5 Real Reasons You Won't Reach Financial Independence

Jacob Schroeder May 17, 2021

We are not perfect, and those imperfections often manifest themselves in our finances. But never fall for the illusion that wealth is wholly dependent on your character and behavior.

To explain what I mean, let me ask: Have you met the Welfare Queen?

She is irresponsible and shameless, engaging in behavior counter-productive to financial self-reliance. She is a fraudster, gaming the system any way she can to receive tax-payer money and never work a day in her life. She is everything wrong about government largesse.

Financial Steps Proven To Improve Your State Of Mind

Mood Follows Action Jacob Schroeder Feb 18

What if we have the psychology of money backward? Psychological research from the likes of various Nobel Prize winners has shown how emotions shape our financial behaviors, which has turned our focus toward changing the way we think to make better financial decisions. But the truth may be that changing our mental state starts with changing our actions. Perhaps, money can’t exactly buy happiness, but the way we use it can indeed improve our emotional well-being.

Watch sports on any given night and you’ll hear commentators spew an assortment of cliches to explain the outcome of a game: “They were more motivated.” “They had more passion.” And, my personal favorite: “They wanted it more.” Whatever “it” is.

The Relationship Between Money and Marriage

Jacob Schroeder Oct 12, 2021

I love scotch; she hates it.

There are many things my wife and I don't agree on, but money isn't one of them. We are intentional spenders, buying only what mutually aligns with our needs or values. For instance, disinterested in paying for the trappings of an ostentatious wedding, we tied the knot at New York's City Hall; our reception was watching our first son play at a public playground in the East Village on a warm fall afternoon.

We've been happily together for 16 years, which makes me wonder: Does love make the financial side of marriage work, or is it the other way around?

One Thing to Remember About Improving Your Financial Habits

Jacob Schroeder Nov 23, 2021

Tired hands, young and old; tired hands to assemble each plastic piece and screw every tiny screw; tired hands to pull levers and activate conveyor belts; tired hands to pack cardboard boxes and stack containers on steel ships; tired hands to navigate the weathered steering wheel of a semi-truck; tired hands to deliver it to my doorstep; all of which is jumpstarted by a performative gesture as a consumer with a well-rested index finger on a digital button.

It is the cycle of a normal holiday shopping season. The only way to break it is to individually not participate.

7 Nice Ways to Tell Your Spendy Friends You're Staying on Budget

By Mikey Rox

Unless you're invited to hang out at a friend's house, social invitations typically require spending money — going to the movies, grabbing a bite to eat, hitting an amusement park.

Ignoring an invite or saying that you're busy can get you off the hook, but friends might get suspicious if you pull the same excuse over and over. (See also: Is Peer Pressure Keeping You Poor?)

You don't have to justify your reasons for not spending. But if you don't want friends or relatives to get the wrong idea or think that you're avoiding them, a simple explanation goes a long way. Whether you're on a financial fast or have other plans for your money, there are friendly ways to tell someone you don't want to spend money.

Is Peer Pressure Keeping You Poor?

By Max Wong

Like every other Wise Bread writer, I hate debt. Although my debt doesn’t keep me awake at night, it is one of the things I think about while brushing my teeth every morning. “What will I do today (brush-brush) that will help me pay down (brush) my home mortgage ahead of (brush) schedule?”

The idea that “many people would rather struggle to pay off a large credit card bill than utter the phrase 'I can’t afford it,'” tests the limits of my financial imagination like a velociraptor tests an electric fence.

8 Money Lessons You Must Teach Your Children and Grandchildren

If you know and love a young person, pass on these life-changing lessons that can put anyone on the road to prosperity.

Kentin Waits • May 30, 2018

Around the nation, young people are graduating from high school and college and preparing to take charge of their financial lives.

If you listen closely, you can hear wallets groaning from coast to coast.

This is not another rant against millennials and other whippersnappers. Americans of all ages are hopelessly behind the curve when it comes to handling their money responsibly. Unless they have astute parents — or a natural interest in personal finance — young people are at a high risk of making financial mistakes that lead to chronic debt.

Why Aren’t Rich People Happier?

Posted April 22, 2022 by Ben Carlson

William “Bud” Post lived a hard life.

His mother died when he was young and his father later dropped him off at an orphanage. Post was a drifter for most of his life, doing odd jobs to stay afloat. When he purchased a lottery ticket in 1988, he had just $2.46 in his bank account. Lo and behold, it was a winning ticket — Post walked away with $16.2 million. That’s a life-changing amount of money but it didn’t have the desired effect.

Just five years later Post proclaimed, “Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems.”

Who Wants to Be a Billionaire?

November 18, 2022 by Ben Carlson

Scott Galloway once said, “It’s never been easier to become a billionaire, or harder to become a millionaire.” I’m not sure I agree but it does seem like more people want to become a billionaire these days. I honestly don’t think it’s worth it. More money in your life is obviously better than less money but only up to a certain point. Once you’re comfortable enough, more money these days seems to be more of a burden than a blessing. Just look at the list of the 10 richest people in the world right now:

10 Types of Neighbors That Are Costing You Money

By Tim Lemke

I really like my nextdoor neighbor, Dave. He's quiet, friendly, and always willing to lend me his leaf blower. He also keeps his property in good shape Not everyone is so fortunate to have great neighbors like him. And that's a shame, because bad neighbors can not only make your life uncomfortable, they can cost you money. For your sake, I hope that none of your neighbors fit these descriptions.

The Slob

The grass and weeds are up to your knees. The house hasn't been painted in decades. There are rusted out cars on the front yard and trash all over the place. These types of neighbors can make your house less valuable, potentially costing you tens of thousands of dollars when the time comes to sell your home.

10 Types of Friends Who Are Costing You Money

By Tim Lemke

Our friends are some of the most important people in our lives. But have you ever considered the impact they have on your finances?

Some friends can suck money from your wallet, even if they don't intend to. And because they're your friends, you may not even notice.

Consider whether yours fall into any of these categories of friends that cost you money.