Tweet

Bloomberg Opinion

5 Jul, 10 tweets, 5 min read

How many times have you said to yourself: “If I could only earn $X, then I’d be happy.”

It raises the question: How much money is enough to truly feel wealthy? trib.al/OLSKdYi

People’s views on wealth have changed during the Covid-19 pandemic.

➡️ In 2020 respondents said $2.6 million was needed to be wealthy
➡️ In 2021, respondents said $1.9 million was needed to be wealthy trib.al/vs5UGZF

What it takes to feel wealthy is a moving target.

Although it’s wise to think about how to grow your personal wealth, you can spare yourself a lot of anxiety by focusing on how to find contentment trib.al/vs5UGZF

There is a huge difference between earning enough to live and having your desired lifestyle.

To start thinking about feeling wealthy, determine a specific baseline income needed for you to live the life you want — within reason of what’s possible trib.al/vs5UGZF

Focus on what truly brings you satisfaction and happiness. Then you can reassess that baseline income every few years.

The coronavirus pandemic should have given us a chance to reflect on what we value most trib.al/vs5UGZF

The comparison trap is a death knell for feeling wealthy.

The problem is, we’re constantly inundated with carefully curated ads trying to sell us goods and lifestyles trib.al/YgBD9dQ

A reason you may struggle to feel wealthy is because you don’t trust it’s a lasting situation.

A dominant scarcity mentality in the financial realm is an underlying fear that everything will be taken away one day despite evidence to the contrary trib.al/YgBD9dQ

The suspicion that financial security, let alone wealth, doesn’t last can be a big part of what keeps us fixated on accumulating more and more.

And what starts out as a form of protection can turn into obsession trib.al/YgBD9dQ

One actionable step to get a handle on your scarcity mentality is to make sure you’re properly insured and prepared for any financial fallouts.

Start by making sure you’re covered with health, life, disability and homeowners insurance policies trib.al/YgBD9dQ

Remember, there’s no magic number. Even joining the double-comma club doesn’t do it for most.

A 2019 survey found only 13% of people with $1 million or more believe themselves to be wealthy trib.al/YgBD9dQ

• • •

Missing some Tweet in this thread? You can try to force a refresh

This Thread may be Removed Anytime!

Twitter may remove this content at anytime! Save it as PDF for later use!

More from @bopinion

Bloomberg Opinion

@bopinion

7 Jul

Would you spend $1.3 million on a dilapidated, crumbling house?

Someone already has. In New Zealand, one of the most unaffordable housing markets in the world, quality and price are not obstacles to the property boom trib.al/lFnLdGd

Property markets around the world are running hot in similar ways to New Zealand’s.

128 out of 150 cities saw prices rise year-on-year in the first quarter of 2021, with 43 growing at double-digit rates — more than twice the amount in the previous year trib.al/Bc1xtoH

A genuine economic recovery is underway, driven by $5.4 trillion of extra savings worldwide.

Aspiring “upsizers” are searching for space and long-term financial investments, especially among aging millennials who see a shot at outpacing rich boomers trib.al/Bc1xtoH

Read 10 tweets

Bloomberg Opinion

@bopinion

6 Jul

Singapore says it wants to back away from strict rules to combat Covid-19 and the curbs on commercial and social life that come with them.

But the reality on the ground shows a lack of conviction
trib.al/3miYoiS

Singapore returned to a lockdown-like state in mid-May. The situation has improved quickly:

🏫 Schools will resume in-person after summer break
🍽️ Larger social gatherings and dining-in are permitted trib.al/ymeOmie

Singapore wants the outward signs of being open for business, but appears unwilling to take risks to get there:

➡️ Showcase events have been shelved
➡️ An air-travel bubble with Hong Kong has gone nowhere trib.al/ymeOmie

Read 9 tweets

Bloomberg Opinion

@bopinion

4 Jul

@davidjshipley

A month after Kristallnacht, @davidjshipley’s father’s family left Berlin for the U.S.

As Jews, their time as Germans had to come to an end, to put it charitably. The family went first to NYC before settling in Oregon, a distant corner of a foreign land bloomberg.com/graphics/2021-…

@davidjshipley

Their relentless desire to become Americans, to join up with the country that had saved their lives, was brought home to @davidjshipley recently when he stumbled on Julian Shipley’s — his grandfather — study guide for his citizenship exam bloom.bg/2TDbG1o

@davidjshipley

@davidjshipley It wasn’t until the 1950s that the U.S. put in place a standardized citizenship exam.

Before then, applicants went before a judge, who quizzed them. Trick questions were forbidden, but everything else was fair game bloom.bg/2TDbG1o

Read 13 tweets

Bloomberg Opinion

@bopinion

3 Jul

The vacation housing market seems to be cooling off.

The number of mortgage rate locks on second homes increased 48% in May compared with a year earlier. Since last June, the jump had been greater than 80% each month trib.al/uP5egsl

But prospective second-home buyers shouldn't interpret the data as indicative of some big shakeout and a sign to take action

It's likely to remain a seller's market for vacation homes for the foreseeable future trib.al/uP5egsl

While some employees will be returning to the office, many will continue to have some flexibility.

And with limited labor available in seasonal towns, it will take even more time to increase the supply of homes than in the rest of the market trib.al/uP5egsl

Read 14 tweets

Bloomberg Opinion

@bopinion

1 Jul

California’s hydropower reserves are drying up in the most literal sense.

This summer, the fuel that normally stands in for water is also running lower than usual trib.al/UQVzi8s

Natural gas typically fulfills two roles for California’s power grid during the summer:

➡️ It fills in the gap left by depleted hydropower
➡️ It handles much of the state’s surge in electricity demand during the early evening trib.al/13I89vX

The premium on local gas supplies has jumped to its highest level since February.

Power stations in California and Nevada Were also suddenly burning double the amount of gas compared to the previous month as a heatwave washed over the West trib.al/13I89vX

Read 8 tweets

Bloomberg Opinion

@bopinion

30 Jun

July 1 marks a triple anniversary in Hong Kong:

➡️ 100 years since the founding of the Chinese Communist Party
➡️ 24 years since the return of the former British colony to the motherland
➡️ One year since the national security law took effect trib.al/IUvy2iL

Hong Kong’s fate has lessons for the world, not least on the fragility of a liberal way of life and institutions in the face of autocratic determination trib.al/0JZkvHg

Placid scenes around Hong Kong at the moment feed into Beijing’s chosen narrative:

The pro-democracy protests were a plot fomented by hostile foreign forces to subvert China’s socialist system, while the national security law ended the chaos trib.al/0JZkvHg

Read 9 tweets

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!