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One Hour a Day Keeps the Pink Slip Away
Prior to 2008 (when I made the decision to write for a living so that I could have a much more flexible schedule for my family), I held a job in a research lab where I was involved with the processing and sharing of large quantities of scientific data. This required both computer programming skills and scientific skills – not only did I have to know how to manipulate the data, I had to know why I was manipulating it and what answers people would seek.
I was reasonably successful in that position. I received a few professional honors and consistently had stellar employee reviews. I even served on a couple of professional committees that, in all honesty, were probably above my pay grade. I would look around the table and be stunned at the caliber of people who were also there.
My exit from this job was entirely of my own choosing. I’m pretty sure I would still be at that job (or a very similar job) if I didn’t make a personal choice to change direction.
Dealing with the Time Management Problems That a System Won’t Fix
As I discussed recently, I view time management as a key element of personal finance success. A good time management system frees you up to engage in the things in life that you deeply value without the need to “throw money” at the situation.
I use a system that’s largely based on Getting Things Done to manage my time. The system works really well for me, but there are still problems that pop up in terms of using my time effectively that virtually no time management plan can solve. Here are six things that can destroy even the best laid plans – and how I deal with each one.
Reader Mailbag: Reorganizing Documents
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question.
1. Projecting stock market returns
2. Thoughts on MtGox and Bitcoin?
3. Frugal furniture
4. Paid debts and credit reports
5. Kicking out child
6. Shopping for organic items
7. Figuring out state retirement plan
8. What good is chicken stock?
9. Old computer parts
The Simple Dollar Weekly Roundup: How to Be a Friend Edition
Over the last week or so, I’ve watched my children each struggling with friendships. What does it mean to be a friend? How should a friend treat you? How should you treat a friend? When should you end a friendship?
In one case, a new friendship is being built in a (somewhat) unexpected place. In another, a friendship seemed to be dissolving, but it turned out that looks were deceiving. In yet another, the idea of give and take that exists in any relationship was right at the surface.
One of the most powerful parts of being a parent is that, as you watch your children learn these lessons (and you help guide them through those lessons), you actually wind up reflecting quite a lot on your own relationships.
Four Essential Personal Finance Books That Will Change Your Thinking
This article first appeared at U.S. News and World Report Money.
Most of the personal finance information that we hear and see is delivered in bite-sized nuggets, often in the form of investment recommendations and short cautionary tales.
Because it’s all delivered in such little pieces, it’s hard to step back and get the big picture of how spending, life goals, parenting, and investing all overlap in our lives. It’s not all about earning as much as you can to just save it and spend it according to some recipe.
Here are four books that are invaluable reads for reconsidering your entire life, not just your financial life, and how to actually transform those life decisions into sensible money choices.
Chasing Money
“Don’t think money does everything, or you are going to end up doing everything for money.” – Voltaire
It’s not too uncommon for a frugal person to hear the criticism that they are “cheap.” At the same time, it’s also not too uncommon for a wealthy person to hear the criticism that they are somehow corrupt or that they would do anything for a buck.
Both of these criticisms – whether accurate or not – come from the same central idea, that people who conserve and accumulate money are putting money ahead of other human values.
They’re making a value judgment, in other words. You’re presenting an appearance of placing money above values that they consider more important – whether that’s true or not.
I’m one of the last people to ever suggest that anyone should put a ton of weight into what other people think of them. It’s not worth it.
Is Time on Your Side?
This stunning article from Yahoo! Finance describes in detail the difficult situation that many people in their fifties and sixties find themselves in. From the article:
Thirty-four percent of workers have nothing set aside for retirement, according to the U.S. Social Security Administration. A study by the National Institute on Retirement Security found 40 percent of workers 55-65 years old do not own assets in a retirement account.
The article goes on to list some suggestions for people who find themselves in this situation.
While I certainly sympathize with people who find themselves pushing toward retirement age without anything in the bank, this article should be a wake-up call for any professional adult.
Reader Mailbag: Marriage and Freedom
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question.
1. Last-minute retirement savings
2. Personal finance suggestions are unrealistic
3. Assessing state of a car
4. Emergency fund for debt?
5. Never want to retire
6. Breaking routines
7. Savings account or HSA
8. Claim parent as dependent
The Challenge of the “Best” Choice
As I write this article, my three year old son is perched on my lap with my arms around him. He’s playing with one of his favorite toys, a Transformer that’s easy to transition from a fire truck to a robot, and he’s telling me stories about them.
He’s happy and safe and secure sitting here on my lap. He’s not worried that there won’t be enough food for supper or that we might have to move because we can’t afford the house. He doesn’t hear Mom and Dad arguing about money.
He just climbed down onto the floor and is now driving his fire truck around my legs. I’m “jumping” each time the fire truck runs into one of my feet and he thinks that those little jumps are simply hilarious.
His laughter just fills up this little office.
One of the most difficult lessons I’ve had to learn as a parent is that my choices regarding my children need to focus entirely on what’s best for them, not what’s best for me.
“If Only I Had This Thing, I Would Be Happy”
Something has captured your imagination or your heart. Maybe it’s an expensive physical item, like a tablet computer or a shiny car. Maybe it’s something like a relationship with another person, either real or visualized.
You get wrapped up in this thing that you want. You keep visualizing yourself with this thing in your life and you begin to truly believe that your life will be better when you have this thing, whatever it might be. You begin to see things missing in your current life and buy into the idea that only this thing you’re dreaming of can fill those holes.
This is one of the most painful psychological traps that a person can push themselves into. It costs you time and money and it often leads to heartache.
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