Happy Tuesday, HTM Family!!!

Who wants to hang out later this week, drink some beers, and chat about money/life/travel with us???… 🙋‍♀️🙋‍♂️🍺🍺

Well, this Friday we’re headed to Inner Voice Brewing for a little HTM meet-up! Come join us for a couple pints, all are welcome — it’d be great to meet you!

Address: Inner Voice Brewing, 308 W Ponce de Leon Ave, Decatur, GA 30030
Day/Time: This Friday, September 15, from 4pm - 8pm

We hope to see you there! And if not, maybe another time in the future? (we’ll be in New Orleans in mid-October for another event if you’re around 😉)

OK, onto the money stuff! 👇👇👇

TO DO

Don’t Walk Into Any Stores 🙅‍♂️🛍️

Browsing leads to buying. If you want to cut down on your buying, cut down on browsing 👀!

Shops, supermarkets, and department stores are all designed to be perfect buying environments. The music, the displays, and even the smells have been carefully selected to encourage spending. Avoid at all costs!

Your challenge this week: Don’t walk into any stores. AND, log out of your Amazon account, or any websites you frequently buy from. Just by making it harder to log in, that in and of itself will discourage buying stuff you don’t need and you’ll end up saving more of those hard-earned dollars! 💪

MINDSET

Getting “Rich” vs. Growing “Wealth”

Which would you prefer…

a) Having a $1M per year salary, but only a $100k net worth…

or

b) Having a $100k per year salary, with a $1M net worth?

We often use the words rich and wealthy interchangeably... But they have different connotations when we speak and think about them.

And the reason it’s important to understand the difference is that the pursuit of “getting rich” can often derail the achievement of “becoming wealthy.” Our mindset bleeds into our actions.

Things often associated with getting rich:

• Conspicuous consumption on stuff like fancy cars, clothes, jewelry, mansions- AKA, depreciating assets

• Having a high income

• Working for money to support even more consumption

• Looking for ways to get richer, quicker… making it more likely to fall into scams or make riskier moves with money.

Things often associated with building wealth:

• Buying appreciating assets, like rental properties or stocks/bonds

• Having a high net worth

• Making money work for them, even small amounts

• Practicing mindful spending, without keeping up appearances

• More time freedom, less financial anxiety

• Taking calculated and well-thought-out financial risks for long-term financial success

Overall, building wealth takes intention, planning, and is more sustainable in the long run. It’s not about how much you earn — it’s about how much you keep, and grow.

Don’t get me wrong — high salaries are awesome! Earning more is a great goal to have. But it shouldn’t be the only goal, because money has a funny way of leaving just as fast as it arrived. 😬

Just a reminder to keep your eyes on the real prizes in life —> time wealth, retiring stress-free, and having abundance to help others.

Related stuff:

• 💻 Full HTM Blog: Getting Rich vs. Building Wealth

• 📖 Real Data:  The Millionaire Next Door, book by Thomas J Stanley

• 🕥 Time > Money: HTM Episode 719 w/ Ben Miller

TOGETHER WITH MINT MOBILE**

Mint Mobile — All Plans $15/month 📲

We love Mint Mobile! And their sign-up promo right now is a great deal —> your first 3 months for $15/month!

Even without the promo, Mint still has the lowest cell plan prices that can save you money each month. And those tiny savings add up to HUGE amounts over time.

If you’re not in a contract right now and paying over $30 for your cell plan, definitely check out Mint!

CARS

Risky, Longer Loan Terms 🚘 🙅‍♂️

Today’s chart comes from a recent Consumer Reports post about auto-financing. Specifically, they talk about how rushing into an 84-month car loan isn’t a great idea, despite the lower monthly payments.

Here’s a comparison showing how much more interest is paid based on the loan length. 👇👇👇

It’s no secret that the longer you borrow money, the more things cost…

But, longer loans actually carry another hefty downside: Being underwater for more years.

Since many vehicles depreciate faster than you can pay down loan principal over 6-7 years, you’ll carry negative equity for a longer time. This adds more financial risk in the case you ever want or need to sell, trade-in, or if (heaven forbid) your car is heavily damaged.

Something to think about if you’re in the market for a new ride. Loans on depreciating assets should be paid off ASAP.

And while we prefer that you pay with cash, a good rule of thumb to stick to is the 20/4/10 Rule. Make sure you have a 20% downpayment, no longer than a 4-year loan, and spend no more than 10% of your budget on vehicle expenses.

Related stuff:

• 🚗 Depreciation Calc: Check out this calculator. It’s mind-blowing how quickly cars lose value!

• 💻 HTM Blog: All the hidden costs of car ownership

ICYMI

Buzzing around the interwebs...

Airbnb 🚫
New York City just passed a law that heavily restricts how short-term rentals can operate, effectively banning Airbnb, VRBO, etc. Going forward, to be a legal short-term rental, hosts must now a) live in the place they are renting out and b) be present while they have a tenant.

Health Insurance 📈
Sadly, it looks like health insurance costs are going to take a ~6.5% increase in 2024. As with any anticipated expense hike, get ahead of it and start building it into your budget. It’ll make things easier to manage next year!

Buy v. Rent 🏡
A cool chart via Visual Capitalist tracking the monthly average cost to buy a home vs. rent in the US over time….. “With home prices and mortgage rates both rising, the U.S. is now witnessing the biggest numerical gap in the monthly cost between owning a home and renting in over 50 years.”

AI Adoption 🤖
Most of y’all have heard of Chat GPT, but according to the latest poll data, only 18% of adults have actually tried using it! Pretty interesting, considering how many industries chatbots might actually disrupt 😬

FRIENDS OF HTM

Alex Carter — Negotiation Expert

If you’re one of those people who feels awkward when it comes to negotiating things (especially your salary!), then Alex Carter may be able to help!

Outside of being a professor at Columbia Law School, Alex is a negotiation coach, teaching folks to realize their real worth — and helping them ASK for it!

We had an awesome chat with Alex on episode 649 about getting paid what you’re worth. And you can check out her Insta, website, and latest book here!

And DONT’ FORGET: grab a beer with us this Friday at Inner Voice, 4-8pm!

Best friends out 🍻