Play Your Own Game
.Play Your Own Game
May 13, 2021 by Morgan Housel
Michael Jordan said he had to reconstruct his body when he went from basketball to baseball back to basketball. Baseball favored strong arms and chest; basketball required a leaner figure with a stronger core and legs. Part of the reason Jordan’s basketball return was rusty was because he was still lugging around his baseball arms. “Looking back, I didn’t have enough time to get back to a basketball body,” he said.
Which makes sense. Different sports have different objectives requiring different skills. No one criticizes marathon runners for doing things completely differently from powerlifters, despite both being athletes. ESPN covers sports, yet no anchor pretends golf and mixed martial arts are remotely similar.
But when people use the common label “investors,” that same logic breaks down.
Play Your Own Game
May 13, 2021 by Morgan Housel
Michael Jordan said he had to reconstruct his body when he went from basketball to baseball back to basketball. Baseball favored strong arms and chest; basketball required a leaner figure with a stronger core and legs. Part of the reason Jordan’s basketball return was rusty was because he was still lugging around his baseball arms. “Looking back, I didn’t have enough time to get back to a basketball body,” he said.
Which makes sense. Different sports have different objectives requiring different skills. No one criticizes marathon runners for doing things completely differently from powerlifters, despite both being athletes. ESPN covers sports, yet no anchor pretends golf and mixed martial arts are remotely similar.
But when people use the common label “investors,” that same logic breaks down.
Someone recently asked how my investment views have changed in the last decade. I said I’m less judgemental about how other people invest than I used to be.
It’s so easy to lump everyone into a category called “investors” and view them as playing on the same field called “markets.”
But people play wildly different games.
If you view investing as a single game, then you think every deviation from that game’s rules, strategies, or skills is wrong. But most of the time you’re just a marathon runner yelling at a powerlifter. So much of what we consider investing debates and disagreements are actually just people playing different games unintentionally talking over each other.
A big problem in investing is that we treat it like it’s math, where 2+2=4 for me and you and everyone – there’s one right answer. But I think it’s actually something closer to sports, where equally smart and talented people do things completely differently depending on what game they’re playing.
What you want might not be what I want.
What’s fun to you might be miserable to me.
Your family’s different from mine. Your job’s different from mine. You have different life experiences than I do, different role models, different risk tolerances and goals and social ambitions, work-life balance targets, career incentives, on and on.
So of course we don’t always agree on what’s the best thing to do with our money. There’s no world in which we should.
To continue reading, please go to the original article here:
50 Ways You’re Throwing Money Away
.50 Ways You’re Throwing Money Away
Sabah Karimi Fri, June 11, 2021,
You probably don't realize all the ways you're wasting money and leaving free money on the table -- and these little missteps can add up to big dollar losses. Fortunately, once you're aware of these bad money behaviors, you can take steps to change them. Making small tweaks to your lifestyle and spending habits could pay off in a big way.
Throwing Money Away on Layaway
While layaway might seem like a sensible way to hold onto something you want to buy, it's not always a smart way to net savings. That's because layaway locks you into a certain price and -- if ultimately financed by a credit card -- additional interest charges.
50 Ways You’re Throwing Money Away
Sabah Karimi Fri, June 11, 2021,
You probably don't realize all the ways you're wasting money and leaving free money on the table -- and these little missteps can add up to big dollar losses. Fortunately, once you're aware of these bad money behaviors, you can take steps to change them. Making small tweaks to your lifestyle and spending habits could pay off in a big way.
Throwing Money Away on Layaway
While layaway might seem like a sensible way to hold onto something you want to buy, it's not always a smart way to net savings. That's because layaway locks you into a certain price and -- if ultimately financed by a credit card -- additional interest charges.
Not Using a High-Interest Savings Account
Having a high-interest savings account can help you grow your money and build an emergency fund more quickly than with a traditional bank account -- so if you don't have one, you're leaving free money on the table.
The average savings account interest rate is 0.09%, according to the Federal Deposit Insurance Corp., but high-interest savings accounts can offer rates that are much higher -- easily reaching over 1.00%, which is quite a difference compared to the average rate.
Trying To Time the Stock Market
When stocks are on the rise, it's tempting to think you're smart enough to know when to get in and out to make a killing. But this move is one of the worst mistakes rookie investors make.
Experts say it's nearly impossible to do this correctly every single time. After all, you need to be right twice -- when you get out of the market and when you get back in.
