Commentary In the National Income and Product Accounts (NIPA), savings are established as the difference between disposable money income and monetary outlays. Disposable income is defined as the summation of all personal money income less tax payments to the government. Personal income includes wages and salaries, transfer payments, income from interest and dividends, and rental…
Maids and Nannies and Social Security
Sometimes I think my wife and I are the last middle-class couple in the country who haven’t hired a maid to clean the house. I know we’re the last couple in our neighborhood who are “maidless.” Every week, up and down our block, I see maids pulling up to houses, getting out their vacuums and…
7 Success Habits of Wealthy Individuals
February 16, 2022
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Habit is defined as behavior repeated so often it becomes almost automatic. I am in awe of the power of habit. It’s a force to change your life, and it’s available to anyone no matter the situation or the circumstances. For five years, author Tom Corley observed the daily habits of the rich and the…
8 Essential Tips for Dealing With City Hall
Dear Monty: We bought our home in 2018. My mother purchased the plot directly behind our property and built herself a home. Keeping the two properties separate was strategically decided to take advantage of her homestead exemptions and freeze her property taxes. We did entertain early on combining both properties under our homestead. The original…
Is It a Loan, or Is It a Gift?
Dear Dave, We have $15,000 in credit card debt. My husband works very hard, but only makes about $25,000 a year. We’re also living in a very old trailer right now, and I stay at home with our newborn. My dad told us he is willing to pay off our debt if we agree to…
Be Patient, Find Your Path—and Forget About Student Loans
Dear Dave, My husband and I are 30, and we are on Baby Step 2. He wants to go back to school and become a social worker. He currently makes about $20,000 a year as a teacher’s assistant, and he wants to take out student loans to do this. He already has an associate’s degree,…
Repeat After Me: ‘SSI Is Not Social Security’
If I had a million dollars, I’d buy commercial time at the upcoming Super Bowl and run an ad that would say, in big bold letters, “SSI is not Social Security.” I have written dozens of past columns about this topic. But I’ve just got to do so again. It seems to me that just…
America’s First Experiment With Paper (Fiat) Money
George Washington—surveyor, farmer, soldier, and statesman—never thought of himself as an economist, but experience taught him a great deal about fiat (unbacked) paper money. When the Congress foisted it on his Continental Army and tried to pay for food with it, his men suffered privation. By contrast, the nearby British ate well because they paid in…
5 Variables to Consider When Saving a Home Down Payment
Dear Monty: Our New Year’s resolution for 2022 is to save up a down payment to buy a home. We are not clear how much money we need for a down payment. We both have suitable stable employment and have rented since we married over four years ago. Now we want to start a family….
How Much Dirt, and How Much House?
Dear Dave, My wife and I own a small catering business. We have a few big corporations as clients, and our company has been very successful over the last two or three years. Now, we are planning to build a house. I was wondering what you think about how much should be spent on the…
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