The World’s Least Fascinating Personal Finance Blogger

Reading hundreds of blog posts surrounding the personal finance community, it’s easy to get a little jealous of others’ success. I mean, on a daily basis I read about people going from rags to riches, or having a $1M income, or people retiring at an obscenely young age. With Thanksgiving quickly approaching, I think it’s time to step back and focus on all the reasons I have to be thankful.

Thankful Turkey Continue reading “The World’s Least Fascinating Personal Finance Blogger”

Stop Giving Interest Free Loans

This post is going to be short and sweet. I have two Winning Moves to share with you,  both which allowed me to stop giving interest free loans and in turn, earn additional returns on my savings.

Since we recently walked through some advantages of financial independence here and here, I thought it was time to share more moves I’ve made to get me closer to my FI goal. Hopefully, one or both of these will get you to take the same action, or motivate you to find a winning opportunity in a different area of your life.

Stop Giving Interest Fee Loans
Stop Giving Interest Fee Loans

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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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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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Don’t Let Fear Prevent You From Winning

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 posts titled “Winning Personal Finance Coin Flip Risk Assessment” and “The Stock Market Will Always Go Up Over Time.” In the first post, I presented a hypothetical coin flip as an introspective view of your own feelings about risk. In the second, we looked at some of the risks involved in investing in stocks.

Now we are going to try and tie the two together.

Investing and Risk Tolerance

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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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The WPF Coin Flip Risk Assessment

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.

Nobody wants to lose money!

Psychologically, it hurts much more to lose than it feels good to win. Think about how you would feel taking $1K out of an ATM and then having it fall out of your pocket. Now think about how you would feel to learn everyone at your company including yourself were given a $1K (net of tax) bonus at work. Personally, I’d be much more upset about losing the cash than happy about the bonus.

Even though it hurts more to lose than to win, remember that in equal amounts, they have the same financial effect! Is this fear of loss holding you back when you invest?

Continue reading “The WPF Coin Flip Risk Assessment”