Financial Advice you Shouldn't Take
A few dumb ideas I've seen: A House is a Liability The next time the CPAs I work with need a good laugh, I should bring this up. Houses are assets (they can be sold for cash), mortgages are liabilities, and repairs and maintenance are expenses. These are important differences if you're trying to put together some personal financial statements to see how you're doing. How to Succeed without Really Trying No, this can actually make you poor. A coworker and I figured what this advice would cost us--to eat out, hire a cleaning service, hire someone to mow the lawn, and hire out every little repair on the house. I came up with $13,000; she came up with $17,000. That's just for one person for one year. The long-term cost of fluffing off your chores: let's assume $15,000 per year to start. Invested in the stock market at 8% per year, that adds up to $1.76 million in 30 years. Even if you're spending your time reading, meditating, and writin