7 Money Skills You Still Have Time To Learn
.7 Money Skills You Still Have Time To Learn
Heather Taylor Tue, May 31, 2022,
No matter what age you are, there are basic money skills that will always be beneficial in your life.
From spending less than what you make to determining the best way to pay off your debt, these skills can increase your overall financial literacy and create a healthy relationship with money.
Budgeting
Budgeting is often considered the cornerstone of personal finance advice. Amy Maliga, financial educator at Take Charge America, said it's never too late to get in the habit of planning and following a budget.
7 Money Skills You Still Have Time To Learn
Heather Taylor Tue, May 31, 2022
No matter what age you are, there are basic money skills that will always be beneficial in your life.
From spending less than what you make to determining the best way to pay off your debt, these skills can increase your overall financial literacy and create a healthy relationship with money.
Budgeting
Budgeting is often considered the cornerstone of personal finance advice. Amy Maliga, financial educator at Take Charge America, said it's never too late to get in the habit of planning and following a budget.
Creating a budget allows you to figure out how much money you have coming in every month and the source of this income. Once you know how much money is coming in, you can start tracking and figuring out your expenses. Keep an eye out for fixed expenses (expenses that stay the same every month like rent or a mortgage), variable expenses (expenses that change each month such as groceries or utilities) and periodic expenses (expenses that happen once a year like back-to-school shopping).
Tracking expenses through a budget allows you to see the areas where you may be spending too much money and where there may be opportunities for saving or investing your money. You may also strategize how you can live within your means and plan for the future with the help of a budget. Maliga said that understanding exactly how much money you have coming in, going out and where it's going is the cornerstone of effective money management.
Wise Spending Habits
It's never too late to learn about spending. From reducing everyday expenditures to embracing a passive saving mindset, wise spending habits are a key component of financial literacy.
Britt Williams Baker, co-founder of Dow Janes, said a money skill many underestimate is the importance of learning to spend less than what you make.
"Whether you're 25 or 55, if you still spend more than you make each month, you'll never be able to save. And until you start to save, you can't do anything else -- like invest, buy a house, or build wealth," Williams Baker said.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/7-money-skills-still-time-150001613.html
6 Common Excuses for Not Saving Money
.6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice.
6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice.
The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.
Excuse: “I don’t make enough to save money.”
This may be true for some people, especially in this economy, but not having any money left at the end of the month doesn’t necessarily mean you can’t afford to save.
After all, most people spend money on a number of unnecessary things each month, such as restaurant meals, impulse buys, and cable TV. Finding some money for saving doesn’t have to mean voluntarily living in a dark, unheated room without any entertainment or luxuries, but if you’ve declared your budget too tight to put money aside before even looking for ways to reduce your spending, you’re making an excuse.
Excuse: “Interest rates are too low to bother with.”
Interest rates are at an all-time low right now, and that does make putting money into a savings account a little, well, disheartening. However, it’s likely that many of our grandparents — and certainly our great-grandparents — may have gone years without using a bank at all. Now that banks provide a safe place to park your cash, they pay interest in return for holding your money.
Interest is a great way to grow your savings, but even if you get almost nothing, at least you have some cash when you need it. Plus, if you’re able to put enough away, you can always look into investments with the potential for higher returns, such as stocks and mutual funds.
Excuse: “I have too much debt to put money into savings.”
If you have a lot of debt, it’s important to focus some serious effort into getting rid of it. But that doesn't mean that every bit of money you can spare should go straight to your creditors. In fact, it’s more important than ever to save when you’re in debt because it can help you avoid digging yourself in deeper.
If you don't at least have a small emergency fund, you'll be forced to pull out your credit card when unexpected expenses — such as a car repair — inevitably arise.
Excuse: “I’ll catch up later when my salary is higher.”
To continue reading, please go to the original article here:
https://www.wisebread.com/6-common-excuses-for-not-saving-money?wbref=readmore-2
Is It More Important To Be Rich Or Happy?
