Money Tips Network

Love it or hate it, money matters. I've found that many people with consistent financial issues actually fear money and hate thinking about how to manage it.

Whenever you make a choice, there’s a cost.

By choosing to buy one item, you pass on the opportunity to purchase other items. By choosing to do one thing, you pass on the opportunity to spend your time on anything else. Opportunity cost is what we give up in order to have the thing we choose.

Let’s look at an example.

Imagine you own a delivery company. You have $10,000 to spend on new equipment. You could buy a new truck to add to the fleet, but then you wouldn’t be able to replace the ten-year-old computers in the main office. But if you buy new computers, you won’t have as many trucks available to make deliveries. No matter which option you choose, something is lost. That’s opportunity cost in action.

I recently read a fascinating article that explores why the No. 1 pick in last year’s NBA draft is struggling in the pros this season. The upshot is that the player, Markelle Fultz, altered his shooting form this past summer. The result was a complete disaster. He went from a great shooter to a terrible shooter in the blink of an eye. Nothing like it has ever happened in basketball history. It’s the equivalent of a young person winning the National Book Award and then forgetting how to spell. People are baffled.

I watched before and after videos of Fultz’s shooting form, and I have a theory: I think he tried to change his form so that it looked more like that of NBA All-Star Stephen Curry.

This is plausible, because something eerily similar happened to me in my own basketball career, albeit at a lower level.

Welcome to Wise Bread's Best Money Tips Roundup!

A new job comes with a lot of excitement, trepidation, and change. While you're settling into your new role, it's easy to forget the reasons you got the job, and the things you need to do to make sure you keep it, grow, and move up the ladder.

Just look at this interesting chart.

There are several things that stood out to me here, but most notably these:

Link for teaser title: 

http://www.wisebread.com/bestdeals/today

SimpleTaste Electric Foam Milk Frother, Handheld, SAVE 64% OFF, and more...

SAVE 81% OFF 3-4 Pairs a Set...

College students are already facing crippling student loan debt upon graduation; maybe that’s why one in five seems to figure they have nothing to lose by using student loans to purchase Bitcoin.

Cryptocurrency remains a secondary concern to most college students behind student loan debt. By the end of 2017, college students and graduates had amassed a combined $1.38 trillion in student loan debt, according to the Federal Reserve Bank of New York. Of that debt, 9.3% was past due — a higher percentage than mortgage (1.1%), credit card (4.6%), or auto loan debt (2.3%).

Several years ago, I had a brief period where I looked at my life through the “80/20 principle,” which culminated on The Simple Dollar with this brief article and a review of a still-excellent book on the topic. Eventually, the 80/20 principle became one of many arrows in my quiver of understanding the world and being as successful in it as I could be.

Before we get going, what exactly is the 80/20 principle?

The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.

Here are a few examples of this in everyday life, in things I’ve observed recently in my own life.