Money is the root of all evil, right?
You would certainly think so with the way that people fight over it every day. Money is one of the leading contributors to divorce in this country, and has been for a while. While divorces strictly because of money are around 5%, 70% of couples attribute money issues to their lists of other causes.
It doesn’t have to be this way though. Unlike taxes, arguments about money aren’t inevitable.
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My finances are largely automated. Most of my regular bills are paid automatically with a credit card or through direct withdrawal from my checking account. This setup is convenient, and it means that I don’t have to spend a lot of time trying to remember when to pay my bills. Even my retirement account and emergency fund contributions are automatically transferred each month.
However, it doesn’t mean that I should just leave my finances alone going forward just because I automate my finances. In fact, I make it a point to sit down and review my accounts at least once a month.
Even if you automate – perhaps especially if you automate – it’s important to occasionally connect with your money to ensure that you are on top of things.
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We’ve considered buying a home a major milestone of financial and lifestyle achievement for years. It’s one of those steps that we all feel we need to take in order to be successful. However, I’ve been a homeowner, and I like renting better – even if I am “throwing money away.” (And I don’t think I’m throwing money away either. My investment returns beat the average appreciation on most homes in most areas of the country.)
While buying a home can be a great move for some people, it’s not the answer for everyone. Here are three reasons to consider renting:
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Death isn’t a subject that many of us like to think about. But the fact of the matter is that we all must plan for that eventuality, including how we want our final days to play out.
According to Amanda Bennet, author of “The Cost of Hope,” “From the 1970s to the 1990s, one study suggests, the cost of adding a single year of life for an individual over age 65 more than tripled, to $145,000 from $46,800 — and health-care costs have been rising ever since. In 2008, researchers from Stanford and Wharton business schools studied dialysis patients and concluded that the average cost of one ‘quality’ extra year of life was about $129,000.”
These huge costs are often incurred in attempting to prolong a life when death is imminent, inevitable, and in some cases, even desired. After all, the terminally ill are often still suffering from the emotional and physical pain that comes with the underlying disease. And as modern medicine becomes better at sustaining the terminally ill, it may be unnecessarily prolonging the inevitable.
Plus, the majority of Americans state that they’d prefer to die at home, yet about 75% pass away in a hospital or a nursing home. So for those who want to have a comfortable time living the tail end of his/her life in relatively peace, it means that end-of-life care should not be put off.
Here’s what you need to know about end-of-life care, so that you can be prepared to make decisions for yourself and your family members when the time comes.
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Are you hoping to change your financial habits but just don’t know where to begin?
There isn’t any one-size-fits-all magic approach,. There are, however, different strategies you can try out until you hit on something that works well for you.
Here are three such strategies that can help you change your financial habits. Figure out which is likely to work best for you:
1. Try a Spending DetoxIf spending is one of your big problems, you can try breaking the habit by going on a spending detox. Try to go a month without spending on anything that isn’t absolutely necessary. You can retrain yourself to dislike spending and keep your money as a byproduct.
I know because the strategy works with other preferences too. After quite some time eating dark chocolate, I have a hard time with sugary milk chocolate. I can’t even drink hot chocolate anymore. I retrained my taste buds so that I didn’t care as much for sugar. It’s the same with spending.
This approach can even work with your long-term and short-term savings goals. Make sure you automatically contribute to retirement savings or to your travel fund during this time, but avoid spending money on unnecessary household goods, gadgets, or other items that do little more than clutter things up.
You might be surprised at how quickly you adjust to the new normal and develop new habits that are less about spending money.
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Consumers go out in full force every summer. Barbecues, vacations, beach trips – you name it. After all, the season of summer is an exciting time reconnecting with family, getting outside, and creating memories.
Many people end up busting the budget during these few months, but it doesn’t have to be this way. Here are five items to avoid splurging on this summer season:
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