Ignoring Refurbished Goods
It’s easy to dismiss refurbished electronics as rejects or factory failures. The truth is, many items are returned for trivial reasons, like being the wrong color. Even then, manufacturers subject these returned projects to rigorous tests. And the difference in price between refurbished and new usually starts at 10% and can be as much as 50%.
Closing the Box on 'Open Box' Savings
A great way to save money when shopping online marketplaces such as eBay is to see if a vendor has cheaper, brand-new "open box" products, which are returned items that have been inspected and put back on shelves by retailers.
Paying Full Price for Gas
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/50-ways-throwing-money-away-220000548.html
Old-School Money Advice You Shouldn’t Follow Anymore
..Old-School Money Advice You Shouldn’t Follow Anymore
These old-school rules could hurt you financially.
By Valencia Higuera
If you don't know much about money, you don't have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family. Although there's no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here's what the experts said is some of the worst money advice.
Pay Off Your Mortgage Early
Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments. This advice isn't bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn't make the same financial sense in our current low-interest environment as it did when mortgage rates were higher, like 6% to 8%.
Old-School Money Advice You Shouldn’t Follow Anymore
These old-school rules could hurt you financially.
By Valencia Higuera
If you don't know much about money, you don't have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family. Although there's no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here's what the experts said is some of the worst money advice.
Pay Off Your Mortgage Early
Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments. This advice isn't bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn't make the same financial sense in our current low-interest environment as it did when mortgage rates were higher, like 6% to 8%.
"Those extra payments can do more work for you by being placed in other investments," Moyer said. "Even if you only get 6% over the life of the investment, you will beat the interest you are paying on your home mortgage."
You Can Buy a House You Can’t Afford — Just Get Roommates
Taking in a roommate or two can be a financially savvy way to save money, but never purchase a home if you can’t afford to make the mortgage payments yourself. Roommates come and go, so you can’t rely on them to pay off your home loan. And defaulting on a mortgage will ruin your credit and could result in foreclosure, making it hard for you to take out loans and buy another home in the future.
Prioritize Saving For Your Child’s Education
Some parents believe it's their responsibility to pay for their child's college education. The problem, however, is that some people save for their child's college education at the expense of saving for their retirement. Rather than sock all your money away for college tuition, David Walters, a certified financial planner with Palisades Hudson Financial Group, encouraged prioritizing retirement.
"I often need to remind (parents) that you can finance your child's education with college loans and other funding sources, but you can't finance your retirement, so a balance is needed," said Walters. "This is even more important for parents with children at or close to college age, as their time horizon for retirement is much shorter."
Use a Money Transfer Company To Send Cash
To continue reading, please go to the original article here:
12 Essential Money Tips for Every Phase of Your Financial Life
.12 Essential Money Tips for Every Phase of Your Financial Life
Get the secrets money experts want you to know. By Gabrielle Olya May 17, 2021
Everyone makes money missteps at some point in their lives, whether it's splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life -- no matter your age.
Start With Saving
Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.
12 Essential Money Tips for Every Phase of Your Financial Life
Get the secrets money experts want you to know. By Gabrielle Olya May 17, 2021
Everyone makes money missteps at some point in their lives, whether it's splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life -- no matter your age.
Start With Saving
Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.
Avoid Lifestyle Inflation
It's important to increase your savings rate whenever you start earning more in order to keep growing your net worth.
"Save one-third of every pay raise you get so you don't succumb to lifestyle inflation," said Ted Jenkin, a certified financial planner. By starting this practice early in your career, you'll develop good habits like saving, investing and paying down debts instead of spending it on more stuff you won't care about in a few years' time.
Don't Waste Your Money on Things You Don't Need
Whether you've just received your first paycheck or your first raise, it can be tempting to spend your money on things you want rather than on things you need -- but this can be a huge mistake.
"Don't spend so much money on clothing," said Michelle Schroeder-Gardner, founder of the personal finance blog "Making Sense of Cents." "I've worked full-time since I was around the age of 14, yet I didn't really start saving money until nearly a decade later."
Don't Buy Things To Impress Other People
Spending on immediate wants can hurt your future needs, said John Rampton, founder and CEO of Calendar. "Don't waste your time on expensive cars or gadgets," he said. "It's better to save money for the long-term and for things that can keep generating money, rather than taking (your) money."
Start Investing In Your Retirement ASAP
A GOBankingRates' retirement savings survey found that 64% of Americans have less than $10,000 saved for retirement. It's easy to put off saving for retirement when you're in your 20s, but that's the best time to start. The sooner you save, the sooner you can take advantage of compound interest. No matter your age, it's important to prioritize investing in your retirement accounts.
