Helping people build wealth since 2017. Author of Just Keep Buying (ofdollarsanddata.com/jkb) & The Wealth Ladder (ofdollarsanddata.com/twl)
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Just Keep Buying has now sold over 500,000 copies worldwide.
Never in my wildest dreams did I think this would happen when I started writing it.
For those who read, shared, or told a friend to buy it, I can't thank you enough.
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You think the Gamestop short squeeze is the greatest ever? Not. Even. Close.
This is the story of Piggly Wiggly and one man taking on Wall Street ALONE.
Buckle up, because this is one of the craziest stories in investment history.
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Friendly reminder that Jane Street built a system to get the 2016 election results MINUTES ahead of the mainstream media and still ended up losing $300M on the trade:
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Perfect case study of how “Everyone feels like a genius in a bull market”
unusual_whales
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These are the new economic classes in the U.S. (based on net worth, not income)
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For those saying that "some companies don't even offer a match" that's still better than the stunt this company pulled.
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18% of U.S. households are millionaires. I promise you that all of them are not business owners. In fact, I bet the vast majority of them have salaries.
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Vanguard is trending right now because they now "own" more shares of Twitter than Elon Musk. Lots of people are saying that this as an attack against free speech.
Can someone just please teach people what a custodian is? This is getting ridiculous.
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Did a hedge fund write this?
New York City could see between 2 inches and 20 inches of snow this weekend. nbcnews.to/3IwdJbA
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Hot take: The money you save by NOT sending your kids to private school will benefit them more as a lump sum in the future than the private school education would have.
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People will spend $20k a month on a home and then claim they are living “paycheck to paycheck”
We need a term for people who earn a lot but also spend a lot that’s not paycheck to paycheck.
My friend told me he and his wife live paycheck to paycheck.
I don't believe it because they both are high earners in tech, and he even works for Google. But after doing a little bit of math, I found out he didn't lie.
• Mortgage: $17,000/month for a $3M home
• Property Tax: $3,000/month
• Private School: $3,000/month for 1 kid
• Travel: $2,000/month (assuming $20k/year)
• Utilities: $1,000/month
• Groceries: $2,000/month
• Eating Out: $1,000/month
• 2 cars: $1,000/month
So in total $30k per month, not including other misc costs like house maintenance, paying for Netflix, etc.
W-2 employees usually take home only 50% of their salary, so they have to make $60k per month pretax, which is $720k in annual TC.
What's the point of living a life like this?
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The S&P 500 has returned 29% this year. Only 3 hedge funds on this list have beaten this.
Thanks for playing!
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Evan Siegfried
If you had put each of the 3 U.S. stimulus checks into Dogecoin, it would be worth over $300,000 right now
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The time has come
$MCD - McDonald's: McRib Returning to Participating Restaurants on Dec. 3
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The richest man in the world went to space today all because Borders had a terrible business model
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Not wordle, just my portfolio lately
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Hot take: Maxing out your 401(k) when you are younger is almost always the wrong choice.
The extra 0.5% per year isn't worth locking up your wealth until old age.
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When it comes to leaving an inheritance, focus on timing, not size.
Most children would rather have an extra $100k in their 20s than an extra $500k in their 60s.
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Holy crap! Some guy shouted “Buybacks are just another form of dividends!” and then this happened
PRESENCE
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This is the deli in New Jersey that is currently trading at a $100 million market cap under $HWIN (they have one store and $35k in annual sales)
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The fact that they clarified "contribution" vs. "compensation" makes me think otherwise, but definitely possible.
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A few things to mention:
-A 20% decline requires a 25% gain to recover.
-The median time for U.S. stocks to go from a bottom to a new high (when down 20%+) is ~2 years.
-If the market gains 25% in 2 years, thats an 11.8% annualized return.
Do with this what you will.
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Every hour you spend exercising is likely to give you six to eight hours of additional healthy life. There is no single thing I could tell you that will provide you with more wealth than this.
So, if you aren't exercising, please start.
