.Same As It Ever Was: Things That Never Change In a World That Never Stops Changing

Jun 15, 2020 by Morgan Housel

“People spend too much time on the last 24 hours and not enough time on the last 6,000 years.” – Will Durant

This is a few short stories about things that never change in a world that never stops changing.

Things that never change are the most important things to pay attention to. Change gets most of the attention, because it’s exciting and surprising. But things that stay the same – how people behave, how they think, how they’re persuaded – is the real meat of history.

Voltaire’s quote that “History never repeats itself, but man always does,” sums it up. Predicting the future is hard. Few can do it. Understanding what’s going through people’s heads is easier, and almost as useful. The world in 2020 looks nothing like the world of 1920, which was a different universe compared to 1920 BC.

But how people’s heads work hasn’t changed. How they think about fear, greed, opportunity, scarcity, and tribal affiliations hasn’t changed. It won’t change in our lifetimes.

.7 Mistakes Many of Us Are Making With Our Money During the Pandemic

By The Penny Hoarder Staff Updated June 15, 2020

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One way or another, we all make mistakes. It’s the human condition.

But right now, in the midst of a pandemic, one thing you don’t want to make mistakes with is with your money.

Sure, we’ve all let bad financial habits creep up on us. But in these uncertain times, it’s more important than ever to make sure you’re not your own bank account’s worst enemy.

Here are seven mistakes people are making with their money during the pandemic, and what you can do instead.

.Warren Buffett: This is The No. 1 Mistake Parents Make When Teaching Kids About Money

Jul 30 2019 Tom Popomaronis, Contributor@TPOPOMARONIS

If there’s one person who understands the importance of teaching kids about financial responsibility, it’s Warren Buffett.

Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and sold each can for a nickel. He also sold magazines and gum from door to door.

“My dad was my greatest inspiration,” Buffett said in an interview with CNBC back in 2013. “What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught me.”

When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”

.4 Things I Regret Wasting Money and Time on In My 20s

61-Year-Old Self-Made Millionaire: 4 Things I Regret Wasting Money and Time on In My 20s

May 30 2019 Grant Cardone, Contributor@GRANTCARDONE

It’s been more than 40 years since I graduated high school — and a lot has changed since then. I’m older, wiser, wealthier and much more successful.

I’ve built a multimillion-dollar business and am the CEO of seven privately held companies. But there’s always room for improvement — even at age 61. In order to do that, it’s important to acknowledge past failures and learn from them.

Looking back at my 20s, there was so much I didn’t know about money. With what little I earned, I wasted on useless things that didn’t benefit me at all. Here are the top four things I regret spending my time and money on:

.Give Back: Strategies To Make Donating An Easy Part Of Your Finances

Cash For Tacos – June 15 2020

Do you often think about giving back by making more charitable donations, but struggle to do so?

Maybe you find it hard to let go of the money you worked so hard for.

Maybe you find it difficult to trust that your money will be used the way you think it should be.

Or maybe you just can’t figure out how to balance making donations with all of your other money goals.

We all have our own reasons for wanting to give more, yet struggling to do so. I look up to the people who find it easy to give their money away. Because for me, it takes a bit more work. I hold on to my money tightly, and donating does not come naturally to me. At this point in my life, a point where I feel secure in my finances, I want to make giving back a more intentional part of my financial plans.

.Ways To Build Generational Wealth

By Brian @ My Millennial Guide

Generational wealth is usually referred to as financial wealth that is passed down from one generation to another even though it can take other forms like traditions or heirlooms.

I’m currently in a position where I am trying to build wealth so that I can pass it down wealth from generation to generation. I’ll get into ways to build generational wealth later in the article but first I wanted to get into defining generational wealth…

What Is Generational Wealth?

Generational wealth is acquired by building generational assets which can include real estate, stocks, businesses, and many other types of assets.

.The 3 Muscle Groups Of Wealth Building

April 18, 2019 FIRE By Mr. Bo Dangles

Welcome to the Gym of Wealth! I’m your trainer, Mr. Bo Dangles. It’s time to get to work.

It’s my job to give you the tools you need to build a nice, strong bank account that will give you all the confidence of a rhino, attract the envy and admiration of your peers, and give you the power and freedom to spend your days as you want. Everyone who goes to a real gym has their own reason for being there, but those reasons always boil down to one of three categories: They want to look better - They want to feel better - They want to do more

I know moms who exercise because want to be able to carry their kids around without feeling winded. They want to do more. I went to school with a bunch of frat guys who wanted to make their tee shirts look even tighter. They want to look better. I know a bunch of 20- and 30-somethings who are addicted to the neurochemicals, stress reduction, and better sleep that comes from exercise. They want to feel better.

Strangely enough, everyone who strives to accumulate wealth has their specific reason, but those reasons fall into the same few categories!

.Momentum: Once an Object Gains Momentum It Tends to Stay In Motion

Financial Planning Justin / June 18, 2020

If you look up inertia in the dictionary you will find its definition to be (emphasis is mine) “the resistance of any physical object to change its velocity. This includes changes to the object’s speed or direction of motion.“ Inertia is the glue preventing too many individuals from chasing their dreams, from finding and living their purpose, and from living a fulfilled life. It’s easy to want to make a change. It’s hard to make change happen.

Too often, whether it be with weight loss goals, savings goals, or career goals, individuals set an ambitious, but attainable, goal only to give up shortly after starting due to some type of set back.

They get off to a great start but life brings an unexpected challenge and they never manage to get back on track—the goal they are chasing seems too far away—and fall back into the rut they so desperately want to escape. Inertia grabs ahold again.

.7 Important Ways You Should Not Follow the Crowd Financially

By Marc | Apr 18, 2019 | Personal Finance

Many Americans are in pretty bad shape financially. In fact, the statistics can be pretty shocking.

“Nearly half of all working-age families have zero retirement account savings,” and the median family has only $5,000 saved for retirement

57% of Americans have less than $1,000 in their savings accounts

The average household owes nearly $7,000 in credit card debt

Despite the fact that most Americans are not on the right path financially, many are still following the crowd and making decisions based on what other people are doing.

If you want something better, you need to do something different.

.10 Reasons You (Think You) Don't Need a Will

Allison Kade Feb 28, 2019

Money can be fun: buying stuff, being generous with our friends, planning for our glorious future.

And, sure, it can sometimes be a little less fun: paying down debt, balancing our budget, planning for the unexpected.

So, understandably, a lot of people focus on the fun stuff and put off the rest. We’ve spoken to too many people who haven’t created a last will and testament. Here are the top reasons people convince themselves they don’t need a will . . . and what you should really know.

1. What If I’m Immortal?

A last will and testament describes your wishes if you were to pass away. It can cover your property, and even name whom you’d like to take care of your kids if you were no longer around. Even if you're young now, you could still benefit; millennials need wills, too.