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Building A Wealth Fortress Or ‘Die With Zero’?

Building A Wealth Fortress Or ‘Die With Zero’?

 

I recently finished listening to an intriguing audiobook called Die With Zero (find it on Amazon).

The author, a successful and wealthy commodities trader, presents a bold argument: we should aim to fully spend our money within our lifetime.

His philosophy suggests that instead of focusing on accumulating assets, we should live ‘our best lives’, seek out meaningful experiences, and ultimately pass away with no financial legacy. The reward? A wealth of “memory dividends”—lasting, enriching memories for ourselves, and our loved ones.

It’s a thought-provoking concept, one that challenges my perspective.

 

 

I believe each generation is responsible for ensuring the next has a solid foundation and a protective financial safety net that can support them through life’s unpredictable challenges.

Particularly now, as we transition from what I see as the “earth epoch” into the “air epoch“—combined with the disruptive forces of a Fourth Turning (find it on Amazon)—economic and social turbulence seems inevitable.

Responsible planning today can offer essential security for future generations through these uncertain times, which may last five, ten, or even fifteen years.

So, which approach should we choose?

Are we supposed to master delayed gratification and build a lasting “wealth fortress” to protect our families? Or do we spend more freely, prioritize the experiences of today, and embrace the idea of “dying with zero”?

 

 

What Is a Wealth Fortress?

 

As a fan of role-playing games, I’ve always been drawn to castles and fortresses. The concept of a fortress represents strength, endurance, and resilience—a solid structure that stands the test of time, providing safety and protection.

In financial terms, a “wealth fortress” is a robust financial structure with a strong, enduring portfolio.

It’s built on a foundation designed to withstand life’s storms and outlast us, creating a legacy of security and stability for generations to come.

I think of myself as the third generation in a family business story. My grandfather started a company, my father and uncle expanded it, and I… studied art.

Just kidding! But as the saying goes, “from rags to riches and back in three generations.” I aim to be the generation that solidifies our family’s fortune, building something that will outlive me.

I hope that my children will become responsible stewards, preserving and growing our family’s resources for the future.

Right now, here’s what our family wealth fortress is built upon:

 

 

Now, the concept of a “wealth fortress” contrasts sharply with the ideas of the following book.

 

 

The ‘Die With Zero’ Book

 

The book Die with Zero by Bill Perkins, challenges the conventional wisdom of accumulating wealth to pass down.

Instead, Perkins advocates for a radically different approach: spending down one’s wealth during one’s lifetime to maximize life satisfaction.

 

 

The Key Ideas from Die with Zero

 

• Redefine Money’s Purpose: View money as a tool for creating rich experiences and memories, rather than as a measure of status or security.
• Focus on Experiences Over Wealth: Perkins promotes investing in meaningful moments and relationships instead of accumulating assets.
• Addressing Financial Concerns: The book tackles fears of running out of money and provides strategies to manage finances to balance living well and maintaining security.
• Real-Life Examples: Through stories and examples from Perkins’ life and those of his clients, readers gain insight into how to apply the “die with zero” philosophy.

 

 

Quick Review

 

• It’s a small book that I enjoyed to read.
• I like its essential message: Don’t forget to enjoy life, and allow yourself to ‘live a little’.
• But this only applies to people who made enough money to never have to worry about life ever again.
• For example, the author invited 25 or so of his closest family members to a boutique hotel on a remote island, with all expenses paid for. If you have that much money, it’s of course awesome to share it with others, but many folks will not be able to relate to that.

 

 

 

My Take And Key Takeaways

 

In the end, I agree with Bill Perkins’ perspective that we should create as many memorable experiences with our loved ones as we can.

Life is, after all, about the moments we share and the memories we leave behind. However, I believe it would be short-sighted—and even irresponsible—to focus solely on living for today without ensuring that our loved ones have a stable foundation to fall back on.

 

As so often, I think the balanced Golden Middle is best which is what I opt for:  Enjoy life’s richness while building a “wealth fortress” that can support our family through whatever challenges the future may bring.

By blending meaningful experiences with financial security, we can create a legacy that not only lives on in memories but also provides tangible protection and opportunities for generations to come.

Your thoughts?

