If you're within five or even sometimes 10 years of retirement, unless you're on one amazing career trajectory, you can only move the needle so much on your career and your earnings power over just a couple of years. The longer your time horizon, the more the contributions towards human capital matter because just literally it's such a bigger number. You are minting money for yourself every time you pay to delegate and the higher your income lifts up, the more it pays to delegate. So if you got a side gig and you're making $30 an hour, technically anything you can let go of that costs you $25 an hour or less - you are making money.
#439: There are massive rapid changes unfurling in the financial world. This week’s biggest news: First Republic Bank collapsed; JP Morgan Chase acquired it. (As it happens, I was one of 12 people who was lucky enough to have dinner with Chase CEO Jamie Dimon exactly one week ago – just days before the acquisition. I tell that story around the 8-minute mark of today’s episode.)
The Fed issued a 10th consecutive rate hike, raising interest rates another quarter of a percentage point. Inflation is still double the target rate. And public confidence in bedrock financial institutions, as measured by a regional banking index fund, is in the toilet.
I talk about these issues for the first 18-ish minutes of the podcast, and then we switch to a replay of an interview that we held with acclaimed financial advisor Michael Kitces, which originally aired as Episode 64.
Enjoy!
The interview with Michael Kitces originally aired on February 13, 2017 https://affordanything.com/64-michael-kitces-mind-powerful-money/
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