Seven Major Obstacles to Financial Success from the Quiet Millionaire
October 29, 2007
One of the most important steps towards building wealth is learning what NOT to do. If you can avoid the biggest pitfalls then you have a much better chance of being successful. As I read through the Quiet Millionaire I ran across a list of things that can be damaging to our personal finances. I’ve […]
How Do You Value Your Money?
October 18, 2007
How do you decide how much money things are worth to you? How do you decide when you’ve spent enough? eBay DiscountsI had an eBay customer ask recently for a discount if they bought two of the same item. I knew how much I stood to make with and without the discount and both amounts fit the […]
Which is a Better Gamble, Playing the Lottery or Starting a Business?
August 27, 2007
Have you ever heard a co-worker complain about their job then follow it up with something about quitting once they win the lottery? I feel bad for these people and would love to crawl into their head to read their thoughts. Do they really think they’ll win the lottery? If their life plan is based […]
Money Mistakes to Avoid – Procrastination
August 13, 2007
Why do today what you can put off until tomorrow? If that is your motto then this post is for you! Time is MoneyEven if you’re not a procrastinator by nature, you’ve probably had a time or two where putting something off cost you money. Whether it’s paying money you shouldn’t be because you forgot […]
What Would You Hide From Your Spouse to Save Money?
August 4, 2007
Does your spouse, boyfriend, or girlfriend spend more money than you’d like? Do they spend money on things you don’t agree with? I met some people the other day that have a sneaky tip for you. Gadget BusterNote: Names have been changed to protect the innocent. I was out to lunch the other day with […]
Money Mistakes To Avoid – Misunderstanding Risk
July 12, 2007
Fear and past experience are too often what drive our perception and preparation for risk. Past ExperienceThe article “Seven Money Mistakes to Avoid” in Smart Money magazine talks about “availability basis”, a term psychologists use to describe how people measure risk mentally. We rely on images and emotions that come easily to mind when gauging how to prepare for […]
Money Mistakes To Avoid – Loss Aversion
July 11, 2007
We covered the first money mistake yesterday and learned not to save with the right hand and spend with the left. The next mistake the Smart Money magazine article covers is a psychological effect that affects many of us, loss aversion. Loss AversionI like the way that Wikipedia explains the concept. Ask yourself this question, “would […]
Money Mistakes to Avoid – Not Seeing the Big Picture
July 10, 2007
Do you ever make a money mistake that seemed really dumb in hindsight? Well, you’re not alone. Our minds can trick many of us into misusing our money in ways that seemed perfectly justifiable at the time. The field of behavioral economics studies how our financial behavior is affected by psychology. Smart Money magazine has […]
How to Save Money on Services By Spying on Business Owners
July 7, 2007
Business owners are always looking to maximize the amount of money they can earn from the services they provide. Get inside their heads and you can save money on your next trip to their establishment. Here is a quick example case study on how to save money on haircuts. Hair Cut SavingsAt the top of […]
How Victoria’s Secret Gets You to Buy Underwear You Don’t Need
June 29, 2007
KMC is a thirty-something family man with a wife, three year old daughter and one on the way. After graduating college with $5,000 in credit card debt and $9,000 in student loans, his new wife finally got him to shape up and get fiscally responsible. He went a little overboard and developed a serious interest […]