 

 

 

 

Read Also

 

• The Family Bank: Secure Your Family’s Financial Future
• Is The Kohl Stock The Next Big Short Squeeze Opportunity?
• Buying The Best GenZ Stock | Trade Alert

 

 

FAQ

 

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Picture this: you’re a physician balancing a demanding career, family obligations, and constant financial decisions. Even with a high income, the goal of financial independence can feel frustratingly out of reach.

In fact, this might not even be something you need to imagine—it could already be your reality. It’s a common story among physicians: despite the hard work and good pay, finding true financial freedom can seem like a distant dream.

For many, financial independence would bring more freedom in career choices, less stress about money, and maybe even the opportunity to dive into new interests. But getting there isn’t easy. High student loans, a delayed start in earning, and intense work schedules often make managing finances feel like just another uphill climb.

But what if there was a way to make financial independence easier—without adding hours to your day? Well, AI might just be the solution that simplifies it all.

AI has already reshaped personal finance for many, offering tools that simplify everything from budgeting and debt repayment to investing and retirement planning. For busy physicians, AI can be like an automated co-pilot, taking over the manual tracking and planning that often feel overwhelming.

So, what are these AI tools and how can they help? Here’s a list. Let’s get started!

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Note: While these are general suggestions, it’s important to conduct thorough research and due diligence when selecting AI tools. We do not endorse or promote any specific AI tools mentioned here.

Understanding AI in Financial Planning

Before diving in, remember that while AI tools can be incredibly powerful, they are not a replacement for professional financial advice.

Always do your due diligence, research each AI tool carefully, and consult with a financial advisor before making major financial decisions. AI can provide valuable insights and automate many aspects of financial planning, but a human advisor brings expertise, perspective, and personalized guidance that no software can fully replace.

So, how does one make sense of AI and financial planning?

AI, or artificial intelligence, is changing the way people manage their finances by making financial planning easier, more accurate, and more personalized. In financial planning, AI refers to advanced software that uses algorithms and big data to provide recommendations tailored to individual financial situations. By analyzing trends, predicting market shifts, and automating tasks, AI empowers people to make informed decisions in budgeting, investing, or retirement planning.

In recent years, AI-powered tools have become increasingly sophisticated, offering robust solutions for nearly every part of the financial journey. Budgeting apps like YNAB (You Need A Budget) help users track expenses, identify saving opportunities, and stay on top of financial goals. Meanwhile, Tiller Money syncs with bank accounts to provide real-time cash flow insights, making it easier to stay organized and manage spending without the hassle of manual tracking.

For investment management, robo-advisors like Betterment use AI to build and manage diversified portfolios based on your risk tolerance and goals. These tools take into account factors like market conditions, investment performance, and tax optimization to keep your portfolio balanced and on track.

By automating these processes, AI allows for smarter, data-driven investment choices with minimal effort on the user’s part.

When it comes to retirement planning, AI can be incredibly helpful in projecting long-term needs. AI-based retirement calculators evaluate your income, expected expenses, inflation, and market forecasts to provide a realistic outlook on your retirement savings. FP Alpha, for example, helps financial advisors create custom retirement plans by analyzing a client’s entire financial profile and suggesting tax-efficient strategies.

Ultimately, with AI handling the analysis, data crunching, and even task automation, individuals can focus less on details and more on achieving their financial goals. Still, these tools work best when used as part of a larger strategy guided by a financial professional. Whether you’re aiming to pay off debt, grow investments, or prepare for retirement, AI can be a valuable ally—but always alongside the expertise of a qualified advisor.

How Physicians Can Use AI Tools for Financial Planning

With that being said, let’s now take a closer look at four popular tools—FP Alpha, You Need A Budget (YNAB), Tiller Money, and Betterment.

Each offers unique features and insights, but remember, they work best alongside professional advice. Here’s a rundown of how these tools work, what they cost, and some tips on making the most of them.

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1. FP Alpha

FP Alpha is an AI-powered platform designed for financial advisors to help clients develop personalized financial plans. It analyzes your financial profile, tax situation, and retirement needs, offering tailored insights to optimize your long-term strategy. Though not a DIY tool, FP Alpha can be a powerful asset if you work with a financial advisor who uses it.

