Welcome to part 2 of “The Lazy Person’s Guide to Building Wealth.” If you missed part 1, get caught up here. If you’ve ever been curious about investing in the stock market but are honestly puzzled about how to get started, this guide is for you. If you question whether investing in the stock market is a realm reserved only for Wall Street moguls or the already rich, this guide is also for you. By the end of it, you’ll have everything you need to know to start investing.
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The Secret to Managing Money as a Couple: Split the Check /
Navigating the intersection of love and money can be tricky, especially if one partner is more of a spender than the other. There is one method of managing finances that can help every couple find the balance between working towards the same financial goals, while also maintaining some level of autonomy. It’s called “splitting the check.”
Read MoreHow to Apply for One-time Federal Student Loan Debt Relief /
It’s happening, y’all! The Department of Education launched a beta test of student loan forgiveness applications at 5:45p PT on Friday Oct 14, 2022. During this beta period, federal student loan borrowers may submit applications for some debt relief.
The applications won’t be processed until the official site launch later this month. However, according to a Department spokesperson, folks that apply for forgiveness during the beta period won’t have to reapply once the site goes live (or so they say).
Of course, a beta period indicates that the site, the application, and the process are in testing. During this period, bugs will be discovered – it’s the point of a beta test. So folks that apply now should manage their expectations.
Read MoreWhat Is a Buy List and How It Can Help You Build a Conscious Spending Habit /
I went to hang out with a friend and outside of her apartment, I found an Amazon package that I picked up and brought in with me. She said she didn’t remember what she bought. That’s part of the horror of online shopping; the ability to purchase so cheaply and frequently that you lose track of your purchases. But that’s also the beauty of it - it’s a two-for-one when it comes to pleasure and dopamine. You get the first dose doing the shopping and the next when the package arrives and you anticipate what’s inside.
Dopamine is a neurotransmitter responsible for transmitting signals between the nerve cells of the brain. It directly impacts our central nervous system and plays a significant role in the body. While many of us have come to believe that dopamine is involved in rewards, it’s important to understand that it’s also involved in the pursuit of rewards. Some researchers argue that dopamine when acting within what has become known as the brain’s reward system, signals desire.
Read MoreHow to Maximize Your Benefits During Open Enrollment /
What you need to know to learn how to maximize benefits and get the open enrollment help needed to have a health benefit plan that will work for your needs
Read MoreHow to Feel Better About Spending Less /
In 1930, John Maynard Keynes, who is considered the father of modern economics, wrote an essay titled, Economic Possibilities for Our Grandchildren. In that essay, he describes his prediction for what life would be like for future generations. He predicts that economic prosperity will be so great and abundant that our need to work across all of society will diminish. And since the vast majority of people will no longer need to "sell themselves for the means of life," he warns that humanity's next great challenge will be how to look forward to and not dread the "age of leisure."
While he predicts there will be some people who have an "intense, unsatisfied purposiveness" that causes them to continue to pursue wealth blindly, he goes on to imagine that the vast majority of society will have a shift in moral codes. That we will recognize that loving money as a possession, as opposed to as a means for the realities and enjoyments of life, will finally be collectively viewed in the harsh light of truth; that it is disgusting, morbid, semi-pathological and semi-criminal.
Read MoreHow Not to Freak Out About Your Finances During a Global Pandemic (or Any Crisis) /
In the financial world, we call things like the current pandemic a black swan event. A black swan is an unpredictable event with potentially severe consequences. The name comes from the rare sightings of black swans in nature. They exist, but seeing them is exceptional. So while the financial world has terms for these types of events, how we deal with them isn't always the same. Take the 2008 housing crisis. It was the result of a perfect storm of things: sub-prime mortgages, derivatives, hubris, and the lax, or often fraudulent practices within the real estate, mortgage and lending sectors. Finding a way out of the crisis was terrifying, but pointing to the causes gave us a sense of certainty.
I want to be clear: what we're experiencing today is very different from the housing crisis of 2008. Although there is one similarity: we didn't have a playbook for dealing with the crisis then, and it goes without saying, we don't have one today. While it's true, the world has experienced pandemics in the past, our modern economy, in all of its globally connected glory, has not experienced something of this scale. I have no idea what is to come in the approaching days, weeks, or months. I'll do my best to help you all understand our changing reality through the lens of money, finance, and economics.
Here are my thoughts on how to not freak out about your finances during a global pandemic.
Read MoreHow to Approach Managing Your Money Like Learning a New Skill /
What do we want? Gratification!
When do we want it? Instantly!
We live in a world saturated in instant gratification. We can contact our friends through multiple channels at any time of day, from anywhere in the world. We can have the city’s best sushi or a even just single lime delivered to our front door. The amount of entertainment we have access to at our fingertips is a number that my brain cannot actually comprehend. And we can generate a rush of dopamine in the time it takes to write a caption for a photo.
It’s no wonder why we give up on the things that require more than a few minutes of focus. We have so many other ways to feel instantly good and to distract us from the real work we could be doing. But real work takes, well - real work.
Read MoreHow to Not to Suck at Budgeting: The Definitive Guide /
I’m just going to come out of the closet and say this: I actually hate budgeting. And I think so many of us have sucked at it because it actually inherently sucks. A budget is the harsh fluorescent light the morning after, revealing all of our past personal mistakes. Not being able to stick to a budget highlights just how out of control we are in our daily lives, like how we are powerless to marketing that connects with us emotionally or how the market or an employer dictates what we can afford and ultimately, how we live our lives. On the surface, a budget is a bunch of numbers, but at it’s core, it forces us to confront ourselves.
Read MoreWhat to Do When You're Freaking Out About Your Finances /
I’ve been thinking a lot about this fundamentally human thing: negative feelings like fear, worry, stress, overwhelm and how it relates to our financial lives.
Financial progress is often analogous to weight loss because it takes time for a true transformation to take place. You make a plan, work away it, live life, reflect on your progress, maybe stray from the course and then get back on track. Rinse. Repeat.
Sometimes, even when you have a plan in place, your amygdala won’t shut up. Your fears hijack your brain and take you out of the present moment. Doubt creeps in. Progress feels far. There’s so much to do, how could you waste time doing anything else?
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