.Is It More Important To Be Rich Or Happy? By JD Roth
Sometimes we in the United States forget how privileged we are. Because of our relative wealth, we can make claims like “it’s more important to be happy than it is to be rich”. In this guest post, Saravanan P of Engineer’s Finance argues that for the poor, money is more important than happiness.
Though this post has been heavily edited, keep in mind that English is not Saravanan’s native language.
Being happy is a state of mind and heart that does not matter whether we are rich or poor. But we can only make statements like “It’s more important to be happy than it is to be rich” when we are rich and not poor.
Is It More Important To Be Rich Or Happy? By JD Roth
Sometimes we in the United States forget how privileged we are. Because of our relative wealth, we can make claims like “it’s more important to be happy than it is to be rich”. In this guest post, Saravanan P of Engineer’s Finance argues that for the poor, money is more important than happiness.
Though this post has been heavily edited, keep in mind that English is not Saravanan’s native language.
Being happy is a state of mind and heart that does not matter whether we are rich or poor. But we can only make statements like “It’s more important to be happy than it is to be rich” when we are rich and not poor.
Being rich always gives us the power to do things at the time we want. In short, it gives us freedom.
Sometimes I think I know just what it means to have money more than Americans do. I have seen people here in India struggle to earn two to three dollars a day working for more than 12 hours. It’s hard, but still people do it.
If we were to ask these people whether they are happy, they would say they are, but are they really? They assume they’re happy and move on with the life. For them happiness is merely having their bread and butter.
If you are poor, you yearn for food and nothing else — money matters more than happiness because without the minimum of money, you don’t eat. After you are rich, you tend to say that happiness is more important because your basics are already met. In fact, perhaps most rich people cannot even imagine a life in which the basics may be out of reach on any given day.
Many people argue that being rich is not as important as being happy. I just have two questions for people who say this:
When you are in hunger, can you think of being happy?
When you can’t keep yourself warm during winter, can you think of being happy?
Until you satisfy your basic needs, you can’t think of happiness. Forget about being happy. Once your basic necessities are met and you start living (not surviving), only then does happiness surface.
To continue reading, please go to the original article here:
https://www.getrichslowly.org/is-it-more-important-to-be-rich-or-to-be-happy/
Seven Financial Influencers On Saving, Inflation, And Starting Your Own Business
.Seven Financial Influencers On Saving, Inflation, And Starting Your Own Business
Benjamin Din + Meghan Coyle + Rosalie Murphy May 18, 2022
Amid stagnating wages and rising prices, the financial pros will tell you the same thing: You can’t keep saving and spending the same way you always have if you want to keep up. There are plenty of things you can do to combat some of the biggest issues facing consumers today.
Here’s what some Asian and Pacific Islander financial pros suggest for how to beat inflation, save at the pump and maybe even take the plunge if you’re considering starting your own business.
Seven Financial Influencers On Saving, Inflation, And Starting Your Own Business
Benjamin Din + Meghan Coyle + Rosalie Murphy May 18, 2022
Amid stagnating wages and rising prices, the financial pros will tell you the same thing: You can’t keep saving and spending the same way you always have if you want to keep up. There are plenty of things you can do to combat some of the biggest issues facing consumers today.
Here’s what some Asian and Pacific Islander financial pros suggest for how to beat inflation, save at the pump and maybe even take the plunge if you’re considering starting your own business.
1. Hui-chin Chen
Inflation has risen 8.5% over the last 12 months, according to the U.S. Department of Labor and Statistics. To combat inflation, Hui-chin Chen, a certified financial planner who runs the Money Matters for Globetrotters blog, recommends focusing on the income and expenses you can control.
“Inflation manifests in our lives through having to spend more to maintain the same lifestyle. That means there are only two things anyone can do to cope — make more or change lifestyle.
“During the time of Great Resignation, the workers who have the drive and ability to earn that higher return of capital will be better poised to face longer-term inflation.
“Changing lifestyle doesn’t mean we need to give up what is important to us or even live a lower quality of life. It requires first taking stock on what part of your spending is inflated outside of your control, and taking control on the part you can.
