Valentine’s Day, which falls in the bleak month of February, is really about happiness. Some of the best financial advisors don’t deal simply with your financial arrangements. They also delve into how you derive joy from your money and how you avoid falling into soulless materialism.
For those who struggle to save, here’s a tip: keep the money out of your reach.
Giving money to people you love probably makes you happy. Spending money on others also probably makes you happier than spending it on yourself, just as spending money on experiences makes you happier than spending money on things. So does that mean you should max out your credit card to take your entire family on a cruise? Not exactly.
If you lose your job tomorrow, do you have enough money to pay your rent next month? Bad things can happen. Start an emergency fund in three simple steps to cushion you in times of trouble.
As you progress in your career, earn more and have more control over your budget, it’s time to examine your finances carefully. Here is a checklist of questions you should ask yourself during this critical time when you can shape your financial future for the rest of your life.
Your net worth is a barometer of your financial health. Regularly checking this number helps you assess where you’re at, measure your progress toward your goals and build a financial plan.
Working out with a partner keeps you motivated and holds you accountable for showing up at the gym. The same goes for your finances. Working with an advisor makes you more likely to be consistent and disciplined.
Here’s a neat strategy if you look to save more for retirement, college or for paying down debt: Stop spending on the wrong things. Easier said than done, of course, and implementing this tactic starts with changing how you look at using your money.
An iconic symbol of American consumerism and prosperity is the shopping mall. What a shame that so many are hurting, as they are the casualties of the decline of the U.S. middle class.
It’s temping to relegate inflation to the ash heap of history. Price increases are minuscule in the U.S. and are actually negative in Europe. But history shows that no economic trend lasts forever. That said, let’s enjoy low inflation while we have it.