10 Quick Steps That’ll Have You Managing Your Money Like A Millionaire
.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.
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. Take Money Out of Your Checking Account
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To continue reading, please go to the original article here:
5 Strategies That’ll Help You Stop Fighting With Your Partner About Money
.5 Strategies That’ll Help You Stop Fighting With Your Partner About Money
by Chaunie Brusie
It’s common for people in relationships to have different approaches to money. One might be a spender, while the other might be a saver. But as common as this might be, even small disagreements over how to manage money can add up over time, especially as you realize you and your partner may approach your finances in different ways that are subtle (or maybe not so subtle…) Either way, those differences will need to be addressed eventually.
So, when that moment comes for you, these tips will help you and your partner be able to effectively handle your finances when you have differing money mindsets.
Understand That Beliefs About Money Take Hold Early
How you approach your finances as an adult goes back to what you learned about money as a child, explains Jessica Small, who works as a licensed marriage and family therapist and premarital counselor with Growing Self Counseling and Coaching. Upbringing probably plays the biggest role in someone’s financial style,” Small said. “So much of our belief system about money is defined by the messages we received as a child and how money is talked about in our families growing up.”
5 Strategies That’ll Help You Stop Fighting With Your Partner About Money
by Chaunie Brusie
It’s common for people in relationships to have different approaches to money. One might be a spender, while the other might be a saver. But as common as this might be, even small disagreements over how to manage money can add up over time, especially as you realize you and your partner may approach your finances in different ways that are subtle (or maybe not so subtle…) Either way, those differences will need to be addressed eventually.
So, when that moment comes for you, these tips will help you and your partner be able to effectively handle your finances when you have differing money mindsets.
Understand That Beliefs About Money Take Hold Early
How you approach your finances as an adult goes back to what you learned about money as a child, explains Jessica Small, who works as a licensed marriage and family therapist and premarital counselor with Growing Self Counseling and Coaching. Upbringing probably plays the biggest role in someone’s financial style,” Small said. “So much of our belief system about money is defined by the messages we received as a child and how money is talked about in our families growing up.”
Allana Pratt, an intimacy coach, relationship expert, and host of “Intimate Conversations,” also points out that early beliefs surrounding money all result in an emotional mindset that will impact how you manage money later in life. Those beliefs could stem from things like getting positive attention when you saved your allowance as a child or learning to limit your dreams because you grew up in poverty.
Action Step for Couples: Carve out time to talk about how your family of origin approached money. Spend some time exploring how your partner’s financial upbringing — as well as your own — affects how you both approach money today. It can help both of you understand the “why” behind your beliefs about money.
Realize that Finances = Feelings
It’s important to recognize that when it comes to managing money, it’s never just about the dollar signs, according to Small. How you approach money actually boils down to how you feel about money, because a lot of emotion is attached to money in our society.
“We watch how our parents or primary caregivers spend money, their emotions around money, and how they fight about money to try to make sense of the value money holds,” she said. “If we grow up in a house where anxiety is the primary emotion that is expressed around money, then we begin to associate anxiety with finances. Sometimes, we’ll replicate what we saw growing up and other times people will consciously do the direct opposite.”
Small said that because finances are so closely intertwined with feelings, whenever she sees a couple in her practice who are struggling with financial management, she always asks them one question: “What does money mean to you?”
To continue reading, please go to the original article here:
https://www.thepennyhoarder.com/save-money/money-management-for-couples/?aff_sub2=homepage
8 Secrets of The Wealthy That Most of Us Ignore
.8 Secrets of The Wealthy That Most of Us Ignore
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 there’s still plenty of things we can learn from rich people. Here are 8 of the smartest ways they save money…
1. They Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company. But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
8 Secrets of The Wealthy That Most of Us Ignore
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 there’s still plenty of things we can learn from rich people. Here are 8 of the smartest ways they save money…
1. They Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company. But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends. It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your investment account.
2. They Don’t Waste Hundreds on Homeowner’s 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.
The problem is, you’re paying too much. Luckily, an insurance company called Lemonade makes it easy to find out how much you’re overpaying.
Lemonade’s policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Lemonade will make sure you have what you need.
