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Category: Personal Finance 101

June 2, 2014Written By Paula Pant

The Most Crucial Money Lesson, in Three Words: Mind the Gap

After I graduated from college and accepted an entry-level job, I received a starting salary of $21,000 per year.

Adjusted for inflation, that’s $24,100 in today’s dollars.

I was a diligent saver, even then. I directed 15 percent of my pre-tax income into my 401k and another 5 percent into a Health Savings […]

Keep reading...

May 1, 2014Written By Paula Pant

Introducing Get Rich Slowly: The Course

Shortly after Martin and Sierra Black married, they bought a beautiful 2,200-square-foot Victorian home near Boston.

From the outside, the couple looked like they had it all.

But something was wrong.

They were drowning in bills. They forked over $2,200 each month on mortgage payments, and another $600 per month on gasoline for their […]

Keep reading...

April 23, 2014Written By Paula Pant

The Ultimate Challenge: Finding the Real “Value” of Money

What’s the purpose of money?

That’s not a rhetorical question. I’m inviting you to sit with this question for a moment. Ponder it. Pray / meditate / reflect on it.

Why do you want to create wealth on your life? What’s the ultimate purpose?

I’ve thought about this on a near-daily basis for the […]

Keep reading...

April 10, 2014Written By Paula Pant

Showdown! Should You Pay Off Your Mortgage or Invest?

Ready to rumble?

There’s a fight brewing. Two contenders have climbed into the ring.

Both are clawing for victory. Only one will survive.

In one corner: Crush Your Mortgage, and his team of anti-debt advocates.

In the other corner: Keep Your Mortgage, and his cheering crowd of leveraged investors.

Who will take home the […]

Keep reading...

February 25, 2014Written By Paula Pant

Why My 77% Savings Rate … Means Nothing

Finance nerds have strange habits.

Here’s one of mine:

Once a year, I lock myself in a room with nothing but a laptop, spreadsheet, and boatloads of determination.

The mission: Decipher my savings rate.

Am I saving 30 percent of my income? 40 percent? 60 percent?

As longtime readers might recall, my then-partner (now […]

Keep reading...

December 10, 2013Written By Paula Pant

3 Unconventional Ways to Super-Charge Your Savings

Finish the following sentence:

“My dream is _____.”

Maybe you want to buy a house, or backpack Europe, or retire early.

No matter what you want, having a Big Ol’ Heap of Savings makes each these goals a million times easier.

“Gee, thanks Captain Obvious,” you’re probably thinking. “Easier said than done.”

Do you think […]

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August 6, 2013Written By Paula Pant

How Much of Your Life Did That Cost?

How often have you heard people defend flagrant spending with the following words: “Ah, c’mon. It’s only $25!”

Hogwash. That’s the wrong way to think.

The better mental shift is to think: “That cost one hour of my life.”

****

Unless you’re magical, $25 doesn’t appear out of thin air. You get that money in […]

Keep reading...

March 5, 2013Written By Paula Pant

Hate Budgeting? Here’s The Easiest Budget Ever

Let’s see a show of hands: how many of you actually make a budget?

(Silence. Crickets chirping.)

Yeah, I thought so.

One of the most overplayed pieces of financial advice is “make a budget.”

There are a small handful of nerds who jive with this idea. You dig data. You love crunching numbers. Good for […]

Keep reading...

June 6, 2012Written By Paula Pant

The Sunk Cost Fallacy: The Surprising Reason Why People Cling to Jobs and Investments Longer Than They Should

Imagine that you bought a $100 ticket to a ski resort in Michigan.

A few days later, you find a $50 deal for a ski resort in Wisconsin.

The $50 Wisconsin deal promises better ski slopes, nicer snow, and an all-around more fun experience.

On impulse, you buy that ticket, too.

Then you learn that […]

Keep reading...

December 21, 2011Written By Paula Pant

I’m Investing 100 Percent of My 2012 Income

This was originally published in 2012 as a series of separate blog posts. For the sake of simplification, we have consolidated these blog posts onto this one page that you’re reading. Unless otherwise noted, the information has not been updated, so all numbers and information reflect 2012.

I’m changing careers. Well, sort of.

About two […]

Keep reading...

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