.The Ten Commandments Of Personal Finance

From The Retirement Manifesto By fritz@theretirementmanifesto.com

Is it possible that there are some basic principles upon which your personal finance journey should be built? It turns out there are. I’ll warn you in advance – you may not like some of them.

Just as THE Ten Commandments guide us away from our personal nature which is sometimes tempted to do things which seem fun at the time, but lead to long term harm, these “Personal Finance Commandments” can guide you away from doing things which will bring harm to your long term financial goals.

.Is Getting Money Advice From Friends and Family a Good Idea? Experts Weigh In

Heather Taylor Mon, June 6, 2022

When it comes to money advice, many Americans look to friends and family for the answers. Key findings in a GOBankingRates survey on money expertise reveal that 46% of 1,001 surveyed Americans have sought financial advice from friends and family over the last year.

Talking about finances with loved ones still remains a bit tricky. On the one hand, parents who have open discussions about money with their children may be able to help them develop their financial literacy early in life instead of later. On the other hand, and in the current challenging economic climate, it can be detrimental to take advice from friends or family that is not relevant to your situation, or may actually bad financial advice. Where should you go for insight?

.How To Never Worry About Money Again

The No-Sweat Way to Protect Yourself From Financial Disaster By laura goldstein

Building a bigger rainy-day fund may feel daunting. Start by breaking it down into manageable chunks.

That nagging feeling that a bit of bad luck—a medical emergency or a layoff—could derail your finances is widely shared. A new survey from the American Psychological Association found that 54% of people rated paying for unexpected expenses a very or somewhat significant source of stress.

And people across the income spectrum tend to be underprepared. A Pew Charitable Trusts analysis finds middle-income households typically have the equivalent of 20 days of income to tap, and even high earners have just 52 days. Building a bigger rainy-day fund may feel like a daunting task, given all your expenses and savings goals, but you can start by breaking it down into manageable chunks.

.One Decision Separates the Wealthy From the Non-Wealthy

“Courage can be developed. But it cannot be nurtured in an environment that eliminates all risks, all difficulty, all dangers. It takes considerable courage to work in an environment in which one is compensated according to one’s performance. Most affluent people have courage. What evidence supports this statement? Most affluent people in America are either business owners or employees who are paid on an incentive basis.” — Dr. Thomas Stanley

The problem with most people’s lives is that they are being shielded from the consequences of their behavior. There’s little to no accountability.

The fastest way to make success inevitable in your life is to only do work that is incentive-based. Only do that which you are rewarded and punished for the quality of your work. Everything you do needs to matter to the outcomes, consequences, and results you get in life.

So what is the decision?

.Financial Slimming

Jonathan Clements | Jun 5, 2022

I THINK SERIES I savings bonds are a great place to stash money you’ll need to spend in five or six years, and yet I’ve resisted buying. I’ve seen credit cards that offer more cash back than the cards I currently carry, but I haven’t taken the bait. The reason: My goal is to have fewer financial accounts, not more, even if it means fewer dollars in my pocket.

As I discussed in an article earlier this year, I’ve unloaded the jumble of investments in my three Roth accounts—which I plan to bequeath to my kids—and consolidated everything in a single fund, Vanguard Total World Stock Index Fund. That’s had an immediate payoff: Amid this year’s market turmoil, I haven’t bothered checking the performance or even looking at the account values.

.10 Genius Things Warren Buffett Says To Do With Your Money

Elyssa Kirkham Fri, June 3, 2022,

Warren Buffett is arguably the best-known, most-respected investor of all time. Buffett is also known for his folksy charm and his memorable quotes about the art of investing.

When you're aiming to reach the top of the mountain, it's usually wise to closely follow the footprints of those who have successfully made the climb before you. Your odds of investing success can increase exponentially if you learn and apply Buffett's best investing tips.

.Five Freedoms

Jonathan Clements | January 25, 2020

FOR THREE YEARS, I lived on Roosevelt Island, in the middle of New York City’s East River. It’s a wonderful place—a quiet, friendly, low-crime oasis in the middle of one of the world’s largest, most frenetic cities.

During my time there, the Franklin D. Roosevelt Four Freedoms Park opened on the island’s southern tip. The park is named after a 1941 FDR speech, where he articulated “four essential human freedoms”: freedom of speech, of worship, from fear and from want.

FDR’s speech was inspiring. Managing money is altogether more prosaic. Still, I’d argue that our pursuit of money is also about a hunger for freedom—with five dimensions:

.Money Problems: Why They're All Your Fault - By Tara Struyk

The truth can be a little uncomfortable - hard to swallow - and down right tough to deal with but in reality doing so always makes us a better person - It is much better and easier if we can make this awareness and acknowledgement on our own -- Maybe this article will be enlightening for you and assist you in making any helpful changes to improve your quality of life -

I love writing about money —not because I’m obsessed with wealth (or my relative lack thereof), but because I think the way we spend our money reflects who we are, good or bad. That’s probably why I bought the very first condo I saw. I’m known to be impatient, impulsive even, in just about all things.

Was it a mistake? So far so good, but I left a lot more to fate than is probably wise in a six-figure purchase. And let’s just say that I hope to exercise a little more self control next time. Of course, whether it’ll actually work out that way is another story altogether.

.Money Problems: Why They're All Your Fault

By Tara Struyk

I love writing about money — not because I’m obsessed with wealth (or my relative lack thereof), but because I think the way we spend our money reflects who we are, good or bad. That’s probably why I bought the very first condo I saw. I’m known to be impatient, impulsive even, in just about all things.

Was it a mistake? So far so good, but I left a lot more to fate than is probably wise in a six-figure purchase. And let’s just say that I hope to exercise a little more self control next time. Of course, whether it’ll actually work out that way is another story altogether.

.7 Money Skills You Still Have Time To Learn

Heather Taylor Tue, May 31, 2022,

No matter what age you are, there are basic money skills that will always be beneficial in your life.

From spending less than what you make to determining the best way to pay off your debt, these skills can increase your overall financial literacy and create a healthy relationship with money.

Budgeting

Budgeting is often considered the cornerstone of personal finance advice. Amy Maliga, financial educator at Take Charge America, said it's never too late to get in the habit of planning and following a budget.