How to Live Like a Local…in Paris

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How to Live Like a Local in Paris, France: A Financial Planner’s Guide to Adventure

Paris, the City of Light, is known for its world-class art, cuisine, and culture. But to truly experience the magic of Paris, you need to live like a local. Not only does this provide a more authentic experience, but it can also be more financially sustainable, which is a priority for our financial planning clients. Here’s a guide to living like a local in Paris with a touch of adventure, while keeping your budget in check.

Navigate Paris Like a Parisian

One of the best ways to explore Paris is on foot or by using public transportation. Parisians often walk or bike around the city, especially in pedestrian-friendly areas like Le Marais or the Latin Quarter. Renting a Vélib’ bike is a great option for getting around efficiently and affordably. For longer journeys, the Paris Metro is fast, cheap, and easy to navigate. A weekly or monthly Navigo pass can save you money compared to purchasing individual tickets.

Explore the Neighborhoods Beyond the Tourist Spots

While the Eiffel Tower and Louvre are iconic, living like a local means venturing into Paris’s unique neighborhoods. Montmartre offers cobblestone streets, art galleries, and an authentic bohemian atmosphere. Definitely visit the Sacré-Cœur Basilica at the top of Montmarte and take the short tram from the front steps down to a delicious streetside crepe.  My family loved this excursion!  Le Marais, with its narrow medieval streets, is home to fashionable boutiques, quaint cafés, and hidden courtyards. Canal Saint-Martin is a favorite among Parisians for picnics and strolls along the water.

For a true local experience, spend time in lesser-known districts like Belleville, known for its vibrant street art and multicultural food scene, or the 11th arrondissement, where you’ll find affordable restaurants and a relaxed, authentic vibe.

Shop at Local Markets

One of the most enjoyable ways to live like a Parisian is by shopping at local markets. Rue Mouffetard, in the Latin Quarter, is a historic market street with fresh produce, cheeses, and bread. Marché d’Aligre in the 12th arrondissement is a bustling market where you can find everything from gourmet foods to second-hand treasures.

Shopping at markets not only supports local businesses but also offers a budget-friendly way to enjoy the best of French cuisine. Grab some fresh baguettes, cheese, and a bottle of wine for a perfect Parisian picnic in one of the city’s many parks.  The amount of Fromageries in Paris will make a cheese lover’s heart melt!

Enjoy the Green Spaces

Paris is home to beautiful parks and gardens where locals spend their weekends relaxing. The Jardin du Luxembourg is a favorite for its tranquil atmosphere and stunning landscapes. For something off the beaten path, visit Parc des Buttes-Chaumont in the 19th arrondissement, one of Paris’s largest parks, complete with waterfalls, cliffs, and stunning views of the city. Parc Monceau in the 8th arrondissement is another gem, offering a peaceful retreat surrounded by elegant townhouses.

Eat Like a Parisian

Dining in Paris can be pricey, but there are ways to eat like a local without overspending. Skip the tourist traps and head to neighborhood bistros and brasseries where locals dine. For an authentic Parisian experience, visit a fromagerie (cheese shop) and boulangerie (bakery) to assemble your own meal. Enjoy a simple, yet delicious picnic by the Seine or in one of Paris’s parks.

For those looking to experience Paris’s diverse culinary scene, explore the affordable eateries in neighborhoods like Belleville or the 10th arrondissement, where you’ll find cuisines from around the world. Don’t forget to visit the pâtisseries (pastry shops) to treat yourself to a croissant or pain au chocolat.

Take Advantage of Free Cultural Attractions

Many of Paris’s most famous museums offer free entry on the first Sunday of every month, including the Louvre and Musée d’Orsay (one of my favs). Additionally, some of the city’s most beautiful landmarks, like Notre-Dame and Sacré-Cœur, are free to visit. Wander the streets of the historic neighborhoods like Le Marais and the Latin Quarter, soaking in the city’s architecture and charm without spending a euro.

Another way to experience local culture is by attending free events. From outdoor film screenings in the summer to seasonal festivals, Paris offers numerous opportunities for entertainment that won’t strain your budget.

Live Like a Local, Plan Like a Pro

Living like a local in Paris means embracing the city’s slower pace, savoring simple pleasures, and avoiding the touristy spots in favor of authentic experiences. As financial planners, we understand that your travel adventures shouldn’t come at the expense of your financial well-being. By making smart choices, from using public transportation to shopping at local markets, you can enjoy the best of Paris without breaking the bank.

