Budgeting & Savings

The Ideal Number Of Banking Relationships To Feel Safe And Secure

After the collapse of SVB and Signature Bank, I decided to review our existing banking relationships and see if we are well positioned to weather another potential bank run. I also wanted to share with you the ideal number of banking relationships to have to feel safe and sound. When I first started Financial Samurai […]

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How To Prepare For Another Bank Run As The Contagion Spreads

Sadly, Silicon Valley Bank (SVB, $SIVB), the 16th largest bank in America at the end of 2022, experienced a bank run. Now the contagion has spread to other regional banks such as First Republic Bank, Signature Bank, Zions Bancorp, PacWest, Comerica, and Charles Schwab. Even the largest banks were getting hit as well. Ultimately, The

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Minimalism And Early Retirement Go Perfectly Together

Minimalism and early retirement go together like peanut butter and jelly. Each item compliments the other. Minimalism helps get you to early retirement sooner because you are lowering your cost structure. Early retirement makes you want to simplify life so you can remain retired and enjoy your time more efficiently. Since 2012, I’ve worked on

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Americans Can Save A Lot Of Money If We Want To, Don’t Worry!

During the pandemic, we learned that Americans can save a lot more money if we want to. Take a look at the historical American personal saving rate chart according to the U.S. Bureau of Economic Analysis and the St. Louis Fed. After lockdowns began on March 18, 2020, the U.S. personal saving rate skyrocketed from

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Treat All Investments As Expenses If You Want To Grow Richer

Some people who critique my various budget charts are annoyed I list retirement contributions and investments as expenses. Therefore, I thought I’d explain my logic in this post. Once you start treating your retirement contributions and investments as expenses, you will begin to build much more wealth than the average person. And once you build

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Being Called Overly Frugal Or Cheap Means You’re On The Right Track

Recently, I was told by a producer of a certain podcast that I was being overly frugal. This comment came after an interview covering my upcoming book, Buy This, Not That was done. I had thanked her over e-mail, pointed out a spelling error in my name in the show notes, and also asked her

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Mortgage As A Forced Savings Account To Build Wealth

A forced savings account will help make you rich over time. It forces you to save versus relying on your own discipline to do the right thing. A mortgage is exactly this, a forced savings account where the homeowner pays down principal each month and builds equity. Every month you pay your mortgage means a

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Perpetual Failure: The Reason Why I Continue To Save So Much

One of the reasons why I continue to save so much is that I’m a perpetual failure. I’ve made so many mistakes in my life that I need a financial buffer to constantly bail me out. A landmine-filled upbringing has also embedded in me the necessity to save. If it’s not an investment mistake, it’s

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Keep Your Donations A Secret: Giving Time And Money Is Personal

Practicing Stealth Wealth is the act of keeping your overall wealth a secret. It helps with keeping haters at bay and your family safe. For your well-being, it’s much better to blend in with the majority than stick out when it comes to your finances. When it comes to money, people have all sorts of

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Can Your Lifestyle Inflation Keep Up With Investment Inflation?

Making sure lifestyle inflation never gets ahead of our income and wealth inflation is a core fundamental in personal finance. Ideally, we want to widen that gap between income and expenses so that we can one day live free. However, what if you are already living free? Or what if your investment returns are so

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