.What If?

Richard Quinn June 10, 2020

IT SEEMS THE WORST of this economic crisis may have passed, though the health risks will be with us for some time. What have we learned? For many people, long-discussed financial risks became all too real in 2020.

There are two words that should always be part of our thinking: what if. Those two words aren’t always associated with bad things. What if I win the lottery? I have a plan for that, which varies depending on how much I win and whether it triggers estate taxes. The chance of that plan being needed is, of course, nil.

Most “what ifs” relate to family, money and our future security. Could anything—short of a world war—have done more than today’s pandemic to heighten those concerns? And yet I suspect the current crisis will soon be a dull memory and most Americans will be back to their old financial ways. But for those who want to be prepared for the next crisis, here are eight “what ifs” to ponder:

.The 50 Biggest Money Mistakes Household CEOs Make

By Len Penzo

As this penny illustrates, even the United States Mint occasionally makes money mistakes.

I’m not ashamed to admit I make mistakes. After all, everybody screws up occasionally; for us humans, mistakes come with the territory.

For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. Unfortunately for me, my middle-aged left shoulder vehemently disagreed — after the fact, of course — and so I spent the next week popping acetaminophen tablets like they were M&Ms. I know.

It can be even more costly when we make mistakes managing our personal finances; I know I still make them from time to time.

Here are 50 of the biggest financial faux pas household CEOs make. How many of these apply to you?

.38 Secrets for Financial Success: My Personal Finance Manifesto

By Len Penzo

Awhile back, somebody asked me to summarize my personal finance “playbook” in a blog post. Well … Here it is:

Debt is a form of indentured servitude where people agree to sacrifice a portion of their future earnings in exchange for instant gratification.

ATM machines are the Achilles’ heel of impulsive spenders.

History tells us that all fiat money eventually returns to its intrinsic value: zero. The US dollar is fiat money.

Given a choice, it’s always better to live your life anonymously rich, rather than deceptively poor.

If you have to ask your boss for a raise, then you need to find a new employer.

When in doubt, always choose credit over debit.

It’s almost impossible to effectively manage your personal finances if you don’t track your income and outgo.

.What to Do When Money Causes Friend Drama

By Rachel Miller; illustrated by Daniel Zender Jan 15 2020,

When a pal keeps suggesting restaurants you can't afford or making snide comments about your salary, it's time to say something.

Hard to Say is a column about delicate situations and difficult conversations, for people who wish they could hire a ghostwriter for all their texts.

Knowing you have to have a money conversation with someone is stressful. Even fairly straightforward situations can lead to endless procrastination followed by an hour of strategizing with a close friend before you finally text your roommate… “Hey, could I get the rent check from you later today?”

But the anxiety makes sense: a person’s finances can be deeply intertwined with their ego, identity, beliefs, and sense of self-worth. And because talking about money often means communicating a desire or a need, it can leave us feeling very vulnerable.

.What Your Relationship with Money Reveals About You

...and Why Romantic Partners Often Fight Over Finances

By Seth J. Gillihan Ph.D. Think, Act, Be

Money is a complicated topic. Most of us tend to feel uncomfortable talking about it, and might even prefer to reveal aspects of our sex lives than to divulge our income.

Even if we spend countless hours thinking of ways to make more money, we may not give much thought to how we relate to money. But when you pay attention to your relationship with money, you can gain some important insights into yourself.

​ Your Mindset

Do you feel like there’s never enough money, and always too many expenses? Does it pain you to spend money? You may have a scarcity mindset, as described by Steven Covey in his bestselling book The Seven Habits of Highly Effective People. With this mindset, you see money and other resources as zero-sum games—with more for others meaning less for you and vice versa.

.13 Personality Traits That Lead to Money Success

Personality. We all have one, some more than others. Personality is defined as “the combination of characteristics or qualities that form an individual’s distinctive character.”

There is only one of you. It is the unique combination of traits that make the individual who they are, and the facets that make up our personalities play a significant role in our lives.

In fact, your personality traits will likely significantly impact the outcomes of your life, either helping or hindering your ability to succeed in various areas.

One big area impacted by personality characteristics is money and personal finance, where you may find that some of your personality traits are more desirable than others.

.Before Spending Your Emergency Fund, Ask Yourself These Questions

By Nicole Dow Senior Writer

We get so used to thinking of our emergency fund as cash we shouldn’t touch. It can feel wrong to actually spend that money.

But the financial situation that’s cropped up as a result of the coronavirus pandemic makes now a perfectly legit time to tap into your reserves. Honestly.

Your individual circumstance, however, may leave you questioning whether it’s really okay to be spending your emergency fund. Maybe you have a spouse who is still working or enough money in the bank to stretch a few weeks longer.

.8 Things You Should Never Do With Your Money, According to Experts

By The Penny Hoarder Staff

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.

1. Don’t Waste Hundreds on Homeowners Insurance

You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy. This isn’t something you actively think about — you just know you’re required to have it.

.10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire

By The Penny Hoarder Staff

Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)

But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht. These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.

Take a look:

1. Grow Your Money 11x Faster — Without Risking Any of it

You’ve probably heard the best way to grow your money is to stick it in the stock market and leave it there for, well, ever.