Browse Tag: money

Camera, sandals, hat, work money lessons into family vacation

How to Work Money Lessons Into Your Family Vacation

Does your family take a vacation every year (or every few years)? It doesn’t have to be a big trip or far away, but something special and out of the ordinary.

Last year I participated in a round table discussion on the Stacking Benjamins podcast about family vacations. (Listen here!) I had more to say on the topic and it’s a great time to start planning your next vacation, so let’s talk about how you can get your kids involved and work in some money lessons, too.

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6 habits that will yield big financial results

6 Small Habits That Will Yield Big Financial Results

I just finished reading The Slight Edge and wow, what a great book! I’d heard of this concept years ago from The Art of Exceptional Living by Jim Rohn.

The idea is:

Little things that seem insignificant in the doing, yet when compounded over time yield very big results… I call them simple daily disciplines. Simple productive actions, repeated consistently over time. That, in a nutshell, is the slight edge.

There are many small, positive actions you can take every day. They probably don’t look like much and in fact, they’re often super easy to do. Over time, these repeated actions will yield big results in your personal and financial life. Like with the rule of 72, the success curve is exponential.

So if it’s so easy, why doesn’t everyone do this? Because they’re also easy not to do. People underestimate their power.

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Young Money Mistakes - Investing with an Investment Club

Young Money Mistakes – Investing with an Investment Club

In the early 2000’s, a friend of a friend started an investment club. If you’re not familiar with the term, the SEC says:

An investment club is generally a group of people who pool their money to invest together.

To participate in the club, you would send him money each month. The group would choose and buy stocks. And ideally you’d make a profit.

Nothing could go wrong there, right?

At the time, I was in my early 20s. I knew I should be doing something with investing or stocks or the stock market, but I didn’t know what. Here was someone who supposedly knew; he was someone I liked and trusted, so I started sending him money every month. (I didn’t participate in the group otherwise and didn’t help choose the stocks.)

At some point I stopped sending him money and lost track of how much I had sent.

A few years later I got an email inquiring how much I had invested. The leader of the club was in trouble for embezzlement.

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