><li>People’s feelings on how they are doing financially are highly uncorrelated with their actual financial status</li><li>Americans love to compare themselves to their neighbours</li><li>Financial plans are more exciting and successful when you shoot for the moon rather than sacrificing your values and interests right away</li><li>The more dialed-in your rich life becomes to you, the more incomprehensible it should become to everyone else</li></ul>

Defining A Rich Life

We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initiallyStep by step process with your partner:<ul><li>On separate pieces of paper, write down your bucket list</li><li>Share them with each other</li><li>Pick a couple and put a dollar value on them</li><li>The numbers can be very different</li><li>Go with the bigger number – it will make the moment that much more worth it!</li></ul>This makes talking about finances more fun to talk about each month while you slowly but surely chip away at the goal

Counselling Exercise With Your Partner

<ul><li>You’re off to a bad start if one person is dragging the other to the meeting</li><li>Don’t blame, always ask questions to understand the context around spending/saving habits</li><li>Spend less time looking at fixed expenses (rent, groceries, gas), spend more but still little time on variable expenses (travel, gifts)</li><li>Spend most of the time examining rich life goals and updating progress, maintain a backlog of more rich life goals as you achieve them</li><li>These meetings can be depressing/challenging, make it a positive experience my going out to dinner or something out of the ordinary</li></ul>

Weekly Financial Meetings

In the next 48 hours, spend $100 on something you love. Can not be on kids, family, or charity. On yourselfChallenge is made for people who have trouble spending, designed to create a habit of spending money on things that are valuable to you

The 100 Dollars Challenge

<ul><li>Everyone is taught how to save money but nobody teaches you how to spend money</li><li>Family history can be very influential on this</li><li>Many people collect money eternally without having any rewarding goals</li><li>Would you rather end up at 60 years old with more money or more experiences and a little less money at 60?</li><li>People create a false financial story and live it</li><li>“I’m not good with money” is a narrative that can easily be changed if committing to a plan</li><li>Treat your financial plan like a business</li></ul>

Saving Could Be Worse Than Spending

Ramit Sethi — How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge | Brought to you by Wealthfront automated investing, Athletic Greens all-in-one nutritional supplement, and Pique Tea premium tea crystals. More on all three below.Ramit Sethi (@ramit), author of the New York Times bestseller I Will Teach You to Be Rich, has helped tens of millions of people live a rich life with their money, careers, businesses, and psychology. He hosts more than a million readers on his site iwillteachyoutoberich.com, newsletter, and social media. His new podcast, I Will Teach You to Be Rich by Ramit Sethi, reveals real stories about love and money from behind closed doors. Subscribe on Apple Podcasts, Spotify, or wherever you listen to fine podcasts.Please enjoy!This episode is brought to you by Wealthfront! Wealthfront pioneered the automated investing movement, sometimes referred to as ‘robo-advising,’ and they currently oversee $20 billion of assets for their clients. It takes about three minutes to sign up, and then Wealthfront will build you a globally diversified portfolio of ETFs based on your risk appetite and manage it for you at an incredibly low cost. Smart investing should not feel like a rollercoaster ride. Let the professionals do the work for you. 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I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Pique Tea! I first learned about Pique through my friends Dr. Peter Attia and Kevin Rose, and now Pique’s fermented pu’er tea crystals have become my daily go-to. I often kickstart my mornings with their Pu’er Green Tea and Pu’er Black Tea, and I alternate between the two. Their crystals are cold-extracted, using only wild-harvested leaves from 250-year-old tea trees. Plus, they triple toxin screen for heavy metals, pesticides, and toxic mold—contaminants commonly found in tea. I also use the crystals for iced tea, which saves a ton of time and hassle.Pique is offering 15% off of their pu’er teas, exclusively to my listeners. Simply visit PiqueTea.com/Tim, and the discount will be automatically applied. They also offer a 30-day satisfaction guarantee, so your purchase is completely risk free. Just go to PiqueTea.com/Tim to learn more.*If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Love & Relationships

podcasts

Podcasts

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

The Tim Ferriss Show

#524: Ramit Sethi — How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge

How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge

NFT stands for non-fungible token. "Non-fungible" means it's unique and irreplaceable. Popular tech website <a href="https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq">The Verge </a>explains it well. Basically, it says, a Bitcoin would be "fungible" because if you traded one coin for another, you'd have the same thing.

What Are They? 

Think about your life at home. You probably use a bank. That bank is basically the middle man between you and whoever you're sending money to.A blockchain cuts out the bank. The blocks form a transparent, digital ledger that everybody can see. <a href="https://builtin.com/blockchain">Built In </a>, an online tech community, compared a blockchain to a Google Doc. Everybody can view it at the same time, and you can tell if it gets edited.

No Middle Man

For instance, let's talk about real estate. Houses aren't digital. They're physical. But, could a real estate transaction happen in NFT form? Experts say...yes.<a href="https://www.millionacres.com/real-estate-investing/articles/can-you-use-an-nft-to-sell-your-property/">Million Acres </a>explains it happened like this: First, an LLC was created for the property. Second, a non-fungible token was set aside. Then, legal paperwork was developed that said whoever bought the non-fungible token, or NFT, had the rights to the LLC. The NFT was then auctioned, giving the winner the rights to the LLC, which ultimately meant the winner owned the property itself.

What Are The Possibilities? 

When I retire will this be how financing property will be done? Part B of retirement? Financing property with my crypto? 

NFT stands for non-fungible token. So, what in the world is an NFT? We break down what an NFT means and what a blockchain is.

crypto

Cryptocurrency

What's an NFT? The concept explained in plain English

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