16 Rules That Oprah, Mark Cuban, Beyoncé and Other Millionaires Swear By
16 Rules That Oprah, Mark Cuban, Beyoncé and Other Millionaires Swear By
Gabrielle Olya Tue, June 27, 2023
Being a millionaire or billionaire -- especially a self-made one -- usually requires being disciplined about saving and spending, as well as investing wisely. Although the super-rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long term.
So, if you want to live like a millionaire yourself, you'll have to follow the money rules of the wealthy.
16 Rules That Oprah, Mark Cuban, Beyoncé and Other Millionaires Swear By
Gabrielle Olya Tue, June 27, 2023
Being a millionaire or billionaire -- especially a self-made one -- usually requires being disciplined about saving and spending, as well as investing wisely. Although the super-rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long term.
So, if you want to live like a millionaire yourself, you'll have to follow the money rules of the wealthy.
Kristen Bell: Take Advantage of Coupons When Shopping Net worth: $40 million
"Frozen" star Kristen Bell still clips coupons despite her multi-million-dollar wealth.
"I almost exclusively shop with coupons," she said on "Conan," sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. "It's the best one because they've got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80."
Sara Blakely: Create and Maintain a Nest Egg Net worth: $1 billion
Spanx founder Sara Blakely kept her day job while starting her shapewear company to make sure she'd be able to maintain a healthy nest egg.
"It's really important to save money and create a nest egg, become comfortable for yourself with what the nest egg is, and don't touch it," she told Business Insider. "Leave it there. I always had a portion of my paycheck put into savings, and that was an easy automatic way ... I didn't quit my job until I'd already landed Neiman Marcus and Saks Fifth Avenue. I was so careful, I [worked on Spanx] at night and on the weekends because I didn't not want to have income coming in."
Warren Buffett: Think of Investing as a Long-Term Strategy Net worth: $110 billion
Billionaire investor Warren Buffett isn't a proponent of active stock trading.
"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever," he wrote in his 1988 Berkshire Hathaway shareholders letter. "We are just the opposite of those who hurry to sell and book profits when companies perform well."
Grant Cardone: Save $100K and Invest the Rest Net worth: $600 million
Grant Cardone is a self-made millionaire, author and sales training expert. He recommends hitting a lofty savings goal -- $100,000 -- and then investing any money earned after you hit that amount.
"You need to prove to yourself that you can go out and get money," he wrote in a 2018 post for CNBC. "Saving $100,000 shows that you have an ability to make money and then to keep it. Most people can't do either of those things. Once you can earn and save, then you can start building wealth."
Mark Cuban: Don't Live Beyond Your Means, Even If That Means Living Like a Student Net worth: $5 billion
Investor and "Shark Tank" star Mark Cuban believes that overspending can be an unnecessary cause of stress, and he advocates for living like a student if that's all you can truly afford.
"Your biggest enemies are your bills," Cuban wrote in a 2009 blog post. "The more you owe, the more you stress. The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can live, the greater your options."
Bethenny Frankel: Stay Out of the Red Net worth: $80 million
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/16-money-rules-millionaires-swear-171052150.html
Dangerous Android Trojan Targets 600 Banking Apps — And It's Draining Accounts
Dangerous Android Trojan Targets 600 Banking Apps — And It's Draining Accounts
Anthony Spadafora Updated Tue, June 27,
Android smartphone owners are once again under attack from the dangerous Anatsa banking trojan which has been updated with new capabilities and can now target even more banking apps.
As reported by BleepingComputer, this new mobile malware campaign has been active since March of this year and so far, banking customers in the U.S., U.K., Germany, Austria and Switzerland have been targeted by Anatsa.
Dangerous Android Trojan Targets 600 Banking Apps — And It's Draining Accounts
Anthony Spadafora Updated Tue, June 27,
Android smartphone owners are once again under attack from the dangerous Anatsa banking trojan which has been updated with new capabilities and can now target even more banking apps.
As reported by BleepingComputer, this new mobile malware campaign has been active since March of this year and so far, banking customers in the U.S., U.K., Germany, Austria and Switzerland have been targeted by Anatsa.
Just like during a previous Anatsa campaign from back in November 2021 which saw the malware downloaded over 300,000 times, the hackers behind this new campaign are using malicious apps hosted on the Google Play Store to infect vulnerable Android smartphones.
