A hundred million dollars in New York and twenty-two fish-hooks on the border of the Arctic Circle represent the same financial supremacy.
—Mark Twain

I hosted Thanksgiving in my home for the first time this year. In a rather pleasant reversal of roles, my mother assisted me in the kitchen as I prepared the feast. She spoke admiringly of my All-Clad roaster, my Le Creuset enameled cast iron pans, and my Gunter Wilhelm knives, among other things. She seemed far less impressed when the time came to set the table, though, as I pulled out the mismatched plates and silverware I had bought at Goodwill in 1998, and glasses from Dollar Tree. What’s behind this apparent contradiction?

[Click to continue...]

Image by Jeremy Brooks

My problem lies in reconciling my gross habits with my net income.
—Errol Flynn

Building wealth and losing weight are both simple in theory. There’s really only one step to each. To lose weight, simply burn more calories than you eat. That’s it. If you do that consistently, day after day, you will lose weight. You may not lose as much as you’d like as quickly as you like, but you will lose weight. Period. Nothing can change this fact — not your metabolism, genetic profile, family history, or any other excuse or rationalization you can come up with. No one can escape the laws of physics.

Similarly, if you consistently spend less than you earn, you will get richer. Again, perhaps not as quickly as you’d like, but your net worth will grow.

Simple, right? So why do so many of us struggle with both? Why are Americans the worst savers and most overweight people in the developed world? [Click to continue...]

Image by Kevin Dooley

I’ve been rich and I’ve been poor. Believe me, honey, rich is better.
— Sophie Tucker

If you were to survey a random group of people, chances are most would agree that, all else being equal, being rich is better than not being rich. Ask that same group of people what being rich actually means, however, and you’re likely to get a wide variety of answers. So ask yourself before you continue — what does “rich” mean to you? [Click to continue...]