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Financial Samurai began in July 2009 and is the leading personal finance website today with over 1 million organic pageviews a month. Everything is written based off firsthand experience because money is too important to be left up to pontification.
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Financial Samurai Newsletter September 29, 2024
Dear Financial Samurais,
I believe poverty is a significant driver of crime. When you're broke, desperation can lead to drastic measures to get by.
Back in 4th grade in Taipei, my friends and I would scrape together whatever loose change we could find at home just to buy a Big Gulp Slurpee at 7-11. Before filling up the cup with cherry Coke, we’d stuff it with as many candy bars as we could. As 11-year-old thieves, we found ways to get what we wanted because we didn’t have money.
This connection between poverty and crime is one of the reasons I’ve written consistently on Financial Samurai since 2009. If I can help more people achieve financial security, there might be less crime and a better quality of life for everyone.
So when NYC Mayor Eric Adams was recently indicted on five federal public corruption charges, I knew it was time to discuss the pervasiveness of government grift. I had already written about all the corruption happening under SF Mayor London Breed’s watch, and now was the time to dive in.
Like Eric Adams, London Breed also grew up poor. Just like it’s hard to resist a freshly baked cookie, it might be just as hard to resist kickbacks once you’ve risen to power.
Read: Government Grift As A Lucrative Way To Build More Wealth. I’d love to hear about any examples of grift in your city in the comments. I have a feeling it’s more widespread than we realize.
The Difficulty of Spending Your Own Money
On the flip side of spending other people’s money irresponsibly, there’s the challenge of spending your own money on yourself! Milton Friedman once said that it’s much easier to spend other people’s money, but when it comes to spending your own, you’re far more cautious.
Personally, I’ve found it tough to spend money on myself, while freely spending on those I care about. Perhaps you’re in the same boat? Despite saving, investing aggressively, donating to charity, and working hard, you still find it difficult to treat yourself.
Even with investments like stocks and real estate at all-time highs, you convince yourself you don’t need or deserve that splurge. The good financial habits that helped you achieve security now hold you back, even though the door to enjoying life is wide open.
Check out: The Curious Inability To Spend On Oneself, where I offer solutions to overcome this frugality disease. And given my post on government grift, perhaps the other answer is to figure out how to spend someone else’s money freely!
The Most Underappreciated Home Feature By Young People
After a recent potential carjacking incident with my 4-year-old daughter inside, I’ve been thinking more about safety. Pre-kids, I didn’t worry much. I’ve been in fights, know how to handle myself, and I’m comfortable with a knife. But with a family, it’s different.
Please note: If you’re ever in a car accident and find yourself thinking, What TF just happened?, don’t immediately pull over and get out of the car. Stay calm and take a moment to survey your surroundings. You could be walking into a setup. Your little ones are depending on you to keep them safe.
Living in a big city, I now greatly appreciate the value of owning a home in a safe neighborhood. If your local government is defunding the police or not prosecuting repeat offenders, protecting your family becomes an even greater responsibility.
One of the most underrated aspects of creating a safe, cozy home is landscaping. When I was climbing the property ladder, I didn’t think much about it. But now, I realize landscaping softens the edges of a home and creates that inviting, nestled feeling we all crave.
Read my latest post: What Creates That Cozy, Nestled Home In A Big City
To Your Financial Freedom,
Sam
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