New Ways To Stay Connected With Financial Samurai And Feedback Needed

stay connected Financial SamuraiDear FS Community,

For those who subscribe to Financial Samurai via Google Reader RSS please sign up for a new RSS service such as Feedly which should automatically import your existing RSS subscriptions. Google Readers is about to go kaput on July 1, 2013. Another popular RSS service is Bloglovin.

For those who receive Financial Samurai content via e-mail, later today I will be transporting the existing e-mail subscriber base from Feedburner’s email service to Aweber, another e-mail subscription service, which will perform the exact same function. Existing e-mail subscribers: you will get an email alerting you to reconfirm your subscription the Financial Samurai RSS email list, please click on the link in that message to continue receiving RSS over email. During the transition you may receive one duplicate notification. New readers can simply click here to start subscribing over e-mail.

Finally, I’m starting a private newsletter that will go out once a quarter with some special insights into online entrepreneurship, passive income generation, career hacks, special offers and prizes. This exclusive content will only be published in these newsletters and not on the site. For those who would like an even more intimate look behind the scenes please click here to subscribe to my private newsletter or use the form to the right.

HELP ME HELP YOU

Should I Get An MBA To Find A Wealthy Husband Or Wife?

Average MBA Salaries From Top SchoolsThe following post addresses a long-time reader’s question of whether she should go to business school to find herself a wealthy husband. Just recently the search term “go to MBA to find wealthy husband” also appeared on my Google Analytics dashboard as well. Women seem to hate me for writing articles on relationships, yet they still continue to inquire anyway. These posts take time to write and opens me up to all sorts of abuse, so the next time you’re in San Francisco, steak dinner on you! Hope you enjoy!

Why bother working hard all your life for a chance at financial freedom if you don’t have to? Instead of directing all your energy to making more, saving more, and investing wisely, it might be a better use of your time to identify where the wealthy and the potentially wealthy hang out.

Let’s say you are sick of your 30 year old Super Motivated Boyfriend (SMB) because he’s more focused on his career than you. He cocked things up in his 20s by partying too much and is now playing catch up if he ever wants to “be somebody” in today’s society. Meanwhile, here you are, a lovely 27 year old woman who just wasted the past two years of your life on this commitment-phobe. What to do?

Go to the most prestigious business school possible of course! For example, my fellow MBA classmates from Berkeley all earn six figure salaries with seven figure net worths seven years out and Berkeley isn’t even in the top 5. Their ages range from 35-40 and all of them are also married. (See: How To Make Six Figures At Almost Any Age)

CASE STUDY OF A MULTI-BAGGER RETURN FOR GETTING AN MBA

Why Are Asians Ignored By The Media, Research Institutes, And Politicians?

Hong Kong SceneryAccording to a new study by the Urban Institute, the wealth gap among Whites, Blacks, and Hispanics has continued to increase. Before the recession, White families, on average, were about four times wealthier than non-White families, according to Federal Reserve data. By 2010, White families were about six times as wealthy. The most recent data shows the average White family has about $632,000 in wealth, versus $98,000 for Black families and $110,000 for Hispanic families. But what about Asian families?

Last I checked, there are 4.3 billion Asians in the world, making up 62% of the world’s population. What’s surprising is that only around 5% of the American population is Asian. If there’s only 16 million people to sell to out of a country population of 310 million, no wonder why nobody really cares about Asians. Money talks!

When you grow up attending international schools, living in the Spanish house in college and working in Manhattan and San Francisco, it’s very hard to accept a world where there isn’t much diversity. 33% of San Francisco’s population is Asian for example. This post will attempt to understand why Asians consistently get ignored by researchers, politicians, and the media. I’ll also offer solutions as to how Asian Americans can gain more coverage.

WHY DON’T MORE PEOPLE CARE ABOUT ASIANS?

Why Do People Like To Reveal Their Income?

The Grapes of Wrath In NapaIt hit me the other day that none of the people I know in the top 1% have ever revealed their incomes to me. I’ve got a good idea of how much they make and what their assets look like. But beyond some vagaries, details have never been disclosed. Contrast a top income earner’s desire for privacy to those who make less than $380,000 a year and income revelation is much more common.

In the post, “Never Tell Anybody Your Income” I highlight all the downsides of revelation. Most agree, but some don’t because they say it “inspires others” or simply don’t care. There may be some sort of inspiration involved, but what about those who get inspired to rob you for having more? It’s dangerous to hover outside of the middle class in today’s society. During the Cultural Revolution from 1966 to 1976, the wealthy Chinese were often flogged and publicly ridiculed.

If you read The Millionaire Next Door by Dr. Stanley, you will see the constant theme of being discreet with one’s wealth – drive old cars, wear discount clothing, live in a modest house and so forth. At the same time, it’s no fun being so parsimonious that you miss out on all the spoils of wealth. The large majority of surveyed participants are also older than the median American age of 35. Such millionaires spent their lifetimes building wealth. They aren’t about to have some stranger or the government try and take it away.

There are two main goals for this post. The first goal is to better understand why some people enjoy talking about their incomes. The second goal is to find a balance on this site for my own income revelations to be used as examples in future posts. It’s much more useful to see actual figures in an example rather than talk in percentages. At the same time, I don’t want to come across sounding like an arrogant bastard.

UNDERSTANDING WHY PEOPLE ENJOY REVEALING THEIR INCOME

Is Not Wanting To Be Rich Selfish? Ways To Help Others If You No Longer Seek Or Have Wealth

After working for 10 consecutive years post college, I no longer wanted to be rich. Instead, I wanted to be free and went John Galt in an attempt to unplug from the Matrix. It took three more years of planning but I finally managed to escape, or so I hope.

There’s just one nagging feeling of guilt that is weighing me down ever since I finished my 2012 taxes. The guilt is that I will no longer be able to comfortably afford to donate as much to charitable causes. What do I say to an organization who has come to expect a $2,000 check every winter now that I can no longer afford to do so? Sorry?

Am I supposed to simply block out all the stories of hope such donations provides to foster children? I don’t know. I always think back to 1989 when I went on vacation with my parents to the west shores of Malaysia. We visited a temple famous for its ancient relics. I was warned not to give anything to the begging mothers and children who eyed us as we stepped through the gates. I couldn’t help myself so I gave one child one ringgit. As soon as I did, I was mobbed and had to be rescued. At age 12 I wanted to become rich so I could give everyone enough ringgits so nobody would ever have to fight over money again.

Ever since the financial crisis began at the end of 2008, the world has gleefully bashed the rich for our many financial problems. You couldn’t read a newspaper or watch a TV clip without witnessing blame being assigned to a “greedy 1%er” for someone else’s decision to buy a home, a car, or an expensive education they could not afford.

When things are going swell, it’s OK for rich people to make money so long as we are also making money. When things turn south, it becomes intolerable for the rich to stay rich while we lose our shirts. It’s ironic because during the depths of financial chaos, I was $8.5 billion dollars closer to Warren Buffett’s net worth given that’s how much he lost. Long live the middle class!

Over the past four years I hope many of you have come to the conclusion that most rich people are not evil. Most start off middle class and work very hard to get to where they are. Sure, some are extremely lucky, however, many created their own luck through risk taking. The top 10% of income earners pay 70% of all federal income taxes. Some are so rich that on top of all the taxes they pay, they even start independent foundations or grants in higher education to help everyday people get ahead.

THE PURPOSE OF TRYING OUR VERY BEST