I find it ironic that inflation-adjusted home equity is at record highs yet many households can't do anything about it because selling their home would mean giving up a low interest rate for a high one.
"What impacts the decision to buy vs rent is your monthly rent, your monthly mortgage payment, and the overall rate of future inflation."
My latest on the buy vs rent debate and why no one will know which is better until far into the future:
ofdollarsanddata.com/should-you-ren…
The reason why you are more likely to regret spending money on a material good vs. an experience is that you get reminded about the material good more often.
Eat at a bad restaurant and you can forget about it. Buy a fancy watch that you regret and you'll see it all the time.
My 3 biggest money regrets are:
(1) Doing a backdoor Roth IRA (got audited by IRS)
(2) Putting 0.5% of my net worth into altcoins (lost 70% in 2022)
(3) Focusing too much on investments in my 20s (should've focused on career instead)
What are yours?
One of the best things I ever did for my financial mental health was not care about purchases below 0.01% (1/10,000th) of my net worth.
So, if you have $10k, you shouldn't think twice about spending $1. If you have $100k, don't worry about $10, etc.
I call this the 0.01% Rule.
What's the best way to get things done?
My latest on how to get through your to-do list efficiently and whether maximizing productivity is worth it:
ofdollarsanddata.com/the-best-way-t…
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517K Followers 693 Following@collabfund
The Psychology of Money: https://t.co/Q2XICE6VhE
Same As Ever: https://t.co/1HOKjvZAcU
Director at Markel Group
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