Happy 401(k) Day, everyone!
Yup, it’s a real day, and one of real importance too! Given that the bulk of American’s money is totally invested in their 401(k)s and respective counterparts. Trillions and trillions of it! (Don’t quote me on that one as I’m too lazy to research it right now, but I do know it’s a lot! ;))
So before we get to today’s goodness, make sure that the following two things are in place w/ yours:
A) That you’re getting 100% of your FREE MATCHING from your employer because it’s FREE MONEY!! Which is better than NO FREE MONEY, and especially when you don’t even notice the difference of it being deducted from your paycheck!
And B) That the money that’s sitting there is actually invested into something smart, and not ridiculous like cash or other “investments” that are sucking out your money in fees vs compounding it for you. Check out Blooom.com if you don’t even know where to start and they’ll literally log in for you and analyze/move your $$$ around where it makes better sense for you and your goals. They’re awesome, and you can find my mini-review of them here. [The link to Blooom is an affiliate link as we’re partners]
Now with that PSA out of the way, I’ve got a “Would You Rather” for you!
We haven’t done one of these in forever, and thought it would be fun to compare YOUR answers here with the ones we got when we interviewed over 200 financial bloggers for a new project over at Rockstar Finance we just launched (details in a bit).
Here’s the question below. Give it some good thinking, and then leave your answer below in the comments so we can all ogle at. It’s harder than it first seems!
“Would you rather….
Have all the knowledge from every financial book in the world
– OR –
Get $100,000 in cash money?”
Now remember, think on it for a bit before going with your gut answer! What could you do with all that knowledge?? What could you do with all that cash? Does going after one get you closer to getting the other one too? Are they both equally as important?
I initially chose “all the knowledge” myself, because of course you can then turn that knowledge into even more cash money over time, so long as you take action, but after sitting on it for a few I ended up changing my mind on it and here’s why:
If I had all the knowledge from the books I wouldn’t have a reason to read any more! Which is half the fun! And plus, $100k compounding right now means a handful more years closer to early retirement where I can then – wait for it – read more finance books! (BAM!)
Now of course, this is *current* me and not *old* me when I didn’t have 1/100th of the knowledge I do now on money, so our own journeys certainly play their part here.
Either way, mull it over for a bit as you read the next batch of words I type into the computer here, and then come back and leave your answers down below in the comments :)
Our New Rockstar Project: A Crowdsourced Report (and Directory!) of The Best and Worst Personal Finance Books as Rated by 200+ Bloggers!
Some of you may have already seen this if you’re a fellow blogger and/or follower of my sister site RockstarFinance.com (where we do a lot of curation and collaboration), but basically this week we finally launched a project I was DYING to get out and was super proud of in doing so :)
After letting the words from that killer book, Essentialism, seep in for a while, an idea finally clicked on how I could use my one unique “super power,” as they say, to really do something cool in the space. And not only cool, but also HELPFUL for our entire community!
And that was harnessing the collective minds of the financial blogging community to pump out insight on one targeted financial topic each and every month, to give us a SOLID resource from people who love and obsess about this stuff the most.
And we kick-started it with a report on the best, and most overrated, BOOKS on personal finance, as well a slew of other interesting nuggets such as that Would You Rather above as to not turn it into a snooze-fest ;) You can see a sneak peek of the report here before you click over:
But here’s the second cool thing that came out of it all – not only do we now have this nifty report to scan through, but it also gave us the ability to build out a new directory of BOOKS to compliment our Blogger directory too! So now EVERYONE can access this collective mind-meld of recommendations to better help them in their journey towards financial knowledge. Win-win all around!
So all that said, here are the two places you can now visit anytime you’re looking for a great new finance book to pick up (or ignore – hah!):
- Our new directory of the best finance books!
- Our in-depth report of all the polling data after interviewing over 200 bloggers
And again – that’s just month #1 :)
We’re already in the works of building out the next report and directory based on another focused category, and our goal here is to continue producing these 1-2 punches monthly until we either cross them all off, or more possibly bloggers get tired of answering all our questions, haha…
In either case, I’m thrilled with how our first run went, and I thank EACH AND EVERY ONE of you who participated and made this fun little idea a reality!
Getting this new project off the ground was just the burst I needed to feel energized again, so I thank you all mucho from the bottom of my heart and can’t wait to do more :)
Please enjoy your weekends out there, and we’ll see you back here on Monday for another riveting discussion on money, money, moneyyyyy!
PS: Just like 401(k) Day, that $100,000 note above is also real! It’s a $100,000 gold certificate that was used for government inter-agency transactions back in the day and since retired, bearing the mug of one handsome Woodrow Wilson. It’s also very illegal to own in a personal collection (it was never meant for the public), so if you ever see one in real life it’s either fake or you’re hanging with the mafia :) You can visit one at the National Museum of American History though!
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!