Showcase: Getting Rich vs Staying Rich

In the Plutus Awards Showcase, the Plutus Awards team and Apex Money highlight the best financial articles, podcast episodes, and videos from around the web each Friday. To submit an items you’ve written, created, or discovered, submit a request for consideration.

Hey Plutus Family, the submission period is now open for the Plutus Foundation Spring 2023 grants! If you have a community-based project around personal finance that needs funding, please apply here.
Also, spread the word! The deadline to submit your grant application is March 13th.
Here’s what we wanted to share with you this week.

Everyone Says I Need a Roth IRA. Do I really? [Women Who Money] — “What could be more attractive than being able to salt away thousands of dollars each year, have that money grow over decades free of tax, and then withdraw both what you contributed and what you earned in dividends with no tax liability at all?”  (Submitted by Tarsha.)

Do you Have a Treasure Map? [Wallet Hacks] —”The Treasure Map is the qualitative explanation of our financial setup. It is a Word document that explains the purpose of each account, the point of contact, and how each of the pieces fit together. Our treasure map starts with our financial map – which is a drawing of how our accounts are interconnected. Together, they give you a complete picture of our finances.” (Submitted by J. Money.)

The Mystery of the Disappearing Vacation Day [Washington Post] – “Did you know that Americans are about half as likely to be taking vacation in any given week as they were 40 years ago? Neither did we! When we spotted this alarming trend in an obscure government time series, our eyebrows shot up so far our ears popped.” (Submitted by Jim Wang.)

Getting Rich vs Staying Rich. [Fi Physician] — “Once you are rich, you aim human capital towards staying rich. While you should keep some concentration going (do what you love or what you are good at), it is also time to take some cards off the table. You’ve got to stay rich, too.” (Submitted by Tarsha.)

Defying Financial Gravity: Achieving Your First $100,000 [Financial Imagineer] – “Reaching a lofty financial goal such as achieving your first $100k or $1 million is much like defying financial gravity and rocketing into orbit. Just as it takes an immense amount of energy to break free from the gravitational pull of Earth and launch into space, so too does it take a lot of hard work, discipline, grit, and dedication to reach the milestone of your first $100k.” (Submitted by Jim Wang.)

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