Stories are great teaching tools. One of my favorite stories related to personal finance was told by Thomas S. Monson, president of the Church of Jesus Christ of Latter Day Saints, about a visit he made to a church school on the Island of Tonga. As he peeked in one classroom he noticed that the students were paying unusually…
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…
We are what we repeatedly do. Excellence, then, is not an act, but a habit. – Aristotle, ancient Greek Philosopher – If we consistently make good choices it will lead to good habits. I recently read two books that examine some of the factors that influence our choices and behaviors. An understanding of these factors…
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…
