Summary of “How a $500 Monthly Allowance Saved Our Marriage”

In September of 2010, my husband, Chris, and I adopted an allowance system.
Ever since, we’ve granted each other $500 a month to spend however we want, no questions asked.
Chris’ mother immigrated to the U.S. from Mexico, alone, when she was 16 years old; eventually, she earned a Ph.D. from William & Mary, which is how she supported Chris and his sister.
In a 2016 essay for the New York Times, Alain de Botton suggested that a good question to ask your partner before getting married would be: “And how are you crazy?” This is how I am crazy.
The reason we had to institute an allowance system was because I cannot be questioned about buying Jaws T-shirts, or sneakers, or the occasional out-of-print biography going for $55, used, on Amazon.
Spending money on such things is key to my enjoyment of adulthood, and really my ability to accept its conditions at all-there’s no way I’d put up with all the BS it takes to earn money if these freedoms went away.
Seeing the benefit of the formalized math, Chris said we should institute an allowance system for discretionary spending, so that we could at last stop fighting about small purchases with their wildly outsize and disproportionate emotional valence.
I’ve saved one-third of this money while Chris has saved about half.

The orginal article.

Summary of “The Bridge to the Post-pandemic World Is Collapsing”

The Village Bank in Wayland, Massachusetts, where LaVana’s company has an account, initially said it could process her application, then told her it could not help her, because her company did not have a commercial loan.
She had finally managed to move forward with a small bank in Western Massachusetts, before her own bank got back to her and said it would be able to help.
One of the worst facets of the crisis, she feels, is that so many small businesses in her community are ailing together, and so many have not received help: “This is spiraling,” she said.
“My ability to run my business allows my home day-care [provider] to get paid, and they’re also seeking a disaster loan. I want to support the businesses that sustain me, but I feel like I need support to do that.”
Even after some congressional fixes, the small-business plan, in that way, has helped big small businesses over small small businesses, and established small businesses over new small businesses, as the approval of loans to brand-name companies such as Shake Shack, Ruth’s Chris, the Los Angeles Lakers, Potbelly, and others has demonstrated.
Much of the help has gone to the companies that need it the least, among them firms with employee counts just under the SBA caps, franchises of major chains, and publicly traded firms, which are by definition able to raise money from investors.
Whiter, less populated states got more loan money per capita, with Vermont, North Dakota, and Minnesota overrepresented and Nevada, Florida, and California underrepresented.
One of the businesses that has applied but not yet received aid belongs to Jessica Yang’s parents, who sell sandwiches and groceries at a deli in Baltimore.

The orginal article.

Summary of “I’m a Secret Millionaire”

Most young adults are unlikely to inherit any money from their family.
That’s about how much this woman, who asked to remain anonymous, inherited in her late 20s after her parents died.
Unlike most heirs, she hasn’t touched the money at all – or told anyone about it.
My parents always told me it was a stupid thing to do, and we lived a very middle-class lifestyle.
My parents immigrated to Vancouver from Hong Kong when I was a baby, because they wanted a better life for me.
My parents left me a seven-figure inheritance, in cash.
Some of my closest friends probably have an idea, the ones who knew about my parents’ businesses, but we don’t discuss it.
My parents had a non-flashy, stealth-wealth lifestyle, and I’m the same way.

The orginal article.

Summary of “Smart Ways to Handle an Inheritance”

If you inherited a tax-deferred retirement plan, such as a traditional IRA, you’ll have to pay taxes on the money.
Once you’ve rolled the money into an inherited IRA, you must take required minimum distributions every year-and pay taxes on the money-based on your age and life expectancy.
Did you inherit a Roth IRA? As long as the original owner funded the Roth at least five years before he or she died, you don’t have to pay taxes on the money.
If you don’t need the money, you can transfer it to an inherited Roth IRA and take RMDs under the same rules governing a traditional inherited IRA. But with a Roth, your RMDs won’t be taxed.
The money may be included in your estate for purposes of determining whether you must pay federal or state estate taxes.
Spending Your Windfall Even a small inheritance can represent more money than you’ve ever received at one time.
Consider stashing your inheritance in a money market or bank savings account for six months to a year.
Finally, if you don’t have an estate plan of your own, use some of the money to create one, including powers of attorney, health care directives, a will and, if necessary, a living trust.

