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Blogger Profile


Dave

Blog Info

Name:
The Rich Fool
Category:
General Finance
Tags:
Generosity, saving, spending, budgeting, parenting, investing, financial independence, faith
Start Year:
2018

Blogger Bio

Net worth:
$780,000.00
Location:
Chicago, Illinois , United States
Age:
30s
Race:
White
Gender:
Male
Life stage:
DIK (Dual Income, Kids)
Profession:
Marketing Executive
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Latest Blog Posts

A personal spending limit – a self-imposed annual consumption cap or “salary” – limits lifestyle inflation, directs extra income into higher saving and giving rates, and leaves less room for empty consumerism. It’s a money guardrail that focuses spending on basic needs and fulfilling discretionary expenses, and it leaves much less room for empty consumerism. For now, I’m setting an annual spending finish line of $100,000, with the goal of ...
Posted: Oct 21 2018 @ 2:30 PM
When it comes to generosity, “greatness” requires us to see a need and immediately meet the need, without regard for social standing or our own desires. If we want to live more generous lives, we should imitate children, who view the world through a filter not yet corrupted by their own ambitions and fears. My son’s response to a homeless man reminded me of our tendency to over-complicate giving, and ...
Posted: Sep 09 2018 @ 7:24 PM
There’s one significant difference between the prosperity gospel and what the Bible really says about material rewards. While the prosperity gospel encourages people to give more so that they can get (and spend) more, God really provides more so that we can give more. It’s a subtle but hugely important distinction that hinges on motivation and heart. The post Here’s How the Prosperity Gospel Really Works appeared first on The Rich ...
Posted: Jul 30 2018 @ 8:43 AM
On this Father’s Day, I wanted to better understand how stay-at-home dads get over the psychological barrier of not being traditional breadwinners. In interviews with friends, I found a common theme in their stories: To take the bold step of becoming a stay-at-home dad, a husband must believe in his wife. It’s only when a husband sees the full potential of his spouse can he feel confident enough to leave ...
Posted: Jun 17 2018 @ 6:40 PM
Although I write a lot about charitable giving on The Rich Fool, a generous life calls for more than monetary donations. A good friend reminded me recently that charity is just one "currency of generosity" — and perhaps the easiest one. If you want to grow in generosity, it's critical that you stretch outside your comfort zone and give in new ways. Here are the six currencies of generosity. The post Beyond ...
Posted: Jun 06 2018 @ 1:36 AM
Retirement planning advice often recommends saving as much as possible, including maxing out 401Ks. But we turn into rich fools when we aimlessly accumulate more wealth without a plan or purpose. Like other financial goals, we should approach retirement intentionally with a specific goal in mind. That should include a financial finish line that guides contributions. The post Why Maxing Out Your 401K Might Be Foolish appeared first on The Rich ...
Posted: May 22 2018 @ 12:03 AM
To celebrate the first anniversary of my journey of generosity, let’s play a personal finance game. I call it “Financial Independence vs. Radical Generosity.” In this article, I’ll weigh the costs and benefits of a $10,000 charitable donation against the impact the same dollar amount would have had on my personal finances. Through this exercise, I show that it’s possible to make room in your budget for generosity and not ...
Posted: May 07 2018 @ 11:29 AM
My son came home from school a couple weeks ago with an urgent request: We must go to Toys R Us now before the store closes. He doesn’t understand why the retailer is going out of business or what a liquidation sale means — only that the toys will soon disappear. My son's plea taught me this about the psychology of spending: Sometimes we make financial decisions that lack rationale, ...
Posted: Apr 24 2018 @ 11:25 PM
Radical generosity is a journey that starts with small steps, and I don’t want to ever make it feel impossible. It's an attainable personal finance goal, regardless of income, but it requires vision and an intentional approach to budgeting that creates room for increasing levels of giving over time. Here’s how you can make room for charitable giving in your budget and climb the ladder of generosity. The post Charitable Giving ...
Posted: Apr 14 2018 @ 10:57 PM
The first time my son asked whether we’re rich, my wife and I sheepishly deflected it and mumbled something about being middle class. But I felt guilty about that answer, like we were lying. At that moment, I realized that we are rich. And we need to own that. The next time he asked, I confessed: “Yes, son. We are rich.” The post ‘Daddy, Are We Rich?’ Yes, Son. appeared first ...
Posted: Apr 06 2018 @ 12:12 AM

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