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investorjunkie.com
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Mon, Jan 15, 2018 05:38 PM
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The Code of Silence We Adhere To Hi Avid investor, I have a story for you. I work out of a co-workin
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The Code of Silence We Adhere To
Hi Avid investor,
I have a story for you. I work out of a co-working space (WeWork) here in New York and have become friendly with one of the nighttime cleaning ladies. I know all about her kids, where she grew up, what her husband eats for dinner, her daily commute struggles and so on.
The other day, we were chatting about the neighborhood, and she said, "Oh yeah, I know the area you're talking about. I have a property on that block."
I said, "Oh! You own real estate?"
She said, "Yep, I have about six properties in Brooklyn and Queens; between my husband and me, we have 11 properties because he owns a few units out in Long Island."
Something wasn't adding up. I knew she had a terrible two-hour commute. I knew she'd rather be home with her kids. How much was WeWork paying her? How valuable were these properties? Her husband works...how much does he make? I wanted to know if they had mortgages on the properties. I wanted to know if the rents weren't covering the mortgages and that's why she was working a job she didn't like. I wanted to know where the money came from to buy multiple NYC properties in the first place!
But of course I didn't utter a word. I said, "Oh sweet!" and we continued chatting about the neighborhood.
In this instance, I adhered to the American Code of Silence: Do Not Talk About Money. This is the tacit agreement we learned from our parents and in school. How old were you when you took that required Personal Finance 101 class in school? Oh, that's right; there's no such thing.
So, Avid investor, I'm curious: How are you doing financially?
I ask because Investor Junkie reviewed a company called Status Money this week. Its mission is to break the money taboo. Users anonymously compare their financial profiles with others. I signed up and learned that compared to my age group:
- I have too much credit card debt (whoops)
- My student loan interest rate is very competitive
- I could be earning more interest in my online savings account
- I spend less each month on food, but more on clothing and housing.
It took me a while to figure out the dashboard (if you're reading this, Status Money, please improve your UI). But once I did, I can see the use case. If we don't want to talk about money with each other in real life, fine. But let's at least do it online and anonymously so we can figure this sh*t out.
[Check out our review of Status Money.](
If you want to see how some people go the complete OPPOSITE direction, check out these personal finance nerds who lay it ALL out on the table: [Budgets Are Sexy]( and [Gen Y the Finance Guy.](
Have a great week, ya'll!
--
Investor Junkie
Helping Make Finance Easy
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