#59. Dad, what is continuous optimization?
Getting better every day is the only guaranteed path to happiness.
Month: February 2019
#58. Dad, how do most adults rate their financial literacy skills?
More than 60% of adults rate their financial knowledge as “fair” or “poor”.
#57. Dad, what is financial awareness?
Recognizing the state of your finances when making financial decisions by not allowing your emotions to get the better of you.
#56. Dad, what is the quote from the movie “Fight Club” you mention when speaking about materialism?
“The things you own end up owning you”. Materialism, by and large, is a psychological trap. No matter how much you own, how much you […]
#55. Dad, why is it so awkward to talk about money when you are in a relationship?
It is awkward, but necessary, to talk about money with your loved ones. I suggest you speak often, keep the conversation light and understand your […]
#54. Dad, tell me about being good with money and spending.
Being good at money does not mean you don’t spend it; and not spending it does not make you good with money.
#53. Dad, tell me about success and failure.
Failure is the best teacher because it tells you what is not working. Success never shows you what you are doing wrong.
#52. Dad, does a high paying job mean zero financial stress?
Financial stress is not measured by how much you earn, rather by how much you save and spend.
#51. Dad, what is the difference between thinking and doing?
Thinking is relatively valueless unless it leads to doing. You can daydream about your goals, but until you start working on them, they won’t become […]
#50. Dad, how do I save for short-term goals?
Pick a goal. Create a separate account to save for the goal. Start saving for that goal.
#49. Dad, what exactly does personal finance mean?
Learning to budget, spend mindfully, and find a balance between seizing the day and saving for the future
#48. Dad, what is success?
Success is the progressive realization of your goals.
#47. Dad, does getting out of debt mean you have to sacrifice everything?
Sacrifice does not mean giving up something for nothing; it means giving up one thing for something else we believe is worth more.
#46. Dad, why is the holiday season not the “best time of the year” for everybody?
Unfortunately, for people who are alone, out of work or sick, the holidays are also the “most difficult time of the year”.
#45. Dad, is money a valuable goal?
Money should never be the goal. Money is a tool to help you accomplish your goals.
#44. Dad, when do most people over spend their income?
DAD: Most people who overspend their income in one of three ways: Too much house, Too much car, Too much entertainment
#43. Dad, why is complacency dangerous?
Complacency forces you to stand still and not grow. The antidote to complacency is novelty and experimentation.
#42. Dad, what is the “damn I’m happy stage”?
It is called fulfillment. You reach this stage when you discover who you are by supporting yourself doing work you love.
#41. Dad, should I repay the highest interest rate debt first?
Tackle smaller balances first. This builds momentum and there are psychological reward to doing it this way.
#40. Dad, uncle Ben told Spider-Man: “With great power comes great responsibility.” What does this mean?
Unfortunately, he had it backwards. When you accept responsibility, you give yourself power.
#39.Dad, why does change freak people out?
Change takes you out of your comfort zone and makes you vulnerable. Being vulnerable is a sign of strength, not weakness.
#38. Dad, what is YOLO?
YOLO – you only live once – is about sacrificing long term happiness for short-term gratification
#37. Dad, what is financial resilience?
Financial resilience is the ability to bounce back, adapt, learn and continue to put one foot in front of the other.
#36. Dad, tell me why holiday traditions are so financially stressful?
We don’t have to continue holiday traditions that leave us overwhelmed, broke and tired. Traditions should not detract from the season, they should elevate it. […]
#35. Dad, what does it mean to have a healthy relationship with money?
When you develop a healthy relationship with money, you don’t spend money on needless stuff.
#34. Dad, what is the difference between a want and a need?
A need is something you have to have. A want is a choice.
#33.Dad, why should I make my bed first thing in the morning?
By making your bed in the morning, you knock-off your first accomplishment of the day. This puts you in a “winning” mindset.
#32. Dad, what is “Black Friday”
Sadly, “Black Friday” is the day we trample people for things we don’t need, the day after being thankful for what we have.