This week, I read Jim Yih’s Money Tip – Know Your Spending. To many, this may seem very basic advice, yet when I ask around, I’m always surprised how few people actually do this. Maybe it feels to much like ‘budgeting.’ Maybe people (not you, dear reader) are too lazy. If you are not already doing this, read Jim’s take on it and see if this exercise helps you.
And to wrap up this week, the Enemy of Debt wrote Got Kids? Start Teaching Them Solid Financial Principles. Agreed. Even kids at a young age can understand that money comes from hours worked and can be used to purchase item we need/want. Do your chores, get $1, save it for that $10 toy you want. Simple enough. Now how did those old smart guys break the economy a couple years back?
A Reuters article caught my eye, Is $250,000 in savings enough to retire? Turns out, for some, it might just be. You see, 25% or so make less than $25,000, and they’ll get enough in social security that the $250,000 isn’t too far from the number they need to fill the gap.
At Wealth Pilgrim, Neal Frankle tells us Life Insurance For Children. Never Buy It. Here’s Why. I agree with Neal, although one comment to the post was heart breaking, a father who lost his 9 year old son in an accident, and couldn’t afford the funeral cost. If you have a child and are living with too small a cushion to afford a funeral, maybe this insurance isn’t a bad idea.
At Faithful With a Few, Tips For Using Credit Cards Responsibly: Advice from Nora Dunn.The discussion included the good reasons one might use plastic, and warned against carrying a balance. Good advice.