Money is a finite resource
Why we need more mindfulness with money from our leaders and ourselves, my favorite financial tools, boarding pass leaks, and an election to come.
Hi friend,
Another tumultuous week of 2020.
On Sunday, the New York Times released a scathing report documenting the last two decades of Trump’s taxes. Since becoming president, he has paid $750 in federal taxes and records show millions of dollars written off as questionable expenses including $70K for hairstyling and mysterious consulting fees.
I was really curious about how Trump supporters would respond to this and took to r/conservatives to learn more. Aside from a lack of education or personal bias, a few comments stood out to me.
We are taught the American dream at an early age - being self-made, wealthy, and in full control. Through marketing, we learn that our wealth can transform us into anyone we want to be, and to experience anything we want to feel.
Millionaires and billionaires are put on a pedestal, and we mimic their everyday lives in hopes that someday, we too can join the same financial ranks.
Wealth becomes legitimized at any cost.
Unfortunately, championing or following the actions of the rich (cheating on taxes or not) does not guarantee the trickling down of wealth. Worse, it’s a part of a delusion that all of us in the world can be multi-millionaires. Inflation is right around the corner. (ex: Being a millionaire in Japanese Yen equals to about $9,500.)
The truth that is hard to swallow for many: money is a finite resource. The more money someone has, the less is available for others. (Economies actively control the ebb and flow of currencies to avoid hyperinflation and collapse - after all, it is just a piece of paper.)
While I am a huge advocate of people getting paid for their impact, this isn’t a fair reality for many. Some are born into financial handicaps with no fault of their own. Physical and mental disability, family hardships, racial divides, and economic downturns can predict the financial future of an individual regardless of effort.
When we are focused solely on our own personal wealth, we take for granted the larger world around us. Our mental health, physical safety, intimacy, and purpose in life are largely dependent on our community.
We are the sum of everyone around us.
We must protect ourselves from leaders focused solely on accumulating personal wealth. Their short-sighted vision cripples the community they swore to serve.
We must not get stuck in an unhealthy relationship with wealth. The relentless pursuit of money will never end. There is always more to be had and greed is insatiable. Happiness and satisfaction must be disassociated from wealth.
We must build a more humane relationship with money if we are to heal the community around us. As we accumulate wealth, we have a duty to serve and donate to those less fortunate.
As a society, we can only go as far as our lowest common denominator. And if we can all become more mindful, especially when it comes to wealth, we can create a world with prosperity far greater than what money can measure.
Some of my favorite financial tools
YNAB for monthly budgeting
Mint to track my overall assets (also provides free credit checks)
Sigfig to track my investment performance (weekly reporting and insights)
Vanguard for investments (lowest cost mutual funds)
Wave for accounting (free invoicing, payment processing)
Stop posting boarding passes
A hacker used a photo of a boarding pass posted by the prime minister of Australia to find his phone number and passport information. By combining the booking ID with the last name on the airline website, he was able to access the private information.
Biggest takeaway: Stop posting your boarding passes on social media 🛫
November is coming
Trump's state and national legal teams are already laying the groundwork for postelection maneuvers that would circumvent the results of the vote count in battleground states. Ambiguities in the Constitution and logic bombs in the Electoral Count Act make it possible to extend the dispute all the way to Inauguration Day, which would bring the nation to a precipice. The Twentieth Amendment is crystal clear that the president's term in office 'shall end' at noon on January 20, but two men could show up to be sworn in. One of them would arrive with all the tools and power of the presidency already in hand.
The Atlantic: The Election That Could Break America
As always, thanks for reading!
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Anything else? You can always hit "reply" to email me directly. 💌
Have a beautiful day!
Metta (loving-kindness),
Steven
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