“For example, those with fixed-rate mortgages will not see a huge jump on housing cost, but those renting might. On the other hand, those who are location independent can seek greener pastures more easily for lower cost of living than those tied down by a job or house.”
More about Hui-chin Chen: Chen is a CFP and the principal of Pavlov Financial Planning. She is an immigrant and expat, and is passionate about making cross-border financial planning accessible and does so through her founding of the CIGA Network and her blog, Money Matters for Globetrotters. Twitter: @huichinfp
"So much more thorough and easier to manipulate than the 'plan' created for me by my advisor. When something changes in my life or my thinking, bingo! I just change assumptions and make sure I still live longer than my money!" – Eric, 56
2. Vivian Tu
Vivian Tu, better known as “Your Rich BFF” on TikTok, said everything we’re used to buying is going up — milk, cars, travel. Think about that when annual raises come up at work.
To continue reading, please go to the original article here:
10 Ways To Build Wealth Fast
.10 Ways To Build Wealth Fast
But it will still take some time and effort.
By John Csiszar May 17, 2022 Build Your Wealth
Wealth-building is a process that generally takes time. Although the idea of becoming an overnight millionaire is appealing for many, the only real way to get rich overnight is via speculation, an inheritance or a lottery win.
Ironically, the best way to build wealth “fast” is to chart out a prudent path toward long-term gains. The quicker you can save and invest, the faster your money will compound, which is the true magic behind building wealth. Here are 10 ways you can grow your net worth as rapidly as possible without taking on undue risk.
10 Ways To Build Wealth Fast
But it will still take some time and effort.
By John Csiszar May 17, 2022 Build Your Wealth
Wealth-building is a process that generally takes time. Although the idea of becoming an overnight millionaire is appealing for many, the only real way to get rich overnight is via speculation, an inheritance or a lottery win.
Ironically, the best way to build wealth “fast” is to chart out a prudent path toward long-term gains. The quicker you can save and invest, the faster your money will compound, which is the true magic behind building wealth. Here are 10 ways you can grow your net worth as rapidly as possible without taking on undue risk.
Save
You can’t begin any type of wealth-generation plan without having money to invest. As soon as you start drawing an income, make it your top priority to save as much money as you can. One strategy often recommended by advisors is to “pay yourself first,” meaning put money in savings immediately when you receive your paycheck, even before you pay your bills. This type of “forced savings” will require you to trim your discretionary spending but will also result in rapidly growing wealth.
Buy an S&P 500 Index Fund
The S&P 500 index doesn’t guarantee profits, but it’s proven itself time and time again to be a tremendous generator of long-term wealth. In fact, most investors are surprised to learn that the “risky” stock market has never lost money over any 20-year rolling period. And yet, the long-term average return of the S&P 500 is north of 10%. This means the S&P 500 index has a tremendous risk/reward profile over the long run. Even legendary investor Warren Buffett, the “Oracle of Omaha” himself, has directed his trustee to keep 90% of his money in an S&P 500 index fund after he passes.
Buy Dividend-Paying Stocks
Dividend-paying stocks may seem like a slow and boring way to build wealth, but they are one of the best ways to tap into a solid and growing source of income, and capital gains as well. The so-called “Dividend Aristocrats” are large, well-known companies in the S&P 500 index, like Coca-Cola and McDonald’s, that have raised their dividends for at least 25 years in a row. This means that those who bought these companies 25 years ago are earning huge effective yields on their original investment amount. Combined with the potential for capital gains, the Dividend Aristocrats can be a great way to build wealth.
Buy a Rental Property
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/wealth/ways-to-build-wealth-fast/
5 Financial Issues Only Women Face
.5 Financial Issues Only Women Face
By Gabrielle Olya Mar 15, 2022
Women have to deal with additional hurdles in many areas. When it comes to finances, women often have to deal with extra hurdles their male counterparts don’t — and most men and women openly acknowledge that this is the case. A recent survey conducted by Hartford Funds found that more than half of investors (52%) agree that men and women have different financial needs, specifically in the areas of career considerations (60%), long-term care planning (56%) and budgeting (55%).