According to a review from Financial Planning, FP Alpha is an AI-powered tool that helps financial advisors analyze complex documents, such as tax returns and estate plans, quickly and efficiently. By summarizing key data and generating actionable insights, FP Alpha aims to save advisors time while making advanced financial planning accessible to more people—not just high-net-worth clients. The platform’s goal is to open up comprehensive financial planning to a wider audience.

Price Range: FP Alpha is geared toward financial professionals and comes with a subscription fee for advisors, which varies based on their service model. Individual pricing may vary depending on the advisor.

Pros:

• Highly personalized recommendations for complex financial situations.
• Covers tax strategies, retirement projections, and investment insights.
• Helps advisors streamline and enhance the advice they offer.

Cons:

• Not a direct-to-consumer tool, so you’ll need an advisor to access it.
• May involve additional costs through your advisor’s services.

Best Use: Retirement Planning and Tax Optimization

If you’re working with an advisor, ask if they use FP Alpha. This tool is especially helpful for retirement planning and understanding complex tax strategies, so take advantage of its insights to align your finances with your goals. Let your advisor know about specific areas where you want deeper insight, like tax efficiency or retirement projections.

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2. You Need A Budget (YNAB)

YNAB is a popular budgeting tool that uses the “zero-based budgeting” method, where every dollar has a purpose. It’s designed to give you control over your finances, helping you track spending, build savings, and reduce debt.

Via Capterra, YNAB is a popular budgeting tool that uses a unique method of assigning every dollar a job, which helps users stay disciplined with their finances. The tool’s resources and supportive community make it easier to learn, though some find the approach takes a bit of getting used to. Overall, YNAB is highly rated for helping people reach their financial goals through better budgeting habits and spending awareness.

Price Range: YNAB costs $14.99 per month or $99 per year, with a free 34-day trial available.

Pros:

• User-friendly and highly visual, making it easy to track spending.
• Effective for building savings and paying down debt.
• Strong community support and educational resources.

Cons:

• Takes time to set up and adapt to the budgeting system.
• Requires consistent engagement for best results.

Best Use: Monthly Budgeting and Debt Management

YNAB works best if you’re willing to engage with your finances consistently. Allocate time each week to review your budget, and use YNAB’s category breakdowns to stay on top of expenses. The tool is excellent for managing monthly spending and helping you find more room in your budget for saving and debt repayment.

Tip: Set up automatic reminders to log your expenses regularly. Consistent updates are key to getting the full benefit from YNAB’s insights.

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3. Tiller Money

Tiller Money is a budgeting tool that connects with your bank accounts and updates an automated Google Sheets template to help you track expenses, income, and cash flow. It’s ideal if you like working with spreadsheets but want the process automated.

Women Who Money shares a review mentioning that Tiller Money stands out for its flexibility, allowing users to manage their finances through fully customizable spreadsheets. The platform automates data entry from bank accounts, so it’s easier to track expenses and maintain budgets. While some users find the spreadsheet approach has a learning curve, they also appreciate the control it provides over financial details.

Price Range: Tiller Money is $79 per year, with a 30-day free trial.

Pros:

• Customizable templates for budgets, debt tracking, and investments.
• Real-time bank syncing for up-to-date information.
• Flexible for users who like spreadsheet-based budgeting.

Cons:

• Requires some familiarity with spreadsheets.
• Limited to Google Sheets, which may not appeal to everyone.

Best Use: Comprehensive Budget Tracking and Cash Flow Management

For physicians who enjoy a hands-on approach, Tiller’s automated spreadsheets provide powerful tracking without manual data entry. Use Tiller to build customized templates that align with your unique goals, whether that’s monthly spending, debt tracking, or cash flow projections.

Tip: Set up a budget template that’s tailored to your specific needs, and take advantage of Tiller’s customization to track financial goals over the long term.

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4. Betterment

Betterment is a robo-advisor that uses AI to help manage investments. It builds and manages a diversified portfolio based on your goals and risk tolerance, offering tax optimization, retirement planning, and automatic rebalancing.

From an in-depth review from NerdWallet, Betterment is a user-friendly robo-advisor that automates investment management. It offers tax-loss harvesting and tools to help users set and work toward financial goals. Although some users appreciate the automated, hands-off approach, there are occasional concerns about the lack of direct access to human advisors and how market fluctuations can impact returns.

