Pay yourself first. It’s advice advocated by David Bach and a long line of financial gurus. Financially, this refers to setting aside a small portion of your income to fund your financial priorities like savings, investing, and paying off debt. But paying yourself first applies to the rest of life as well. In so many ways, we take care of everyone and everything else before … [Read more...]
Money Monday: Why You Could Lose Your Job Tomorrow and How to Prepare for it
The days of working for one company your entire life and retiring with a secure pension have largely become a thing of legend. According to the U.S. Bureau of Labor Statistics, in 2014 the median number of years that workers had been with their current employer was just 4.6 years. This means that workers today could change their jobs eight or more times before they retire. In … [Read more...]
Money Monday: How Compound Interest Can Make You Rich or Poor
It’s been called one of the greatest forces in the universe. Understand it and you’ll see why some people invest their way to wealth, while others quickly become stuck in a quagmire of debt. This simple but powerful force is compound interest. Let’s see how it works and why it can profoundly affect your financial life. Let’s say you possess $1000 to invest and that you earn … [Read more...]
Why “Paying Yourself First” Isn’t Always About Saving Money
I had a sobering realization a few months ago. I realized that I care more about money than I do my body. YIKES! While I never walked around tapping strangers on the shoulders to say, “Excuse me, Miss, but I really don’t care as much about my physical fitness as I do my financial fitness,” all of my actions confirmed it. The data did not lie. I am in better … [Read more...]