.Money – We Need To Talk About It

Let’s Talk About Money

There are few things that people avoid talking about more than money, yet we probably spend most of our time in pursuit of money.  We could all benefit from a better understanding of it, but sadly, we are mostly left to find our own way with money. We rarely even have the chance to learn from other’s experience, so we are bound to repeat the same mistakes.

I get it; there are some good reasons not to talk about money.  We think that letting people know how much money we have or how much we earn will complicate our relationships and interactions. 

Strangely, even though we don’t want people to know our financial situation, most people spend a lot of time and effort trying to appear as though they have more money than they actually do.  I’m not sure how this deception makes interactions any more comfortable.  Maybe people inflate their perceived financial status in an effort to avoid having to interact with people of their own income level.

.Good Enough Is Pretty Great

January 8, 2020 By Machinist

Have you ever noticed how much contradiction and disagreement there is in the advice being offered about personal finances?  Suze Orman claims that buying coffee is like flushing a fortune down the toilet.  Others assure us that we can tolerate a vice or two and still be responsible personal financiers. 

Some people are convinced that owning a home is a waste of investable capital, while others are convinced that real estate, with its easy leverage is the best, most reliable passive income stream.

 Still others make the choice to pay off their mortgages early.  Some people wouldn’t stoop to driving someone else’s hand-me-down car, while others will gladly accept years of additional retirement as a trade for doing just that.  Which advice is best? More importantly, which is good enough?

.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.

.Unexpected Habits Of A Frugal Millionaire

April 8, 2019 jeff@debtfreedr.com 

When you hear about someone being a millionaire, you typically don’t picture them as being frugal. The phrase, “Frugal millionaire” is not something that typically goes together such as a peanut butter and jelly sandwich does.

But, if you’ve read books such as “The Millionaire Next Door” and Chris Hogan’s new book, “Everyday Millionaires,” you’d have a different outlook on how millionaires actually live.

Occasionally, when someone hears that a person is frugal, they automatically think that they’re cheap. Being frugal and cheap are two different things.

So, before we discuss the habits of a frugal millionaire, let’s look at the difference of being frugal versus cheap.

What Is Frugal Living?

Frugal living is simply being intentional with your money. It’s mainly practiced by those who aim to:

cut expenses

have more money

get the most they possibly can from their money

.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.

In full transparency, I didn’t come up with the original list.  That honor goes to this article from MoneyStepper, which I just read tonight.  I liked the concept and the guidelines presented so much,  I’ve decided to build on the original article with original thoughts of my own, including the “10 Commandments” title.

.Money Lessons You Must Teach Your Children and Grandchildren

Kentin Waits • May 30, 2018

If you know and love a young person, pass on these life-changing lessons that can put anyone on the road to prosperity.

Money Lessons You Must Teach Your Children and Grandchildren

Around the nation, young people are graduating from high school and college and preparing to take charge of their financial lives.

If you listen closely, you can hear wallets groaning from coast to coast.

10 Types of Friends Who Are Costing You Money

By Tim Lemke

Our friends are some of the most important people in our lives. But have you ever considered the impact they have on your finances?

Some friends can suck money from your wallet, even if they don't intend to. And because they're your friends, you may not even notice.

Consider whether yours fall into any of these categories of friends that cost you money.