To continue reading, please go to the original article here:
These Are the 5 Smartest Things to Do if You Don’t Get Another $1,200 Stimulus Check
These Are the 5 Smartest Things to Do if You Don’t Get Another $1,200 Stimulus Check
by Mike Brassfield
Remember the $1,200 federal stimulus check you got a few months ago? Wasn’t that a lifesaver? Wouldn’t another one of those be nice right now? While politicians in Washington bicker and point fingers and fail to successfully negotiate another stimulus bill, the rest of us are all wondering the same thing: Am I going to get another $1,200 stimulus check or not?
If you’re one of the tens of millions of Americans who are out of work due to the coronavirus pandemic, you desperately need that money to pay for necessities like food and shelter. Even if you’re still employed, you need that extra money to pay for things like school supplies, unexpected child-care costs or skyrocketing power bills because you’re home all the time.
If the politicians fail us and you don’t get another stimulus check, we’ve got five tips to help you get through this time:
1. Negotiate to Stay in Your Home
If you can’t afford housing, don’t panic. Look at your options instead.
These Are the 5 Smartest Things to Do if You Don’t Get Another $1,200 Stimulus Check
by Mike Brassfield
Remember the $1,200 federal stimulus check you got a few months ago? Wasn’t that a lifesaver? Wouldn’t another one of those be nice right now? While politicians in Washington bicker and point fingers and fail to successfully negotiate another stimulus bill, the rest of us are all wondering the same thing: Am I going to get another $1,200 stimulus check or not?
If you’re one of the tens of millions of Americans who are out of work due to the coronavirus pandemic, you desperately need that money to pay for necessities like food and shelter. Even if you’re still employed, you need that extra money to pay for things like school supplies, unexpected child-care costs or skyrocketing power bills because you’re home all the time.
If the politicians fail us and you don’t get another stimulus check, we’ve got five tips to help you get through this time:
1. Negotiate to Stay in Your Home
If you can’t afford housing, don’t panic. Look at your options instead.
Are you a homeowner? If you’re struggling with your mortgage payments, keep in mind that Fannie Mae and Freddie Mac are extending their moratorium on foreclosures on single-family mortgages until at least Aug. 31, 2020.
Mortgage companies can also offer to homeowners in COVID-19-related forbearance the option to defer missed payments until they sell or refinance their homes or reach the end of their loans.
Are you a renter? If you can’t pay rent for the upcoming month, it’s best to speak with your landlord sooner rather than later. You may be able to come to a resolution that doesn’t involve eviction or having delinquent payments on your credit report.
Renters should also check with their local housing agencies about relief programs. Many cities have funds that will help you by paying at least part of your rent directly to your landlord.
2. Ditch Your Current Car Insurance and Save Yourself $800
If you need to free up extra room in your budget, one of the easiest places to start is to cut back on your monthly bills — like your current car insurance.
In most places, it’s straight up illegal not to have it, so you’ve probably accepted that you’re going to pay through the nose for it. But you don’t have to.
To continue reading, please go to the original article here:
https://www.thepennyhoarder.com/budgeting/another-stimulus-check/?aff_sub2=homepage
9 Symptoms of an Unhealthy Relationship with Money
.9 Symptoms of an Unhealthy Relationship with Money
Do you have a love-hate relationship with money? Different people feel differently about money. Sometimes you feel confident about your financial situation. Other times you feel guilty about the money you spend. Some of us enjoy looking at our bank accounts, while some feel dreaded. Your relationship with money depends upon how you treat it. Whether you consider it your trusted friend or something that causes frustration, fear and guilt.
The good news is, no matter how unhealthy your relationship with money is, you can always take steps to improve it. However, to make that happen, you need to identify the habits which are causing you to overspend or preventing you from spending even on your basic comforts and necessities. In this article, we are going to discuss the symptoms that indicate you have an unhealthy relationship with money. But first, let’s discuss what is a healthy financial relationship.
What Is A Healthy Relationship With Money?
When we read the word “health”, nutrition, exercise and good sleep are what comes to our mind. We never consider money a part of our health. The truth is, to maintain a healthy lifestyle, you need to have a healthy relationship with money.
