The main benefit of frugality and saving is they’re good habits that lay a strong personal finance foundation. That being said, the frugal lifestyle definitely has its limits. Although scrimping and cutting corners can result in significant savings, at some point, it simply becomes impractical to cut anymore. Meanwhile, those trying to save their way to prosperity will sadly discover that it’s a painfully slow process.
The bottom line: Frugality has its
Continue reading 100 Words On: Why Frugality Has Its Limits
Paying taxes is something your kids will have to deal with as adults. So why should you wait until your child’s first job to teach them about the basics of earning money and taxation?
You shouldn’t. You don’t have to either. Teach your kids by charging them the “Parent Tax.”
The Parent Tax is a simple concept: Children pay a flat-percentage tax to their parents on any money that comes into their
Continue reading 3 Reasons Why Imposing a ‘Parent Tax’ on Your Kids Is a Good Idea
The other day the light bulb on my porch finally gave up the ghost, so I ran down to my favorite hardware store to pick up a new one. When I got there I was presented with a choice that many people struggle with: Is it better to stick with the regular old incandescent bulb or spend significantly more money for the energy efficient compact fluorescent light (CFL) instead?
Continue reading Is the Payback Period on Energy Efficient CFL Bulbs Too Long?
It’s ironic, but bankers and fiscally irresponsible governments despise gold and silver. Why? Because precious metals demand accountability, that’s why.
In short, gold-backed currencies force responsible governments to live within their means.
That is precisely why, back in 1971, Richard Nixon was forced to nullify the Bretton Woods agreement, which was signed at the end of World War II, and permanently closed the gold window.
As you might expect, Nixon felt he had
Continue reading Economic Collapse 101: The Most Important Insurance We Never Buy
Not too long ago, I was driving my family along the foothills of Southern California, at the base of the magnificent San Gabriel mountains.
Believe it or not, the San Gabriels top out at over 10,000 feet; and while the panorama from the top of Mount Baldy is stunning, I think the view from the base of the range is arguably even more impressive as you cast your eyes up its
Continue reading Early vs. Delayed Retirement: Which Path Is Harder?
Fiat-based paper currencies facilitate commerce by acting as a medium of exchange that’s far preferable to bartering. Unfortunately, governments that wish to spend beyond their means can — and do — print fiat with impunity, thereby leading to chronic monetary debasement that can wipe out savings and even disrupt societies. On the other hand, gold and silver pay no interest, but they have no counterparty risks either; that makes them
Continue reading 100 Words On: A Guaranteed Way to Preserve Your Wealth
When I was a kid I used to love the fun houses found at summer carnivals and local fairs.
I loved the sense of twisted reality provided by image-distorting mirrors and the wacky side-rooms where water appeared to flow uphill and it was nearly impossible to stand straight.
Today, thanks to an extended period of near-zero interest rates, years of massive government deficits, and central bank “money printing,” we’re all stuck in
Continue reading 5 Personal Finance Tenets That Aren’t as Smart as They Used to Be
So … Who wants to play “doctor” with me?
I know what you’re thinking, but you can relax. I promise nobody will end up in the principal’s office after we’re finished here. That’s because this version only focuses on taking a peek at our … personal finances.
If you’re interested in anything more risque than that, you’re at the wrong website, pal. Sorry.
OK, ready to play? Then here we go:
If you show
Continue reading 24 Smart Money Tips Everyone Can Learn by Playing Doctor
The other day I was in the mood for a couple of chili cheese dogs, so I decided to stop by my local Wienerschnitzel and satisfy my craving.
As I got to the counter to pay for my food I realized that I still had an old $5 gift certificate tucked behind my business cards.
Of course, I was ecstatic. After all, rediscovering that worn-out certificate in my wallet was like finding
Continue reading Why You May Have a Big Windfall Coming (and How to Find Out Fast)
No, that's not my closet.
The other day I was reluctantly helping the Honeybee clean out her our closets — and having a thoroughly miserable time doing it, I might add — when I came across a couple of old Discover magazines.
I canceled my subscription to Discover years ago, but I really used to love reading those magazines because the articles were always very interesting. Sometimes they were very inspiring
Continue reading A Simple Trick for Breaking Your Overspending Habit