Don't Fear the Stock Market
Doing something that scares you can be a good thing for your finances. Novice investors are often scared of the stock market, but just by getting started, even on a small scale, you're furthering your financial life. Learn some of the safer ways to invest for the long term if you're worried about making mistakes. And the sooner you get started, the better off you'll likely be.
Now, Invest Even More
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/savings-advice/money-tips-for-every-phase-of-life/
45 People Share The Best Piece Of Advice They’ve Ever Heard
.45 People Share The Best Piece Of Advice They’ve Ever Heard
By Charlie Shaw, February 13th 2014
1. On giving excuses. Don’t ruin a good apology with an excuse
2. On comparing. If you keep comparing your life to someone else’s you will never be happy.
3. On “hoping.” “Hope is not a strategy.” My dad says this whenever someone says “I hope this works out” or something. Pretty much it means you can’t rely on something working out, if you want it to work do something to make it happen!
4. On saving. Always save 10% of what you earn.
45 People Share The Best Piece Of Advice They’ve Ever Heard
By Charlie Shaw, February 13th 2014
1. On giving excuses. Don’t ruin a good apology with an excuse
2. On comparing. If you keep comparing your life to someone else’s you will never be happy.
3. On “hoping.” “Hope is not a strategy.” My dad says this whenever someone says “I hope this works out” or something. Pretty much it means you can’t rely on something working out, if you want it to work do something to make it happen!
4. On saving. Always save 10% of what you earn.
5. On toilets. Buy a plunger before you need a plunger.
6. On manners. Make eye contact when shaking hands.
7. On college. My dad gave me this piece of advice before I left for college: “Treat it like a job. Work 9 to 5, going to classes, then studying in a quiet spot in the library. Nothing to do? Work ahead on papers and assignments.” I did as he directed from the first day after orientation. I never pulled an all-nighter writing a paper or studying for exams. I never missed a class. College wasn’t a stressful experience for me, despite being in a competitive major. I graduated with a 3.83.
8. On priorities. Don’t give up what you want most for what you want now.
9. On taking photos. When you’re on vacation, take pictures of all the amazing places you see, sure, but make sure you or your friends are in the photos too. In 20 years when you look back at them, you’re not going to care about the Eiffel Tower, you’re going to care about the people you love standing in front of it.
10. Don’t brag. Don’t boast about your abilities, if they are good enough, people will do the talking for you.
11. A simple maxim. Do no harm, but take no crap.
To continue reading, please go to the original article here:
Rude Money Habits You Need To Break Now
.Rude Money Habits You Need To Break Now
Gabrielle Olya Tue, June 8, 2021,
Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.
Here are 10 rude money habits you need to break now.
Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.
Rude Money Habits You Need To Break Now
Gabrielle Olya Tue, June 8, 2021,
Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.
Here are 10 rude money habits you need to break now.
Money can be a touchy subject, so how you approach it with others may take some extra thought and consideration. And although everyone has different levels of comfort when it comes to how they approach finances with friends, family and people they are doing business with, some behaviors are outright rude no matter who you are dealing with.
Asking How Much Someone Paid for Something That You Have No Intention To Buy
"It’s not polite to just ask prices of things," said Jennifer Porter, an etiquette expert and manners teacher in Seattle. "Some people love sharing prices, but unless it is offered, that is private information."
The exception to this rule is asking about pricing for something that you are interested in purchasing.
"It can be appropriate to open a conversation about how you’ve been looking for X and wondered what range a friend paid for a similar item," Porter said.
Asking To Borrow Money From Friends
Porter said that asking a friend to lend you money is an etiquette no-no. You may borrow money from a family member under certain circumstances, but if you do, have "a written plan and timeline to pay it back and offer to pay a small interest rate or whatever the ‘lender’ stipulates," Porter said.
Discussing Salary
It's rude to ask how much money someone else makes, and it's also rude to share how much money you make (unless there is good reason to do so, i.e. someone is looking for a job in your field and wants to know a typical salary range).
"This can make people feel uncomfortable," Porter said.
Not Tipping at a Restaurant
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/rude-money-habits-break-now-110024151.html
Financial Checklist for the Newly Married
.Financial Checklist for the Newly Married
Relationships & Money
Congratulations! You just got married! Maybe you even tied the knot without spending a fortune (now that is truly a feat). Regardless, you managed to get married in the middle of a global pandemic, so you deserve major kudos.
