Money Tips Network

This past weekend, Sarah and I enjoyed a “getaway weekend” in the Amana Colonies with another couple that we’ve been friends with for many years.

Whenever Sarah and I have a “getaway weekend,” we plan ahead for a budget for that trip, setting a soft limit on how much we’re going to spend on food and other items, and this weekend was no different.

Most of the weekend was very enjoyable. However, on Sunday morning, our “soft limit” popped up and became a potentially problematic part of the weekend.

We stopped at Prairie Lights Bookstore because both Sarah and I appreciate and support independent bookstores. When we stopped, we did a quick review of the items we had purchase.

Although I was tracking my net worth closely, I can’t pinpoint the exact moment my total net worth would have crossed into seven figures and someone might consider me a millionaire. It was something I wasn’t thinking about for a variety of reasons, but because I was an entrepreneur, I was the owner of a business that was increasing in value. It was difficult to assign a specific value to that business, but because I ended up selling that business — this website — the buyer and I both had to agree on a value.

Sometime before then, I also crossed the point of having a balance sheet that included investable (non-business) assets of a million dollars. One of the reasons I stopped publicly tracking my finances as I wasn’t interested in drawing attention to the fact. I tracked my finances to hold myself accountable for making better decisions with my money on a day-to-day basis; as my business grew, most daily decisions had little impact on my financial well-being.

Mitch Strohm

We suspect you don’t really need another reason to buy a bigger pizza. But if you do, here’s a great one: You’ll get more pizza for your money if you go with the larger pie. Quoctrung Bui of Planet Money recently studied this after noticing something while eating lunch with an engineer. Though the engineer [...]

Always buy the biggest pizza…That’s why God created freezers…And big ziplock bags from personal finance blog Bargaineering.com.

This blog was posted by Mitch Strohm

Bankers are not easy to love. In fact, from the mean old man in “It’s a Wonderful Life” to the bonus-baby CEOs who put the world through the financial crisis a few years ago, bankers have become a class of citizen that people love to hate. Like a lot of hatred, though, that sentiment might come back to haunt the hater — specifically, bank customers.

Bankers almost seem to be the inspiration for the concept of schadenfreude: the feeling of enjoyment that comes from the misfortunes of others. For example, I recently read two stories about bankers that most people would react to with something between an indifferent shrug and a satisfied chuckle:

During the first three or four years of our marriage, Sarah and I regularly argued about money issues. It never seemed as though there was enough money to pay for everything and, of course, it must be the other person’s fault, so we’d argue.

Now? I honestly can’t remember our last argument about money. We have had some disagreements, but those disagreements haven’t escalated into an argument in a long time.

I could go on and on about our money conversations. We talk about goals all the time and we run through bills separately and together. We make sure to have a chat about any expenditure that’s even slightly unusual. Communication is incredibly valuable.

Still, I believe the source of our financial and marital peace goes deeper than that. It comes from a few truths that we both hold dear and because of those truths it is very easy to talk about money.

Hey, everybody. J.D. here. Last September, I traveled to Ecuador to participate in a good old-fashioned chautauqua. Near Otavalo, I joined Mr. Money Mustache, Jim Collins, and Cheryl Reed to share what we knew about wealth and happiness. Twenty-two smart Canadians and Americans joined us for a week of workshops, one-on-one meetings, and excursions into the beautiful Ecuadoran countryside.

Each week, I highlight ten things each week that inspired me to greater financial, personal, and professional success. Hopefully, they will inspire you as well.

1. George Carlin on work

“Most people work just hard enough not to get fired and get paid just enough money not to quit.” – George Carlin

The people that don’t do this always stand out.

2. Shlomo Benartzi on saving for tomorrow, tomorrow

This is very good advice.

3. Bruce Lee on flexibility

“You must be shapeless, formless, like water. When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it becomes the teapot. Water can drip and it can crash. Become like water, my friend.” – Bruce Lee

Quite a few of the letters in the reader mailbag boil down to figuring out which of two or three options is the highest priority. People will want to compare investing options to paying down their mortgage or whether they should have an emergency fund or pay off a credit card.

The reality is that the actual financial difference between these options – for many people – is pretty small.

This article is by editor Linda Vergon.
Part 2 is What do you do if you can’t make ends meet? (Part 2)

There are times when it doesn’t work. You lost your job or you can’t get a job. Your ex-wife takes you to court. Your partner absconds with the money in your business account. Your business fails. Your car dies. Your health takes an unexpected turn for the worse. Sometimes you’re actually just trying to get to the next day – and you don’t know exactly how you’ll get there.