It's a lot easier than you might think, but a lot harder than it looks. According to Barbara Reinhold, there are specific habits of millionaires. Chief among them? Avoid the Earn-to-Spend Mentality. We hear it all the time - "the more I make, the more I spend!" But it doesn't have to be that way. Very wealthy people often live very simply.
Reinhold also reports that 90% of people who win the lottery go through all of their money in 10 years or less. Proving that found money isn't as good as earned money. Those who earn it generally hold on to it for a lot longer and seem to be happier than the rest of us.
According to professor Andrew Oswald of the University of Warwick in the UK, people who are able to build up wealth are indeed happier. And the happiest among them? He says they seem to be "highly educated, well-paid women who have jobs."
That's some good news for us.
You can read Reinhold's entire article by clicking here.
5 Ways to Trim Holiday Spending
Wouldn't it be great to spend only what you can afford to spend this holiday? Imagine not dreading the credit card bills in January, and still feeling like you've shared a wonderful holiday with everyone you love.
Impossible? Not really. It just takes some smarts, and some discipline.
1.) AVOID THE PLASTIC. Simply put, if you don't have the cash, don't make the purchase. It sounds a lot harder than it is, really. If you shop at stores like Kmart that still offer layaway, you can still secure the items you want and pay for them over time, without piling up debt and all of the trappings that come with it.
2.) LOOK FOR THE DEALS & THE STEALS. Let's face it, the economy isn't great right now and retailers are hurting. Look for the freebies and deals that make your dollar go farther. Got kids? Be on the lookout for "Buy One Get One Free" sales that literally double your money. Also watch for free 'reward cards' and gift cards with purchase.
3.) PLAN AHEAD. Make a list of everyone you need to purchase a gift for, and then determine how much you have to spend on each gift. This simple step can help you evaluate additional purchases and make sure that you stick to buying only what you need.
4.) SKIP THE GIFTS YOU CAN. Nothing is more ridiculous than the annual 'gift card exchange' that goes on in most families. Sometimes disguised as a 'Secret Santa' exchange, this ritual involves a bunch of family members buying each other gift cards because nobody knows what to get their cousin/brother-in-law/aunt and - quite frankly - none of us really need anything. Still, we feel obligated to buy 'something' and so we fall back on old faithful - the gift card.
A better idea? How about a "White Elephant" exchange? That's where you give away something you already own to someone else. These can be a lot of fun and sometimes quite silly. Othertimes they can be quite touching, like when an aunt gives you an old family platter or perhaps your great=grandmother's cookbook.
5.) MAKE IT YOURSELF. I have to be honest here, I would rather get a plate of my sister-in-law's melt-in-your-mouth Chocolate Chip Cookies than anything else. And I'd rather get homemade cards and ornaments from my nieces and nephews than the usual gift card or tzatchke from Hallmark that only serves to collect dust. I appreciate the sentiment, but would really prefer something handmade, homemade and simple.
We all want to give during the holidays, but we have to make sure that we are giving of what we have, and not borrowing from the coffers of 2008 to pay for things today.
Impossible? Not really. It just takes some smarts, and some discipline.
1.) AVOID THE PLASTIC. Simply put, if you don't have the cash, don't make the purchase. It sounds a lot harder than it is, really. If you shop at stores like Kmart that still offer layaway, you can still secure the items you want and pay for them over time, without piling up debt and all of the trappings that come with it.
2.) LOOK FOR THE DEALS & THE STEALS. Let's face it, the economy isn't great right now and retailers are hurting. Look for the freebies and deals that make your dollar go farther. Got kids? Be on the lookout for "Buy One Get One Free" sales that literally double your money. Also watch for free 'reward cards' and gift cards with purchase.
3.) PLAN AHEAD. Make a list of everyone you need to purchase a gift for, and then determine how much you have to spend on each gift. This simple step can help you evaluate additional purchases and make sure that you stick to buying only what you need.
4.) SKIP THE GIFTS YOU CAN. Nothing is more ridiculous than the annual 'gift card exchange' that goes on in most families. Sometimes disguised as a 'Secret Santa' exchange, this ritual involves a bunch of family members buying each other gift cards because nobody knows what to get their cousin/brother-in-law/aunt and - quite frankly - none of us really need anything. Still, we feel obligated to buy 'something' and so we fall back on old faithful - the gift card.
A better idea? How about a "White Elephant" exchange? That's where you give away something you already own to someone else. These can be a lot of fun and sometimes quite silly. Othertimes they can be quite touching, like when an aunt gives you an old family platter or perhaps your great=grandmother's cookbook.
5.) MAKE IT YOURSELF. I have to be honest here, I would rather get a plate of my sister-in-law's melt-in-your-mouth Chocolate Chip Cookies than anything else. And I'd rather get homemade cards and ornaments from my nieces and nephews than the usual gift card or tzatchke from Hallmark that only serves to collect dust. I appreciate the sentiment, but would really prefer something handmade, homemade and simple.
We all want to give during the holidays, but we have to make sure that we are giving of what we have, and not borrowing from the coffers of 2008 to pay for things today.
Welcome to FEWW
Many women today know little about managing or investing money. Some are one paycheck away from bankruptcy, while others know little about the money their spouse or partner controls. Some are in incredible credit card debt, often debt they are ashamed of and hide from family. Others have lost a spouse, only to find that they lack the tools to financially care for themselves and their families.
The reality is that few women have been educated in personal finance and investing, while an alarming number of women find finances frightening and intimidating. Many are satisfied to let spouses or children handle their financial matters. And when women are forced to deal with financial matters, they often have nowhere to turn.
FEWW was formed to help other women become part of the FEW who live financially secure and healthy lives. We are not brokers, nor do we work in the financial services industry — we do not sell debt services, or any financial services or tools of any kind. Our goal is to steer others in the right direction to learn about the basics of financing, investments, and personal business and to prosper and thrive.
Whether you are a single young woman just starting out in life, a newly divorced women with a family to support, an older widow suddenly thrown into unfamiliar territory, or anywhere in between - you are welcome here. Please feel free to ask questions, join the conversation, and become one of the FEW who are smart, strong, and secure.
The reality is that few women have been educated in personal finance and investing, while an alarming number of women find finances frightening and intimidating. Many are satisfied to let spouses or children handle their financial matters. And when women are forced to deal with financial matters, they often have nowhere to turn.
FEWW was formed to help other women become part of the FEW who live financially secure and healthy lives. We are not brokers, nor do we work in the financial services industry — we do not sell debt services, or any financial services or tools of any kind. Our goal is to steer others in the right direction to learn about the basics of financing, investments, and personal business and to prosper and thrive.
Whether you are a single young woman just starting out in life, a newly divorced women with a family to support, an older widow suddenly thrown into unfamiliar territory, or anywhere in between - you are welcome here. Please feel free to ask questions, join the conversation, and become one of the FEW who are smart, strong, and secure.
Subscribe to:
Posts (Atom)
