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Speaking with high earners about the paycheck not being enough always turns into an satisfying chat. Even though the reasons are usually common (you just don’t know my situation being the most popular), we always end up with a good resolution. Why? Because no excuse passes the “the average income per household in 2007 was $50,233″ test (source: US Census Bureau).
Why can so many families live below $50,000 a year while others earning 4 times in the same country still feel poor? If you are wondering the answer to this question yourself, or if you feel like the paycheck is never enough, here are 5 suggestions for you:
[Read the Rest Here…]
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The start of the year usually means that I should keep my eraser close while I keep correcting 2008 whenever I write dates!
2009 will be great though (like I keep saying) because now that you regularly come visit, you have at least made the commitment to really focus on being responsible with your finances!
Before you get ready for the true start of working full force tomorrow, why not check out some of the interesting articles I found during the last week?
[Read the Rest Here…]
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I got a chance to ask a fellow blogger a few questions the past few days and I want to share them with you! Enjoy!
No Debt Plan is about getting and staying out of debt with a plan. Kevin, the author, is passionate about budgeting, saving for the future, and using goals to reach financial freedom. You can subscribe to his blog by RSS or email.
This interview is part of a new feature he’s developed called Subscriber Swap Saturday. The basic idea is to get the subscribers of one blog to subscribe to the other blog for at least a week, just to try it out. After a week if you don’t find that blogger’s content enticing, drop it. The hope is that over time you will find several writers that you weren’t familiar with who provide meaningful content to you. You can read more about Subscriber Swap Saturday at his blog.
Q: The greatest part about writing my blog has been the ability to learn from my readers. What would you say is the most important lesson your readers taught you since the blog started?
A: Great question. I would say that readers have taught me that even if there is a well known correct way to do something, that way may not work for every person. It kind of goes along with what Dave Ramsey says about money being 80% psychological. I don’t agree with that, but I will grant that your mind has something to do with it. People think differently than what is plainly obvious to be right. I think our duty as bloggers is to deal with that different mentality in a positive way — turning the readers thoughts into positive progress.
Q: How is your debt repayment process coming along and what is your view on your progress?
A: Well to be honest the only debt we have right now is our mortgage and my deferred student loans. We pay off our credit cards every month and have no other debt. The student loans are essentially pre-paid — we have the money sitting in the savings account earning interest while we wait until I graduate.
The mortgage is another issue entirely. We’re a little more than one year in and, well, it’s going to take a while.
Q: New years bring new resolutions. What would be your #1 goal for 2009 that is non-financially related?
A: To be a better husband. That seems cliche, but I have been really busy in the last year with work, blogging, and my MBA work. It’s not that I’ve been a terrible husband, but I’m looking forward to graduating and getting that huge time commitment off of my plate so I can re-focus my attention on my wife.
Q: I’m just throwing this out in the blue and see what you think. Do you think it’s easier for the generation X or Y to retire rich and why?
A: Well first I need to define each generation. I’m going with Wikipedia and saying Gen X runs from 1965-1980, and Gen Y from then to 2000.
I think Generation X is going to have it easier than us Generation Y-ers for a few reasons. Generation X grew up in a more simple time (believe it or not). There was no internet. Life, business, and finance did not move at the pace that it does currently. Gen X worked jobs for 20+ years and retired with the golden watch and a pension. Not that there have not been struggles — just as they start to retire the investment world loses 50% of its value. That’s rough.
Generation Y is going to have more hurdles and a more complex world to live in. As I said, the internet is an amazing medium, but it greatly complicates things. There are more people out there trying to take your money, and more ways to lose it (identity theft, hacked accounts, etc.). There are most likely more “good” investment choices out there, but I’m not holding my breath that a majority of us are going to make wise decisions.
Want to know more about me? Check out Kevin’s post where I answered some of his questions!
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2008 was incredible for the blog and I’m happy to say that I’m able to share with more and more of you as the blog grows to new heights! In 2009, I will continue to reach out to more people so if you know of people that may benefit from the writings of this blog, encourage them to visit!
As with tradition, here’s a recap of some of the best post of the month before!
Frugality
Wealth and Investing
Others
See you around for the rest of the year!
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2009 is going to be great because:
- We are going to improve ourselves
- We are going to save more money
- We are going to waste less money
2009 is going to be a great year because we will make it so.
Happy New Year!
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The thought of being able to make more money always come across everyone’s mind at some point in our lives. It could be thinking about a side job to supplement the 9-5 or it could be the thought of expanding if you are a business owner. In most of those cases, the major excuse obstacle most people come up with is time.
There’s not enough time and it’s impossible to make more!
Next time when you tell yourself that you don’t have enough time, come back and take a look at these pictures:
[Read the Rest Here…]
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Have you ever came back from vacation and felt a different side of you take over? How about when you go on vacation? I believe it’s quite normal for us to feel and act a little different during days where we are away from home, but how dramatic are the differences?
Yesterday, I came back from my trip to see my parents and I wasn’t even home yet when all of a sudden a rush of money saving thoughts hit me. Should I grab a bunch of biscuits on the plane so I don’t need to get dinner at the food court? What about the taxi ride home? I could theoretically walk home and drive the car back to pickup Emma and all the luggage. It might take me about 30 minutes to get home and another 5 to drive back, but it will save me $12 on the taxi ride! We are tired and it’s 11 o’clock at night (more like 2am if you factor in timezone differences) but hey, $12 saved is $24 earned!
Luckily, I came to my senses and we got a cab in the end (a decision that I’m sure my wife applauded with hint of relief). I’m not even sure why (or for that matter, how) those thoughts got into my head. If I was still in Canada, there was no way I could even think of something like this. Do I have a “vacation mode” where I shut off part of my frugal senses? Or do I have a “frugal mode” where I can completely turn things off?
I’m sure most people’s spending habits change when they are on vacation, especially when it’s coupled with the happiness that typically surround the end of the year (less stress at work, more gatherings). So perhaps when discussing something like this, it’s not the answers, but the questions themselves.
For those of us who are out and about, have a great trip! For the rest of us, Good Morning and cheers for another (going-to-be) great day!
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Have you ever wondered why so few of us succeed? We always hear about those people that came up with a simple idea and made millions but most of us react by “oh well, all the simple ideas are gone by now”. What’s ironic is that usually every few months, we hear about another idea that seems brilliant and ridiciously simple. Why does this happen? Why do we keep limiting ourselves?
Perhaps one of the fundamental problems most of us have is thinking that many things are impossible to accomplish. We like to stay in our little comfort zone, and even though we know it’s not the best for us, we are afraid to step outside. Compare this with Josh Silver’s quest to help 1 billion poor people see better with $1 glasses. Now this guy has a vision. Can you imagine how many people told him through the years that it’s impossible? No, no and no, they say but yet he plows through and insists to continue. Today, he’s already distributed 30,000 pairs of self-adjustable glasses without the need of a optometrist. There are still challenges to mass produce these “But I am entirely confident that we can do that” is his answer to all the critics.
It’s all our attitude and mindset!
[Read the Rest Here…]
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