This updated version of the Anatsa banking trojan was first spotted by security researchers at ThreatFabric who revealed in a new report that it can now take over nearly 600 different banking apps and commit fraud right on an infected device.
A number of big banks including JP Morgan, Capital One, TD Bank, Schwab, Navy Federal Credit Union and others can be targeted by Anatsa which is why this banking trojan is a threat Android users will want to take seriously.
Delete these apps right now
In their report, security researchers at ThreatFabric highlighted five of the apps that are being used by the hackers behind this campaign to take over and drain bank accounts. If you have any of these apps installed on your Android smartphone, it’s recommended that you uninstall them immediately. Below, you’ll find the apps in question along with their package names:
To continue reading, please go to the original article here:
https://www.yahoo.com/lifestyle/dangerous-android-trojan-targets-600-191106243.html
I’m a Millionaire: Why I’m Not Passing Generational Wealth to My Kids
I’m a Millionaire: Why I’m Not Passing Generational Wealth to My Kids
Andrew Lisa Tue, June 27, 2023
In America, success is largely measured by wealth, and if you earn enough to outlive you, you can pass it on to your kids. But is generational wealth a worthy aspiration? There’s a growing movement among millionaires and billionaires to give away their fortunes — but not to their children. By ensuring that your kids are born rich, the theory goes, you rob them of the tools they need to succeed independently.
GOBankingRates spoke to a self-made millionaire who adheres to this philosophy, because his ability to succeed was rooted in the fact that no one was going to do it for him. Here’s his take on the issue.
I’m a Millionaire: Why I’m Not Passing Generational Wealth to My Kids
Andrew Lisa Tue, June 27, 2023
In America, success is largely measured by wealth, and if you earn enough to outlive you, you can pass it on to your kids. But is generational wealth a worthy aspiration? There’s a growing movement among millionaires and billionaires to give away their fortunes — but not to their children. By ensuring that your kids are born rich, the theory goes, you rob them of the tools they need to succeed independently.
GOBankingRates spoke to a self-made millionaire who adheres to this philosophy, because his ability to succeed was rooted in the fact that no one was going to do it for him. Here’s his take on the issue.
A Self-Made Man Succeeded Alone Because There Was No Other Way
Bryan Clayton is the founder and CEO of GreenPal, a marketplace that pairs lawn care professionals with people seeking landscaping services for their homes and businesses. The company investigates and approves every business it platforms, then contacts them on behalf of prospective local customers. Those customers can then compare quotes from nearby service providers without having to do the legwork of calling them individually for estimates.
Facilitating more than 9,000 bookings a day, Clayton has built the business into an industry leader — but his success stands on the shoulders of a lifetime of hard work. He started landscaping at the age of 13 before launching his own company, Peach Tree Inc., which he built into a business with 150 employees and $10 million in annual sales. He later sold it and used the proceeds to start GreenPal, and his tech start-up now commands $30 million a year.
Today, Clayton is a millionaire, but that doesn’t necessarily mean his kids will be. Every dollar of the family fortune came from his relentless hard work and perseverance — and if he just hands it over to them, what incentive would they have to build something of their own?
Inheritance: Gift or Burden?
From Clayton’s perspective, his kids can inherit a big pile of money or the skills and mindset needed to succeed on their own — but not both.
“I’ve worked hard to build my company from scratch,” he said. “And while I’ve accumulated wealth along the way, I believe in the importance of instilling the values of hard work, resilience, and financial responsibility in my children rather than simply handing them a large sum of money.”
In his mind, holding back the money gives them something much more valuable in its place. “By not passing on my wealth directly, I hope to encourage my children to strive for their own success and build their wealth,” said Clayton.
‘The Greatest Gift We Can Give Our Children’
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/m-millionaire-why-m-not-110116550.html
I’m a Financial Advisor: Here’s the First Thing I Tell New Clients To Do
I’m a Financial Advisor: Here’s the First Thing I Tell New Clients To Do
Andrew Lisa Mon, June 26, 2023
The most universally applicable piece of money advice is to work with someone who gives money advice for a living. Capable and experienced financial advisors often join family doctors and lawyers as the most trusted and indispensable professionals in the lives of the clients they serve.