9 Symptoms of an Unhealthy Relationship with Money
Do you have a love-hate relationship with money? Different people feel differently about money. Sometimes you feel confident about your financial situation. Other times you feel guilty about the money you spend. Some of us enjoy looking at our bank accounts, while some feel dreaded. Your relationship with money depends upon how you treat it. Whether you consider it your trusted friend or something that causes frustration, fear and guilt.
The good news is, no matter how unhealthy your relationship with money is, you can always take steps to improve it. However, to make that happen, you need to identify the habits which are causing you to overspend or preventing you from spending even on your basic comforts and necessities. In this article, we are going to discuss the symptoms that indicate you have an unhealthy relationship with money. But first, let’s discuss what is a healthy financial relationship.
What Is A Healthy Relationship With Money?
When we read the word “health”, nutrition, exercise and good sleep are what comes to our mind. We never consider money a part of our health. The truth is, to maintain a healthy lifestyle, you need to have a healthy relationship with money.
You need to consider your financial health as an important component of your overall wellbeing. If you want to develop a healthy relationship with money, you need to identify the problematic habits you have built around money over the years. Once you have identified these problems, it will get easier for you to manage your finances in a better way.
When you have a healthy relationship with money you are:
Intentional in your spending
Have reasonable or low debt
Saving to achieve your monetary goals
Investing in an emergency fund or insurance
Our spending habits stem from our childhood. The believes we learn about money as a child stick with us forever. Our beliefs regarding finances are what drive our financial behavior.
This makes it important for parents to cultivate healthy financial habits in their children. Doing so, they can prepare them to manage money in a better way as they enter adulthood.
How To Improve Your Relationship With Your Finances?
Now you must be wondering how to enhance your relationship with money. The answer is simple.
Just like any other relationship in your life, you can improve this relationship with love and compassion. If you want to build a healthy relationship with money, you need to love it no matter what the circumstances are.
To continue reading, please go to the original article here:
Currency Trading: Is It Right For Me?
.Currency Trading: Is It Right For Me?
How to Invest Money, Make Money Online, Personal Finance - Janice Friedman - July 20, 2020
Are you looking for your next significant investment? Maybe you’ve recently come into some extra money and want to make it grow. Currency trading could be the right move for you to make.
Currency trading on the world’s foreign exchange market is one of the simplest ways for individuals to break into the world of investments. It’s relatively easy to learn, has less risk than many other forms of investment, and practically anyone can do it successfully.
What Exactly Is Currency Trading and How Does It Work?
Currency trading by individuals takes place 24-hours a day online at the foreign exchange market. Also, currency trading takes place at financial centers around the world, so the market is always open for traders.
Currency Trading: Is It Right For Me?
How to Invest Money, Make Money Online, Personal Finance - Janice Friedman - July 20, 2020
Are you looking for your next significant investment? Maybe you’ve recently come into some extra money and want to make it grow. Currency trading could be the right move for you to make.
Currency trading on the world’s foreign exchange market is one of the simplest ways for individuals to break into the world of investments. It’s relatively easy to learn, has less risk than many other forms of investment, and practically anyone can do it successfully.
What Exactly Is Currency Trading and How Does It Work?
Currency trading by individuals takes place 24-hours a day online at the foreign exchange market. Also, currency trading takes place at financial centers around the world, so the market is always open for traders.
New York, Tokyo, Sydney, and London are a few of the main hubs. If you’re in search of a form of investment that you can micromanage on your own time, in between work and sleeping, trading currency may be right for you.
There are three main “lots” involved with currency trading. Each lot is made up of the base currency of your choice. There is the standard lot, which is 100,000 units of currency. The mini lot, which is 10,000 units of your chosen money. And last but not least, the micro lot, which is 1,000 units of base currency.
![FOREXX[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1598575927533-NLCWA27JY4DA4MC3OVRG/FOREXX%5B1%5D.jpg)
The Forex
As mentioned above, currency trading takes place on the Foreign Exchange Market, also known as the Forex market, or FX for short. It is the largest market for investing in the world and continually grows every year. Several trillion dollars worth of trading currency is completed daily on the Forex market.
Until recently most of the currency trading taking place on the FX was done by professionals. Now, with the rise of online currency trading platforms, just about anyone who is interested in trading currency can get involved.
