New Year Financial Suggestions

New Year Financial Suggestions

It's the New Year and there isn't a better time to consider your financial situation. Most people don't want to think about it until they get older, but young or old, getting you're financial house in order has a lot to do with your happiness.

Sooo, here are a few suggestions:

* Think about every purchase. It's not just about "Want" Vs. "Need." It's about the level of "Want" and the reality of "Need." Most of us live in places where we "Need" a car. However, consider the purpose of the car. Is it just to get you from place to place or is it to carry lots of people or is it to carry lots of stuff or is it to show off to your friends and family or is it to make you feel important.

A Honda will get you from place to place, but won't do much for your ego. Which is more important for your happiness, spending money you don't need to spend to enhance your ego or saving money and getting a car that will meet your needs while being reliable and long lasting?

A shirt (or shoes or handbag or etc., etc.) from a discount store will look and feel as good and wear as long as a shirt from a high cost store. What is more important for your happiness, spending too much money on a shirt from a designer at a high cost store so you can tell everybody where you got the shirt and who the designer is or saving money buying almost the same shirt from a discount store and if you must, lie about where you got it. 


*  Too much is too much. When you're young you want to look good. When you're young you don't think about your finances for the future. When you're young you are dazzled by the latest thing. So you just buy, buy, buy until you're financial reality catches up with you.

When you're older and have more money, you just buy, buy, buy because you can afford it and believe you deserve it. Again, financial security for your future takes a back seat to that beautiful new handbag or another pair of sneakers.

When you're old you wish you had some of that money back so you could do more traveling, eating at fabulous places and living in a nicer home/neighborhood. You wish you thought more about your financial happiness years and years ago.


*  Cash is king. When interest rates are low (as they are now) use other people's cash. Keeping your cash and leasing a car instead of buying a car is the way to go unless you're going to abuse the cash you keep. Keeping as much cash in investments instead of using it to make large purchases (like a car, home, etc.) is important to your financial happiness especially when you're older.

When you're older - shit happens. Having the financial security of investments is much more important than thinking you would rather not be making monthly payments. If you're smart with your investments (meaning you're not "day trading" your life savings in the stock market), you probably will be getting as much return on those investments as the financial charges on a loan.


*  Screw the family and kids. This is your money - not theirs. You worked your ass off to accumulate the money you have. You owe them nothing. It's their responsibility to be doing all the things I stated above. Just because you were prudent with your finances and they weren't, doesn't give them the right to think they are going to get your money when you die.

Sooo, make a goal to spend it all before you go. Enjoy every dollar before the Universe takes you away. Do all the things you always wanted to do before you're too old and sick to enjoy it. 

I know people who want to control their kids or family by letting them know if they love you they will get a large sum when you pass away. I say: "screw them." If that's the only way to get them to love you, you're never going to get the love you deserve. If they really love you, they will want you to use all your money to enjoy the best life you can while you're on this earth.

Sooo, just follow these simple financial suggestions to enhance your life happiness: 

Think about every purchase

Too much is too much

Cash is king

Screw The Family And Kids