Long Time Coming
.Long Time Coming
By Jonathan Clements – Humble Dollar December 12, 2020
IF MONEY ISSUES had the urgency of a broken air-conditioning system on a 100-degree day, we’d all be in great financial shape.
But all too often, financial troubles are years in the making. We bumble along, vaguely aware that things aren’t quite right. Sure enough, one day, the red lights are flashing and the alarm bells are ringing. But by then, it’s usually way too late to fix the problem—because the fix required taking action years earlier. Consider seven examples:
1. Living precariously. This may not be an issue for HumbleDollar readers, but it’s a big issue for most Americans. All too many families live paycheck to paycheck, with little or no financial safety net. We’re talking about folks such as the 37% of Americans who can’t handle a $400 financial emergency. One result: When the economy shut down earlier this year and unemployment spiked to 14.7%, millions of Americans immediately found themselves in dire financial straits.
New Year Resolutions – Five Strategies That Work
.New Year Resolutions – Five Strategies That Work
December 12, 2020 Personal Development
New Year's resolutions
When it comes to New Year resolutions, so many people fail at keeping them that it’s a surprise that anyone still bothers to make them in the first place. According to research, 80% of people give up on their New Year resolutions by February. That’s right, four out of five people will drop their grand aspirations for a better life just 30 days into the year.
What’s even more striking is the fact that only 8% of people end up accomplishing the goals they’ve set out for themselves in January. Depressing stats, aren’t they? Almost worse than the odds of England ever winning the World Cup again.
But what if there was a better way? A way to improve the odds of actually getting to the finish line? To break out of the vicious cycle of “set-fail-give-up” that seems to hound most people? And to actually have fun along the journey instead of feeling like a total loser? As it turns out, there is. And surprisingly, the primary component in the secret sauce is actually taking it easier on yourself. So if you are looking to make 2021 the year when you finally buck the trend, read on.
Teach Your Kids About Money with the Bank of Mom and Dad
.Teach Your Kids About Money with the Bank of Mom and Dad
By The Physician Philosopher 12-12-20
Editor: Have you taught about money yet? It can be a bit confusing where to start. Leif gives you all of the steps that you need to know to teach your kids what they need to know. Keep on reading to learn how to show your kids the ways of money. This post was originally published on Physician on FIRE.
Teach Your Kids About Money with the Bank of Mom and Dad
How do you teach your kids about money?
It’s a great question. We all want the best for our children, and that includes not making the same money mistakes we’ve made in our own lives. I don’t have all the answers, but I feel we’re doing a few things right. We’ve been parents for eleven years now, and we’ve got about nine years left with at least one child at home with us. I can’t believe these years are more than halfway over. I’d like to share some of the tactics we’ve used to teach our kids about money, and that includes “The Bank of Mom and Dad.” We use the term in a different way than most, and it’s been an effective tool in our household.
9 Things More Important Than Money
.9 Things More Important Than Money
By Jim Rohn Building Wealth, Personal Development
We all know the value of having plenty of money, especially as entrepreneurs. But we also know there are people who started enterprises with no money, who went on to make fortunes. So how did they do it? Jim Rohn believes there are nine things that are more valuable than capital, things that can lead straight to your success:
1. Time
Time is a treasure—the time you set aside not to be wasted, not to be given away. The time you set aside to be invested in something that brings value to the marketplace with the hope of making a profit, that’s capital time.
How valuable is time? Time properly invested is worth a fortune; time wasted can be devastation. Time invested can perform miracles—so invest yours.
A Few Things I’m Pretty Sure About
.A Few Things I’m Pretty Sure About
Dec 9, 2020 by Morgan Housel
If something is impossible to know you are better off not being very smart, because smart people fool themselves into thinking they know while average people are more likely to say, “I don’t know” and end up closer to reality.
Most professions would benefit from at least one a day month where you did nothing but think. No meetings, no calls, no deliverables. Just a seat on the couch thinking about what’s working, what’s not, and what to do about it. One day a week is necessary for some fields. But it’s rare, because sitting on the couch doesn’t look like work, so managers raise an eyebrow – even if it’s obvious that if your job involves thinking you should be given time to think.
You shouldn’t be shocked when people who think about the world in unique ways you like also think about the world in unique ways you don’t like. People with crazy good ideas tend to have crazy bad ideas too, because crazy thinking doesn’t always discriminate on truth, collateral damage, or legality.