The Forex market appears as somewhat complicated at first glance due to the level of various players and operations taking place. To give you a better idea of how trading on the Forex market works let’s take a look at the major players who’re involved.
Central banks
The central banks of the world are by far the most crucial players of trading currency on the FX. Any actions by the world’s central banks directly influence the economy of their nations. They control the market operations and set the interest rates which dictate the rise and fall of currency rates.
To continue reading, please go to the original article here:
The Good Advisor
.The Good Advisor
Robin Powell | August 13, 2020
What are people paying for when they seek out a financial planner? Where’s the real value? The answers may surprise you. Financial planners typically tout their advice on asset allocation, retirement planning, cash flow analysis, insurance, wealth protection, estate planning and so on. But is that really the benefit they bring to consumers?
Consider an entirely different business. When you take your car to get serviced, what are you paying for? Brake repair, transmission diagnosis, tire rotation, oil change? Actually, what most people want is a car that gets them safely, reliably and efficiently from A to B. They want the car serviced in good time, they want a fair estimate of what it will cost, an itemized bill, and a guarantee on parts and repairs.
Likewise, the value of a good financial planner—at least in the eyes of most clients—will often differ from the advertised services. To be sure, asset allocation and portfolio advice are important components. But these are just means to desired ends.
The Good Advisor
Robin Powell | August 13, 2020
What are people paying for when they seek out a financial planner? Where’s the real value? The answers may surprise you. Financial planners typically tout their advice on asset allocation, retirement planning, cash flow analysis, insurance, wealth protection, estate planning and so on. But is that really the benefit they bring to consumers?
Consider an entirely different business. When you take your car to get serviced, what are you paying for? Brake repair, transmission diagnosis, tire rotation, oil change? Actually, what most people want is a car that gets them safely, reliably and efficiently from A to B. They want the car serviced in good time, they want a fair estimate of what it will cost, an itemized bill, and a guarantee on parts and repairs.
Likewise, the value of a good financial planner—at least in the eyes of most clients—will often differ from the advertised services. To be sure, asset allocation and portfolio advice are important components. But these are just means to desired ends.
What people are paying for, in the final analysis, are guidance to help them meet their goals, peace of mind, a sense of security, a feeling that someone has their back and an assurance that they’ll be okay whatever the world throws at them. People value having a sense of structure about their financial life and a grasp of the choices available to them.
The technical tools that a financial planner employs—knowledge of the tax system, what drives investment returns, the role of diversification, rebalancing techniques—are without doubt critical components in delivering those desired outcomes. But they aren’t what people are paying for.
In fact, good financial planners will play a number of pivotal roles for their clients, none of which is found on the typical job description. Here are seven of those roles:
Guide. Most people know what they want or, at least, know what they don’t want out of life. What’s often missing is a sense of how they can get there. A planner provides an independent plan, showing possible pathways and the tradeoffs involved in each.
To continue reading, please go to the original article here:
Reflections On Money And The Needs It Meets
.Reflections On Money And The Needs It Meets: I Bought A Lamborghini
Leo Widrich
Last week I turned 30 and as a present, I bought myself this Lamborghini. I posted a picture about it on my social channels this last week and the hundreds and hundreds of reactions to it got me thinking. There were more reactions to this picture than anything I’d ever posted before. They went into all different kinds of emotional directions, 95% sharing in with my excitement and celebrations, including many comments about my shoes. And some reactions that I interpreted as more irritated, hurt, or envious.
The exposure of wealth seems to often trigger something to a lot of us, no matter our personal circumstances. It brings out vulnerable, forgotten, dreamy, and sometimes irritated and hurt fragments in us that are touched and want to come out.
Reflections On Money And The Needs It Meets: I Bought A Lamborghini
Leo Widrich
Last week I turned 30 and as a present, I bought myself this Lamborghini. I posted a picture about it on my social channels this last week and the hundreds and hundreds of reactions to it got me thinking. There were more reactions to this picture than anything I’d ever posted before. They went into all different kinds of emotional directions, 95% sharing in with my excitement and celebrations, including many comments about my shoes. And some reactions that I interpreted as more irritated, hurt, or envious.
The exposure of wealth seems to often trigger something to a lot of us, no matter our personal circumstances. It brings out vulnerable, forgotten, dreamy, and sometimes irritated and hurt fragments in us that are touched and want to come out.