They guide their clients through debt reduction, estate planning, taxes, investing, entrepreneurial endeavors and the basic day-to-day management of their personal finances. Perhaps most importantly, they cut through the clutter, confusion and conflicts of interest that bombard people every day with misinformation through their phones, laptops and social media feeds.
I’m a Financial Advisor: Here’s the First Thing I Tell New Clients To Do
Andrew Lisa Mon, June 26, 2023
The most universally applicable piece of money advice is to work with someone who gives money advice for a living. Capable and experienced financial advisors often join family doctors and lawyers as the most trusted and indispensable professionals in the lives of the clients they serve.
They guide their clients through debt reduction, estate planning, taxes, investing, entrepreneurial endeavors and the basic day-to-day management of their personal finances. Perhaps most importantly, they cut through the clutter, confusion and conflicts of interest that bombard people every day with misinformation through their phones, laptops and social media feeds.
Although the best financial advisors tailor personalized strategies that are unique to the individuals they serve, some money advice is universal. To learn more about the money moves that experienced industry professionals think will have the biggest impact, GOBankingRates asked a trio of financial advisors what they tell their clients to do right out of the gate as step No. 1.
They offer a range of perspectives. One works with high-net-worth individuals, another serves older clients and the third guides the youngest adults who are just learning the ropes. Here’s their main money advice.
A Wealth Manager Concentrates on Cash Flow
John M. Jennings is the president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm, and an adjunct professor at the Washington University Olin School of Business in St. Louis in its Wealth and Asset Management graduate program. Jennings is also a Forbes contributor and author of “The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown.”
The first thing we do with new clients is to dig into their cash flow,” said Jennings. “What money comes in and what goes out? Understanding cash flow is foundational to all other planning. You can’t effectively design a financial plan, an investment plan, or an estate plan without understanding cash flows — both recurring and extraordinary items. It’s not sexy work, but having a handle on money’s ins and outs is essential for planning for financial success.”
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/m-financial-advisor-first-thing-110057313.html
This Is How the 1% Manage Their Wealth
Jaspreet Singh on the 75/15/10 Rule: This Is How the 1% Manage Their Wealth
Dawn Allcot Sun, June 25, 2023
Finance YouTuber Jaspreet Singh (of Minority Mindset fame) recently created a popular video describing how the 1% manage their wealth. It all starts with increasing wealth through multiple streams of income. One thing to keep in mind, however — the key is not so much how much money you earn, but all about how you spend and save.
Singh and other finance experts promote the 75/15/10 rule for budgeting. It’s a simple concept — and as long as you are making enough money to make ends meet, you should be able follow this simple formula.
Jaspreet Singh on the 75/15/10 Rule: This Is How the 1% Manage Their Wealth
Dawn Allcot Sun, June 25, 2023
Finance YouTuber Jaspreet Singh (of Minority Mindset fame) recently created a popular video describing how the 1% manage their wealth. It all starts with increasing wealth through multiple streams of income. One thing to keep in mind, however — the key is not so much how much money you earn, but all about how you spend and save.
Singh and other finance experts promote the 75/15/10 rule for budgeting. It’s a simple concept — and as long as you are making enough money to make ends meet, you should be able follow this simple formula.
Here is where your money should go based on Singh’s recommendations.
75% of Your Income (or Less) Should Be Directed to Living Expenses
You should try to organize your finances so that no more than 75% of your cash goes toward living expenses. This includes fixed expenses, such as your mortgage and car loan, as well as variable expenses like vacations, dining out and entertainment.
If you aren’t earning enough to cover your expenses — much less have 25% left over after your bills are paid — it’s time to look for ways to cut costs and increase your income.
You might review all your subscriptions and cancel some. You can downgrade to a less expensive car. In an extreme situation, you might want to move out of your apartment and live with family or friends while you save money or find ways to earn more money.
To boost your income, consider taking on a side gig or asking your boss for a raise.
15% of Funds Should Be Diverted to Investments
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/jaspreet-singh-75-15-10-192108826.html
Financial Goals That Are Easy To Stick To All Year
Financial Goals That Are Easy To Stick To All Year
June 19, 2023 By Cynthia Measom
Setting goals can be a key step in taking control of your finances. Putting a plan in place can help you stay on track and ultimately save more money. But financial goals can be hard to see through, and people often initially stick to their plan only to let those goals slide as time goes by.
