Every week I run into a few articles that I feel are especially valuable, so each Monday I plan to share some of the best with you, my readers. I hope you find them helpful.
This week’s favorites include, why paying off debt can be a life saver if you lose your job, is an $800 car really too cheap for your daughter, what happens when a 24 year-old wears a $6,000 Rolex for a month, and why it is best to claim social security at age 62.
The Frugal Physician recently told the story of how she paid off her $200k student loans in just 17 months. Many argue that we should not do this because “what if you have an emergency and you need the money?” When her husband lost his job, the question became a reality at her house. Here is what she learned about the situation in Frugality is a Life Superpower. You will love the outcome of her story. If you need more reasons to eliminate your debt, get a copy of The Doctors Guide to Eliminating Debt and start your journey to debt freedom today.
Did The White Coat Investor go too far by demanding that his 15 year old daughter choose a car worth no more than $1,000? Is this beyond frugal? Is it the right thing to do when you could afford to buy your daughter a Tesla? Check out his answers in Lessons Driving an $800 Car Can Teach Your Kid. I didn’t come from a wealthy family and my father didn’t buy me a super cheap first car, but I turned out OK. What do you think about his choice?
Some of us dream of having the nicest things. Expensive cars, houses, wedding rings, and even watches. I remember putting on a gold Rolex when I was in college and wishing it was mine. But what would have happened if I did wear such an opulent watch as a broke college student? Dennis Green found out first-hand what this was like and told us the story in What wearing a $6,000 Rolex for a month taught a 24-year-old about wealth and status. This Business Insider story really hits home about what status really looks like. Have you ever made a decision that was simply to give you more status? What was the result? Did others see you as having more status? Did it really work?
A while back I wrote a piece on why I thought claiming social security at age 62 was a good idea. The charts and graphs to back it up are in my book, The Doctors Guide to Smart Career Alternatives and Retirement. Seems I’m not alone in this thought as Dan Caplinger gives the same advice in The Motley Fool with The 1 Reason to Claim Social Security at 62 that No One Ever Talks About. Do you agree with his and my advice? What age do you plan to start collecting your social security checks?
I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting.