When we begin working with a new client at Mullooly Asset Management, the first step in our financial planning process is compiling a household statement of cash flow and balance sheet. Cash flow impacts so many other areas of personal finance and investing that, without it, we’d be driving blind. As an exercise, I thought…
personal finance
The Fundamental Law of Lifestyle Inflation
From 2008 to 2011, the Katy Freeway in Houston underwent a $2.8 billion makeover with one goal: reduce traffic. Upon completion, its widest stretch of roadway had been expanded to contain 26 lanes. But as many other metropolitan areas can attest to, one more lane rarely does the trick (see LA below). In the battle…