Price Range: Betterment’s Digital Plan costs 0.25% of your assets annually, while their Premium Plan is 0.4% and includes access to financial advisors.

Pros:

• Low-cost, hands-off investment management.
• Tax optimization and automatic rebalancing.
• Offers socially responsible investment options.

Cons:

• Limited control over specific investment choices.
• Premium services come with higher fees.

Best Use: Long-Term Investing and Retirement Savings

Betterment is great for hands-off investors who want a diversified, professionally managed portfolio. Set clear financial goals in the app, such as retirement or a specific savings target, and let Betterment optimize your portfolio accordingly. You can check in periodically to adjust goals or risk levels, but it largely runs itself.

Tip: Use Betterment’s tax-loss harvesting and tax-coordinated portfolio options if you have taxable accounts to help reduce your tax bill on investment gains.

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Conclusion

And that’s it! We will be talking more about other AI tools that can help with finances, but for now, I have to remind you all again.

While AI tools like FP Alpha, YNAB, Tiller Money, and Betterment can make managing finances easier and more accessible, it’s essential to remember that they’re not a substitute for professional financial advice. It’s your hard-earned money after all!

So always do your due diligence: research these tools, understand their features, and consult with a financial advisor to ensure they align with your personal financial goals. AI can provide valuable insights, automate tedious tasks, and simplify planning, but the expertise and personalized guidance of a financial advisor remain invaluable.

AI offers a supportive hand in financial planning, helping you budget, invest, and plan for retirement with less effort. Each tool has its strengths—from YNAB’s disciplined budgeting approach to Betterment’s automated investing strategies—making it easier for you to work toward financial independence. But the best results come from combining AI’s efficiency with the wisdom and experience of a qualified advisor.

Embrace these tools as allies in your financial journey, using them to complement, not replace, the guidance of a professional.

Ready to dive deeper into how AI can support your financial goals? subscribe to our newsletter for more insights, tips, and resources. And don’t miss out on our free AI resource page to explore other tools that could help you take your finances to the next level.

What do you think? Would you be willing to try these tools? Let us know in the comments. As always, make it happen!

Disclaimer: The information provided here is based on available public data and may not be entirely accurate or up-to-date. It’s recommended to contact the respective companies/individuals for detailed information on features, pricing, and availability.

IF YOU WANT MORE CONTENT LIKE THIS, MAKE SURE YOU SUBSCRIBE TO OUR NEWSLETTER TO GET UPDATES ON THE LATEST TRENDS FOR AI, TECH, AND SO MUCH MORE.

Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.

Further Reading

The post How AI Can Help Physicians Reach Financial Independence appeared first on Passive Income MD.

Hosting a Super Bowl party doesn’t have to break the bank, especially with these budget-friendly high protein meals that are big on flavor. From quick and inexpensive meals to potluck outdoor recipes, this game day food buffet has something for everyone. These football tailgate recipes include cheap finger foods for a crowd, so you can feed all your guests without the stress. Best of all, they’re party food you can make in advance, ensuring you spend more time cheering and less time cooking!

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Score with these inexpensive, healthy football food ideas that keep everyone satisfied without the splurge! With game day food you can make ahead and easy recipes for guests, this selection includes everything from budget-friendly gluten-free meals to tailgate food to feed a crowd. Featuring crowd-pleasing side dish recipes and cheap appetizers for parties, your guests will love these tasty, affordable options.

The post 20 Cheap Super Bowl Party Foods appeared first on Budgeting Couple.

Do you want to be an entrepreneur? I share 16 random lessons from entrepreneurship so that you don’t waste your time or energy on this journey.

The post 16 Lessons From 16 Years of Entrepreneurship That Will Help You Save Money and Time appeared first on Studenomics.

When it came, Donald Trump’s reelection to the White House as anarchist in chief wasn’t unexpected.

But the scale of his victory – and just how quickly the result was declared – was a surprise.

No wonder markets scrambled to recalibrate in the hours that followed.

The morning in London after the night before saw nearly all risk assets open higher. (Gold was one notable exception).

But as the day wore on, American stocks overwhelmingly prevailed.