The orginal article.

Summary of “The Real Value of Money”

Money is often just the vehicle of interchanging these various forms of value with one another.
Because money is an exchange of experiences, money often results in experience cycles: we give up one experience to earn money that then purchases the opposite experience.
Once the money runs out, we’re forced back to the negative experience and the cycle starts again.
They earn their money through insecurity, and then spend their money on quelling their insecurities, thus never actually building wealth.
Wealth occurs when the way we earn money and the way we spend money are aligned with one another – when our money is earned through a positive experience and spent on other positive experiences.
People who fall into these experience cycles with their money soon become slaves to earning a buck.
The real value of money emerges when we leverage it as a tool towards our success rather than making it success itself.
The real value of money begins when we look beyond it and see ourselves as better, as more valuable, than it is.

The orginal article.

Summary of “Lunar New Year red envelopes yield much more than cash”

Until she’s married, Alice Liu expects to welcome the Lunar New Year counting the treasured crispy bills she receives from older relatives to mark the red-gold, multigenerational festivities.
A shopper looks for decorations, red envelopes and other items for Lunar New Year celebrations at the Tak Shing Hong Market in Monterey Park.
“In the early days in Vietnam, the envelopes didn’t have much money because people were poorer and often, only the men of the family went to work. In modern postwar times, with more jobs, more financial benefits, families can be more generous and they feel they must pass on the tradition so that the younger generation will continue it when it’s their turn,” said Kim Dzung Pham, senior lecturer in the foreign languages department at UC Riverside.
Red envelopes are sold for Lunar New Year celebrations at the Tak Shing Hong Market in Monterey Park.
15-month-old Ethan Liao and his mother, Judy Liao, 28, background, are looking forward to celebrating the Lunar New Year.
Liao said she follows the Chinese tradition of putting money in a red envelope and giving it to relatives for good luck in the new year.
That cultural concept of good luck has compelled mainstream brands to try to cash in on the action, with Nike recently premiering its first-ever Lunar New Year ad. It shows a girl who’s been told by her mother not to take “Hongbao,” much to the dismay of a crafty aunt who conspires to outsmart her.
Cashier Rachel Yung stands behind boxes of red envelopes used for Lunar New Year celebrations at the Tak Shing Hong Market in Monterey Park.

The orginal article.

Summary of “This Is How You Live on Swiss Time”

If you acquire money, and if you allow that money to buy you time, I encourage you to buy a ticket to Switzerland and use that time thusly: You should float aimlessly for hours in thermal baths at the top of a mountain, then have your battle-worn belly rubbed with hot oils by a woman whose touch transmits true, motherly love for you.
With your time you should go to a museum that’s an hour away from Zurich, the Am Römerholz in Winterthur, even though it will close in two and a half hours, because you know the transportation will run on time.
You may not take pictures in the Am Römerholz, and this will be your first lesson in how to use the time, to live inside it, to be more present in the moment and not worry about what it looks like to you later, to not be so obsessed with how to convey it all.
Your travel takes up a week, but that week is a physical space, a bubble, a monastery in time where everything has meaning, particularly in a place like Switzerland, where everyone is kind and everything runs on time and life feels easier than it ever has before.
Waterfalls everywhere, suddenly! I looked into the mountains, surrounded by the fog, and saw a double rainbow for the first time in my life, but I saw it only after a few seconds of looking.
Poor Clara, I thought again, just trying to be someone who could walk, and instead this: being exposed to untold numbers of wrinkled breasts and sagging testicles of all the naked Swiss who have time on a Monday to hike and visit a bath.
I thought what a luxury this was, that you’d have time and money and you’d actually use them to consider how you’d spend your day and your career and your life, to see something as elemental as serving nutrition to someone as a thing of value, as its own reward.
I wondered what it would look like if I had that, if I had the time and the money to do only the stories that mattered to the world, or the stories that mattered just to me, and a young journalist would come to me and say, “My, how successful you are,” and I’d say, “No, you don’t understand why I do what I do. I do what I do to make the world better. I want to put something good into your brain.”

