My 7 Most Regrettable Financial Decisions

There are a whole bunch of bloggers talking about their biggest financial mistakes on the magnificent web of information. I think this is a fantastic exercise because we can learn so much from these errors. Since you are reading Winning Personal Finance, I of course haven’t made any mistakes (cough cough). Luckily, I’ve avoided some of the big ones like consumer debt, high investment fees and not saving at all.  Unfortunately, my financial life has not been perfectly streamlined. Without further ado, here are my 7 most regrettable financial decisions and more.

Regrettable Financial Decisions

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Chasing Financial Independence is NOT About Sacrifice

Chasing Financial Independence is NOT About SacrificeOne of the responses I received from “How Much Do You Need to Retire?” was that chasing financial independence is about making sacrifices. The logic behind this comment was that anything you save today is a “sacrifice” because you are not spending that money. I have a different view. Chasing financial independence is not about sacrifice, it’s about prioritization, intentionality and focus. Continue reading “Chasing Financial Independence is NOT About Sacrifice”

How Much Do You Need to Retire? / What is the Formula for Financial Independence?

How Much Do You Need to Retire?

 

 

 

 

3-Year-Old Son: Daddy, can you play trains with me?

Me: I’m sorry, I can’t play right now, I need to go to work.

3-Year-Old Son: [Sad Face]

Me: One day, I’ll have enough money that I won’t have to work.

3-Year-Old Son: And then you can stay home and play with me all day? [Happy Face]

Unfortunately, by the time I have the money to stay home, I’m not sure my son will want me to play trains with him all day. I expect that he may have other interests by then.  I was very impressed by how quick he grasped the concept of doing what you want with your time once you have enough to support yourself.

Once You are Financially Independent You Can:

  • Continue working to increase your lifestyle
  • Quit a job that makes you unhappy
  • Start a business without the pressure of needing to succeed right away
  • Spend more time with friends and family
  • Spend time on a hobby you are passionate about
  • Work to financially support or volunteer for your favorite cause
  • You may even be able to do a number of these things, – or thousands of others – the possibilities are endless!

Continue reading “How Much Do You Need to Retire? / What is the Formula for Financial Independence?”

Super Coin Flip Risk Assessment

In the Coin Flip Risk Assessment, I presented a hypothetical coin flip as an introspective view of your feelings on risk. Well, one of my readers, (OK fine, it was my wife) put the screws to me and gave me a hypothetical Super Coin Flip Risk Assessment with the same premise as my initial question.

Risk Assessment

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The Stock Market Will Always Go Up Over Time

Disclaimer Reminder: I am not a financial advisor. This blog nor the author is responsible for investing decisions you make. Please consult with a professional before investing. You can find our full disclaimer here.

This is a continuation of the risk theme we explored in the post titled Winning Personal Finance Coin Flip Risk Assessment. In that post, I presented a hypothetical coin flip as an introspective view of your feelings about risk. Now, we are going to dive into some of the risks involved in investing in stocks and prove that the stock market will always go up over time.

S&P 500 Returns

You Can Lose Money Investing in Stocks

Yes. It’s true. You can lose money in stocks. Let’s explore it a bit further.

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8 Winning Personal Finance Tips for Newlyweds!

I recently attended a wedding and want to wish a heartfelt public congratulations to the lovely bride and groom! Since I didn’t get a chance to give a toast over the weekend, I would like to offer some unsolicited financial advice for all see. Without further ado, here it goes:

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My $121K Mistake

Personal finance is, personal.  This is a phrase you will see me type many times.  In many cases, a financial move that is right for one person may not be right for another.  Some people start their own business while others prefer to work for a business.  Some people drive a shiny new SUV while others choose a 10+ year old sedan.  Some like to invest in stocks while others prefer mutual funds or real estate.  These different choices and many more could all be part of a Winning Personal Finance plan.   Continue reading “My $121K Mistake”

How do you define winning?

Some mornings, before heading into the office, my son looks at me with a sad face and asks:

 

 

Mini WPF: Daddy, do you have to go to work today?

Me: Yes.

Mini WPF: Why?

Me: I go, so that I can pay for our house and food.

Mini WPF: And toys?

Me: Yes, and toys.

Continue reading “How do you define winning?”