US equities ended Wednesday broadly 2% up – and nearly 6% higher for the US small cap index.

But UK and European shares floundered. Indeed the German market closed down for the day.

Tariff-ick

To some extent the market was clearly trying to price in the now-certainty of President Trump – and hence the imminent possibility of some incarnation of his much-touted protectionism and trade tariffs.

For instance, here’s how high-end spirit makers traded over the past few days:

Source: Google Finance

You can see shares in all these companies fell 3-7% the day after the election. If Trump applies tariffs of 20-40% to French cognac, say, then Remy will sell less of it in the crucial US market. So that’s rational.

But note I’ve also included Brown-Forman – the US maker of Jack Daniel’s – alongside the European brands. And it fell too – more than 7% – the day after the election.

That’s equally rational. If the US imposes tariffs then so will its trading partners.

David Ricardo explained 200 years ago why countries do best following free trade principles.

But we live in an era where many people prefer tweets to textbooks, and protectionism and nationalism are back in fashion.

Musky smell

Imposing high tariffs will hurt global trade and make the US a little poorer than it would otherwise have been (although I’d concede the rest of the world will probably come off worse).

One reason the US will suffer is because the dollar will likely strengthen in a more fractious world. This will make US exports less competitive on the global stage, even excluding the tariff tit-for-tat.

Again, any student of economics knows this.

But Trump’s tariffs aren’t really designed to increase wealth. They are for winning votes, and for supporting his favoured industries and companies.

Here’s a striking example of the latter, pitching Tesla against the iShares Global Clean Energy ETF:

Source: Google Finance

Trump says he will roll back environmental initiatives and cut government programmes aimed at driving renewable energy take-up. This should benefit fossil fuel companies. Especially coal miners.

True, it didn’t work out that way last time, for various reasons.

But that’s the ‘Trump Trade’ view.

And here we can see iShares’ global clean energy ETF did modestly puke on Trump’s victory on Tuesday.

Yet at the same time shares of Tesla – a dominant manufacturer of electric vehicles and solar energy products – saw its largest one-day share price gain since the pandemic.

Of course Tesla’s CEO and major shareholder, Elon Musk, pretty much ran Trump’s re-election ‘ground game’ and turned his social media platform X (formerly Twitter) into an electioneering machine. Musk himself many times repeated false election fraud claims.

Given the relative performance of iShares clean energy ETF and Musk’s clean energy and transport company following the result, it seems probable the market is putting more weight on Musk’s political proximity to Donald Trump than on the fundamentals for Tesla versus other similar stocks.

Now, we could debate all day how America ‘won’ the 20th Century.

However I’d contend that a largely meritocratic and competitive capitalist system wedded to a genuine shareholder democracy played an outsized role in pulling it and its citizens ahead.

By contrast, a return to crony capitalism and the robber baron era won’t be in the interests of most Americans.

Trump 2.0: sequel fatigue

All that said, as I write – two days on from election – there are signs the initial post-Trump moves in the markets are waning.

Those drink makers rose today. Gains in Germany are about twice those logged in New York so far.

This suggests the knee-jerk post-election market move was as much a symptom of some traders being out of position and/or hedges being unwound – plus a bit of emotional tumult – than a completely sober repricing of risk and reward.

After all, the only thing we know for sure about a Trump presidency is that it will be unpredictable.

Tariffs, for example, could be implemented at a high level. Or they could just be a negotiating tactic.

The same will be true across the barrage of uncertainty we can look forward to. Whether it be the future of international relations and bodies such as NATO and the UN, to an immigrant wondering if they’ll be deported.

The possible, probable, and unthinkable will only coalesce in the months and years ahead.

Zero sum games

If we are to take Trump and his followers at their word, the election result is a mandate to pursue an America First policy of bilateral agreements, tariffs, and regulatory rollback aimed, they would say, at making America Great Again.

That America is already the richest country in the world and by far its strongest-performing economy – with leadership in most of the key industries including AI, and with by far the strongest military and nuclear stockpiles – appears not to matter to the electorate.

Maybe after the huge inflation shock of the past couple of years and the hollowing out of American hard industry over the past 30, that’s fair enough, in so far as it goes.

