Have you ever used a common term or phrase without thinking about what the words mean? Do the words we use to describe things matter? Can the words we use to describe things affect our attitudes about them, and even our actions? I have been thinking a lot about these questions since coming across the…
Another of my posts has been selected to run on Rockstarfinance.com, a website that promotes itself as “A Collection of Awesome Money Articles.” It is my post originally published on January 28, 2014 titled “The Power of Thrift: A Penny Saved Is…” If you haven’t had the chance to read it yet, take a look. …
Drive-in banks were established so most of the cars could see their real owners. – E. Joseph Crossman, American businessman The Car Buying Process We established in an earlier post that we should avoid going in debt to purchase items that depreciate, or lose value over time. Cars depreciate very quickly yet most of us,…
Merrit H. Egan grew up on a dairy farm but claims his parents raised him to be great. He lived up to those lofty expectations by becoming a successful and prominent physician in Salt Lake City. Merrit and his wife had 11 children and they did their best to pass on the legacy of success…
This Thanksgiving season I have been reflecting on our constant quest for “more,” on what it means to have “enough,” and on gratitude. So this week I am going to depart from offering practical advice on money management and instead turn philosophical. We Want More, We Want More! Many of you have seen the popular…
If you find yourself in a difficult financial situation there are three things you need to escape: First, hope for a better future; second, the knowledge and skills to get there; and, third, some extra cash to get started. Individual Development Accounts (IDAs) are wonderful tools for those of modest means because they address each…
Everybody loves a bargain. My daughters Kelsey and Savannah are great bargain shoppers. Their favorite thing to do after returning from shopping is to have everyone guess how much they paid for the various items. It brings them a lot of joy to get great deals. Unfortunately, many of us are missing out on the…
Hopefully you have established the habit of saving. That is an important first step but chances are you are not saving enough. The next step is to increase your savings rate, and a great way to do that is by putting yourself on what I call The Wimpy Savings Plan. J. Wellington Wimpy was the…
Establish the Saving Habit “Good habits, once established, are just as hard to break as bad habits.” – Robert Puller We are creatures of habit, for better or worse. The best financial habit you can establish is the habit of regular, consistent saving. At least initially the amount you save isn’t as important as the…
In the last post I identified the personal savings rate as the most important measurement in personal finance (What is the Most Important Measurement in Personal Finance?) In this post I will teach you how to calculate your personal savings rate and how to interpret the results. Historical Perspective Americans are notoriously poor savers. The…