Now what?
As a newly-christened household, there are financial steps you and your partner need to take to make sure you’re legally and financially starting off on the right foot.
Financial Checklist for the Newly Married
Relationships & Money
Congratulations! You just got married! Maybe you even tied the knot without spending a fortune (now that is truly a feat). Regardless, you managed to get married in the middle of a global pandemic, so you deserve major kudos.
Now what?
As a newly-christened household, there are financial steps you and your partner need to take to make sure you’re legally and financially starting off on the right foot.
Newlywed Legal and Financial Considerations
Changing Your Name
Ahh, the romantic considerations of… a name change.
In Western culture, a woman has traditionally taken the last name of her partner. In Latin America, Asia, and many other parts of the world, women retain their maiden names for their entire lives. Nowadays, things have changed a bit–your partner may take your last name, you may both keep your last names, or you may hyphenate. Whatever you decide, you’ll need to make your new names legal as one of the first tasks of married life. If you’re changing your name, you won’t be able to set up a new joint bank account, get a passport, or put your name on a joint house title without updating certain legal documents.
After getting married, your first step to changing your name is getting a copy (or two) of your marriage license.
The officiant who performed your ceremony should have given you a copy when you got married. But if not, you can request a copy from the Vital Records Office in the county where you got married.
Then, you can apply online or in person to update your Social Security card. Once your Social Security card is updated, you’ll need to make a trip to the good ‘ole DMV and get your license changed.
Eventually, you’ll also need a new passport (remember those?). For a name change on your passport, fill out a name change application here and apply by mail.
Others who will need to Know
Additional places or documents you may need to update or notify of your change in name and marital status include:
To continue reading, please go to the original article here:
3 Money Moves Every Woman Must Make, According to Rachel Cruze
.The Financially Savvy Female: 3 Money Moves Every Woman Must Make, According to Rachel Cruze
Gabrielle Olya Sun, June 6, 2021, 6:00
OBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall. Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
What is the biggest obstacle you face when it comes to financial success?
The Financially Savvy Female: 3 Money Moves Every Woman Must Make, According to Rachel Cruze
Gabrielle Olya Sun, June 6, 2021, 6:00
OBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall. Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
What is the biggest obstacle you face when it comes to financial success?
Comparison is probably the biggest struggle for me. It’s so hard to avoid these days because you don’t have to live next door to the Joneses to see their new car — we carry them around in our back pockets. But we’re comparing our real lives to someone else’s highlight reel. Comparison will steal your joy and your paycheck.
One of the best ways to overcome this is to unfollow accounts on social media that tempt you to shop. Out of sight, out of mind — you need to put some blinders on and focus on your own goals in life. Money is the tool to help you achieve them, and it’s hard to win with money when you’re spending it based on someone else’s values.
What is the best piece of advice you received along your financial journey?
Don’t do debt. Period! Debt will keep you paying for your past when you should be focused on your present and future. Our culture has normalized debt, but 78% of Americans live paycheck to paycheck. Not to mention that 40% of people can’t cover a $400 emergency with cash.
Being “normal” is not setting you up for financial freedom. Look, money flows two ways. If you’re spending more than you make, you’ll continue to repeat the cycle of debt. Start living below your means and cut down on expenses. It’s a simple concept, but it’s not the norm these days. Start budgeting your money and saving up for purchases that you would normally swipe a credit card to purchase. Practice delayed gratification!
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/financially-savvy-female-3-money-220016201.html
If Billionaires and Insiders Are Nervous About Markets, Should You Be?
.If Billionaires and Insiders Are Nervous About Markets, Should You Be?
Tim Staermose admin@sovereignman.com Tue, May 25 at 1:10 PM
Markets are frothy. Billionaires are bailing. But opportunities exist… for the right investor.
What do billionaires and company insiders know that you don’t?
So far in 2021, they have sold $24.4 BILLION worth of stocks.
Since November 2020, Facebook’s Mark Zuckerberg and his charity have sold $1.87 billion. Amazon’s Jeff Bezos has sold $6.7 billion in 2021. A couple of weeks ago, Larry Ellison of Oracle sold (only) $552 million of Oracle stock. Small investors are piling into overvalued markets.
If Billionaires and Insiders Are Nervous About Markets, Should You Be?
Tim Staermose admin@sovereignman.com Tue, May 25 at 1:10 PM
Markets are frothy. Billionaires are bailing. But opportunities exist… for the right investor.
