How Your Money Obsession Can Hurt You

Got money on your mind? That’s not surprising, considering it affects so many aspects of our lives. It’s almost impossible not to think about money since we are bombarded every day with all kinds of talk about spending it, earning it, and well even just worrying about it, like your retirement planning or paying off your debts. Money obsession is real. There is almost no way to escape it except perhaps by pulling the blanket over your head and sleeping a little more, but even with that you do risk the potential of dreaming about it!

While planning your finances is important, thinking about them too much may mean you have a money obsession, and that can hurt you in many ways. Here are just some of the ways obsessing over money can have a negative effect on you.

Of course, thinking about money can be beneficial if it does lead to actions that can improve your finances and your life. But, and it’s a big but, when it becomes a preoccupation or obsession with your finances, it can also be very harmful, and I am not just talking about its mental effects either. How can your obsession with money hurt you? It can actually hurt you physically, financially, and emotionally! Continue reading

Why Learning to Say No is So Powerful

Saying “yes” to almost everything requested from us feels safe, avoids conflicts, and takes less time than pausing to decide whether or not that request is truly important and valuable. Too often we are just so darn busy that we don’t have the time to stop and think about much of anything and so we default to our standard answer, “yes”. That used to describe the way I was, but not today. That’s why I’m learning to say no as my default answer.

As part of our quest for success, we are often conditioned to say yes to every opportunity. But learning to say no gives us the power to determine what's valuable to our work and personal lives. Here's why I'm learning to say no as my default answer.

What Made Me Change My Mind?

Saying no, thoughtfully, may be the most undervalued action of our time. In our world of relentless demands and infinite options, we really need to prioritize our tasks and responsibilities so that they can add the most value to our work and personal lives. That means deciding what to do more of, less of, and what to stop doing altogether. Saying no gives you the time you need to do just that. Continue reading

So You Want to Be a Millionaire!

(Where is Michael Anthony When You Really Need Him?)

If you’re under age 40, you know the TV show “Who Wants to be a Millionaire?”. We all like that idea. But, if you’re around my age you probably also remember the old TV show called “The Millionaire” which aired on CBS from 1955 to 1960. You can even watch old episodes on YouTube.

Becoming a millionaire is a dream for many of us. But are there dangers to having so much wealth? Today's post explores what could happen if you were to receive a million dollars.

The Millionaire was an anthology series that explored the ways that sudden and unexpected wealth changed someone’s life, for better or for worse, and it became a five-season hit during the Golden Age of Television. Continue reading

Health, Wealth, or Something “Elth”?

Remembering back to when I was kid (that’s way back!), the local Chinese American restaurant might offer special “family” combinations leading to the iconic phrase “Choice of one from Column A and two from Column B” and its variables. Those restaurant menus used to have long columns of dishes (Column A, Column B, etc.) and whenever you were ordering food family style, it was a pretty cool way for each member of the family to get their own special choices. And even better, it was usually specially priced because you were getting multiple items at once for the big meal.

If life were like a Chinese menu, with choices from column A and column B, what would you select? Are you working in real life to obtain these life choices?

Column A or Column B?

One could choose one item from Column A, two items from Column B, and so forth and this method became so familiar that choices from “Column A” and “Column B” in anything (business, mathematics, whatever) often were called a “Chinese menu” in the slang of the time. The “Column A, Column B” sorta became a joke around the country back then. Continue reading

Risk Tolerance and How It Leads You to Rewards

Most people are hesitant to take risks in their lives. It’s kind of human nature for people to fear risk. With the possible exception of Evel Knievel, Neil Armstrong, and a couple of others, it’s tough for us to step out onto that ledge and take a chance. You probably won’t be considering riding a motorcycle and jumping over a dozen cars or rocketing to the moon and back for fun or profit like Evel and Neil did back in the day, but what about other risky things that you deal with in your real life all the time? It all has to do with your risk tolerance.

It's important to know your risk tolerance, not only when you are investing, but in life as well. If we're afraid to take big risks, we may never know big rewards. Here's the smart way to deal with risk.

What Are Some Risks You May Have to Face?

There is a laundry list of things and events that we face regularly that may involve risk. That means everything from meeting your future in-laws for the first time to making financial investments for your future and retirement. Continue reading

Do You Suffer From FOMO: Fear Of Missing Out?

Often we spend a lot of time trying to rationalize why we haven’t achieved all of our goals in life and yet we spend a lot of our time looking at others and wondering why and how they were able to have made it. Enter FOMO, or fear of missing out.

