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What You Otter Know About Personal Finance

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New Economy 101

The New Economy is where we are after picking ourselves up from the Great Recession. We have a lot of new challenges as well as a lot of new toys.

We have new tech, expanded uses of artificial intelligence, and a new sense of economic order (or is it disorder/disruption?). Corporate America is even leaner than before, while drones (and disappearing industries) threaten our job security (if not our jobs). Some of our malls have gone silent as the overgrown moss spreads through the empty parking lots. But new marketplaces have sprung up to fill these cracks in the pavement.1 The game has changed (or moved to the next level, where everything gets more complicated and moves faster), and we’re changing along with it. Sometimes this is by necessity, sometimes by sprinting forward with our eyes closed and just hoping we don’t run into anything.

  • Staying in a stranger’s house or apartment instead of a hotel?
  • Hailing a ride on demand from someone’s car or driving your own car to pick up other riders?
  • Running errands for other people?
  • Renting your neighbor’s bike or lawnmower?
  • Lending strangers money in exchange for interest?
  • Finding another income stream to make ends meet or to stretch retirement dollars now that we’re living longer?
  • Taking on a side hustle because your regular job or your whole department has been—or soon will be—downsized, outsourced, off-shored, relocated, automated, eliminated, reduced, or otherwise taken off the table?
  • Using technology to help you save and invest, because tech can optimize your finances in new ways, and every dollar matters?

This is all part of The New Economy.

The old order isn’t always working, so we’re forced (or willing) to try something new. At Otterwize, we’ve broken these down into the following areas:

  • The Sharing Economy
  • Side Hustles
  • Starting a Startup
  • Fintech solutions for personal finance (here and here)

Please feel free to contribute other topics to our list. Let us know your thoughts by writing to us at [email protected].

Footnotes

  1. Eric: One of my favorite things I’ve heard is that the most successful apps are those that replace your parents when you were a kid: Cooking? Seamless. Driving? Uber. Providing a bedroom for you to sleep in? Airbnb. And the list goes on.

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Martin Luther King, Jr.’s comments on the interr Martin Luther King, Jr.’s comments on the interrelated, interdependent, and interconnected world. #martinlutherkingday #mlkday #mlkquotes #mlkday2021
Don’t forget: Estimated taxes for the 4th paymen Don’t forget: Estimated taxes for the 4th payment period for 2020 are due Jan. 15th. For more details, see: https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2 #selfemployed #sidehustle #gigeconomy #multipleincomestreams #taxpayments #taxprep #estimatedtaxes #personalfinance
Check out these figures by the Federal Reserve’s Check out these figures by the Federal Reserve’s “Distribution of Household Wealth in the U.S. since 1989” (updated 12/18/2020).  The data provide quarterly figures for 12 categories from 1989-2020.  (Note: Distributions by generation are defined by birth year as follows: Silent and Earlier=born before 1946, Baby Boomer=born 1946-1964, Gen X=born 1965-1980, and Millennial=born 1981-1996.) Even though millennials are the largest generation (as of 2019), the millennial wealth data trail the other 3 gens (see wealth by generation). To see the full data tables, go to Distributional Financial Accounts (https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/#quarter:124;series:Net%20worth;demographic:generation;population:all;units:levels). #wealthmanagement #wealthdata #infographics #personalfinance #wealthinequality #moneymanagement #householdwealth #generationalwealth #generationaldata #financialfreedom #financialindependence
Wishing you a happy and healthy new year! Here’s Wishing you a happy and healthy new year! Here’s to better times in 2021! #happynewyear2021 #newyearseve
Remember the Mastercard ad from the late 90s? (“ Remember the Mastercard ad from the late 90s? (“There are some things money can’t buy. . . .”) Spending time with your big brotha: priceless. #familytime
Merry Christmas and happy holidays from Otterwize! Merry Christmas and happy holidays from Otterwize! #merrychristmas2020 #christmaseve
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The information, data, and materials (“Information”) presented on the Otterwize website are for general informational and educational purposes only. The Information is not intended to be viewed as and does not constitute investment advice, financial advice, legal advice, tax advice, accounting advice, or any other professional advice. [Read More...]

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  • Saving
    ▼
    • Saving 101
    • Liv’n, Mov’n & Nosh’n
    • Saving Apps
    • Budgeting & Net Worth
    • Checking & Savings
    • Money Markets & CDs
    • Saving Blotter
  • Credit & Debt
    ▼
    • Credit 101
    • Give Yo’self Credit
    • Paying Off Debt
    • Mortgages
    • Personal Loans
    • Auto Loans
    • Credit & Debt Blotter
  • Investing
    ▼
    • Investing 101
    • Retirement Accounts
    • Robo-advisors
    • Advisor Look-Up
    • Opportunity Cost: Invest The Difference
    • The New 99%
    • Investing Blotter
  • Adulting
    ▼
    • Adulting 101
    • Managing Your Career
    • Housing
    • Buying or Leasing a Car
    • Insurance
    • Taxes
    • Simmering Savings
    • Adulting Blotter
  • The New Economy
    ▼
    • New Economy 101
    • The Sharing Economy
    • Side Hustles
    • Starting a Startup
    • The New Economy Blotter
  • Otter Tools
    ▼
    • Personal Finance in 9 Words
    • Roadmap to Financial Independence
    • 10 Personal Finance Rules of Thumb
    • 10-Step Financial Fitness Workout
    • Top Ten’ers