Hi friend, Imagine you’re standing on a river bank with a group of friends. Suddenly, you see a person in the water, being swept downriver. They’re drowning. You and your friends act fast and save the person. Ten minutes later, another person is drowning, so you save them too. Then ten minutes after that, you see another person that needs saving. You and your friends could get good at saving people every ten minutes, or some of you could go upriver to look for the root cause of the problem, the upriver problem. While going upriver might require more effort and resources to reach and address the concern, addressing the issue at the root will be more effective in solving the more significant predicament than trying to fix the problem downstream. I’ve been thinking about upriver solutions to resolve downriver financial issues. One huge and obvious upriver problem I’ve found is earning an income sufficient to meet current needs and save for the future. Another is having access to preventative health care. Both of these things could help one stay out of debt and avoid financial problems in the long term. Another less obvious upriver problem that presents itself as a downriver issue is how you think about money. For example, believing that we should never talk about money might make you less inclined to ask for a raise or to negotiate your salary. I’m curious about what upriver solutions you’ve found to your downstream financial problems. Have you taken a singular action that made an outsized difference? Was there one decision that eliminated the need to make 100 more later? I’d love to know. Don’t be shy; hit reply. Your favorite finance friend,
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1. 📿 Five Financial Rituals to Adopt in the New Year. (HYG Original)2. 🚉 Riding the Subway With Anna Delvey. (The Cut) In four-inch Manolos — to meet her parole officer. 3. 📉 A Recession Looms Over the Posh World of Influencers. (Wired) 4. 🎨 Did Someone With a Trust Fund Paint This? (The New York Times) An exhibition in Berlin shines a light on class, showing how social and financial inequality affect how art gets made, sold and displayed. 5. 🤓 A bookkeeping thing - How to Determine Who Receives a 1099-MISC or a 1099-NEC (HYG Original)
6. 💪🏻 Why the super rich are inevitable? (Pudding) Why do super rich people exist in a society? Many of us assume it's because some people make better financial decisions. But what if this isn't true? What if the economy – our economy – is designed to create a few super rich people? That's what mathematicians argue in something called the Yard-sale model. 7. 🗓️ Expiration Dates Are Meaningless. (The Atlantic) “Expiration dates, it seems, are hard to quit. But if there were ever a moment to wean ourselves off the habit of throwing out “expired” but perfectly fine items because of excessive caution, it is now. Food waste has long been a huge climate issue—rotting food’s annual emissions in the U.S. approximate that of 42 coal-fired power plants—and with inflation’s brutal toll on grocery bills, it’s also a problem for your wallet. People throw away roughly $1,300 a year in wasted food, Zach Conrad, an assistant professor of food systems at William and Mary, told me. In this economy? The only things we should be tossing are expiration dates themselves.” 8. 😱 ‘I’m afraid to have children’: fear of an older future in Japan and South Korea. (The Guardian) “In a society where children start receiving private education as early as age two or three, and their achievements or wages are determined by their parents’ wealth and the cost of their private education, those who are not financially well off think that giving birth to a child is like committing a sin.”
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Leo Aquino, writer, award-winning journalist, poet and founder of Queer & Trans Wealth is hosting the inaugural Queer & Trans Wealth book club featuring my book, Finance for the People. If you’d like to attend the book club event at The Pop-Hop in LA on Thursday, January 12, 2023, RSVP here.
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