Category: Financial Advice

For some reason, our society glorifies “more.” We often discuss the idea of “keeping up with the Joneses” as far as material things are concerned. However, I have just discovered that people also appreciate individuals who seem to be “doing” more and not only at work.

A friend of mine who is a financial planner just gave me some interesting information on hidden costs. He also added that his revenue comes from fees he charges to clients that usually appear as a percentage of their assets. These charges are deducted automatically at the end of each quarter or year.

My friend Sam is the subject of my story. Although we have known each other since high school, but Sam has never learned how to live within his means. Actually, he often exceeds them. Just basic arithmetic skills would demonstrate why this would be a bad idea in the long run.

Although personal finance principles are usually simple, putting them into practice can be quite difficult. Majority of people fail in their quest for financial success because although the concepts sound plain, it’s challenging to follow through with them.

We all get the basics of debt: live within your means, save for big purchases, avoid unnecessary borrowing. However, we still come up with excuses to take on more debt. Below are some reasons that we have probably all used at some point.

Financial literacy is an essential part of modern living. Money impacts almost every decision we make, from furthering our education to establishing professions and managing everyday costs. Despite its relevance, many people have a poor comprehension of financial concepts.

Smartphones have come a long way since they were just mobile phones. They have evolved so much that they now replace many of the physical items we used to depend on. This has significantly changed our view of the conventional wallet.

Sometimes, our grand financial plans don’t turn out as expected. This is a common reality for many people. You might have experienced this yourself—perhaps you had a solid plan to pay off debt, but an unexpected job loss or expense threw everything off track.

Why decisions have cascading effects? Our financial activities are often regarded as isolated, but they have a huge impact. Each of our choices whether it is investing, preparing for college or managing debt affect many areas of our life and those close to us.

Yo-yo dieting is a term you’ve probably heard, and it refers to the common struggle that many people go through when trying to lose weight. They get on extreme diets and engage in intense exercise programs that allow them to loose weight quickly.