Here’s a closer look at some of the financial issues that are unique to women.
5 Financial Issues Only Women Face
By Gabrielle Olya Mar 15, 2022
Women have to deal with additional hurdles in many areas. When it comes to finances, women often have to deal with extra hurdles their male counterparts don’t — and most men and women openly acknowledge that this is the case. A recent survey conducted by Hartford Funds found that more than half of investors (52%) agree that men and women have different financial needs, specifically in the areas of career considerations (60%), long-term care planning (56%) and budgeting (55%).
Here’s a closer look at some of the financial issues that are unique to women.
The Gender Pay Gap
“One of the biggest financial issues unique to women is the gender pay gap,” said Senofer Mendoza, co-founder and general partner of Mendoza Ventures, a VC firm with a focus on supporting female businesses and founders. “This is a formal way of saying women historically and currently get paid less than men.”
According to the latest Bureau of Labor Statistics data, women earn 82 cents for every dollar a man earns.
“You can imagine how that adds up over a lifetime,” Mendoza said. “It can cut into their retirement savings, investing and many other ways [to build wealth].”
Important: 20% of Women Have Faced Lack of Fair Pay Due To Their Gender — How Can We Change the Status Quo?
Lack of Financial Confidence
“[Women] tend to be more conservative and less confident about their financial experience and expertise,” said Clari Nolet, CFP, CDFA, senior financial advisor at Team Hewins.
This lack of confidence can cause them to be too risk-averse when it comes to their investing decisions.
“Investing too conservatively could mean that when they get older, they need to take on more risk to meet their financial goals,” Nolet said.
Nolet believes that a lack of financial literacy is a factor that contributes to why so many women lack confidence when it comes to money.
“There isn’t a good personal finance curriculum at the high school and college levels, where it would be a huge benefit,” she said.
Longer Life Spans
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/financial-planning/financial-issues-only-women-face/
6 Ways To Keep Your Cash Safe While Traveling
.6 Ways To Keep Your Cash Safe While Traveling
Heather Taylor Wed, May 25, 2022
Whether you're traveling across the United States or heading out on an international flight, travelers need to safeguard their cash and credit cards to ensure nothing gets lost or stolen. What are some of the best ways to protect cash and credit cards? GOBankingRates spoke to several seasoned travelers about their best tips for keeping cash safe during your travels.
Share Your Travel Plans With Your Bank
6 Ways To Keep Your Cash Safe While Traveling
Heather Taylor Wed, May 25, 2022
Whether you're traveling across the United States or heading out on an international flight, travelers need to safeguard their cash and credit cards to ensure nothing gets lost or stolen. What are some of the best ways to protect cash and credit cards? GOBankingRates spoke to several seasoned travelers about their best tips for keeping cash safe during your travels.
Share Your Travel Plans With Your Bank
Before you leave for a trip, especially if you plan on traveling overseas to another country, it's a good idea to touch base with your bank. Let them know which dates you will be out of the country and the dates you'll be in each country you plan to visit.
Most banks have fraud protection programs in place. These work to protect your financial and personal information, monitor your account in real-time for any suspicious activity and alert you in the event of potential fraud through email, phone calls, texts or a mobile app alert.
Don't Keep All Your Money In One Place
If you are traveling with cash and credit cards, do not keep all of your money in one place like your wallet. Similarly, if you are out and about do not carry all of your cash with you.
Many travelers will consider getting a safe in their hotel rooms and storing their money, credit cards and any other valuables inside. While this is not necessarily bad advice, it's a good idea to check in with the hotel or place you plan on staying at ahead of time to see if they offer this accommodation. If there isn't a safe available, consider dividing your money up and storing it inside various personal items like the ones listed below.
Store Money Inside Fake Personal Items
Michelle O'Donnell, owner of Brit Adventures Travel Blog, has four hacks for keeping money safe while traveling as a solo woman overseas. Here are a few ordinary personal items that can be used to store cash.