31 Dumb Things That Are Keeping You From Becoming Wealthy
.31 Dumb Things That Are Keeping You From Becoming Wealthy
By Barb Nefer November 25, 2020
These small financial mistakes chip away at your wealth.
Everyone would like to know how to become rich, yet many people make financial mistakes every day that keep them from becoming wealthy — or at least from building up a nice nest egg. What are the dumb things that get between you and wealth? These warnings from experts will help you correct your financial mistakes and watch your bank account grow.
Not Having a Planned Budget
Budgeting is a no-brainer. But failing to create a budget is one of the most common financial mistakes people make. It sounds simple, but people play fast and loose with their money, then wonder why they never discover the secret of how to become rich. “Without a budget, it’s impossible to have control over your money and know where you are spending the majority of it,” said finance expert Kelan Kline of The Savvy Couple. “Without a budget, your money has no plan and will prevent you from building your finances up indefinitely.”
5 Money Principles You Need to Know
.5 Money Principles You Need to Know
by Jim Rohn
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.
3 Money Habits That Separate the Rich From the Poor
.3 Money Habits That Separate the Rich From the Poor
by Jim Rohn
Here is an exciting thought! Why not work full time on your job and part time on your fortune? And what a feeling you’ll have when you can honestly say, “I’m working to become wealthy. I’m not just working to pay my bills.” When you have a wealth plan, you’ll be so motivated that you’ll have a hard time going to bed at night. So if you will indulge me, I would like to share a simple formula for creating wealth. Here’s my thought on how money should be allocated.
The 70/30 Rule
After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on. Then, it’s important to look at how you allocate your remaining 30 percent. Let’s allocate it in the following ways:
My Personal Story From The Collapse Of The Soviet Union
.My Personal Story From The Collapse Of The Soviet Union
Notes From the Field By Simon Black December 9, 2020 Santiago, Chile
[Editor’s note: Marat K, one of our team members who grew up during the collapse of the Soviet Union, tells the story of his own experiences during that period.]
When I was a kid growing up in the Soviet Union, it was essentially forbidden to make a better life for yourself. You couldn’t just decide to go back to school, start a business, or switch careers to a thriving new industry. And it didn’t matter how hard you worked-- you were most likely NEVER going to be promoted. All the top jobs in the Soviet Union were reserved for party loyalists. The government removed EVERY possible economic incentive to achieve more… which is why service was pitiful, technology was lagging, and the Soviet economy was consistently in the dumps.
Now, on occasion, the government would decide that they wanted to populate certain rural areas of Russia, such as remote parts of Siberia. Quite often families were simply ordered to pick up and move, as was famously the case under Stalin.
S.M.A.R.T. Fall Resolutions That Can Change Your Life
.S.M.A.R.T. Fall Resolutions That Can Change Your Life
By Mad Money Monster
Despite many people not being aware of it, there are actually two times each year that we are most likely to commit to lifestyle changes. Those times are, predictably, January, and as you may have guessed, fall. Think about it, when does the new school year start? And how many of us grew up marking our years by school years? I’m going to go out on a limb and say most of us. With that in mind, let’s all rejoice in the fact that the kiddos are back in school, the leaves are starting their transformation, pumpkin spice is atop all the edible things, and it’s time to engage in another lifestyle change you have been contemplating for some time.
Summer Fades, Leaves Undergo A Colorful Execution, And You Make A New Fall Resolution!
When I was a kid I used to vow to be a stellar student at the start of each new school year. I would always be equipped with the latest school trends and fresh, new supplies to mark the commencement. Sadly, my early fall resolutions didn’t amount to much success. I would typically start off strong and then fade into familiar routines a few weeks into the new school year. As I got older, this changed. I was able to set my sights on certain achievements for my academic career, and eventually achieve them! These achievements have continued throughout my adulthood by making smarter resolutions.
Growing Wealth: The Simple Way
.Growing Wealth: The Simple Way
By Billy B | Mind, Money
I stalked through the forest as quietly as I could. I was on a deer hunting way up north. I stepped over logs and rocks, and I looked for deer watching me through the tree branches. I was alone, exploring my thoughts, and searching for the secret to growing wealth.
I felt submerged in the overgrowth as I walked beneath the tree tops in my blaze orange hunting jacket. I realized money and status didn’t mean anything out here. The qualities that made you a wealthy were the quality of your thoughts running through your mind. Growing wealth, I realized, starts here.
The first step to growing wealth, is growing the thoughts in your mind, I thought. So what’s the next step?