America is an unequal society, and while the average American is much richer and earns a lot more than the average Brit, that hardly matters to Joe Sixpack enviously eying millionaires on Instagram while he struggles to afford a home.

However Trump can’t reverse the technological progress behind so much societal change.

And even in as much as his tariffs might superficially favour certain US groups, they’ll ultimately do more harm than good. Just like last time.

As per the Brookings Institute’s assessment of Trump 1.0:

• American firms and consumers paid the vast majority of the cost of Trump’s tariffs.

• While tariffs benefited some workers in import-competing industries, they hurt workers in sectors that rely on imported inputs and those in exporting industries facing retaliation from trade partners.

• Trump’s tariffs did not help the U.S. negotiate better trade agreements or significantly improve national security.

None of this would have surprised Ricardo.

But what might have raised his eyebrows is that the country with the most globally dominant firms – the biggest winner of the global order that its grandparents and great-grandparent’s forged with their sweat and blood – would now vote against its own economic interest.

A world of pain

If the US does go down the protectionist path, then the forces of Hubris and Irony will one day have their revenge.

Little comfort for those of us caught up in the consequences, admittedly.

Indeed where Trump is correct is that the UK, Europe, and the rest of the free world has benefited enormously from US economic and military leadership over the past 80 years.

If the US retreats, we’ll feel it economically and in our politics and national security. Needless to say Britain looks particularly exposed following our own quixotic decisions of the past few years.

The US can probably coast for a couple of decades however on the momentum of its enormously successful economy.

And if this political movement endures then its leaders can find other scapegoats by the time the costs are clear.

Identity theft

Of course this election wasn’t just about economics. In part Trump’s popularity must be a backlash against the extremes of the progressive agenda over the past couple of decades.

On that note, it might surprise my usual half-a-dozen critics to hear I was noting to friends last week how the Democrats’ website flagged it was fighting for 16 groups – from African Americans to Latinos to Women – but it apparently didn’t see the white male majority among its constituents:

At a time when more American women go to college then men – including for professions such as law and medicine – while the relative earnings of men without a college degree have declined for decades, you can see this could stick in the craw, regardless of your views about the bigger societal picture.

In fact early post-vote analysis suggests many minorities voted for their candidate of choice, rather than the one supposedly prescribed to some identikit community. Lots of Latinos voted for Trump, for example.

I’m all for it. Personally I’m no fan of the extremes of identity politics. We’re all equal individuals as I see it, and while structural inequalities do still exist, an enlightened government can seek to improve things without pitting groups as victims and oppressors, and putting people into boxes along the way.

Some Monevator readers think I lean very left. However as I’ve noted many times before, my own friends think I’m the semi-acceptable face of the right.

In reality I’m that unfashionable 1990s’ middleman – economically a capitalist, but socially a liberal.

That’s because when it comes to both trade and society, I believe the same thing…

…we’re all in it together.

Born in the USA

To conclude, the political shift in the US hardly has me jumping for joy. But there’s not much I can do about it.

For at least the next four years, political risk is back on the table. Especially if you’re an investor in individual companies with any exposure to foreign markets or foreign competition.

We’ll all feel the knock-on effects. From our mortgage rates – Trump’s plans seem inflationary, which will keep US rates higher than otherwise, with consequences for our own interest rate in the UK – to our taxes. For instance we’ll probably have to spend more on defence.

I’ll leave issues such as sleeping at night with an aggressive Russia on the borders of Europe as an exercise for the reader.

Finally, comments welcome, but please focus on the economy and markets.

I know I mentioned identity politics above, but that was because leaving it unsaid would clearly only present half the story.

There’s a vast Internet out there for those who want to go down that rabbit hole.

Botty mouths

On that note, since the election, Monevator comments have been inundated with spam-like postings such as this (identity redacted):

The spam filter identifies them as such. The posters have no prior history of posting on Monevator. They are not on our mailing list. I presume Russian or Chinese bot farms are the source.

But honestly it’s sometimes hard to tell the difference between bot-spam and the bold and radical views of our one or two Blimpian readers. So I’ll delete anything not about global trade, markets, or investing with extreme prejudice for the sake of an on-topic discussion. Save your fingers!

Finally I wish America – I country I’m very fond of – and all her citizens the best of luck.