A round hairbrush with a hollowed-out middle to store cash inside. O'Donnell said this is great not only for traveling but everyday use in a big city as you're less likely to be robbed of your hairbrush than your wallet.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/6-ways-keep-cash-safe-150018850.html
4 Options for Your Money Other Than the Bank
.4 Options for Your Money Other Than the Bank
By Andrew Lisa May 3, 2022 Banking 101
Get savings account safety, but with better returns.
With the average deposit yield stuck at around 0.06% and inflation at a 40-year high of 8.5%, saving isn’t exactly the right word to describe what you’re doing with your money when you put it in the bank in the current economic climate. If you’re looking for an alternative way to grow your money, you could always invest it — but that comes with a level of risk that your emergency fund might not be able to tolerate.
The good news is that savings accounts aren’t the only game in town when it comes to safe, insured, interest-bearing places to stash your cash. In fact, there are options that you might not know about that pay higher yields and offer more convenience than savings accounts without any more risk to the money you’re trying to grow.
4 Options for Your Money Other Than the Bank
By Andrew Lisa May 3, 2022 Banking 101
Get savings account safety, but with better returns.
With the average deposit yield stuck at around 0.06% and inflation at a 40-year high of 8.5%, saving isn’t exactly the right word to describe what you’re doing with your money when you put it in the bank in the current economic climate. If you’re looking for an alternative way to grow your money, you could always invest it — but that comes with a level of risk that your emergency fund might not be able to tolerate.
The good news is that savings accounts aren’t the only game in town when it comes to safe, insured, interest-bearing places to stash your cash. In fact, there are options that you might not know about that pay higher yields and offer more convenience than savings accounts without any more risk to the money you’re trying to grow.
Keep reading to learn about some of the best savings account alternatives where you might be able to get your money to work a little bit harder for you.
Credit Unions
If you want all the familiarity of a bank — checking and savings accounts, debit cards, online banking, mobile apps and all the rest — but with better rates and kinder customer service, ditch your big bank and give your local credit union a chance.
Credit unions are member-owned non-profits — when you make a deposit, you’re buying a stake in the institution. With no hungry shareholder mouths to feed, credit unions are known for offering higher yields on deposits and better rates on loans than banks.
Certificates of Deposit
Certificates of deposit (CDs) are a type of savings vehicle that holds a predetermined amount of money for a predetermined period of time. Unlike regular savings accounts, you can’t withdraw your money until the CD matures, which might be after a term of six months, a year or five years.
The longer the term, the higher the yield you’ll earn, and when the CD matures, you can take back your cash plus the interest you gained. The catch is that you’ll be hit with a penalty if you withdraw your money before the term expires. They’re safe investments — the risk is that inflation will outpace your yield, which can reduce or even eliminate your real returns.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/banking/options-other-than-bank-for-your-money/
8 Insights Only the Self-Made Super Wealthy Understand
.8 Insights Only the Self-Made Super Wealthy Understand
By Kevin Daum Inc. 500 entrepreneur and best-selling author@KevinJDaum
Wonder what it's really like to strike it rich? Billionaire Ken Fisher explains the perspectives of the self-made wealthy. Billionaire Ken Fisher Shares 8 Insights Only the Self-Made Super Wealthy Understand
Not all entrepreneurs are in it for the money, but gaining wealth is certainly among the top motivators for company building. Not surprisingly, having great wealth brings it's own unique responsibilities and circumstances that few get to experience first hand.
8 Insights Only the Self-Made Super Wealthy Understand
By Kevin Daum Inc. 500 entrepreneur and best-selling author@KevinJDaum
Wonder what it's really like to strike it rich? Billionaire Ken Fisher explains the perspectives of the self-made wealthy. Billionaire Ken Fisher Shares 8 Insights Only the Self-Made Super Wealthy Understand
Not all entrepreneurs are in it for the money, but gaining wealth is certainly among the top motivators for company building. Not surprisingly, having great wealth brings it's own unique responsibilities and circumstances that few get to experience first hand.