Financial Tips for Adventurous Paris Travelers
  • Set a Daily Budget: Paris can be expensive if you’re not mindful of your spending. Set a daily budget for meals, transportation, and activities to stay on track.
  • Accommodation: Consider staying in short-term rentals or chambres d’hôtes (bed and breakfasts) instead of pricey hotels. This also gives you the chance to live in authentic Parisian neighborhoods.
  • Local Banking Options: If staying for a longer period, consider opening a local bank account to avoid foreign transaction fees.
  • Use Public Transport: The Navigo pass is cost-effective for public transport, and Vélib’ bikes are an affordable, fun way to explore the city.

By following these tips, you can experience Paris like a local and make your trip both memorable and financially smart. Paris is a city for dreamers and adventurers alike, and with the right approach, you can explore its wonders without overspending.

Less is More in Election Years

I am getting tons of questions right now (and every 4 years historically) about what does the election cycle mean for my investments and what should we do to ‘protect’ ourselves.  These are legitimate questions coming from an honest place of concern about important matters.  My answer has been pretty consistent now for over 20 years, but I could not write this any better, so I’m going to leave this to an expert.  This is a must read from Dr. Daniel Crosby, Chief Behavioral Officer with Orion.  He is a psychologist and behavioral finance expert with a New York Times best seller.

 

 

As the 2024 election approaches, the political noise is deafening. Campaigns are in full swing, pundits are making predictions, and market analysts are offering endless advice on how to manage your investments. However, the best strategy for your portfolio during this tumultuous time might surprise you: do nothing.

In times of great political and economic uncertainty, the instinct to take action can be overwhelming. This tendency, known by shrinks like me as “action bias,” is the inclination to favor action over inaction, especially when the stakes are high. It’s a concept that’s particularly relevant in the world of investing.

Consider the world of soccer, where goalkeepers, faced with penalty kicks, often dive dramatically to the left or right. A group of researchers examined 311 penalty kicks and found that goalies dove to the left or right 94% of the time. However, the kicks were distributed roughly equally: one-third to the left, one-third to the right, and one-third down the middle. Goalkeepers who stayed in the center had a 60% chance of stopping the ball, far greater than the odds when diving left or right.

So why do goalkeepers choose dramatic dives over the more effective strategy of staying centered? When we put ourselves in the shoes (or cleats) of the goalie, especially in high-stakes situations, the reason becomes clear. When the game and national pride are on the line, goalies want to appear as though they are giving a heroic effort. Staying centered can look like complacency, even though it’s statistically the best choice. This same dynamic applies to investors who, in times of market distress, feel compelled to act, even when inaction would serve them better.

When Vanguard examined the performance of accounts that had made no changes versus those that had made tweaks, they found that the “no change” condition handily outperformed the tinkerers. Meir Statman cites research from Sweden showing that the heaviest traders lose 4 percent of their account value each year to trading costs and poor timing and these results are consistent across the globe. Across 19 major stock exchanges, investors who made frequent changes trailed buy-and-hold investors by 1.5 percentage points per year.

Perhaps the best-known study on the damaging effects of action bias also provides insight into gender-linked tendencies in trading behavior. Terrance Odean and Brad Barber, two of the fathers of behavioral finance, looked at the individual accounts of a large discount broker and found something that surprised them at the time.

The men in the study traded 45 percent more than the women, with single men out-trading their female counterparts by an incredible 67 percent. Barber and Odean attribute this greater activity to overconfidence, but whatever its psychological roots, it consistently degraded returns. As a result of overactivity, the average man in the study underperformed the average woman by 1.4 percentage points per year. Worse still, single men lagged single women by 2.3 percent – an incredible drag when compounded over an investment lifetime.

The tendency of women to outperform is not only seen in retail investors, however. Female hedge fund managers have consistently and soundly thumped their male colleagues, owing largely to the patience discussed above. As LouAnn Lofton of the Motley Fool reports, “…funds managed by women have, since inception, returned an average 9.06 percent, compared to just 5.82 percent averaged by a weighted index of other hedge funds. As if that outperformance weren’t impressive enough, the group also found that during the financial panic of 2008, these women-managed funds weren’t hurt nearly as severely as the rest of the hedge fund universe, with the funds dropping 9.61 percent compared to the 19.03 percent suffered by other funds.”

As the 2024 election unfolds, resist the urge to make dramatic changes to your portfolio. Remember, sometimes the best action is inaction. By staying the course and avoiding the pitfalls of action bias, you can protect and grow your wealth, regardless of the political landscape.

Source: The Laws of Wealth, Crosby