Following my first two rules will create an inordinate amount of stress if he were to earn at or below living wage, even if he is living with you and eliminating most of his living expenses.
Debt elimination is a beautiful thing. From paying off student loans to making your last mortgage payment, getting rid of monthly debt obligations is undoubtedly an accomplishment worth acknowledging and celebrating.
There’s something incredibly practical about putting money into your home, in the right places. The key is to not get carried away by convincing yourself every dollar spent is wise or even an investment.
Proper financial planning does not require additional work. It requires timelier work.
You can’t change your mistake. That ship has sailed. But you can resolve to never do it again.
Self-sufficiency can turn instability into stability by leveraging an abundance of time to save money.
If you’re going to sacrifice your current retirement plan to save your business, you’d better make sure your business is your retirement plan.
The reality is, a financial crisis was destined to strike your household at some point.
When a complex issue seems so overwhelming that a person becomes paralyzed with inaction, it becomes important to delineate and solve your challenges independently.
I’m not giving up on you or anyone else. Why? Because of the thousands of people who’ve rebuilt their financial lives right in front of my eyes over the last two decades.
When times get tough, and some jobs get eliminated, it’s the people who have cash to pay the bills, as opposed to liquidating depleted retirement accounts, who will come out on the other side unscathed.
There’s a giant difference between the two, and knowing the difference can save your financial life. Patience is strategic, if not pragmatic, while waiting is a gamble.
Unless you have an ungodly amount of money, you need to define exactly what it means to “pay for their education.” That’s a much bigger and broader promise than most people know.
The goal of diversification isn’t just to spread your market risk across different companies, but to make sure the companies themselves are significantly different from one another, and even more important, complementary.
I don’t know how many scenes are left and what plot twists are ahead, but I do know how this movie ends.
You and I are going to predict the value of our investment account balances on Dec. 31, 2029, then write these numbers down and leave ourselves a passive aggressive note to agonize over years from now.
Investing in your community provides a deep expression of gratitude that is as fulfilling as it is impactful.
Whether you see it coming or not, hearing that your job is no longer your job is shocking.
It’s not about what you earn; it’s about what you keep.
When it comes to investing, not only do too many people misconstrue knowledge for skill, but beyond that, people tend to make a series of predictable mistakes brought on by inexperience. Therefore, even if you find yourself in the “I know what I’m doing” camp, you might not have the rest of what it takes to succeed long term.