Get A Money Buddy! A Money Buddy Is Someone You Trust And Who Has Similar Financial Goals
It's often easier and much more fund to do things with a friend, especially if we need support in any given area. Weight Watcher's success, for example, is due in large part to the camaraderie and support of the weekly group meetings. Exercise experts have long encouraged us to find walking buddies to make sure we exercise when we're not in the mood. The same could be true for money management.
It’s easy to slip into bad (read: expensive) habits when you’re the only one monitoring your finances. Rather than feel you have to face your finances alone, get a money buddy. A money buddy is someone you trust and who has similar financial goals. There are investment groups that exist all over the country. The American Association of Individual Investors was created in 1978 to provide education and support to investors.
A Fresh Look At Goal Setting - Part 2
In the last article, I discussed the advantages of goal setting and suggested a three-tiered approach. Tier One is the "doing" level of goal setting and deals with the "what" of our goals. This is the level we are most familiar with and operate in most of our lives.
Level Two involves developing specific competencies. The third level of goal setting is a process of shifting our Way of Being. At this level, attention shifts from learning a new skill and becoming competent to actually developing specific personal qualities that will support positive and enduring change. At levels one and two, we deal with our relationship or interaction with a set of objectives. At level three, we deal with the relationship we have with ourselves, intentionally looking beyond the desired outcome to include a more holistic perspective of what we want to achieve.
Over The Years, Many People Have Told Me They Wished They Had Learned About Money When They Were Children
It's unfortunate that there is no formal curriculum about money management and budgeting in the majority of our schools today.
Many years ago when I taught forth grade students, we started a project of selling pop corn to the other students after school. First, we went to the bank to get a loan. The only reason we were actually able to get a loan, I think, is that the father of one of my students was the bank president. Our ‘marketing department’ called the paper to let them know we were getting a bank loan and they printed a front-page story. The publicity was so good that parents would buy popcorn along with their children.
A fresh look at goal setting -- the new year is an ideal time for deciding where we want to focus our new aspirations
I love the automatic structure the calendar year provides in terms of a time line for reviewing our progress.
Perhaps you're already familiar with the Yale study (although some say it never took place), which reported that the 1953 graduating class at Yale was interviewed and only 3% had written specific goals for their futures. Twenty years later, that same 3% was found to have a higher net worth than the other 97% combined.
This story illustrates the power and importance of goals. They provide us with targets—something to aim for. In other words, they give life direction.
In addition, goal setting is a method of anticipating and preparing for the future. It is an effective way of picturing what we want to achieve and what we want our lives to be like. We can then move towards those images in an intentional way.
A Reader Recently Asked Me About Dealing With An Inheritance, So I Will Be Addressing Those Issues In This Article
It may be likely that you will receive an inheritance at some point in your lifetime, most often from a parent. It is important to realize and respect that along with the money, an inheritance often carries a variety of emotional reactions.
I often hear clients speak of the burden of the inheritance and the strong wish to use the money in a prudent manner. Some want to make sure a portion of the money continues to be passed down in the family. Many remember the effort required to accumulate the money and want to be good stewards of it. Since the money may significantly alter your current and future living conditions, the emotions can be mixed and varied.