.5 Money Principles You Need to Know

by Jim Rohn | Aug 1, 2018 | Personal Development

Although finances shouldn’t be the highest priority in our lives, I will say money plays a major role and we need to see it for what it is: a tool. As my good friend Zig Ziglar says, “Money isn’t everything, but it ranks right up there with oxygen!”

Money is a tool that, depending on how we use it, can bring much joy to our lives or it can bring destruction. We need to be aware of all the possibilities it offers as well as the pitfalls. Some of the most amazing things have been done because people had the financial resources to fund them—businesses have been built, schools started and philanthropic charities founded that have accomplished much good. On the other hand, friendships have been ruined, illicit gains profited and lives destroyed—all over money.

So today, I want to focus on applying some simple financial principles, but I also want to teach the underlying philosophies that govern what good people can do and what tremendous accomplishments can be made when we see money for what it is: a tool to improve our lives and the lives of others.

.To Exchange It All or Not?

Muhammad Ali / Currencyexchangeplanner.com

​I was asked this question recently from one of my Currency Exchange Planner customers; his name is Robert from California.

Will you exchange all IQD or some and hold and wait if it comes out low?

Now I see 2 sides to this question, I’ll tackle the easy side first, if the value comes out low, for example $1 to 1 Dinar, I would only change a few notes and wait for the value to go higher before changing the bulk of my notes. How much YOU would change would depend upon how many notes you hold?

.10 Subtle (But Important!) Money Lessons From Disney Movies

By Michelle From Savings & Sangria -- Happy Money Management

So I was watching Disney’s Up (for maybe the millionth time). And I died a little bit inside every time Carl and Ellie had to spend their Paradise Falls savings to cover a run-of-the-mill little emergency. And I thought that’s the perfect illustration for why you need an emergency fund separate from your dream fund. So I wrote a post about it.

But that got me thinking about all the subtle money lessons hidden in Disney movies. And I think I found some good ones! So let’s jump right in! Here are the top 10 subtle (but totally important) money lessons from Disney movies.

Starting with that emergency fund from Up…

.Making Financial Decisions Is Hard, Overcoming Barriers

By Philip Fernbach & Abigail Sussman Market Watch

Teaching people about money doesn’t seem to make them any smarter about money – here’s what might

Making financial decisions is hard, but three promising ideas are helping Americans overcome barriers. If the average American went in for a financial checkup, he or she might get rushed to the emergency room. Forty-four percent of us can’t cover a $400 out-of-pocket expense, and 52% of American households have no retirement savings. We seem to be chronically poor at making financial decisions. We commit costly mistakes across all areas of personal finance including decisions about savings, investing, budgeting and borrowing.

Diagnosing the problem is easy: We make mistakes because financial decision making is hard, and we lack an understanding of the decisions we face. Finding a cure is much more difficult. To many, the obvious treatment is financial education, but recent research suggests that financial education is not effective.

.5 Lessons I Learned From Growing Up In The Ghetto

(And How They Helped Me On The Road To Financial Independence)

Post From Peerless Money Mentor

“Just like a rocket ship needs a lot of fuel (energy) to escape Earth’s gravitational pull before it can get into the freedom of space, to escape the ghetto we needed to expend a lot of energy in the form of hard work to gather enough money to escape the gravitational pull of the ghetto and into the freedom of a better life.” -Jack The Dreamer

Today’s post is written by Jack who blogs about fire, personal finance, and minimalism at Jack The Dreamer.

I first came across Jack’s blog when an article of his was featured on Rockstar finance. The article was titled What Living On A Farm For A Year Taught Me About Financial Independence And Life. I really enjoyed reading it, and I think you will, too! Check it out after reading this post. Instead of writing about the lessons he learned on the farm, today he will be sharing the lessons he learned while growing up in the ghetto.

.Sustaining Wealth is Harder Than Getting Rich

by Ben Carlson

The Forbes 400 list of the world’s richest people looks fairly similar at the top every year.

Buffet, Gates, Bezos, Bloomberg and the Walton family are at the top of the list in some order year in and year out (they’ve been joined by Mark Zuckerberg in recent years as well).

But this list isn’t as stable as it may appear.

Over 70% of those who made this list (or their heirs) lost their status in this rarified group between 1982 and 2014. Getting there is easier than staying there for most.

High-income earners have a similarly difficult time staying at the top.

.Animation: How Billionaire Investors Are Protecting Their Wealth

Jeff Desjardins

It can take a lifetime to build a fortune of Buffett or Dalio sized proportions.

But, as all billionaires know, there is always risk present in the market – and even though a catastrophic geopolitical or financial event is very unlikely, it is important to be prepared for anything.

How Billionaires Protect Their Wealth

Today’s animation comes to us from Sprott Physical Bullion Trusts, and it shows the worries that are keeping billionaires up at night, and how they are positioning themselves to preserve wealth in any market environment.

.On The Importance Of Putting First Things First

By J.D. Roth

Holy cats! That was an interesting 72 hours.

For the past three days, I’ve been fighting a terrible cold. Or maybe the flu. I’m not sure which. It hasn’t been fun.

On Sunday, while I was in Florida attending an early-retirement retreat, I woke with crap in my lungs. All day, I was coughing and sneezing and hacking. I still felt relatively strong, though, so I made sure to get in my four-mile training run. (I made two goals involving running this year: I want to run at least one mile every day and I want to run a half marathon at the end of March.)

On Monday morning, I felt worse. Still, I rolled out of bed and tromped the one mile I had scheduled for myself. It was a l-o-n-g mile, let me tell you. I was wheezing and gasping the entire ten minutes.