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Hi, I'm Jim Wang and I share my strategies and tactics for managing your money and enjoying more out of life.

๐Ÿ˜ฆ Worst financial advice ever?

Published 12 days agoย โ€ขย 2 min read

Hello Reader,

โ€‹What's the worst financial advice you've ever received?โ€‹

The worst financial advice I got was when a real estate agent tried to convince me to increase my house budget by 20% โ€œjust to see what I thought about those types of houses.โ€

I thought I could afford a $275,000 house and he took me to houses that were listed at $300,000+ because โ€œI needed to know what a little bit more could get me.โ€ This was during the housing boom in the mid-2000s.

He said that because I had a good job with potential raises, in a few years I could make enough to afford the mortgage.

While this was all potentially true, itโ€™s a terrible way to live!

You donโ€™t want to buy more than you can afford and hope that raises and promotions come to support it. Thatโ€™s too much stress.

What's yours? (reply to this email or, bonus points if you leave it as a reply on IG! Thanks!)

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โ€‹(View this email as a webpage)โ€‹

๐Ÿ˜“ The first $10,000 is the hardest...

... but also the most important.

And how you get the first $1k or $10k isn't how you get to $100k.

Let me explain.

โ€‹๐Ÿ‘‰ Why Saving the First $10,000 is Criticalโ€‹

โ€‹

๐Ÿ“– 4.75% APY for Savings

I just learned about a new bank, AlumniFI, where you can get up to 4.75% APY on your savings. It requires a large balance, so it's not ideal for most people, but even the lower tiers offer a good rate.

I just added it to our list of high yield savings accounts.

โ€‹๐Ÿ‘‰ See our list of high yield savings accountsโ€‹

โ€‹

๐Ÿฅฉ What happens at free dinner investment pitches

We've all seen them - company offers you a free meal and you just have to listen to their pitch.

My friend Rob Berger accidentally signed up for one (he thought it was an educational seminar) and shares how terrible they are, including how much lying by omission goes on (one of the hardest lies to spot).

Watch his 22-min Youtube video:

โ€‹๐Ÿ‘‰ I Attended a Free Dinner Investment Seminar--Here's what happened.โ€‹
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What did you think of today's email?โ€‹
โœ… I Loved It! ๐ŸŸจ It Was Okay โŒ Not My Favoriteโ€‹

โ€‹

Talk to you soon!

Jim

PS. The American Red Cross will give you a $15 Amazon gift card if you donate blood in June. Donating blood is great and you should do as often as you can (without getting comped), but getting $15 is kind of nice!

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โ€‹(see our archive of previous emails)โ€‹

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Hi, I'm Jim Wang and I share my strategies and tactics for managing your money and enjoying more out of life.

๐Ÿ’ต Founder of WalletHacks.com

I have been writing about money for nearly 20 years and believe that personal finance is one of those subjects that is made complicated because it benefits a select few. Our aim is to help make it easier to understand so that regular folks can use what we teach to take control of their money and build wealth.

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