Money Archives

Why Do You Need a Will? The Wealthy Barber Explains

Why do you need a will? What would happen to your assets if you don’t have one? An important part of sound personal finances is protecting yourself and your family. If you don’t have a will, all of your financial planning and success could be lost after you’re gone. David Chilton, in his book The Wealthy Barber, strongly advises that you have a will in order to leave a strong financial legacy and protect your family. Read more to learn why it’s important to have a will.

Why Health and Disability Insurance Are Important

What would happen to your income if you got sick or disabled? Is your employer’s health and disability insurance policy adequate? If you’re sick or injured, you can’t work. You need a plan for such circumstances. Protecting yourself financially is a vital element of having a sound financial plan. In The Wealthy Barber, David Chilton discusses health and disability insurance in this context. Keep reading for more information on this kind of financial protection and why you need it.

Do You Need Life Insurance? Consider These Factors

Do you need life insurance? If you have dependents, is it a must? If you get life insurance, what kind should you buy? If you’re expending the time and effort to become financially successful, you’ll want to ensure that your loved ones are provided for in the event of a loss. That might involve life insurance. You should determine whether or not you need it and, if so, what kind of insurance makes the most sense for you and your family. Let’s take a look at life insurance advice from The Wealthy Barber by David Chilton.

How to Make Money as an Artist Online: 3 Methods

Do you want to know how to make money as an artist online? Is it easy to make money online as an artist? As you create things, you’ll invariably reach a point where you consider making money from your work. In Show Your Work!, Austin Kleon has ideas on how to earn an income as a creative person online. Keep reading to learn how to make money as an artist online in three ways.

What’s an Open Economic System?

Is the economy an open or a closed system? Why does traditional economics treat the economy as a closed system? According to Kate Raworth, traditional economics has a closed-system model for the economy, which operates simply as a series of “inflows” and “outflows” of money, closed off from everything else. This model puts the economy in isolation and treats it as a machine, governed by a simple and predictable set of inputs and outputs. In an open economic system, on the other hand, the economy is embedded within the environment and the planet itself. Here’s why the economy is an

How to Save Money for College: Mutual Funds & More

Do you have a plan to pay for your child’s education? What option is best? Paying for your child’s education likely will require advance planning and many years of investment. In The Wealthy Barber, David Chilton recommends having a mutual fund for this purpose. He discusses the advantages and the timing for when to redeem the funds. Read more for advice on how to save money for college.

The Assumption of Rational Behavior in Economics

What is rational behavior in economics? How accurate is this assumption that humans are inherently rational agents seeking to maximize their economic utility at the expense of everything else? In economics, human beings are seen as largely rational agents. The rational economic man cares only about increasing his material wealth and will always follow incentives to do so. According to Kate Raworth, this portrait of humankind is grossly inaccurate. In her book Doughnut Economics, she calls into question the power of extrinsic incentives in driving human behavior. Here’s why the assumption of rational behavior is ultimately flawed.

How to Live Within Your Means: 6 Tips for Saving

Do you spend more than you make? How much credit card debt do you carry? Do you have an emergency fund? A great way to save money is to live within your means. David Chilton, the author of The Wealthy Barber, says that living within your means doesn’t have to mean careful budgeting. If you implement big-picture financial planning, day-to-day spending choices like whether you buy coffee or order take-out don’t matter too much. Keep reading for advice on how to live within your means.

How to Pay Less in Taxes: Tips to Minimize Your Tax Bill

What kind of investments provide tax breaks? Should you hire a tax consultant? What kind of loan can lower your tax burden? You might be paying more taxes than you need to. In The Wealthy Barber, David Chilton discusses ways to save money. Minimizing your tax bill is one of them. He shares recommendations for reducing how much you pay in taxes each year. Keep reading for advice on how to pay less in taxes.

Income Inequality: The 4 Potential Solutions

Can income inequality be solved? What can be done to bridge the global divide between the rich and the poor? Income inequality is a global problem—it plagues all countries to some extent. A small minority of the world’s population has amassed vast fortunes, while billions of people remain mired in extreme poverty. But hope remains. In her book Doughnut Economics, Kate Raworth proposes four income inequality solutions that can reduce the gap between the rich and the poor. Let’s take a look at Raworth’s solutions for income inequality.