Blog

How financial products are like mattresses

Posted by Mike Pumphrey on February 9, 2017 | Featured

I wanted to come up with a good analogy of why a fiduciary duty is such an important regulation to have in place in our society. And it made me think of mattresses. … Read More

Tags: fiduciary, mattresses

The meaning of “fiduciary”, or why others looking out for you is controversial

Posted by Mike Pumphrey on February 6, 2017 | Featured

A “fiduciary” is a person or organization that is required to act in the best interest of another. I believe that everyone should be required to act in this way. If I’m going to work with anyone or anything in the … Read More … Read More

Tags: Dodd-Frank, fiduciary, laws, regulations

In (surprising) defense of taxis

Posted by Mike Pumphrey on January 30, 2017 | Featured

I’m writing this the night before I take off on a short trip, my first of the new year. The flight leaves at 7AM. I have Pre-Check (because of NEXUS) so I don’t need to get there all that much … Read More … Read More

Tags: taxis, Uber

Calculate the opportunity cost

Posted by Mike Pumphrey on January 26, 2017 | Featured

Opportunity cost can be defined as “the value of the choice of a best alternative lost while making a decision.“ Or, more colloquially, it’s “what you could have done if you had chosen differently.“ I’ve talked before that one should consider … Read More … Read More

Tags: flights, purchases, travel

How my 1990 Geo Prizm helped me buy a home

Posted by Mike Pumphrey on January 23, 2017 | Featured

I kept my first car, a 1990 Geo Prizm, for years longer than anyone said I should. But that decision later enabled me to buy my first home. … Read More

Tags: car, purchases

How to calculate your true account balance at the end of the month

Posted by Mike Pumphrey on January 19, 2017 | Featured

WARNING: This post contains math. How much float do you need? Well, optimally you’d have enough float such that you could cover your entire month’s expenses on day 1, just to be safe. But in general you want to have … Read More … Read More

Tags: accounts, float, math

How float can help you track your expenses more effectively

Posted by Mike Pumphrey on January 16, 2017 | Featured

Let’s talk about float. As I’ve defined it before, float is the money in your checking account that is above and beyond your paychecks. It is a cushion for your day-to-day balance changes. Having adequate float in your account is … Read More … Read More

Tags: accounts, expenses, float

Getting rid of PMI (part 2): The M stands for “misdirection”

Posted by Mike Pumphrey on January 12, 2017 | Featured

Part of a series: Getting rid of PMI (part 1): The P stands for “parasite” Getting rid of PMI (part 2): The M stands for “misdirection” Getting rid of PMI (part 3): The I stands for “I already told you” … Read More … Read More

Tags: mortgage, mortgages, PMI, SunTrust

Getting rid of PMI (part 1): The P stands for “parasite”

Posted by Mike Pumphrey on January 9, 2017 | Featured

Tags: mortgage, mortgages, PMI

Blog

How financial products are like mattresses

The meaning of “fiduciary”, or why others looking out for you is controversial

In (surprising) defense of taxis

Calculate the opportunity cost

How my 1990 Geo Prizm helped me buy a home

How to calculate your true account balance at the end of the month

How float can help you track your expenses more effectively

Getting rid of PMI (part 2): The M stands for “misdirection”

Getting rid of PMI (part 1): The P stands for “parasite”

Empathic Finance - Mike Pumphrey, AFC®

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