What do billionaires and company insiders know that you don’t?
So far in 2021, they have sold $24.4 BILLION worth of stocks.
Since November 2020, Facebook’s Mark Zuckerberg and his charity have sold $1.87 billion. Amazon’s Jeff Bezos has sold $6.7 billion in 2021. A couple of weeks ago, Larry Ellison of Oracle sold (only) $552 million of Oracle stock. Small investors are piling into overvalued markets.
But the smart guys are heading for the exits. And they may be correct to sell right now...
The average Price/Earnings ratio in the S&P 500 is 44, which is about 3x the historic average. It’s only been higher two other times — just before the 2000 crash, and just before the 2008 crash.
(As the name suggests, a company’s Price/Earnings (P/E) ratio measures its share price relative to its per-share earnings. Analysts and investors use P/E ratios to compare companies’ relative values.)
We’re not forecasting that a market crash is imminent. But at these valuations, it’s wise to exercise some caution.
Because financial markets are completely detached from reality…
In the United States alone, almost 10 million people remain unemployed. Thousands of small businesses are forever shuttered. Rising capital costs and labor shortages may close thousands more in the coming months.
And it’s not just small businesses that are in trouble…
Before COVID-19 struck, out of 3,000 large, publicly traded US companies, there were about 400 “zombies”. Zombie companies cannot generate enough operating income to cover their interest payments.
And the number of zombies has ballooned recently. Now, there are more than 600 zombie companies, with $2.6 TRILLION in total debt.
But again, most investors apparently don’t care about economic reality. Stock markets keep charging higher… with no regard for these clear risks.
Meanwhile, US Treasury bonds are no longer the “risk-free” investment that they once were.
Last year, when markets melted down, foreign investors and central banks didn’t rush into US Treasurys. Actually, foreigners sold $1 trillion of US Treasurys overnight.
How about cryptocurrencies as an alternative to stocks and bonds?
Despite what the fanatics proclaim, cryptocurrencies are not yet a stable store of value. For example, in the past month, bitcoin plummeted over 40%. And then quickly rebounded 10%.
So, since…
Stock markets are beyond frothy;
Treasury bonds are fraught with risk (especially with higher inflation coming);
And cryptocurrencies are not a stable store of value…
Then, at times like these, where can the rational, cautious investor safely invest capital?
Fortunately, there are still pockets of value where you can make money. Minimal downside and big upside — 54%, 120%, 250%, and even 303% profits.
You just need to:
Be extremely disciplined - with both your capital and time horizon;
And know where to look (NOT in US markets);
Let’s be clear: This type of investing is not for everyone.
If you lack the patience for your stock prices to increase…
If you cannot imagine suffering 10%, 20%, 30% losses, even though they’re temporary…
If you’re constantly checking the value of your portfolio on your phone…
Then you’re not cut out for this type of investing strategy. We’ll save you some time. You can close this email, and you can ignore this week’s remaining emails.
But if you have a long-term investment horizon with a classic asset allocation, then the risk is minimal, and the rewards are potentially unlimited.
We know that it’s your vision, discipline, and hard work that will reap the rewards. And we understand that you will build something lasting for years to come — something with real value.
Stay tuned for tomorrow to see how you can invest in real value and create true long-lasting wealth.
To your investment success, Tim Staermose, Chief Investment Officer, SovereignMan.com
Some Advice For Those Over 65
.Some Advice For Those Over 65
Mark Snyder May 31 ·
1. It’s time to use the money you saved up. Use it and enjoy it. Don’t just keep it for those who may have no notion of the sacrifices you made to get it. Remember there is nothing more dangerous than a son or daughter-in-law with big ideas for your hard-earned capital.
Warning: This is also a bad time for investments, even if it seems wonderful or fool-proof. They only bring problems and worries. This is a time for you to enjoy some peace and quiet.
2. Stop worrying about the financial situation of your children and grandchildren, and don’t feel bad spending your money on yourself. You’ve taken care of them for many years, and you’ve taught them what you could. You gave them an education, food, shelter and support. The responsibility is now theirs to earn their own money.
Some Advice For Those Over 65
Mark Snyder May 31 ·
1. It’s time to use the money you saved up. Use it and enjoy it. Don’t just keep it for those who may have no notion of the sacrifices you made to get it. Remember there is nothing more dangerous than a son or daughter-in-law with big ideas for your hard-earned capital.
