One common thread between most people who are floundering financially, is that they don’t keep track of their finances. People can’t improve their financial lives, unless they know where their money is going. [...]
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Last weekend, we had some of the neighbors over and we were talking about the way some people act. One of my neighbors, who is a salesman, used to live in the new upscale part of town. He told us he was invited to a barbecue and his neighbor had almost nothing to eat or drink for 20 guests. My other neighbor, who owns a landscaping company, told us he has customers with two or three multi-million dollar houses that have a Camry or an old Mercedes station wagon in the garage. We all agreed most of the truly wealthy people we knew were some of the nicest and least pretentious. Most of the people flaunting their money, complained about being broke whenever they got a bid or had some work done. This is the fifth post in a series of Money Fails. Money Fail: Broke on Thursday All Show and No Dough
A couple of years ago, I was sitting in Big O Tires, waiting for them to put some new tires on my wife’s Jeep. A doctor drove in with a new Mercedes and needed some tires. The reason I knew he was a doctor was because he made sure everyone in the waiting room knew he was Doctor so and so. Anyway, he tried to get some tires with their 90-Day Same as Cash, but his credit was declined. Honestly, I felt really bad for the guy. I’m sure he worked very hard and had a high income. He probably has a nice house to go with his new Mercedes, but he couldn’t afford tires. It left quite an impression on me. Let’s face it; looking wealthy isn’t the same as being wealthy. It’s a lot easier to look successful than it is to actually become successful. To some people, image is everything. But, image doesn’t buy you much in the financial world. The irony is that some people spend themselves so heavily into debt to look successful, that financial security becomes almost impossible. Instead of living the dream life, they are living with the bills for the things they really couldn’t afford to buy. Security is the RewardMost of the wealthy people I know are more concerned with financial security than material possessions. Sure, they have nice cars and houses, but it’s knowing they could live for many years without an income that makes them happy. I believe it’s one of the reasons they are so down-to-earth. They don’t have the stress and worry that people on the debt treadmill have. They aren’t worried about losing everything, because it would take a catastrophic event for that to happen. They have a surplus of income and they can enjoy most of the things that make them happy.
Continue reading Money Fail: Spending to Impress A lot of people are out of work and under financial stress. Others have gotten sick or behind on payments. Some don’t make enough to pay all of their bills. [...] Welcome to my humble blog and the 329th edition of the Carnival of Personal Finance. I have been participating in the Carnival of Personal Finance since the 175th edition, way back in 2008. It is my honor and privilege to host the carnival this week. I certainly hope you enjoy it. California Dreaming ThemeI figured everyone could use a cool break from the blazing hot summer. So, I thought we would cruise up the California coast together. Just imagine the sea breeze blowing, surf music playing, surfboards in the back and the warm sun shining. After all, the summer is officially over and soon it’s going to be a long dark winter. Let’s all enjoy the sunshine while it lasts. Editor’s ChoiceI selected articles for the Editor’s Choice award, based on how interesting and informative they were. Congratulations and well done to the winners.
San Diego Image by Woute R San Diego is known as the Birthplace of California. It is now the 8th largest city in the US and the 2nd largest city in California by population. Neighboring communities include Del Mar and Solana Beach. Famous surf breaks include Cortes Bank and Black’s Beach at Torrey Pines. Popular tourist destinations include Mission Bay, Sea World, Balboa Park and the San Diego Zoo. Popular activities include the Unlimited Hydro Boat Races and Over the Line Softball Tournament. Budgeting
Carlsbad Image by Respres Carlsbad, located in North San Diego County, is one of the highest-income areas of the US. It also developed the world’s first skateboard park in 1976. Popular surf breaks include Moonlight Beach and Swami’s in Encinitas. Neighboring communities include Encinitas and Oceanside. Popular tourist destinations include Legoland and the San Diego Wild Animal Park. Popular activities include golf and tennis at the La Costa Resort and visiting the flower fields of the Carlsbad Ranch. Career
Continue reading Carnival of Personal Finance 329: California Dreaming Edition Last month, I went out to dinner with a group of people and someone hit me up to float their meal. It was Thursday night and they were broke. Thankfully, I had plenty of cash with me, so it wasn’t a problem. I have been there myself a number of times and I know how it feels. I also know that it’s no way to live. It is so much nicer to have the money available to handle a situation. This is the first post in a series of Money Fails. Money Fail: Broke on Thursday The Weekend Warrior
One of my biggest problems when I was in my early 20s was that I was Friday rich. I would drink up all of my money clubbing on the weekends and then I would scrimp through the rest of the week until payday. Sometimes, I would run out of gas or have to skip lunch, but I didn’t consider it a problem. I was having a great time and saving money was the furthest thing from my mind. After I experienced a couple of financial setbacks, I realized it was a huge problem. I almost lost my car and my apartment. The problem with the payday mentality is that it becomes a lifestyle. Instead of thinking about the future, people are thinking about payday. This is a cycle that repeats itself over and over again. Bad habits are hard to break and bad financial habits are the worst. In order to become successful, people need to think long-term. Nobody gets ahead in life by dropping back to zero every week. Living on the Edge
The problem with living on the edge is that it only takes a small financial setback to push someone over a cliff. And, this small setback is going to happen sooner or later. An accident, illness or layoff can set someone back for years. They may lose their place and have to start over. And it’s completely avoidable, by saving a little money each week. Being broke on payday is an indicator that something is wrong. It’s a red flag that you are taking too much risk by having no cash reserve. Continue reading Money Fail: Broke on Thursday |
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