Star-cross'd Debtors

Pardon the long wait, Dear Readers, but the last few months have been pure insanity, causing my #coNTenT creation to drop off a cliff (at least I was able to release a few podcast episodes). Alas, summer vacation is over and I’m finally back to a (somewhat) normal routine. So let’s pick up where we left off in June…

WHAT’S NEW

After a three-year pause, student loan payments are once again in effect for millions of shell-shocked Americans.¹ Interest is accruing, due dates are looming, and borrowers are scrambling. Adding insult to injury, the transition from forbearance to “F- you, pay me” has been anything but straightforward.

From what I’ve seen, both first-hand with my clients and in the papers, it’s nothing short of chaos. A corrupt government, incompetent administrators, opportunistic scammers, and woeful debtors. It’s downright Dickensian. Nay, it’s Shakespearean, worthy of immortalization by a master playwright.

As it happens, I’ve been reading a lot of poetry lately² (not my usual cup of tea, but I’m enjoying it). And so, in honor of the Bard himself, what follows is a ham-handed attempt at iambic pentameter, in the style of a true CFP®.³

In lofty halls where wisdom's torch doth burn, 
And scholars strive their minds to earn, 
I borrowed gold to grasp a brighter fate, 
Yet now I bear this cruel weight.

In yonder days, when hearts were free, 
Three years did pass, a break from usury, 
But now I stand, debts due once more, 
A burden relaid upon the shore.

Through Biden's plan, forgiveness did aspire, 
But it failed to cancel loans entire, 
On to the courts, I voice my plea, 
Grant me grace from this relentless fee.

Oh, cruel lenders, with your interest sown, 
You claim my future as your very own, 
With every stride, I earn my keep, 
But tuition bills still haunt my sleep.

Let mercy reign, let my debts be eased, 
So I may find my accountant pleased, 
Though plans have faltered, hope still stays,
That these cursed loans will fade away.

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MONEY READS

👉🏼 Never Look Down the Road Not Taken by Nick Maggiulli

“Life is filled with challenge, risk, and volatility. Yet, living in the past removes all of that. It smooths the edges of existence until existence ceases to exist.”

👉🏼 The Capital Asset Pricing Model: Risk, Reward, and Reasons by Byrne Hobart

“And one fun implication of this is that the best returns accrue to people who think they're less skilled than the average stock picker, but skilled enough that they shouldn't leave the whole process up to Standard & Poors.”

👉🏼 The Upside to Delayed Success by Jack Raines

“Success and failure are interesting because they can’t be fully explained by some third party. They have to be experienced to be understood. This is especially true with money.”

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RECOMMENDATIONS

📖 BOOK: Pachinko by Min Jin Lee

After a fairly slow first half, the story — which follows a Korean family for seven generations — comes alive in the second. Beautifully written with very little fluff, it also taught me a lot about the last 100+ years of Korean history. Four out of five stars.⁴

🎧 PODCAST: Progress, Poverty, Georgism, & Why Rent is Too Damn High

Georgism is an economic philosophy that I hadn’t heard about until recently (thanks

Kris Abdelmessih

!), but the ideas — primarily regarding the taxation of land — are very intriguing. Not gonna happen anytime soon, at least in the U.S., but intriguing nonetheless.

💽 TECH : Logitech MX Master 3S

After messing around with $15 lemons and overpriced trackpads for years, I’ve finally found the goldilocks mouse. With its ergonomic design, programmable buttons, and dead-silent clicks, it’s basically perfect. And all for a hundred bucks. My new favorite office toy.

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THE JUKEBOX

Soul, soul, and more soul. No other words needed.

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MY LIFE

A few weeks ago I went back to school — at the board, not a desk — teaching Investments 101 at a local university. This is my second stint as an adjunct professor, but the first in the Age of Artificial Intelligence. This means my job now entails shouting over the siren song of LLMs, with their alluring promises of an easy answer.

From the jump, I have to accept that the students will be using AI tools, with or without my permission. So the trick is in creating an environment where they can leverage them to accelerate, not stunt, their learning (viz. bicycle-of-the-mind). The goal is less rote memorization and more free thinking.

First thing: I’ve flipped the classroom (a concept I learned from the great Sal Khan), where the information “download” is done at home (via the textbook, videos, etc.) and the real learning (discussions, Q&A, etc.) is done in class. AI can do some amazing things, but — as far as I know — it can’t present an idea or debate current events.

I’m a few classes in and, so far, have been able to steer clear of any plagiarism issues, deftly assigning homework and projects that a computer can’t (fully) do. At least I think it can’t… I don’t know, maybe I should just ask Claude?

🤙🏼 Pura vida,

Sent with 💛 from Pittsburgh

Thanks for reading!

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Disclaimer: Nothing in this newsletter should ever be considered investment advice.

1. To everyone with student debt, I recommend getting in touch with a financial professional and/or a student loan expert.

2. With inspiration from

Melanie Jane

3. CERTIFIED FINANCIAL POET™

4. I’m almost finished with Lee’s first novel, Free Food for Millionaires, and it might be even better than Pachinko.