![IMG_4850-768x576[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1598496517865-3985UL926WURRP39VLMJ/IMG_4850-768x576%5B1%5D.jpg)
I began pondering about my own relationship to money like I have done so a few times before in articles. The more time I spent pondering and researching my own inner questions that I have about money, the less scary the topic has become.
How an over-emphasis on money stopped me from paying attention to other needs in the past
I started wondering about a list that helps me see which human needs money is good for in meeting or can contribute to meeting very significantly:
Shelter Food Fun Contribution/Support Security (some)
I was surprised that the list was actually this short. Then I wondered about human needs that although money can play a role in, are often further removed from that:
Authenticity Belonging Integrity Creativity Self-Expression Hope Understanding To Matter Warmth Trust To Know And to Be Known Acceptance Affection Empathy Love Intimacy Awareness
To continue reading, please go to the original article here:
https://leowid.com/reflections-on-money-and-the-needs-it-meets-i-bought-a-lamborghini/
It’s Time To Rethink The Hong Kong Dollar
.It’s Time To Rethink The Hong Kong Dollar
Notes From The Field By Simon Black August 24, 2020 Bahia Beach, Puerto Rico
In 221 BC, the 38-year-old emperor Qin Shi Huang declared total victory against all of his rivals in northern China. Qin’s ancestors had literally spent centuries invading neighboring states and engaging in complex diplomacy in order to unify China into a single empire. And Qin Shi Huang was the first Emperor to rule over the unified China that his ancestors had worked so long to build. Talk about having a long-term view.
But instead of celebrating his military success and enjoying peace, Qin decided to expand his empire even further. He focused his attention on the fertile, tropical lands south of the Yangtze River… and sent a massive army of 500,000 men to seize the region. Among Qin’s new conquests was a small peninsula where the Pearl River flows into the South China Sea.
Today we call this area Hong Kong. Hong Kong really rose to prominence more than 1,000 years later when invading Mongols ripped through China in 1276 AD.
It’s Time To Rethink The Hong Kong Dollar
Notes From The Field By Simon Black August 24, 2020 Bahia Beach, Puerto Rico
In 221 BC, the 38-year-old emperor Qin Shi Huang declared total victory against all of his rivals in northern China. Qin’s ancestors had literally spent centuries invading neighboring states and engaging in complex diplomacy in order to unify China into a single empire. And Qin Shi Huang was the first Emperor to rule over the unified China that his ancestors had worked so long to build. Talk about having a long-term view.
But instead of celebrating his military success and enjoying peace, Qin decided to expand his empire even further. He focused his attention on the fertile, tropical lands south of the Yangtze River… and sent a massive army of 500,000 men to seize the region. Among Qin’s new conquests was a small peninsula where the Pearl River flows into the South China Sea.
Today we call this area Hong Kong. Hong Kong really rose to prominence more than 1,000 years later when invading Mongols ripped through China in 1276 AD.
![hkdollar[1].png](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1598362948752-RGA1HD98WIRAJ4XUU3AW/hkdollar%5B1%5D.png)
The imperial family of the Song Dynasty knew they would be executed by the Mongols… so they relocated to Hong Kong’s Lantau Island. Countless refugees followed, fleeing the Mongols for Hong Kong.
So even more than seven centuries ago, Hong Kong was part of people’s Plan B.
This continues to be the case today; Hong Kong has long been among the world’s most prosperous and free jurisdictions. And even people who don’t live, work, or do business in Hong Kong have been able to benefit from its stability and economic freedom.
One of those ways has been through its currency-- the Hong Kong dollar.
Hong Kong’s currency has been ‘pegged’ to the US dollar since 1983 at a rate of 7.80 Hong Kong dollars per US dollar, plus/minus a very tiny range of less than 1%.
This policy has effectively made Hong Kong dollars completely interchangeable with US dollars. And Hong Kong actually has the ability to back it up.
Plenty of other countries have tried (and failed) to peg their currencies to the US dollar. They do this to create stability-- having a currency that’s interchangeable with US dollars makes it easier to attract foreign investment because the peg eliminates currency risk.
Problem is-- most places can’t back it up.
