Category: Saving
Money Parables, Saving
The Handful of Pennies Savings Plan
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“‘Save’ – the sum of all financial planning wisdom in one word.” – Phil DeMuth In a recent survey the Federal Reserve board asked Americans how they would pay for a $400 emergency. 47% responded that they would either have to borrow the money, sell something, or they didn’t know what they would do. …
Saving
Part of All You Earn is Yours to Keep – Weekly Money Quote (July 4, 2016)
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Money Parables, Saving
A Picture is Worth…? Use this Tool to Turn the Future You into a Millionaire
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You know a picture is worth a thousand words, but could it also be worth a million dollars? If so, what does a million dollar picture look like? My daughter Savannah and I found out last summer when we wandered into famous nature photographer Peter Lik’s gallery in Las Vegas. I love the outdoors and…
Debt, Investing, Misc., Money Parables, Saving
Back to the Future: Money and Time Travel
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“The essence of finance is time travel. Saving is about moving resources from the present into the future. Financing is about moving resources from the future into the present.” – Matt Levine, Financial Journalist One of my favorite movies is Back to the Future. The movie is about Marty McFly (Michael J. Fox), an average American…
Money Parables, Retirement, Saving
The Expanding Lily Pad: A Retirement Riddle
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There is an old riddle about a lily pad in a pond. The lily pad doubles in size every day and after 30 days it completely covers the pond. On what day does the lily pad cover half the pond? If you answered without really thinking about it you probably answered “day 15”. Our mind…
Retirement, Saving
How Much Do You Need to Save for Retirement?
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My father, Kent Esplin, was a pioneer in the food storage industry. In the 1950s he started a business, Perma-Pak, that sold dehydrated and freeze dried food. As the symbol for his business he chose a squirrel holding an acorn. Why a squirrel? Because squirrels are great savers. They save and store enough food when…
Budgeting, Debt, Investing, Saving
Resolve to Simplify Your Finances This Year
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Years ago the teacher in a college math class I was taking told a story I enjoyed. He claimed the story was absolutely true. While on vacation with his family the pilot on one of the flights decided to have some fun with the passengers by having a contest. He announced the plane’s direction of…
Budgeting, Money Parables, Saving
Sometimes You Should Eat the Marshmallow
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In fact, most of the time you should eat the marshmallow. I am referring, of course, to the famous marshmallow test conducted by psychologist Walter Mischel in which he gave young children marshmallows and told them if they waited 15 minutes to eat them he would give them another one. Follow-up studies showed that the…
Retirement, Saving
Having Trouble Saving For Retirement? Try This Reasonable Plan
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Carl Richards is a financial planner and best-selling author. In his book The One Page Financial Plan he tells the story of talking to his friend, Brad, who was saving for a long-term goal that seemed almost unreachable. Brad was married and had a child. It was all he could do to meet his current…