.Follow Your Passion Career Advice is Tragic

 How to Fix It

Maximize the Value of You (Career)

At Millionaire Foundry we often challenge what we call common wisdom, which are sound bites of financial advice some often hear, accept, and then repeat as truth.

Common wisdom is not all bad and may be well-meaning, but its danger is that it can steer us in the wrong direction, often when it really counts. The results can be disastrous.

One piece of common wisdom career advice that deserves a major challenge is to always Follow Your Passion.

This advice has been repeated so often that its accepted as fact.

And like many pieces of common wisdom, it does contain some truth.

After all, it makes sense that combining work with what really professionally excites us has more potential for success than building our career around something we despise.

But this career advice can be painfully misleading because it misses the principle that we are only rewarded to the degree we leverage our skills to create value for others, and they in turn are willing to compensate us.

.What Video Games Taught Me About Finance

Action-adventure and RPG games are packed with hidden lessons about real world wealth.
 
It started, as many adventures have, in the town of Blackwater on the shores of Flat Iron Lake. I walked into the Gunsmith’s shop to check out his wares and saw the most provocative and expensive weapon I had ever come across—an “explosive rifle,” on sale for $10,000.

Despite the fact that there were many people depending on me, the reformed Wild West outlaw John Marston, to carry out errands for them, I became obsessed with raising the cash to buy the gun.

You may have caught on that I’m not referring to real places or people, but rather locations and characters in the 2010 Rockstar game Red Dead Redemption.

.Financial Concerns In A "Broken-Heart Syndrome"

Valuable Estate Lessons From The Passing of George and Barbara Bush

Megan Gorman Senior Contributor   Personal Finance Dec 3, 2018

I write about achieving wealth and how it intersects with our lives

 The death of a longtime married couple in quick succession is often explained as “broken-heart syndrome”

When spouses pass within a short period of time of each other there may be challenges with beneficiary designations.

George H.W. Bush led an extraordinary, well-lived life during an exciting time in American history. In any discussion of his life and accomplishments, his late wife Barbara quickly comes to mind as well.  Theirs is a well-documented and iconic love story.  From the battlefields of Second World War to the White House and beyond, the romance and connection between them was felt by all who saw them together.

.Awesome Jedi Lessons for Your Money

May 4, 2019  By Mr. The Poor Swiss

 In honor of May 4th (May The Fourth), I gathered some Jedi wisdom for your Personal Finances. I have found 11 inspirational quotes from characters from various Jedi from the Star Wars Universe that could be applied to money lessons.

There are many great quotes in Star Wars. Mostly from the great Master Yoda and his crazy talking that makes him so well-liked. But other Jedi Masters are also generous with wisdom quotes. Most of the quotes do not directly apply to finance. Here are 11 quotes that can apply to your personal finances.

May the Force be with you. Yoda

May the Force be With Your Finances! If you follow these Jedi lessons, you may well become a Jedi Personal Finance Master!

.The Fear of Losing It All

By Charlotte Cowles@charlottecowles

About five years ago, I received a tax bill in the mail for a crazy amount. I can’t even remember what the number was because I practically blacked out. I had to lie down on the floor to stop the room from swimming. I couldn’t pay this money. I didn’t have it. What could I sell? Who could I borrow from? Could I charge it on my credit card? Should I open an additional credit card?

My immediate reaction was a textbook case of what psychologists call “scarcity mind-set” — the panic of not having enough, the doomsday thoughts that immediately followed, and the onslaught of bad ideas for “quick” fixes. As it turned out, I had misread the bill, and after closer examination and a couple of phone calls, I was able to sort things out and resume my normal heart rate.

In theory, the threat of coming up short should have spooked me into making smarter financial decisions in the long run (saying no to an expensive dinner and bulking up my savings instead), and research does show that it can incentivize people to stretch their money further

.Coping With the Guilt of Losing Money

By THE INVESTOR 

I accept it’s normal to feel frustrated, angry, or even downright stupid when you lose money on your investments.

But what about guilt?

 My portfolio’s fall from its peak value in summer 2007 to a low in October 2008 represents a big loss for a 30-something private investor like me: at least a couple of years of after-tax income in cash terms.

 More importantly, the losses meant I had fewer options in October 2008 than the year before. I’d originally begun investing to build up a house-buying war chest for when the over-valued housing market corrected itself.

 After several years waiting, house prices were finally falling, but my investments had fallen further.

It was my sister who put it simplest and best, when I explained to her my fate:

 “Ah, I see. If only you’d sold all your investments and put the money into a savings account! Now you’d have even more money, and you could buy a cheaper house.”

 My sister was a 100% right.

 Being told what I did wrong by my sister, who takes no real interest in money, might have hurt my pride. But then my emotional state has taken several turns during the bear market.