When a government or central bank pegs its currency to the US dollar, they need to be willing and able to exchange US dollars for their currency. And obviously this policy requires having a stockpile of US dollars in reserve.
Most countries that try to peg their currencies do not have this stockpile of US dollar reserves. Argentina, for example, pretended to peg its currency to the US dollar back in the 1990s.
It was a total disaster.
Argentina didn’t have enough dollars in reserve to actually make good on the peg. And before long, the arrangement (along with Argentina’s economy) collapsed.
But Hong Kong actually DOES have the reserves.
Hong Kong’s US dollar reserves are so vast that they could literally buy back every single Hong Kong dollar in circulation, and still have plenty of savings left over.
This is practically unheard of when it comes to pegged currency arrangements. So Hong Kong’s dollar is truly the real deal.
This is one of the reasons why I’ve long favored it, especially as part of a sensible Plan B.
For US dollar-based businesses and individuals, Hong Kong’s dollar represented all the good parts of the US dollar, but none of the downsides.
Think about it: the US dollar is backed by a government that has $26.6 trillion in debt. Hong Kong is practically debt-free. Yet these two currencies are worth almost exactly the same.
So clearly, between the two, the Hong Kong dollar was a safer choice.
But I don’t believe that’s still the case.
In the last few months, we’ve seen a minor trade dispute between the US and China escalate into a full-blow Cold War, resulting in sanctions, arrests, and asset freezes on both sides.
More importantly, China has now squashed any illusion of Hong Kong sovereignty.
Even though Hong Kong is supposed to remain autonomous for several more decades, mainland China’s government has taken over Hong Kong’s political and economic policymaking.
I do not find it coincidental that China began its most aggressive power grab in Hong Kong around the same time that tensions between the US and China began to rise.
So at this point, Hong Kong’s dollar is pegged to the US dollar. China has taken over Hong Kong. And the US and China are quickly becoming bitter enemies.
With these conditions, I don’t believe we can count on the stability we’ve seen over the past several decades when it comes to the Hong Kong dollar peg.
Quite simply, there’s no rational reason for the two currencies to be pegged anymore. Hong Kong is not some frontier market like central Africa that needs the stability of the peg.
Hong Kong is a wealthy, advanced economy. And it’s far more connected to China than the US.
So with tensions flaring between China and the US, the peg may be a casualty of the Cold War.
Sure, it’s possible that nothing happens. China could decide to leave the Hong Kong dollar alone… or gradually re-peg it to a basket of other currencies.
But China could also decide to re-peg the Hong Kong dollar to its own currency, the renminbi. Or to seize a portion of Hong Kong’s US dollar reserves and devalue the Hong Kong dollar.
And it’s not only China. Just a few weeks ago, the US government threatened to break the Hong Kong dollar peg.
Now, those were just idle (and silly) threats. But the point is that there are several uncertainties today that did not exist even a few weeks ago. And those uncertainties may result in changes to the peg.
Keep this in mind if you hold Hong Kong dollars: you might not be able to count on that stable exchange rate.
To your freedom and prosperity, Simon Black, Founder, SovereignMan.com
https://www.sovereignman.com/trends/its-time-to-rethink-the-hong-kong-dollar-28718/
What Would You Do If You Didn’t Have To Work?
.What Would You Do If You Didn’t Have To Work?
by Retirebyforty
What would you do if you didn't have to work? Have you read Ernie Zelinsky’s How to Retire Happy, Wild, and Free. I really like it because he challenges traditional retirement. Most people only think of retirement as the end of a journey. We feel useful when we work and retirement means the end of that usefulness. However, retirement doesn’t have to be that way. Ernie encourages us to think of retirement as an opportunity to find yourself and rekindle your zest for life.
Early in the book, Ernie asks – what would you want to do if work was abolished in this world? That’s a bit extreme so let’s modify it a bit. Work won’t be abolished so let’s take the primary motivation away. My question – what would you do if you don’t need to work for money? Would you keep working in the same job/career? Think about this. The answer will tell you whether or not you’re in the right place.
What Would You Do If You Didn’t Have To Work?
by Retirebyforty
What would you do if you didn't have to work? Have you read Ernie Zelinsky’s How to Retire Happy, Wild, and Free. I really like it because he challenges traditional retirement. Most people only think of retirement as the end of a journey. We feel useful when we work and retirement means the end of that usefulness. However, retirement doesn’t have to be that way. Ernie encourages us to think of retirement as an opportunity to find yourself and rekindle your zest for life.