Warning: This is also a bad time for investments, even if it seems wonderful or fool-proof. They only bring problems and worries. This is a time for you to enjoy some peace and quiet.
2. Stop worrying about the financial situation of your children and grandchildren, and don’t feel bad spending your money on yourself. You’ve taken care of them for many years, and you’ve taught them what you could. You gave them an education, food, shelter and support. The responsibility is now theirs to earn their own money.
3. Keep a healthy life, without great physical effort. Do moderate exercise (like walking every day), eat well and get your sleep. It’s easy to become sick, and it gets harder to remain healthy. That is why you need to keep yourself in good shape and be aware of your medical and physical needs. Keep in touch with your doctor, do tests even when you’re feeling well. Stay informed.
4. Always buy the best, most beautiful items for your significant other. The key goal is to enjoy your money with your partner. One day one of you will miss the other, and the money will not provide any comfort then, enjoy it together
5. Don’t stress over the little things. Like paying a little extra on price quotes. You’ve already overcome so much in your life.You have good memories and bad ones, but the important thing is the present. Don’t let the past drag you down and don’t let the future frighten you. Feel good in the now. Small issues will soon be forgotten.
6. Regardless of age, always keep love alive. Love your partner, love life, love your family, love your neighbor and remember: “A man is not old as long as he has intelligence and affection.”
To continue reading, please go to the original article here:
How To Keep Your Financial Planning On Track in 2021
.How To Keep Your Financial Planning On Track in 2021
Resolutions lost their shine? Here’s how to get back the spark.
By Nicole Spector June 2, 2021
No matter how enthusiastic our New Year’s resolutions may have been to save more, spend less and/or take total ownership of our finances in 2021, they might now be losing their luster. The days since we made those ambitious resolutions are quickly passing and the shine is wearing off. Can’t we just cut ourselves some slack and do what makes us feel good and safe in the immediate sense, even if that means forsaking our lofty financial goals?
Try, if you can muster the energy, to return to that place of desire for a better financial life. If you feel that you’ve already blown it by, say, spending beyond your weekly budget or skipping a credit card payment, remember that a mistake doesn’t mean you can’t try again and have success. But don’t take it from me: Take it from the experts who’ve provided a road map to keep (or get) your financial planning on track in 2021.
How To Keep Your Financial Planning On Track in 2021
Resolutions lost their shine? Here’s how to get back the spark.
By Nicole Spector June 2, 2021
No matter how enthusiastic our New Year’s resolutions may have been to save more, spend less and/or take total ownership of our finances in 2021, they might now be losing their luster. The days since we made those ambitious resolutions are quickly passing and the shine is wearing off. Can’t we just cut ourselves some slack and do what makes us feel good and safe in the immediate sense, even if that means forsaking our lofty financial goals?
Try, if you can muster the energy, to return to that place of desire for a better financial life. If you feel that you’ve already blown it by, say, spending beyond your weekly budget or skipping a credit card payment, remember that a mistake doesn’t mean you can’t try again and have success. But don’t take it from me: Take it from the experts who’ve provided a road map to keep (or get) your financial planning on track in 2021.
1. Don’t Just Track Your Spending, Chart It
“Many people simply track their finances automatically with an app – which is a great start, but what these apps don’t account for is when you stray or get off-target with your financial goal, which happens a lot,” says Amanda L. Grossman, a certified financial education instructor and personal finance blogger at FrugalConfessions.com. “What you want to do is to start calculating and then tracking the gap between where you are, and where you should be, according to your financial plan or goal.”
Visualizing your spending and how you’re tracking toward your financial goals is easy to do with Monifi. With the Monifi mobile banking app, your transactions are automatically categorized, so you can see at a glance where your money is going. Personalized tags and notes make it even easier to have a clear picture of how your spending stacks up against every budget item and goal you set.
Plus, you can make some extra cash — Monifi is currently offering $250 for new and recent account holders if you make two direct deposits of at least $1,000 into your Spend Balance. A Monifi account also comes with a complimentary contactless debit card and free access to the AllPoint ATM network.
2. Examine 2020’s Spending Habits and Plan for 2021
“The pandemic helped consumers reevaluate spending in terms of what they needed, versus what they wanted,” says Angela Holliday, president of Frost Brokerage Services, Inc. and Frost Investment Services, LLC. “With this in mind, take a look at how you managed to cut costs in 2020 and apply that where you can in 2021. Then, use the extra cash to pay off your debt. This will help you continue good habits so you can prosper in the new year.”
3. Budget for Savings
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