The post UK and Europe dumps on Trump appeared first on Monevator.

Our team, led by R.J. Weiss, CFP®, evaluated dozens of debt payoff apps based on our personal experiences, affordability, user experience, app store ratings, and effectiveness in helping users pay off debt successfully. After extensive research, we’ve selected our top picks for various categories: Note that the rating and review data contained in this article was collected on July 15, 2024. We update this data periodically throughout the year. Best for Keeping Track of Debt: Debt Payoff Planner Debt Payoff Planner provides a simple setup and review system to give you a comprehensive look at your debts and repayment journey. […]

The post 6 Best Apps to Pay Off Debt Faster appeared first on The Ways To Wealth.

It’s that time of year again. The air is cool and the Election is in the rear-view mirror. That can only mean one thing when it comes to personal finance: time to start thinking about year-end tax planning. I’ll provide some commentary about year-end tax planning to consider, with headings corresponding to the timeframe required […]

The following article is from regular contributor Kosmo. Yes, we’re finally moving on from the election!

It’s been difficult to miss the price increases that have hit fast-food restaurants. There was a viral post showing an $18 Big Mac combo. This wasn’t a very representative McDonald’s—it was at a rest stop in Connecticut. Restaurants in convenient locations are often more expensive than their mainstream cousins. Anyone who flies regularly has realized this since airports are probably second only to entertainment venues in terms of price.

Cleanliness can also be a concern at some counter-service restaurants.  Since there’s not a predictable turnover of tables, it can be difficult to ensure that every table is cleaned after each use.  To some extent, this is reasonable.  However, I was recently at a McDonalds and noticed that the neighboring table was littered with french fries.  That doesn’t sound terrible – but it was 9 AM.  They hadn’t served french fries since the prior evening.  The closing crew and opening crew both missed the mess.

Texas Roadhouse vs. Five Guys?

Nonetheless, fast food prices are increasing.  Here are some options at fast food and fast casual joints near me (Iowa).  All prices are before tax.

• McDonalds: Double quarter pounder with cheese combo meal: $10.29.  Want to skip the sugary soft drink?  That will cost you 59 cents more.
• Hardees: Frisco Burger Combo: $12.69.  Skipping the drink does cut this to $11.21.
• Five guys: Bacon cheeseburger, little fries, regular drink: $20.87.  You can cut the price to $17.88 by skipping a drink.
• Subway: 6-inch Ultimate BMT, chips, drink: $10.68.  $9.84 without the drink.

How does that compare to some casual restaurants?

• Local Mexican restaurant: Three hard shells tacos: $7.25 + tip.
• Chilis: OldTimer with cheese, fries, soft drink, chips, and salsa.  $10.99 + tip.
• Texas Roadhouse: 6 oz sirloin, fries, cup of chili.  $13.99 + tip.  ($11.99 before 6 PM)
• Applebee’s 2 for $20.

A few caveats:

• Adding a drink will typically add $2.50 – $3.50 at a table service restaurant.  However, I often drink water in table service restaurants, whereas I almost always drink soft drinks at fast food places.  For health reasons, I should skip soft drinks more often, but I find it difficult to avoid the temptation of the combo meal.  For the sake of comparison, I’ve listed the no-drink price for the fast food options as well.
• It’s customary to tip and table service restaurants.
• All of the meals above are the items I would most often order at that particular restaurant.

I’ve found myself gravitating more toward sit-down restaurants, particularly Texas Roadhouse.  While the food at Texas Roadhouse isn’t haute cuisine, a (small) steak, chili, and fries for fourteen bucks seems like a good deal in this economy.  Sometimes, I’ll even place a to-go order for a couple of bowls of chili ($5 each).  I like the chili and can fill it up in a bowl.  Interestingly, a to-go cup or bowl has significantly more chili than the same serving in the restaurant.

Sometimes, I’ll pay a few extra dollars to get a larger steak and save a bit for leftovers. The next day, I’ll cut the leftover steak into small strips, smother it in shredded cheddar cheese, and pop it into the microwave. Steak fromage!

[Editor’s Tip: Leftover steak becomes an easy burrito or taco. I always have fajitas and salsa on hand, as well as a can of pinto beans. I’ve been enjoying Aldi’s organic 90-second rice recently – every store probably has it in some form. It’s extremely frugal and helps me get to my fiber goals.]