To avoid giving up, here’s a tip: Instead of making your financial goals endless and challenging, take them month by month — and try to have some fun with each one. In a year, you may be surprised at what you’ve achieved financially.
Financial Goals That Are Easy To Stick To All Year
June 19, 2023 By Cynthia Measom
Setting goals can be a key step in taking control of your finances. Putting a plan in place can help you stay on track and ultimately save more money. But financial goals can be hard to see through, and people often initially stick to their plan only to let those goals slide as time goes by.
To avoid giving up, here’s a tip: Instead of making your financial goals endless and challenging, take them month by month — and try to have some fun with each one. In a year, you may be surprised at what you’ve achieved financially.
Here are some ideas to get you started.
Save With a Bank that Tracks Your Spending to Improve Your Saving Habits
Milli Bank is an FDIC insured mobile bank that offers a 5.00% annual percentage yield (APY), so it’s already a great option to grow your money. But Milli is also known for its unique saving features. Milli allows you to separate your money into different Jars for different financial goals, so you can better visualize and keep track of your progress. The APY is current as of June 13, 2023, and is subject to change at any time.
Another important feature for those trying to set and stick to financial goals is Milli’s real-time spend tracking, which can show you how your spending affects your savings goals. Armed with this information, you can better understand your spending habits and where you need to make changes to meet your savings goals.
Comparison Shop To Find Better Deals on Services and Products You Use
You don’t have to tackle everything at once, but make it a goal each month to find a better deal on a product, service or interest rate. The first month, look at what you pay for internet service and see if you could pay less if you bundle it with cable and phone services. During month two, look at your credit cards and see if you could benefit from transferring a balance from a higher interest card to one with a lower interest rate. Or if you have stellar credit and payment history, call your creditor and ask for a lower rate.
To continue reading, please go to the original article here:
I’m About To Retire: Here’s the Money Advice I Wish Someone Had Given Me
I’m About To Retire: Here’s the Money Advice I Wish Someone Had Given Me
Cynthia Measom Sat, June 24, 2023
Many people view retirement as the day they’ll be able to kiss their job goodbye and live life at a more relaxed pace. However, if you don’t take steps to ensure that your retirement savings and investments are on track with your goals annually, leaving your job behind might come a lot later than you’d like.
Find out what money advice people on the verge of retirement wish someone had given them when they were younger, and see if it makes sense for your situation.
I’m About To Retire: Here’s the Money Advice I Wish Someone Had Given Me
Cynthia Measom Sat, June 24, 2023
Many people view retirement as the day they’ll be able to kiss their job goodbye and live life at a more relaxed pace. However, if you don’t take steps to ensure that your retirement savings and investments are on track with your goals annually, leaving your job behind might come a lot later than you’d like.
Find out what money advice people on the verge of retirement wish someone had given them when they were younger, and see if it makes sense for your situation.
Get Life and Health Insurance Early in Life
Wayne Bechtol is a certified finance professional and board advisor at Fiona who is planning to retire in a few years. He said, “I did not know the benefits of insuring life and health early in life. By the time I realized its importance, I was past 30. Therefore, I lost out on the best years of life when the premiums would have been considerably lower if I had insurance during my 20s.”
Plan for the Unexpected
“Now that I’m about to retire, I realize how illness can become a major expense in later life,” said Karen Hoyt, author of “The Liver Loving Diet.”
She continued, “I certainly didn’t realize how a catastrophic diagnosis could hinder my retirement plans. While battling cancer, I lived on the edge financially for a few years. Thankfully, I was able to transition back into a career that I enjoy. Now, I plan on teaching for a few more years.
I hear from many liver disease patients who get caught in a health crisis. Their retirement may get put on hold, or they are unable to pay for even the most basic medical needs. I wish someone had told me how to plan for a catastrophic illness.”
Understand the Benefits of Compounding Interest
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/m-retire-money-advice-wish-120036843.html
Ask Before Quitting
Ask Before Quitting
Jonathan Clements HumbleDollar Jun 17, 2023
AS FOLKS HURTLE toward retirement, they often wonder whether they’ve saved enough, debate when to claim Social Security and fret about how they’d pay for long-term care. Make no mistake: Such issues are hugely important.
But amid these financial musings, we should also spare a thought for four other questions:
How can I transform myself from a diligent saver to a happy spender? This sounds so easy, and yet many struggle with it, including Ken Begley and including me—and including those who amassed vast fortunes, as Marjorie Kondrack recently discussed.