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Every time Elon tweets about science/energy/etc, I assume he is right since I have no expertise there.
But then I see a very incorrect tweet like this (where I do have some expertise) and it makes me wonder how wrong he might be about everything else.
Exactly. Right before he died, Jack Bogle (of Vanguard fame) said index/passive funds were too great a percentage of the market and he really knew what he was talking about!
There should be a shift back towards active investment. Passive has gone too far.
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If you think the Bezos family (+ future generations) will be rich forever, consider this:
"When 120 of Cornelius Vanderbilt's descendants gathered at Vanderbilt University in 1973 for the first family reunion, there was not a millionaire among them."
ofdollarsanddata.com/the-bes…
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Hot take: Personal finance education is overrated.
You can teach someone about compound interest, budgeting, and investing, but it won't make much of a difference if they're only making $35,000 a year.
Their problem isn't their knowledge. It's their income.
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The poor own cars
The middle class own homes
The rich own businesses
Starting a business doesn't guarantee great wealth, but it's one of the few paths to get there.
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This Christmas as you watch Die Hard, just remember that the only reason the film has a plot is because the terrorists wanted bonds that still had yield after rates collapsed by the late 80s. Also Japan was assumed to be taking over the world.
Markets rule everything.
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I was in the airport today in NYC and overheard a TSA agent talking to his colleagues about why they shouldn’t buy the dip.
Then he said he read it from some guy on Twitter named Nick “Magooli”.
I smiled, grabbed my bag, and walked away.
The internet is absolutely incredible.
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Nick Smith
One thing I've changed my mind on recently:
Roth > Traditional retirement accounts
I can't predict the future, but if you believe that U.S. tax rates are going to be LOWER in a few decades, I have some bad news for you.
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King Leo
One of my big predictions for the next 5 years is that we are going to see much more ageism in the U.S.
I am not saying this is right, but given the current distribution of wealth (and homeownership), it seems inevitable
What an insane chart. The younger generation actively subsidizes the boomers, despite them owning 50% of all collective wealth in America
This system used to work when the next generation was promised a better future than the prior one. Just not the case anymore
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And for the record my "paper hands" smell like USD.
You know that thing you use to pay your mortgage, buy food, and for just about everything else.
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Just saw a woman with a full on gas mask jaywalk through the middle of moving traffic in NYC and I don’t think I understand risk tolerance anymore.
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When I was 23 years old I wanted to have half a million dollars by age 30. Last weekend I turned 31. I didn't make it.
My latest on not meeting your financial goals, relative wealth, and happiness:
ofdollarsanddata.com/we-begi…
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A retirement truth no one wants to talk about:
Once you have some base level of financial security, your day to day happiness in retirement will be impacted more by your relationships, your hobbies, and your sense of purpose than your financial assets.
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My book, Just Keep Buying, is now available:
amzn.to/3xmD4Cz
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Retiring at 35 is great if you hate your job and don’t mind living like a hermit for the next 50 years.
A better option is finding a job you love so that you don't think about retirement at all.
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I have a few friends that became millionaires in their 20s.
They did NOT:
Follow a strict morning routine
Track their expenses
Have an elaborate note-taking system
They did:
Have significant equity in a business that was sold.
Life hacks don't build wealth. Equity does.
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Only 5% of millionaires are under 40.
Only 1% are 30 or younger.
The average age of all millionaires is 62.
Don't forget this on your way to financial freedom.
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I stopped buying active investments (individual stocks, etc.) when I realized that they monopolized most of my attention. Despite being a small % of my portfolio, I watched them all the time.
This is why I went passive and you should too. You can't put a price on mental freedom.
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Unfortunately, the upper middle class isn’t special anymore.
This is why the Amex Lounge is overrun, why home prices haven’t come down, and why luxury resorts are packed to the brim.
There are more people with more money than ever before.
Over 1/3 of American families now have over $150,000 of income, the first time in history (yes, it's adjusted for inflation)
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Told my wealthiest friend that I was flying first class for the first time ever cause it wasn’t that much more expensive than coach and he immediately replied:
“First class in a pandemic isn’t first class.”