I recently had the privilege of interviewing billionaire Ken Fisher, founder, chairman, and CEO of Fisher Investments, best-selling author, Forbes magazine columnist, and No. 225 on the Forbes 400.
Fisher provided a candid, no-holds-barred look at the perspective of the self-made super wealthy.
Here are his insights.
1. It Isn't Pursuit Of Wealth, But Pursuit Of Passion That Creates Wealth.
Focusing on money won't likely get you to the Forbes list like Fisher. He aptly states: "Most people don't get super wealthy by accumulating money. They get super wealthy by following some dream they are passionate about, whether its starting and running a business, or being a rock star musician or a visual entertainer."
He points out that most of the super wealthy overshoot their personal goals, and yet they are still driven by their passion. The super wealthy know that if you pursue your passion, the money will come.
2. After A Certain Monetary Threshold, The Desire Isn't For More Wealth, But More Time.
There is very little that the super wealthy cannot buy. As the wealth keeps accumulating, spending becomes less of a joy or ambition. "After a certain point," Fisher explains, "there isn't much more you can think of that you want."
What becomes more desirable is time to enjoy life. "The vacation homes, cars, boats, and wardrobes are just more stuff to deal with." Fisher observes. "All that stuff clutters your time usage, so at a certain point, the wealthier you get the more you covet time."
3. Everyone You've Known Forever (Except Your Spouse) Will Think You've Changed.
Coping With The Guilt Of Losing Money
.Coping With The Guilt Of Losing Money
By THE INVESTOR
I accept it’s normal to feel frustrated, angry, or even downright stupid when you lose money on your investments.
But what about guilt?
My portfolio’s fall from its peak value in summer 2007 to a low in October 2008 represents a big loss for a 30-something private investor like me: at least a couple of years of after-tax income in cash terms.
More importantly, the losses meant I had fewer options in October 2008 than the year before. I’d originally begun investing to build up a house-buying war chest for when the over-valued housing market corrected itself.
After several years waiting, house prices were finally falling, but my investments had fallen further.
Coping With The Guilt Of Losing Money
By THE INVESTOR
I accept it’s normal to feel frustrated, angry, or even downright stupid when you lose money on your investments.
But what about guilt?
My portfolio’s fall from its peak value in summer 2007 to a low in October 2008 represents a big loss for a 30-something private investor like me: at least a couple of years of after-tax income in cash terms.
More importantly, the losses meant I had fewer options in October 2008 than the year before. I’d originally begun investing to build up a house-buying war chest for when the over-valued housing market corrected itself.
After several years waiting, house prices were finally falling, but my investments had fallen further.
It was my sister who put it simplest and best, when I explained to her my fate:
“Ah, I see. If only you’d sold all your investments and put the money into a savings account! Now you’d have even more money, and you could buy a cheaper house.”
My sister was a 100% right.
Being told what I did wrong by my sister, who takes no real interest in money, might have hurt my pride. But then my emotional state has taken several turns during the bear market. I’ve felt:
Frustrated: After half a decade of waiting for property prices to fall and saving as much as 50% of my annual after-tax income, I’d thrown away my ticket to the ball.
Angry: At the world, and at the markets. What were the chances of a once in a hundred year credit crisis coming along just when I was finally getting ready to buy a house?
Foolish: If I’d thought property prices would fall so far, how could I have missed the connection with the stock market? Wishful thinking, perhaps?
Guilty: My family background is not a wealthy one, and the money I’d lost was modestly substantial – more than my parents’ life savings. What was I thinking playing roulette with the market and exposing myself to such losses?
Despite these churning emotions, I didn’t sell up in despair. Instead, I kept buying while shares were cheap. I did what history and the likes of Warren Buffett say you should do – hanging in and even buying when others were fearful.
Time will tell if this faith in the stock market simply compounds my losses or leads to a recovery, but I’m glad I’ve stuck to the rational line.