Early in the book, Ernie asks – what would you want to do if work was abolished in this world? That’s a bit extreme so let’s modify it a bit. Work won’t be abolished so let’s take the primary motivation away. My question – what would you do if you don’t need to work for money? Would you keep working in the same job/career? Think about this. The answer will tell you whether or not you’re in the right place.
What would I do?
If you asked me that question 12 years ago, I wouldn’t have a good answer for you. Sure, I knew that I didn’t want to be a computer engineer forever. However, I didn’t really know what I would do for the rest of my life if I quit my job at 35.
Fast forward to 2020. Now that I’ve been a SAHD/blogger for 8 years, I have a much better idea. I am having the best time of my life. Would I keep doing this if money isn’t a problem? (Stay At Home Dad)
The answer is a big YES! I love being a SAHD (for the most part.) It’s great to spend time with RB40Jr and we have a lot of fun together. Sure, we butt heads sometimes, but that’s natural. Everybody fights a bit when they spend a lot of time together. It’s a privilege to be able to raise our son so closely. Most dads never have the chance to do this. I really appreciate my good fortune. My son loves having a parent at home too.
As for blogging, I probably would continue doing this even if it doesn’t make any money. It’s good for me to put my thoughts down and it keeps my brain active. I can’t imagine retiring early to a life of leisure. At this age (46), I still need some challenges. However, it is a lot of work to write 3 times per week and I’d probably cut back a little. Overall, I really enjoy what I do right now and I’m very grateful for it.
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Don't Feel Like You're 'Good' With Money?
.Don't Feel Like You're 'Good' With Money? Here's where to start
Emily Pandise August 24, 2020
Let’s face it: It can take a lot to feel like you’re “good” with money. We don’t learn about personal finance in school, going through credit card bills can be a big scary mess and some so-called experts will shame you for simply buying a cup of coffee. But your finances are not something you can ignore forever. If you feel like you’re not good with money, here are some important principles to keep in mind.
Dealing with your finances isn’t about doing math; it’s about knowledge.
For a lot of people, there’s a big misconception that being good with money means being good at math or knowing the ins and outs of the stock market. That’s simply not true. Yes, you may need to whip out a calculator for some basic number crunching, but you didn't need to earn an A in high school algebra to get a handle on your finances.
Don't Feel Like You're 'Good' With Money? Here's where to start
Emily Pandise August 24, 2020
Let’s face it: It can take a lot to feel like you’re “good” with money. We don’t learn about personal finance in school, going through credit card bills can be a big scary mess and some so-called experts will shame you for simply buying a cup of coffee. But your finances are not something you can ignore forever. If you feel like you’re not good with money, here are some important principles to keep in mind.
Dealing with your finances isn’t about doing math; it’s about knowledge.
For a lot of people, there’s a big misconception that being good with money means being good at math or knowing the ins and outs of the stock market. That’s simply not true. Yes, you may need to whip out a calculator for some basic number crunching, but you didn't need to earn an A in high school algebra to get a handle on your finances.
Face your fears and start writing everything down.
Check your account balances, debts and spending often to make sure you know where your hard-earned cash is going. Don’t like putting pen to paper? Totally fine. There are plenty of free apps that will help you stay on top of your money.
Pay yourself first.
When you get a paycheck, what’s the first thing you do with it? Before you start paying your landlord, your credit card company or the person who owns your local bodega, you have to pay yourself. If you start saving a little bit each paycheck, even if it’s only $20, that money will grow over time. You’re the one doing the work and earning that cash, and future you deserves to reap the benefits.
Start an automatic transfer from your checking to your savings account each time you get paid. If you can, use a high-yield savings account, which will give you a better interest rate. Interest is basically free money, and there’s no reason not to go for it. Many accounts like these will offer upwards of 1% in interest, whereas many typical checking accounts only offer a fraction of that.
Build good credit without taking on a dollar of debt.
To continue reading, please go to the original article here:
https://www.yahoo.com/news/dont-feel-youre-good-money-165910895.html