Finance can be a pretty complex situation.
Some people are just afraid of numbers. And fractions. And percentages.
There’s help out there, number-phobes.
You can find financial calculators that can tackle all of your challenges–whether it’s finding a great investment, or saving for your honeymoon.
Pic by walknboston @ Flickr
Answers don’t matter.
That seems to be heresy. But hear me out.
The fact is, unless you know the right questions to ask, answers don’t really help you. Knowing what’s wrong and then applying the right solution is the key to problem solving.
Personal finance is no difference.
In this edition, we”ll let some of the best and brightest minds of the blogosphere ask the most important questions.
As you probably know, there was quite a bit of excitement on Wall Street yesterday. Apparently a panic was caused by images of rioters in Greece. And then it was announced that there was some kind of trading errors that caused or perhaps exacerbated the selloff. Was this really what happened, or is it just a way of trying to calm the markets?
I thought it was an interesting question because it shows the difference between what people expect and what people don’t expect. Events like the Asian Financial Crisis and the Russian default in the 90’s were largely unexpected, and these were termed Black Swans. They had massive effects on the economies and markets of the world, and caused the largest Hedge Fund collapse in history.
Pic by Photos8 @ Flickr
Although the days of the financial adviser are beginning to wane, there are still people who rely on advisers to help them make financial decisions. For some folks, employing a financial adviser is a habit, or a family tradition.
And all the stories about Bernie Madoff and his ilk won’t change it.
But, if you do need an adviser, you need to find the right one.
Or, at the very least, avoid the wrong one.
There are several warning signs that your financial adviser is a loser.
Read more…
Business Strategy, Investing, Money, Online Investing AI, US Economy
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We believe that technology accelerating at an ever increasing pace. But that is not all that is changing. New technology is used throughout the world to make money, for both individuals and corporations.
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People in the world cannot identify their own mind. They believe that what they see, or hear, or feel, or know, is mind. They are blocked, and so cannot see the brilliant spirit of their original mind.
–Huang-po.
Most people tend to see the worlds of spirituality and finances as completely separate. Most also tend to think that the skills of a spiritual master are different from the skills of a master of personal finance.
We can argue about the first theory, but the second is demonstrably false. Both spiritual and financial masters use similar skills. A Zen master might even learn from an investor or trader. And you can put a little Zen in your financial matters.
Success in personal finance all boils down to the mind and its perceptions.
As Huang-po would say, it’s a mental thing. Here’s a little advice from zen masters that you can use in your own personal financial endeavors.
America is the best country in the world. For the last 200 years, everyone wanted to come to America. In America, we have freedom and opportunity available on an unlimited basis. Unfortunately, I fear the end is near.
What could bring down such a great country?
Fiscal Mismanagement
Over the last 50 years America has racked up an incredible amount of debt. And, it is predicted to double in the next 10 years. Since those are government statistics, they are probably not very accurate. Let’s say 5 – 10 years. Don’t believe me? Check this.
Creative Commons image--malias
A friend of mine, who told me recently that he was budgeting his money, said he just went crazy.
Standing in a sea of new boxes from QVC, he told me that he made it through the month tightly following a money plan and then–with two days remaining in his monthly plan–called the home shopping station and, from the looks of things, emptied their warehouse.
And now the guilt settled in.
Budgets, for many people, work well. But, these are folks who have a budget mentality. In a Catch 22, they’re people who can probably live without these spending plans. They’re naturals.
Those who disparately need to control their spending are a lot like dieters who look at their menus as salvation from their eating patterns. This phenomena leaves dieters fat, and spenders poor. Here are a few reasons why:
Most people are familiar with the dangers of the debt curve. As we borrow more money, the interest costs us more and more. We in turn borrow more, and the vicious cycle continutes. Sound familiar? It’s the foundation of the credit card industry as well as the federal budget.
It’s a vicious cycle because the problem gets worse as time goes on. Instead of solving the problem, we just put it off until tomorrow. The danger is that tomorrow the problem is a little bit bigger. And then it gets pushed off again.
The good news is that the power of exponential growth goes both ways. Our debt can increase exponentially, but so can our wealth. How? Through investing. Instead of paying 5% or 10% or 20% annual interest on our debt, we can get paid 5% or 10% or 20% on our assets.
Impossible?
As the stock markets have made a big rebound, some people think that we are out of the woods. Has Obama’s massive plan averted financial disaster?
I think that it is way too early to tell. The fact that the markets have come back to nearly previous high levels is a great sign. The problem is that nothing has changed fundamentally in the economy. Unemployment is still high, and there is no reason that it will come down in the near future. Domestic automakers are finished, but the American people are left holding the bag. Demand for goods and services is not rising, and businesses have little ability to grow in the near future. Housing prices are falling, and I don’t think Obama’s plan will be enough to keep them from continuing to fall.
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The Singularity is Near by Ray Kurzweil is the book that started it all. If you want to know about the future, it is the best book I've found. Absolutely fascinating.
Rich Dad Poor Dad by Robert Kiyosaki. This is one of the most popular personal finance books of all time. A must read for anyone who wants to become financially successful.
The Millionaire's Secrets
is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
The One Minute Millionaire is a great book about how to become a millionaire. Written by Mark Victor Hansen and Robert G. Allen, this book combines an inspirational story with practical everyday skills.
The Art of Learning is the fascinating story of Josh Waitzkin, the world champion in both chess and Pushing Hands. His style is mesmerizing, and the strategies for learning are priceless.
The Alchemist is one of the best-selling and most inspirational books of all time. Anyone who has ever had a dream in life needs to read it. Perhaps my favorite book of all time.
Love is the Killer App is a powerful, step-by-step book about how to have a wonderful experience and spread love in any working environment. Think the office has to be a source of bad energy? Think again.
The 4-Hour Workweek is a powerful book full of strategies about how to get more done in less time. For anyone who is looking for leverage or wants to achieve success quickly, this book is absolutely invaluable.