Here some tips that might help you if you’re also feeling guilty or giving in to bear market despair.
To continue reading, please go to the original article here:
https://monevator.com/coping-with-the-guilt-of-losing-money/
The 7 Deadly Sins Of Finance
.The 7 Deadly Sins Of Finance
FORBES | SHOOK Dustin Elliott Top Wealth Advisor Mar 28, 2022
Taking a few X’s and O’s from a playbook on life, I wanted to apply each of the 7 Deadly Sins to the most often discussed topic in the most popular book every written, money. Money, in and of itself, is simply a multiplier of means to an end. It takes whatever is already inside of us…and multiplies it. For example, if you like cars without money and suddenly you have money, chances are, you’ll buy cars.
This observation is why it is exceedingly important that children, teenagers and young adults develop healthy attributes and a deep sense of integrity before they have wealth. Often, the pursuit of wealth teaches us many life lessons that prepare us for managing it. In some cases, we can be taught that money is a means of acquiring the what in life we desire. In others, we can be taught that money is a means of sharing the who we have become.
The 7 Deadly Sins Of Finance
FORBES | SHOOK Dustin Elliott Top Wealth Advisor Mar 28, 2022
Taking a few X’s and O’s from a playbook on life, I wanted to apply each of the 7 Deadly Sins to the most often discussed topic in the most popular book every written, money. Money, in and of itself, is simply a multiplier of means to an end. It takes whatever is already inside of us…and multiplies it. For example, if you like cars without money and suddenly you have money, chances are, you’ll buy cars.
This observation is why it is exceedingly important that children, teenagers and young adults develop healthy attributes and a deep sense of integrity before they have wealth. Often, the pursuit of wealth teaches us many life lessons that prepare us for managing it. In some cases, we can be taught that money is a means of acquiring the what in life we desire. In others, we can be taught that money is a means of sharing the who we have become.
In my experience, you don’t get very many of the whats until you become the who you are meant to be.
The 7 Deadly Sins of Finance:
ENVY
Being dissatisfied with our lives, talents and gifts while focusing on the circumstances of another’s. In today’s tainted lens of social media, this one is not difficult to grasp. It’s rooted in jealousy. It creates unfair rivalry and unnecessary competition. It can manifest itself in gossip, sarcasm, teasing, contempt and lead to schemes meant to destroy others, while rotting us from the inside out.
Rather than be envious, why not befriend someone whose station in life is appealing to you? Chances are, they are making above average financial decisions, and they may have some insight you could benefit from. It is often said, you are the average of the 5 people you are closest to. Assuming this math is true, how do you add up? If you made an adjustment and added a mentor where a detractor currently resides, would your average increase?
GREED
A desire for inordinate amounts of possessions or status…or in this case, money. Greed uses others for personal gain, with little regard for the harm our manipulation may cause them. It can manifest itself in many ways, gambling excessively, weaseling, narcissism, selfishness, embezzling, avoiding conflict, being unlawful or unethical, being too possessive or even refusing to set healthy boundaries.
Rather than be greedy for more personal pleasure, fall in love with the journey, the pursuit…and establish a process by which you share the fruits of your labor with others. Setup a foundation or DAF that automatically takes 10% (or more) of what you come into and be radically generous with it. There’s no drug on this planet that can compare to the high we get when we help someone else, especially when we do so with no expectation of something in return. The gift of giving truly is without comparison.
LUST
Seeking material or monetary satisfaction to fill the emptiness in our lives…an excessive, driving desire for personal pleasure with more net worth, greater returns or gains on the socioeconomic ladder.
Rather than lusting for more money, set your heart on a desire to learn. Every successful person stands on a hill full of failures - although for them, they’re called lessons. As we try and fail, we learn what not to do, we make adjustments and we file experiences under a super power column called wisdom. As we increase our net worth in wisdom, chances are, we’ll find other rewards as well.
To continue reading, please go to the original article here:
https://www.forbes.com/sites/forbes-shook/2022/03/28/the-7-deadly-sins-of-finance/?sh=7faa5c847483