Ask Before Quitting
Jonathan Clements HumbleDollar Jun 17, 2023
AS FOLKS HURTLE toward retirement, they often wonder whether they’ve saved enough, debate when to claim Social Security and fret about how they’d pay for long-term care. Make no mistake: Such issues are hugely important.
But amid these financial musings, we should also spare a thought for four other questions:
How can I transform myself from a diligent saver to a happy spender? This sounds so easy, and yet many struggle with it, including Ken Begley and including me—and including those who amassed vast fortunes, as Marjorie Kondrack recently discussed.
To be sure, we don’t have to spend our money to get pleasure from it. Simply sitting on a pile of dollar bills can deliver happiness, thanks to the sense of financial security it offers. Similarly, giving away money, whether to loved ones or to charity, can also deliver ample happiness.
Still, I think every diligent saver should ponder whether there are ways to spend more on themselves that could improve their retirement years. I have no clever strategies to suggest that’ll help you go from avid saver to joyful spender. But I’ve found that practice helps.
My advice: Don’t start with a big purchase—a super-lavish vacation or a luxury car. That’ll likely make you uneasy, and there’s a risk you won’t get much pleasure from the money involved. Instead, try buying some smaller items, which often deliver disproportionately greater happiness per dollar spent. If you part with a little more money than usual and it enhances your life, perhaps your attitude will slowly shift and you’ll find yourself enjoying the fruits of your earlier thrift.
What will get me out of bed in the morning? I’m a big fan of daydreaming. Assisted by the internet, I muse about vacations I’d like to take, restaurants I want to try and musicians I’d like to see perform. Daydreaming costs nothing except time, and—I suspect—often delivers just as much pleasure as the real thing.
As you approach retirement, I’d encourage you to daydream about how you’ll use your time once you quit the workforce. Indeed, I think it’s worth creating a lengthy wish list. That wish list will no doubt include fun stuff, like trips you want to take and hobbies you might pursue.
To continue reading, please go to the original article here:
Staying the Course
Staying the Course
Adam M. Grossman Jun 18, 2023
WHAT DO WALL STREET analysts, magazine editors, economists and academics have in common? They’ve all found it virtually impossible to make accurate market forecasts. That’s why Vanguard Group founder Jack Bogle gave this advice to investors: When markets go haywire, “Don’t do something. Just stand there.”
Warren Buffett has given the same advice. In 2008, here’s how he explained it: “In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
Staying the Course
Adam M. Grossman Jun 18, 2023
WHAT DO WALL STREET analysts, magazine editors, economists and academics have in common? They’ve all found it virtually impossible to make accurate market forecasts. That’s why Vanguard Group founder Jack Bogle gave this advice to investors: When markets go haywire, “Don’t do something. Just stand there.”
Warren Buffett has given the same advice. In 2008, here’s how he explained it: “In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
In the years since, we’ve endured additional political turmoil, another pandemic and another recession, and yet the Dow Jones Industrial Average now stands at 34,000.
The “just stand there” approach is supported by years of data. Study after study has found that investors do better, on average, when they avoid reacting to their investments’ periodic ups and downs, and instead just stand there. I share that view, but this is sometimes easier said than done.
That’s because—despite all the data—it just doesn’t feel like a satisfying strategy to submit to the whims of the market. What can you do to square that circle? Below are some suggestions.
Permanence. Technology commentator Tom Goodwin has pointed out how difficult it is to make predictions in the business world. Consider the music industry. After suffering a nearly 50% revenue decline due to the introduction of online music streaming, the industry defied expectations and bounced back. Revenue is now at an all-time high.
The newspaper industry appeared to be in a similarly tough spot after the internet made lots of news available for free online. Many newspapers did indeed fail. But some found new ways to make money. The New York Times, for example, is seeing revenue hit new records after several difficult years.
The lesson: Prognosticators don’t know the future. They don’t know which way industries, companies or individual stocks are going. But that, in a way, is a good thing. It means you can safely tune out these folks and avoid reacting to their (flawed) predictions.
Resilience. As I’ve noted before, we shouldn’t expect stocks to rise in the future simply because they’ve always risen in the past. Rather, we should expect stocks to rise because share prices, more or less, follow corporate profits.
