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Obviously, not everyone who gambles has a problem. Many people enjoy gambling as a social activity without it threatening their financial security or family relationships. I would go as far as to say that even gambling huge sums may be justified as long as their finances can justify the expense. I have a friend who frequently goes to Vegas and can blow five figure sums on any given trip. Do I think it’s crazy? Of course I do. But he makes multiple six figures and pays all his bills on time. He’ll likely work until he’s 65 while I can probably retire much earlier, but who am I to judge? It’s all just about priorities.
He’s obviously a special case though. For many others, gambling can lead to addiction and serious consequences for those who can’t control their impulse. With as many as 3-5 out of every 100 gamblers, and as many as 750,000 young people ages 14-21 having a gambling addiction, gambling can be compared to handling fire — it can either be used to your advantage or seriously hurt you.
How can you tell when someone you love is developing a gambling problem? At what point does it become an addiction? These are questions you may be afraid to contemplate, but recognizing and admitting them are the first steps to helping your spouse overcome a gambling problem and avoid further devastating consequences. [ continue reading… ]
Long before high school seniors fret about those caps and gowns in the next few months, they’ve been thinking about the next step. Students are encouraged to go to college fresh out of high school, with recruiters, parents, counselors ad advisors hounding them to decide which colleges and courses of study they’ll pursue as early as their Junior year. But is it always a good idea to go to college right away? What are the possible risks students face if they take a year off, and what are the potential benefits?
To even consider the idea, you’ll have to get past the biggest perceived dangers:
Lack of productivity
Loss of momentum and the risk of never going at all
Decreased chance of getting into a desirable university
The term ‘gap year’ evokes images of a terrifying stereotype: teens who live at home, are jobless, watch Netflix all day, and order takeout. Is this the reality for most who take a break between high school and college? According to the American Gap Association (AGA) and other advocates, it doesn’t have to be. A gap year is ideally a structured, purposeful time for students to work, volunteer, and engage in many experiences beyond the scope of the classroom. [ continue reading… ]
I recently attended a young professionals networking event with a professional development presentation on money management. This was a great presentation (as a money nerd, and someone who makes a living writing about it, I was riveted), and it brought up an important consideration:
How much time do you make for your financial plan?
The presenter, Eric Hess, pointed out that most people spend more time researching their next TV purchase than they do planning their finances. When you think about this, it suddenly doesn’t seem so odd that many of us have a hard time managing our money.
It’s never a bad time to step back and think about what you want from life and what you will do with your money to get there. Here’s what you should do. [ continue reading… ]
“Today is the only important day. There are 86,400 seconds in a day, and how you use those are critical.”
As someone who’s training to run a marathon next June, I’m constantly bookmarking inspirational quotes and videos I find online. The above quote is from a video collage posted by a fitness Facebook page, that is six minutes of pure motivation.
My interpretation of this quote is that today is the only day you have control over. Today should command your full attention and requires all of your effort and energy.
Yesterday is done and gone. You cannot change what you did yesterday, whether it was good choices or bad ones that you made. If you did well, then use it as momentum to help you do well again today. If you made poor choices, use them as motivation to make today different.
This is especially important for financial choices and spending habits. [ continue reading… ]
I’m a sucker for tradition. Actually, I am a fan of nostalgia – things that make you warm and gooey and bring you back to the days of your youth. When it comes to issues of personal finance, however, nothing I was taught (even the more “traditional” lessons) really panned out for me. While I’m a big believer in balancing the budget, following the law, and doing your share, I won’t teach my kids money lessons that are popular simply because they are old. Here are a few examples of lessons that are still being handed down from generation to generation – but that really needs to stop. [ continue reading… ]
What do you think of when you hear the word “rich”?
Yachts? Evening gowns? Travel?
That’s true to an extent, but not all rich people live that way. For this argument, we’ll define “rich” as having an excess of money, and “lavish” as obscenely using moolah like those in Hollywood.
Those who are rich, especially the self-made rich, are a different breed than most people. They do things differently. They live differently. They think differently. These differences get them where they are.
Without these actions (or inheritance from your great uncle Earl), you’ll simply stay a reader, passive without action.
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