Beyond Money
Money used to rank very high on my priority list, but the best takeaway after starting MoneyNing is probably realizing that money isn’t everything. Family, friends, health, and personal values are a few aspects of my life where I rank more important than wealth and net worth. How about you? What do you value more than your bank balance?
- What’s the point of being rich without being healthy? If you have to labor up and down the stairs while you are traveling in Europe, would a business class ticket really help you enjoy the trip more than if you were able to feel energetic even after a full day of sight seeing?
- How can you sleep at night without integrity and personal values? If you took advantage of your loved ones to get ahead, can you actually enjoy all the possessions that you own if no one will truly want to share them with you?
- Who can you share your wealth with if none of your family or friends want to speak to you? I much rather have a lovely thanksgiving dinner in at a cramped dinning table than eating by myself in a huge mansion with no one to talk to but all those maids that I won’t even see.
Before we make any decisions that relate to our wealth, perhaps we should ask ourselves whether it’s all worth it. Don’t trade always make the sacrifice of time with your family for that promotion and don’t always say no to your children when they want to spend time with you because you are working. Is neglecting your friends really worth being able to buy that car if no one will ever take a ride in it with you? You can decide. Money is important, but…
- Money Is Not Everything – That’s for Sure
- What’s More Important than Money – Lots
- The Secret to Dealing with the Financial Crisis – Take a Peak at This
- Does Always Thinking About Money Make Me Happy? – Definitely Not
Real Life and Suggestions
- My Dad Quit Smoking After 50 Years – and So Should You
- Celebrating Thanksgiving is a Must This Year – in Both Good and Bad Times
- Reduce the Chances of Money Conflicts with our Family
{ 9 comments… read them below or add one }
David, I’ve been signed up and reading your terrific blog for several months and was interested in taking the 7 part mini-course but I couldn’t find it. The only way I see to get it appears to be as a new subscriber but that can’t be right? Any suggestions other than signing up a second time with another one of my email addresses? Thanks. Roger
The frugal newsletter is actually something you already joined, so you should have received the 7 part mini course that comes through to your email once a week last year. If you’d like I can reset your subscription to have them sent to you again.
David,
I read your advice at your site all the time, it always is sound financial advice. I am writing you now because I need your advice . My husband and I have been fighting to save our house from foreclosure. In ther first few years of our newly constructed home, I lost my job (2006). Since then it has been an up hill battle to maintain a job. Fortunately we both have retirement income from the military(USMC) to keep us somewhat afloat. My husband presently has in addition a teaching job and I am on unemployment (Iam a govt contractor, no contracts open yet) Our mortgage was a predator loan, 80/20. We are paying our 20%, but have been trying to work with Bank Of America (80%) to modify our mortgage with them. They want to take our home, we hired a lawyer to speak for us. BOA keeps denying the govt programs and continues to suggest shortsale or foreclosure. It has been 4 years and no foreclosure yet even with a lawyer. To make matters worst a home was just built behind us about 10FEET from the back of our yard (NO PRIVACY at all)…….Iam so disgusted about this whole situation. We were willing to fight when we had privacy, now Iam not so sure. Especially given our credit rating with BOA didnt do our credit reports any good, it would be difficult to move into a new home again. Honestly, I really need a suggestion from you and I trust your advice because I have used it in the past and it has worked for me, especially in shopping and saving tips. Should we just take the short sale, an hope we find a home again (we are in our 50′s) or fight it out and mabe stay here with no privacy ? Any recommendations you have would be welcome. ( The lawyer is always neutral when it comes to advice…….)
Thanks for having your trust in me. Deciding whether to let go of your home is just as much a moral/emotional decision as a financial one. Strictly financially speaking, it sounds like you will be better off just walking away from your house if you are underwater and cannot afford to pay the full 100% of your obligations. However, I am assuming that you live in a non-recourse state where BofA cannot go after your other assets if you default on your mortgage.
On an emotional level, it sounds like you are also ready to move on from the house since it’s not the place you thought it would turn out to be.
So the decision really boils down to a moral issue. Your mortgage is an obligation with terms that you accepted. Do you feel right to just default even though you can drag this out while you look for a job that will help you eventually afford the mortgage, or is this strictly about numbers where you will be better off leaving the negotiated terms behind and start fresh?
This is really a personal decision that only you can answer, but either way, know that the situation is almost always better than you think it is.
Hello Money Ning. I am a 23 year old full time graduate student (on an assistantship) who opened up a Roth IRA (approximately a year ago). Currently, I have $1700.00 in this account earning 0.01% interest (big whoop!) As you can tell, I am not happy with this account at all. I know that I am young, I have plenty of time to worry about retirement and that I am not really in the workforce as yet, but how can I promote growth on this account. Any advice would be greatly appreciated. there’s no reason why my money should be sitting in an account earning pennies!
If the really long term is your time horizon, then you should think about building a diversified portfolio, such as one that has much of your money in stocks or equities in general. Always watch out for all the fees and be patient with the ups and downs of the market.
I like point #1 above. I know people that work very hard to build a nest egg and plan carefully to enjoy retirement. But, they let their health go over the years and by time they are ready to reap the rewards they don’t feel well enough to truly enjoy it. Sad
I realise what I have to say is probably too late for the above two people requesting advice, and what I have to suggest may be naive.
To the lady in her 50′s:
1. Can you take in a border or divide your house in such a fashion as to rent out part of it to subsidise your income to pay the mortgage. Wait until the housing market picks-up then sell.
2. Can you take in overnight guests (tourists) charging by the night. Offer to pick-up guests from the airport, etc. In Australia these homes are known as Bed and Breakfast accommodation. Starting a home grown business to support your income and offset tax.
To the 23yo student:
How about looking to put your money into an Aussie bank where interest rates are much higher. Consider a Term Deposit to protect your principal investment (I am assumming the Aust’n Gov’t will guarrantee your principal investment in Term Deposits as they guarrantee Aussie investors). It’s worth looking into.
Hope my comments help somebody if not the above people.
Judith
Hello, I am a stay home Mom of two young children (18 months and 3 years). What is the best way to start a retirement fund for a stay at home Mom? Where do I start? Thanks! Love your blog.