.9 Essential Personal Finance Skills to Teach Your Kid
.9 Essential Personal Finance Skills to Teach Your Kid Before They Move Out
By Tim Lemke
Your child is on the verge of moving out and living on their own. Are they prepared?
Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).
Consider these ways that you can help your child build a base of financial knowledge before they move out.
1. Show Them How To Budget
Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.
.The Flywheel Of Wealth
.The Flywheel Of Wealth
(and the importance of patience)
By Rob Berger September 3 2019
His name is Dave. A retired Naval officer, he’s written two novels and about to publish his third. His books (thrillers in the style of Dan Brown and John Grisham) have been well received and even won awards, yet he’s still a relative unknown in the competitive world of fiction.
Her name is Michal. She’s a residential and commercial painting contractor in central Ohio. She’s a natural artist, a trait she inherited from her father and passed on to her daughter. She’s truly gifted, yet has struggled to grow her young business.
His name is Rob. He wants to achieve financial freedom at a young age. Yet, fresh out of college, he has mountains of debt. He makes a good salary, but most of it goes to paying school loans and everyday expenses. He manages to save and invest $100 a month, but feels like he’s making little progress.
These are all true stories.
.A Basic Skill We Should Have Learned as Kids
.A Basic Skill We Should Have Learned as Kids
By David Cain of Raptitude
The phrase “Don’t get emotional” implies that we normally aren’t.
Most of our news headlines can be interpreted as emotional responses gone overboard, becoming crime, scandal, corruption, greed, and bad policy.
The fact that these reactions are newsworthy seems to reinforce the idea that emotions are sporadic and exceptional, little whirlwinds that appear around significant events, making the odd day or week wonderful or awful.
But if you pay attention to your emotions as you read these headlines, it becomes obvious that even in our most mundane moments — reading the paper on a Monday morning — we are always feeling some way or another. Even a casual glance at a newspaper will begin to stir up familiar feelings like fear, amazement, disgust, admiration or annoyance. We’re never really in “neutral.”
We’re living through emotional reactions all day long, even to events as tiny as hearing a text message arrive, or noticing a fly in the room. Our emotions aren’t always overwhelming us, but they are always affecting us, coloring our perceptions and opinions about ourselves and our world.
This is the “fish in water” effect at work — because we are immersed in our emotions’ effects every moment of our lives, we tend to talk about them only when they’re exceptionally strong.
Even when it’s not obvious, though, emotions are the force behind almost everything we do. They’re the only reason our experiences matter at all. If every event triggered the same emotion, it wouldn’t matter to us whether we got out of bed or not, whether we were sick or healthy, or whether we thrived or starved.
All of our values and morals, all of the meaning we perceive in life, stem from our knowledge that there are some very different ways a person can feel.
.Seven Reasons Making 6 Figures Alone Won’t Make You Wealthy
.Seven Reasons Making 6 Figures Alone Won’t Make You Wealthy
By Michael Budget, Finance
Why Making 6 Figures Won’t Make You Wealthy
Earning a six-figure salary can make building wealth easier, but it’s not a magic solution for your financial woes. Earning a high income is only one part of the equation. If you want to be financially secure, you need to make your money work for you.
A big paycheck can make it easy to gloss over financial mistakes since you can still cover your bills. However, if you want to build wealth rather than an inflated lifestyle, you need to focus on reaching your full financial potential.
Most of the mistakes that six-figure earners make are easy to fix. Here’s how to use that high income to your advantage and build your net worth.
7 Six-Figure Money Mistakes
.Don’t Let Early Retirement Box You Into Stupid Corners
.Don’t Let Early Retirement Box You Into Stupid Corners
By Steve Adcock
How many of you good people have [formally or informally] entered contests to see how little money you can spend during a period of time? Like those “No Spend” months?
If you read enough personal finance material, those money challenges are common. But, I haven’t entered a single one of them.
Not because they’re useless. Not because they are harmful.
It’s because I don’t need to enter a contest to see how much I can scrimp to get by in a certain area of my life.
That’s not the point of early retirement. Or financial independence.
These competitions have a way of “encouraging an assumption” that we need to do certain things or believe in specific philosophies in order to achieve our financial goals.
.Six Simple Money Habits That Changed My Life
Six Simple Money Habits That Changed My Life
By Jim Wang 28 August 2019
Habits play such an important role in every aspect of your life. And those habits, good or bad, are reflected in your finances.
Some of our habits are small, almost insignificant. Over time, though, they have a large effect. There are little things that I've done over many years that have had outsized results. Individually, they don't move the needle. But they're like little course corrections on the cruise ship of life. A little change early on, repeated and compounded over many years, can have a significant impact.
When you add them together, they can help you achieve things you never thought possible.
Six Simple Money Habits
Small Habits Lead to Big Results
.What Are You Willing To Do For Financial Independence?
.What Are You Willing To Do For Financial Independence?
By Barry Choi
I’m honestly getting really tired of all the Financial Independence, Retire Early (FIRE) blogs, articles, and people out there. Don’t get me wrong, I think FIRE is amazing, and if you can achieve it, that’s great.
My problem is that in the last little while, FIRE has been making headlines because of people who have unique situations.
It’s easy to achieve FIRE if you have a high income and reside in an area where there’s a low cost of living, but for most people, that may not be the case.If you want to achieve FIRE, you can take a few steps to help you get there. You may not retire in your 30’s or 40’s, but I would say if you can retire a few years early without having to worry about money, you’re probably doing alright.
Full disclosure, I’m looking to retire early myself, but there’s just no way I’m doing what some people did to get there. What are You Willing to do for Financial Independence?
.7 Golden Rules of Successful Investments
7 Golden Rules of Successful Investments
Golden Rules for Every Investor, or Major Mistakes Newbie Investors Make
The number of those who’re new to our business increases every day. Many of them face a number of typical mistakes (step on a rake) of a young investor.
You need to know everything about mistakes to avoid them. Maybe we should start with a start-up capital.
7 Golden Rules of Successful Investments
Rule #1 Constantly Build up Your Investment Capital
Investing requires money, which total amount must constantly grow; otherwise, it cannot be called investing. The source of growth may include both the funds saved up from base wages and the profit from already invested funds (investments).