Jacob Schroeder

“Follow Your Passion” Is Good Financial Advice

Here’s an interesting financial paradox: the less you obsess over wealth, the wealthier you will likely become. For example, Michael Batnick, Director of Research at Ritholtz Wealth Management, notes this wild investment fact: “Since 1916, the Dow has made new all-time highs less than 5% of all days, but it’s up 25,568% over that time.Continue reading ““Follow Your Passion” Is Good Financial Advice”

Why We ____ : I.M.S. 1-Year Anniversary

One year ago, I promised myself that I wouldn’t write this post. One year ago Incognito Money Scribe launched, and I vowed then not to write one of those posts about the “lessons learned after X years of blogging.” Not that there is anything wrong with them. I just never wanted this blog to focusContinue reading “Why We ____ : I.M.S. 1-Year Anniversary”

Prioritizing Goals with Death

Before his death from esophageal cancer, the hard-drinking polemicist Christopher Hitchens wrote that living with a mortal illness was to live in a “double frame of mind.” You are at once preparing for the end while taking every step you can to survive. Or, as he quipped: “Lawyers in the morning and doctors in theContinue reading “Prioritizing Goals with Death”

5 Real Reasons You Won’t Reach Financial Independence

We are not perfect, and those imperfections often manifest themselves in our finances. But never fall for the illusion that wealth is wholly dependent on your character and behavior. To explain what I mean, let me ask: Have you met the Welfare Queen? She is irresponsible and shameless, engaging in behavior counter-productive to financial self-reliance.Continue reading “5 Real Reasons You Won’t Reach Financial Independence”

How Early Is Too Early to Think About Long-Term Care?

In the discussion of the single most important financial asset — investments, pension, real estate, cash, etc. — I nominate the body. Your body is how you make a living. And in a flash or rising crest, your body can come to dictate your entire financial life. This is evidenced by the more than 80%Continue reading “How Early Is Too Early to Think About Long-Term Care?”

The Best Finance Books Might Be Fiction

To make better choices and build wealth, have you tried investing time with the works of Shakespeare? Our relationship with money is forged by experience. Why wouldn’t we then want the broadest experience possible to help us make important financial decisions? Experience by proxy is one of the values literary fiction offers. Reading can beContinue reading “The Best Finance Books Might Be Fiction”

Sell Your Hot Dogs at a Loss

How we spend money is as important as how we save it. Because we don’t express our truest selves with a 401(k) statement the way we can with a debit card. What is the meaning of money if you never happily spend it? In Kitchen Confidential, Anthony Bourdain famously wrote, “Your body is not aContinue reading “Sell Your Hot Dogs at a Loss”

How to Stop Carrying Too Much Financial Anxiety

Your heart starts racing when a credit card rep calls about a payment you accidently missed, and then you turn on the news to see the stock market plummeting 10%, so you log into your 401(k) account in a panic as you berate yourself for not saving more and then wonder whether to sell yourContinue reading “How to Stop Carrying Too Much Financial Anxiety”

The Relationship Between Money and Happiness

My happy place costs around $20, excluding tax. A few cold beers on a beach with family or friends is enough to make me feel satisfied in life. I suppose there are finer beaches than along the Detroit river, which is closest to me. But I’ve drank beers on beaches in other states and otherContinue reading “The Relationship Between Money and Happiness”