I still haven’t recovered from it.
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In the end, Saunders will go down as the man who pulled off “The Last Great Corner.”
If you liked this story, you can read the full version in “Business Adventures” by John Brooks:
amzn.to/3adX7FQ
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In the United States, the median Black household WITH a college degree has a net worth similar to the median White household WITHOUT a high school diploma.
If we want to fix social inequality we have to fix economic inequality as well.
My latest:
ofdollarsanddata.com/racial-…
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Probably one of the most difficult things I've ever written.
On alcohol dependence, social anxiety, and being honest about your problems:
ofdollarsanddata.com/life-of…
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My favorite piece of career advice that I share every year:
Reduce uncertainty for others as much as you can.
Become an uncertainty killer.
I guarantee that if you can make other peoples’ lives more certain, your career will take off like never before.
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Steven Tyler, the lead singer of Aerosmith, spent over $6M on cocaine throughout his life.
If he had invested that money ($10k/month for 50 years) into the S&P 500 instead he'd have over $170 million today.
Lesson: don't do cocaine
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Want a FREE signed copy of my book?
♥️ Like this post
🔁 Retweet it
➡️ Follow me (so I can DM you)
In 24 hours, I'll pick a winner at random and mail it to them
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This is the most powerful blog post @morganhousel has ever written. I don't say that lightly. If there is one thing you should spend time reading today, it's this:
collaborativefund.com/blog/t…
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Gentlemen, future Valentine’s Day tip:
Cook for her and make a custom menu.
Trust me, she will love it.
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The 2022 net worth data for U.S. households was just released:
25th pct = $27,000 (was $12,410 in 2019)
50th pct = $192,700 (was $121,760)
75th pct = $659,000 (was $404,100)
90th pct = $1,936,900 (was $1,219,500)
99th pct = $13,615,400 (was $11,121,100)
Blog coming next week
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Every year I compile my absolute favorite investment writing and 2021 was a year unlike any other.
Like this, RT it, save it for later. Whatever you do, don't miss out on these incredible pieces.
My Favorite Investment Writing of 2021:
ofdollarsanddata.com/my-favo…
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Bitcoin actually fixes this
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Despite investing for over 12 years, only 25% of my net worth can be attributed to investment gains. The remaining 75% came directly from my income/savings.
If you are trying to figure out where to focus your attention, look at your paycheck not your portfolio.
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98% of my net worth is in financial assets. 2% is in cash for emergencies and operating capital. My apartment is rented and I've never owned a car.
Just Keep Buying isn't just a catchphrase, it's my whole financial life.
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Alexa, show me a visual representation of the stock market over the last 10 years:
Barstool Sports
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My mom just called and asked whether “some 20 year old gamer kid named Robinhood crashed the stock market from his bedroom.”
And, at that moment, I realized it was just easier to say “Yes.”
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My Dad told me yesterday that he likes to hedge his SPY exposure by buying VOO and I still haven't recovered from it.
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If you had invested $100 a month into the S&P 500 since the beginning of 2022, guess how much your portfolio is down by as of the end of February 2023?
$32 or 2%.
Just.
Keep.
Buying.
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Portnoy inadvertently joining FinTwit is the best thing that has come out of this so far
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There comes a point in every investor’s journey when they must admit that they were wrong about something. I was wrong on Bitcoin.
My latest on why Bitcoin is here to stay, what we might expect from it going forward, and the right way to invest in it:
ofdollarsanddata.com/why-ive…
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The greatest perpetuator of U.S. wealth inequality is the stepped-up basis rule.
Basically when you die all the capital gains on your assets (home, stocks, etc.) are erased. Your heirs get your assets as if they were purchased on the date of your death.
Unreal.
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I got engaged last weekend.
My latest on the values that go beyond money:
ofdollarsanddata.com/the-thi…
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Me preparing for the market open rn nitter.app/callmeshitto/status/10…
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