The orginal article.

Summary of “13 Best Personal Finance Money Books 2019”

Here, a selection of books on personal finance to help you get out of debt, design a budget, and make smart investments.
To find the best personal finance book for wherever you are in your money journey – from making a budget for the first time to decoding stocks and bonds – we asked ten money experts for their picks.
Gaby Dunn, author of Bad With Money and host of the podcast of the same name, says, “I like the focus on younger people because a lot of finance books are for upper-class, middle-aged people.” Personal finance expert and author of You’re So Money, Farnoosh Torabi says, “Every generation has its definitive money book, and in many ways, Broke Millennial captures the financial zeitgeist of this generation so perfectly.”
With chapter titles like “Paying Rent to Your ‘Rents”, and “Retirement: Can It Ever Happen for Me?,” it makes sense that Jessica Moorhouse, a Canadian accredited financial counselor, recommends reading Broke Millennial “To learn all the basics of finance in a relatable way.” Personal finance bloggers Grant Sabatier, author of Financial Freedom, and Ashley Feinstein Gerstley, author of The 30-Day Money Cleanse, agree that the book’s approachable tone and practical tips make it a great starting point for learning about everything from our emotional relationship with money to investing and planning for retirement.
Sabatier says, “The simple premise of the book is the question: How much money are you willing to trade your life for? Whenever you’re working, your trading your life and energy for money. What does that mean to you?” Once you’re clear on the “Why” behind your saving and spending, making decisions about investing and budgeting becomes much easier.
Moorhouse points out that the book is a good introduction to the “Financial independence, retire early” movement, or FIRE, popularized by bloggers like Mr. Money Mustache who practice extreme frugality and smart investing to retire young and devote more time to their passions.
Ramit Sethi, best-selling author of I Will Teach You To Be Rich, says “Habits form the very foundation of our behavior that drive[s] us toward our goals – with health, relationships, business, and yes, money, too. Building habits is absolutely crucial.” Chatzky adds that while it’s “Not exactly a money book, if you take in what he’s trying to teach you, it’ll really revolutionize your financial life.”
Holeman likes that Bogle’s book “Arms investors with the knowledge of what they should be focusing on, and steers them away from what Wall Street wants them to focus on;” and Moorhouse says it’s “Full of finance and investing lingo, but honestly the best book out there to learn about index investing.”

The orginal article.

Summary of “5 Money Rules That Will Increase Your Net Worth”

We must stop thinking that the solution to all our problems is more money.
We’re better off by creating a strategy that helps us to manage money better-that alone will help us break away from the average earners.
Desire Less Here’s some common sense: It takes more time to make money than to spend it.
One thing is sure: Never borrow money to buy a car, electronics, or anything else that goes down in value.
Your money strategy depends on your age, personality, place you live, education, experience, etc.
We invest for the long-term-not to make money today or even in a year.
My personal short-term money strategy is based on improving my skills and creating multiple income streams.
Start Now You see, these rules are not all about making more money.

The orginal article.

Summary of “One-Click Spending and the Money Misery Hangover”

What happens when the party winds down? The aftermath of holiday spending can feel a lot like the morning after a New Year’s Eve gala-except a money misery hangover doesn’t go away with two ibuprofen tablets.
If you happen to have a kind of Pavlovian response to holiday bells and carols, subconsciously hearing the words “Spend, spend, spend,” you should know that your response is the result of a learned attitude about money-what I call your money mindset.
Your situation might be different,and extravagant spending might just not be possible or prudent.
You can avoid uncontrolled spending by getting a grip on your money mindset and aligning it with your values and financial resources.
Draw up a spending plan that you can sustain on your income.
Decide on your spending allotment for holiday gift giving before you shop.
There are enough online resources to help you make wise spending choices.
Commit yourself to making incremental improvements in your spending habits, and celebrate each success without spending more money.

The orginal article.