Is there any hope for fast food?

Fast food has one advantage: it is (supposedly) fast.  However, many fast food places are not very fast, often with the excuse of their food being “made to order.”  The local Culvers usually has about ten cars waiting for food.  However, if you’re prepared, you can eat quickly at a sit-down restaurant.  There are times when I’ll eat solo at Texas Roadhouse.  I’ll click a few buttons to get on the waitlist before I leave home, and I’m ready to order the minute I sit down.  I create minimal work for the server and let them flip the table quickly.

One way to cut the price is to use fast food apps and coupons.  The Subway near my house doesn’t participate in any coupons, but the one near my office (45 miles away) does.  I can get that same meal for $6.99.  I can get a bacon, egg, and cheese biscuit at McDonald’s for $2.  Until recently, McDonald’s had a deal where you got two medium fries free with the purchase of 20 nuggets.

Another option is to get a value meal and add an item.  At Wendy’s, I’ll get the $5 biggie bag (small burger, fries, drink) and add a cup of chili.  This is several dollars less than a combo meal with one of the larger burgers.  Last night, that was what I intended to get, but the Wendy’s was out of chili.  I was slightly annoyed (because I was really looking forward to the chili), but that $5 biggie meal ended up being enough food for me.  Even with the added chili, the price is about $8.50.

Perhaps my favorite coupon is the $7.99 one-topping pizza at Dominoes.  Most people hate Dominoes, but I like it.  My 14 year old son and I can share a large pizza – meaning that we both ate for $8.  That’s not much more expensive that making a pizza from scratch – although my from-scratch pizza are better and definitely have more toppings.

The verdict

I believe that the fast food and fast casual niches will survive, but I do think they’ll get squeezed and could lose market share.  In many cases, they are faster than casual restaurants.  So, if you’re in a rush, counter service will be a better option than table service.  Historically, they’ve also been cheaper than casual restaurants.  As prices at counter service restaurants have increased, this price difference has shrunk or disappeared completely.  If I’m not in a hurry, and I have to choose between paying $17.88 for a burger and fries from Five Guys or $14 (plus tip) for a steak, fries, and chili at Texas Roadhouse, it’s a slam dunk.  I’ll take Texas Roadhouse every time.  [Note: despite appearances, this is not a paid advertisement for Texas Roadhouse.]

Editor’s Thoughts

It’s Lazy Man back for this section. I added a link above about how to save money on fast food in general. However, I have specifically written an article to help you save money at McDonald’s.

I’m not as fast as Kosmo when it comes to casual restaurants. I’m more likely to order a beer, but even if I order a soda, the Texas Roadhouse is going to be $20 after the tip. That’s about twice as much as the McDonald’s example. However, I almost never spend $10 to eat at McDonald’s. Usually, I’m looking to just get through lunch, so a 400-ish calorie sandwich on the value menu works for me. That’s usually about $2 or maybe $2.50 with tax. Sometimes, I have my own soda with me. If I don’t, most McDonald’s have a $1 any-size drink.

For me, it’s often the choice between taking more time and spending $20, or hitting the drive-thru for about $4. That’s enough of a gap for me.

However, I understand what Kosmo is staying here. My family (me, my wife, and two boys 10 and 11) went to a movie a month ago and had Chick-Fil-A before. I think the final price was around $60. Ouch! We can often do Applebees for about the same price or even cheaper if we time it for the half-priced appetizers. My wife and I share those and the kids still like their kid’s meals.

I think fast food places have realized that they can up the prices because they provide speed and no expectation of tipping. Personally, they serve completely different purposes. McDonald’s is food on the go and Applebee’s is for having a little family time outside the house. This leaves Subway and Chipotle in a weird spot in our house. I use them more as a treat or reward. They are true meal substitutes and not just trying to bridge the gap like a value menu sandwich.

Your thoughts

What about you, loyal readers?  Are you a fast food junkie, or prefer to sit down for a meal?  Do you have any (legal) hacks to save a few bucks on your meal?

The post Are Fast Food Restaurants Dead? appeared first on Lazy Man and Money.