Where to Begin

(Read time: 5 minutes)

Good morning,

Before we jump in, I have a quick question for you:

Without further ado, your Tuesday newsletter.

Read This

The best articles I’ve read recently.

The nuts and bolts of investing (White Coat Investor)

Where bubbles come from and what to watch for (Josh Brown)

The dangers of financial media “gurus” (Ben Carlson)

Be careful of lifestyle creep (Money with Katie)

A review of the strange year that was 2022 (Kyla Scanlon)

⏳ Save 10+ hours a week… and discover the Best Business Podcasts. Get quick summaries of must-listen episodes covering a range of fascinating topics – without enduring hours of audio.

Not That

The type of shit you should ignore.

Top Wall Street analysts like Tesla & Caterpillar

Time to buy the tech rally? Pros weigh in with their top stock picks

Tips from Jack Raines, Writes YoungMoney.co

This week I spoke to financial writer Jack Raines, whose newsletter, Young Money, has over 31,000 readers.

Young Money by Jack Raines

The best finance blog you’ve never heard of. 10/10 stories, 5/10 art.


Jack is an excellent writer with unique life experience, so I’m very excited to share our conversation with you.

Here are my three favorite questions from the interview:

Cole: Any asset classes you avoid? Why?

Jack: Crypto. It’s essentially a zero-sum game propped up by a massive marketing engine, but people continue to buy, buy, buy. I think it’s a byproduct of financial nihilism: “The system is screwed, might as well throw cash at something and see if it 100x’s.”

Cole: How do you stay focused on your ideal investing strategy (index and chill), given all the noise from speculators occasionally getting big wins?

Jack: I do have the benefit of having experienced both major wins and losses on my own at an early age, so it’s easier for me to say “not again” than for someone else to never try in the first place. However, in general, it’s important to remember that for every loud victory, there are a hundred people who lost everything.

Cole: How would you describe the ideal investor temperament?

Jack: Self-aware.


Reader: I have questions about planning for the future with money. Knowing how much to put away, how much to spend on things like stocks, and how to have multiple streams of income while still working 40/hr a week.

Sorry, I know it’s a lot of questions. I am still trying to figure out where to start.

Cole: There are other great resources for learning about money, but signing up for this newsletter is an awesome start. Everyone starts somewhere. The important thing is that you’re making an effort to learn!

Now, your questions:

Experts advise saving at least 10% of your income in cash. If you don’t already have an emergency fund, start there. This is an account with 3-6 months of expenses that you hold in a high-yield savings account.

I would avoid picking individual stocks, but I would definitely invest in the greater stock market through index funds or a robo-advisor like Wealthfront. Most folks recommend investing about 15% of your income. If you can do more, that’s great.

A general rule of thumb:

Need Money in LESS than 5 Years = Save (Cash / CDs)

Need Money in MORE than 5 Years = Invest (Stocks/Bonds)

Diversifying your income is great, but it might be simpler to focus on your current job.

Depending on what you do for work, you may be able to negotiate a salary increase or speak to your manager about what you’d need to prove to earn a promotion.

Side hustles can be a good option, but making money on your own isn’t always as easy as it seems.

I’ll send you my financial planning template, which you can use to check your savings, investing, and spending levels. All you have to do is plug in your numbers, and you’ll receive feedback on the analysis page.

Want to try my financial planning template? Respond “template” to this email, and I’ll send it to you for free.

Together with beehiiv 🐝


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Millionaire renters — as in millionaires who rent their homes — popped up all over the country between 2015 and 2020.

While their ranks are still few, millionaire renters are the tip of the iceberg: The renter class is growing more affluent nationwide https://t.co/Mje5jeYGMV

— ◥◤MFA Doom (@kristoncapps)
Feb 10, 2023

“YoU haVe tO OwN yOuR HoUsE tO Be RiCh”

Your weekly reminder:

Rent is not a waste of money

If you don’t want to “pay your landlords’s mortgage” you should also stop paying your favorite restaurant’s rent by eating there (how is this different?)

Rent is the MOST you’ll pay per month

Mortgage is the LEAST you’ll pay month

If you can afford to buy your primary home, that’s excellent.

My point is that you don’t HAVE to.

As you can see above, plenty of people get rich while renting.



PS: Last week I wrote about being generous with your money. cough cough – it’s Valentine’s Day.

New here? Check these out:

You Probably Don’t Need a Financial Advisor

Should You Buy a House?

Why Cash Ain’t Trash (or King)

With Investing, Keep it Simple, Stupid

Disclaimer: This newsletter is strictly informational. It is not investment advice, tax advice, financial advice, or a solicitation to buy/sell any assets. Please do your own research. You’re an adult and you’re responsible for your own decisions. This newsletter may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links (at no cost to you).