FOMO, or fear of missing out, can cause us to focus on social media instead of the goals that are truly important to us. Don't let FOMO hold you back.

Wondering why about our lack of achievements seems like a waste of valuable time. Yet it doesn’t take long in a conversation among busy adults to get into it and for someone to raise a pervasive, underlying concern: “Am I making the right choices for my career, my family, and my life?” We’re so often consumed with what we—or our loved ones—might be missing out on or not achieving that it’s not a surprise to me that FOMO, the acronym for the fear of missing out, was added to the Oxford English Dictionary a few years ago. Continue reading

Money Lies We Tell Ourselves That Make Us Poor

Ok, level with me…when it comes to finances, have you ever told yourself a “little white lie” to justify spending or debt? If I were to ask you why you owe money to your credit cards, auto loans, or your friends, you would probably have an answer ready for me. It’s probably the same answer you tell yourself whenever you think about your debts. Whatever those answers might be, are you being totally honest? If you are lying to yourself, you are hurting your chances for financial success. Today we’re going to face some of those money lies and break out of the financial traps they create.

If you're not honest with yourself about your finances, your money lies will keep you poor. Here are 7 money lies we tell ourselves and how to face them.

 

I feel pretty certain that most of us go through a stage in our lives when we try to justify our spending habits that then spiral out of control into mounting debt. I know that I have done it myself and the way I justified my actions was to try to fool myself, lie to myself if you will. When I did that, I temporarily would feel a little better about the debt. But, deep down inside, I knew what I was really doing. It sometimes takes a serious wake-up call to make your behavior change for the good. Continue reading

Financial Freedom and the 4th of July

Today, on its 241st birthday, the United States of America is a completely different place than any of our founding fathers might have ever imagined. Back in 1776 on this day, the world was just beginning to expand for America, stepping outside of the shadow of Britain and King George III to develop their very own path to independence. That path included political freedom and economic freedom that ultimately links to what financial freedom is all about!

Today is the 4th of July, the anniversary of America's independence. It's a day when we celebrate our freedoms, including goals of financial freedom.

When you seriously think about the road that we have traveled over the past two centuries (I’m a history major so I can’t help doing that), you will see the sacrifices that were made over and over again by people who started this great experiment in “freedom”. They have kept that process alive over every generation. It makes us proud to be a part of that process. Continue reading

Are You a “Real Contender” in Life?

We all have heard the stories of those special people that started life at the bottom of the ladder and yet somehow miraculously climbed from the bottom all the way to the top! It’s not only great to hear about those events, but it’s pretty inspirational, too. I mean, we know it’s tough to make it under good circumstances and yet some people overcome what seem to be insurmountable odds and gain such lofty heights despite those disadvantages. So how do they do it? The first thing that all those people do to get into the winner’s circle and become champions is that they have to become “real contenders”.

To succeed in life, you need to become a real contender. Here's more about the mindset to adopt and how it relates to your financial health.

An Example Both Fictional and Real World

If you’re a movie buff, you probably love the ones about the guy or gal who overcomes all the odds. Remember “Rocky” the 1976 film (and then the 1979 and 1982 etc.)?  Currently numbering 7 films in the series, they not only entertain but they really do make you think about an underdog who makes it to the top. Rocky may not be a real character, but the star, Sylvester Stallone is a real life “Rocky” all by himself. After all, he was basically an unknown in Hollywood when he wrote, produced, directed, and starred in a film that no one ever expected to be a success, let alone become a historic franchise about good ole’ Rocky Balboa and whose stories have grossed over $1.3 billion dollars worldwide over the past 40 years! Continue reading

3 Shameful Financial Problems You Fear To Talk About

Americans are well known around the world for certain things. One prime thing is our tendency to talk and even brag about our lives and our abundances. We are pretty proud of living in what we refer to as the “greatest country” in the world and we have good reasons to feel that way. If you are a bigtime world traveler, you are probably sending a clear message to everyone you meet: you have lots of money and you enjoy spending it freely. You probably stay at a fine hotel, eat at a fancy restaurant, travel at the height of the season, etc. and that is the message you’re sending.

Sometimes financial problems are embarrassing and we're afraid to share them with loved ones. But getting help is better than trying to work it out alone.

The Art of Braggadocio

Speaking of bragging, we also have great fervor when spreading good news to others, especially our family and neighbors. We make it obvious so they will notice when we drive into our garage with that big new $85,000 2017 Land Rover that’s so perfect for those cross country trips and exploring the Gobi Desert, but will more likely spend its time parked at little Debbie’s soccer practices every Tuesday and Thursday! Continue reading