Motivation and Money Tip # 5: Track Progress

Photo Credit: chefranden Not everything that can be measured is important, and not everything that is important can be measured. In the case of financial goals, however, tracking progress is an important habit to develop for at least two reasons: Mid-course corrections: Tracking progress allows us to see if we’re moving in the right direction […]

Rich Dad Gives Lousy Advice

I read Robert Kiyosaki’s book, Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and Middle Class Do Not!, years ago. It’s a decent book, although a bit gimmicky. His discussion of the relationship between the balance sheet and the income statement is good. Basically, you want as much of […]

Motivation and Money Tip # 4: Create Milestones

As we discussed in Tip #3–Think Small, sometimes our long-term financial goals seem impossible. The Think Small tip reminded us that no matter how big the goal, it is achieved in small, easy steps. Setting challenging, short-term milestones will help motivate us to the next level in whatever we do. In personal finance, milestones can […]

Don’t Steal from St. Peter!

Last week, FiveCentNickel answered a reader’s question about whether one should cash out a Roth IRA to pay off a mortgage. FCN’s answer was the right one, I believe, and you can read it here. The question is of interest to me because my mom has asked me the same thing. My answer to my […]

Motivation and Money Tip # 3: Think Small

Sometimes the thought of saving a gazillion dollars for retirement is just plain overwhelming. And paying off a mountain of credit card debt seems impossible. It’s at these times that we need to think small. We need to realize that big, impossible, light-years away goals are achieved one step at a time. Remember the Chinese […]

Motivation and Money Tip # 2: Remember the Future

Photo Credit: Shayan (USA) Why are we moving toward Financial Independence? It may be because we want to work less. It may be that we have a dream retirement home we want to build. For some of us it may be a desire to have more financial security. In the article on Financial Independence, recall […]