Here are a handful of lessons from 2018 (although many of these ideas originated during a lifetime preceding that). I’ve shared most, but not all, of these lessons on Instagram in the past year. 1: Your net worth is not your self worth. That’s true regardless of whether your net worth is low or high. Money is what we accumulate, but it’s not who we are. 2: It’s inefficient to worry about the small stuff (like how much you’re spending on avocado toast) if you’re not taking care of the big stuff (like how much you’re spending on your home, car and food, especially restaurants.) Don’t patch a few minor ceiling leaks if a huge section of your roof is[…]
Tag: personal finance
#169: One Tweak a Week in 2019 — Easy Improvements to Your Financial Life in 2019
Happy New Years! To kickoff 2019, we’ve created a free book called One Tweak a Week, outlining 26 easy, actionable ways that you can improve your financial life. Today’s podcast episode covers these 26 tweaks, so you can listen in audio format, in addition to reading the book. If you put these into action for the first six months of 2019, you’ll be in a stronger position in June than you started in January. Each tweak takes less than one hour (some are as quick as five minutes), and[…]
Maybe you don’t need to figure out what’s wrong
A few months ago, I interviewed a behavioral economist named Dr. Stephen Wendel on my podcast. He suggested an idea that’s so crazy it might work. We were discussing the fact that people often stand in their own way; there’s a gap between intention and action. We know what we “should” do, but we don’t follow through. We procrastinate. We make excuses. We act against our own self-interests. We have an image of our ideal self, we have the reality of our current self, and it’s harder than expected to bridge that divide. Why? Most people try to figure out the problem. “Why can’t I stick to my goals?” But during our interview, Stephen turns this conventional wisdom on its[…]
#166: Everything I Learned About Money Came from My Grandmother – with Michelle Singletary of the Washington Post
Michelle Singletary learned everything she knows about money from her grandmother. Well, okay, I shouldn’t say “everything” that she knows. After all, Michelle also has an MBA from Johns Hopkins University. She writes about personal finance for the Washington Post. Her nationally-syndicated personal finance column, The Color of Money, is published in more than 100 newspapers nationwide. She’s written three financial books. Oh, and guess what? Her column was nominated for a Pulitzer. Michelle has been learning, thinking, writing, researching and speaking about money management for decades.[…]
17 Lessons to Improve Your Money & Life
I’ve learned a ton during the past decade, thanks to reading, interviewing, and massive trial-and-error. I’ve distilled many of these lessons into today’s blog post. Here are 17 lessons that can improve your money and life. #1: Money Can’t Make You Happy, But Lack of Money Can Make You Unhappy They say, “money can’t make you happy.” But that’s false. Researchers have examined the link between money and happiness — and guess what? Money can make you happy, to an extent. Multiple studies found a significant correlation between money and happiness among people in low-to-middle income brackets. More money = more happiness, up to a certain level. That’s not surprising. If you used to earn $30,000 per year,[…]
#159: Ask Paula – I Have Three Kids and I’m Hoping for Financial Independence
Should a 36-year-old father of three invest primarily in Traditional or Roth retirement accounts? Should Rose, a grandmother of four, open a Vanguard account for each of her grandchildren? Should Nancy, who lives overseas and is the sole breadwinner in her family, invest in a Traditional or Roth TSP? Should Scott’s wife rollover her 403(b) from her former employer into an IRA? Should Patrick, age 35, cancel his life insurance plan? Former financial planner Joe Saul-Sehy and I answer these five questions in today’s episode. Our first caller is Mr. “Three Kids and Still[…]
15 Insightful Books about Investing, Money, Work and Life
I love to read. If you share my enthusiasm, you might enjoy this variety of books about money, work and life that I recommend. Feel free to scroll, or click on one of these links to skip ahead to your favorite section. Productivity Books Money Mindset Books Investing Books Real Estate Books Productivity Books Deep Work, by Cal Newport I’ve raved about this book several times, and I’ve also interviewed Dr. Cal Newport on my podcast, where he shared his tremendous insight into productivity and focus. If you’re tired of getting distracted by email, social media, and small tasks, read this book.[…]
Why Money Won’t Solve Your Problems
A few years ago, my friend J.D. Roth told me a story that’s stuck in my mind ever since. ⠀ ⠀ During his 20’s and early 30’s, J.D. was broke and in credit card debt. But in his mid-30’s, he started a business, and within three years, he sold it for a significant sum. He became wealthy almost overnight. ⠀ ⠀ That’s where the story begins. ⠀ ⠀ After his fortunes turned, he took a look at the rest of his life and realized it was still brimming with problems. He felt unhappy with his current relationship, weight, overall health, poor eating habits, lack of travel and lack of exercise. ⠀ ⠀ He was financially abundant, but unhappy with the rest[…]
8 Money Myths That Might Be Holding You Back
I live in a two-bedroom condo. It’s furnished with a used couch and used coffee table. My shoe rack is made from old cardboard boxes glued together. Almost everything else in my home is from Craigslist, Amazon and Overstock. I consider IKEA to be a splurge. My favorite hobbies are hiking and camping (free and cheap). My friend Amanda cuts my hair. (In fairness, she’s a hairstylist.) I can’t remember the last time I got a manicure or pedicure. When I travel overseas, I fly with airline miles and visit countries where the exchange rate works in my favor. The cheapest car I’ve ever purchased cost $400. I[…]