To continue reading, please go to the original article here:
Coming Together - A Less Complicated Financial Life
Coming Together - A Less Complicated Financial Life
Mike Zaccardi | Jun 19, 2023
I GOT CAUGHT UP IN some weird investment fads during the recent era of 0% interest rates. With cash investments and bonds yielding almost nothing, I instead sought to pad my investment returns by opening new brokerage accounts to snag promotion cash, and by dabbling in digital currencies and newfangled alternative investments.
Result? I ended up with far too many financial accounts—and it became a burden to keep track of everything. Just a year ago, I had investments in obscure real estate deals, individual pieces of art, bottles of wine, stablecoins and other relics of the speculative pandemic-era mania.
Coming Together - A Less Complicated Financial Life
Mike Zaccardi | Jun 19, 2023
I GOT CAUGHT UP IN some weird investment fads during the recent era of 0% interest rates. With cash investments and bonds yielding almost nothing, I instead sought to pad my investment returns by opening new brokerage accounts to snag promotion cash, and by dabbling in digital currencies and newfangled alternative investments.
Result? I ended up with far too many financial accounts—and it became a burden to keep track of everything. Just a year ago, I had investments in obscure real estate deals, individual pieces of art, bottles of wine, stablecoins and other relics of the speculative pandemic-era mania.
What’s more, after leaving both my fulltime job and my teaching position at the University of North Florida, there were old retirement accounts and a health savings account (HSA) that I was lazy about rolling over.
I craved a less complicated financial life. Simplicity is bliss, as many HumbleDollar writers have noted, and I’m now firmly in that camp. Here are six key benefits I’m enjoying now that almost all of my investments are in one safe place:
1. Getting my weekends back. As my number of accounts grew, keeping tabs on everything became cumbersome. A proud bean counter, I’ve routinely updated my personal finance spreadsheet since I was a freshman at Florida State University in 2007.
But what used to take 10 minutes on a Saturday morning turned into something that felt like a chore. By the middle of 2022, logging into all those unique accounts to tally my net worth took north of 45 minutes. I sought to slim down that process starting at the end of last year.
2. Less wasted mental energy. Helping my future self by streamlining my finances now became mission critical. With all those taxable investment accounts, completing my 1040 tax return became brutal, especially when coupled with the headaches that come with filing taxes for a small business.
I also felt oddly stressed by the disarray in my financial life—and there were far too many emails from all those investment sites.
To continue reading, please go to the original article here:
How To Save Money and Still Enjoy Life
How To Save Money and Still Enjoy Life
Did you know that it’s possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right. You can figure out how to save money and still enjoy life.
It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You already know saving money as a doctor is important. But you also deserve to enjoy some of the spoils and riches of all of the work you put in to go through college, medical school, and residency.
How To Save Money and Still Enjoy Life
Did you know that it’s possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right. You can figure out how to save money and still enjoy life.
It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You already know saving money as a doctor is important. But you also deserve to enjoy some of the spoils and riches of all of the work you put in to go through college, medical school, and residency.
In the physician finance blogosphere, financial gurus will paint a dichotomous picture of only two possible money management options. Either you eat ramen for five years after you finish residency so you can meet your financial goals. Or you fall into the camp of YOLO hedonism, living it up, spending every dime and not saving anything.
This black-and-white approach skips the view that you can do a little bit of both.
You can be financially responsible for those first three to five years and for every year after that. AND, at the same time, you can actually enjoy life.
Saving money as a doctor is all about balance
I saw author Ramit Sethi speak before he made it famous on Netflix, and he’s all about “living the rich life.” Yet he teaches people important personal finance principles. These aren’t mutually exclusive concepts.
It’s possible to take care of your personal finance needs by paying your future self first. And you can also live the rich life as Ramit would say, or spend guilt-free as I would say.
It can be hard sometimes to find the line between “I actually can spend this money” or “Nope, I should have saved it”, but if you have a certain percentage diverted to your separate accounts first(investments, savings etc.), then it helps you know what’s safe to spend and enjoy that portion of your money.
I preach balance and moderation because I’ve seen too many doctors start judging themselves for their financial decisions, for not “saving enough.” Eventually, they become doctors who refuse to take vacation with their family because the cost of the trip added to the cost of taking time away from work feels like too much spending and not enough saving.
To continue reading, please go to the original article here: