Money Archives

Investment Biases and Loss Aversion Psychology

What are the most common investment biases? How do the authors of Nudge suggest overcoming those biases? In the book Nudge, authors Thaler and Sunstein note that the main reason people are nervous about investing and about defined contribution retirement benefits is because of the loss aversion bias. The authors discuss the nuances of loss aversion and some tips to overcome it. Continue below for advice on how to avoid investment biases, according to the authors of Nudge.

Secrets of the Millionaire Mind: Book Overview

What is Secrets of the Millionaire Mind about? What do rich people do differently, according to its author T. Harv Eker? In his book Secrets of the Millionaire Mind, T. Harv Eker reveals the difference between rich people and poor people. This difference lies in how they’ve been conditioned to think and feel about money. Eker argues that these attitudes impel you to take actions that either move you toward financial success or away from it—if you aren’t happy with your finances, it’s because your unproductive beliefs about money hold you back from the financial success that you want. Below

How to Save for Retirement If You Are Self-Employed

How do you save for retirement if you are self-employed? What are some retirement account options available to the self-employed? If you are self-employed, retirement is a little trickier to plan. No human resources staffer is going to choose a retirement account for you, help you fill out the application, and set up automatic payroll deductions. It’s all a do-it-yourself job. In this article, we’ll take a look at the various retirement account options available to you if you are self-employed.

The 6 Rich Mindsets: The Secret to Wealth

How Economic Outpatient Care Leads to UAW Children

What do rich people do differently? Can anyone become rich if they start thinking as rich people do? According to T. Harv Eker, the author of Secrets of the Millionaire Mind, rich people have a specific attitude towards money and they manage their finances in a particular way. The more you think like a rich person, the more you’ll improve your money mindset that will, in turn, help you improve your state of finances. In this article, we’ll explore how developing a rich mindset leads to wealth and some strategies to help you adopt and cultivate a wealthy attitude that

The 4-Step Plan for Clearing Your Debt

Are you struggling to pay off your debt? How do your debt contributions prevent you from spending your money the way you’d like? Prioritizing clearing debt seems like a no-brainer—many of us dream of having a debt-free existence. When you have no more debt, you can enjoy a better lifestyle and start putting money aside (through investments or savings) to ensure you also get to live comfortably in the future. In this article, you’ll learn how to make a plan for clearing your debt so you can start directing your money towards more worthwhile pursuits.

T. Harv Eker: How Rich People Think

How do rich people think? What role does your money mindset (how you think and what you believe about money) play in the state of your finances? According to T. Harv Eker, the author of Secrets of the Millionaire Mind, rich people, who didn’t come from a rich background and who made their wealth themselves, have vastly different beliefs about money compared to most people. They have what he calls the “rich mindset.” In this article, we’ll discuss the different ways Eker says that rich people think and act in relation to money, and explore some practical techniques for practicing

The 3 Step Formula for Overcoming Price Objections

What are the steps to overcoming price objections? What myths about money should you be aware of when selling? Overcoming price objections starts with establishing whether the customer lacks sufficient money or is simply uninterested in the product. The next step is to convince the customer about the value of the product and why it is worth twice the asking price. Misleading money myths like “people don’t like to spend” or that “money is always in short supply” can discourage you from pressing on to convince the customer. Read on to learn more about the steps to overcoming price objections.

Ramit Sethi: How to Make More Money Investing

Do you want to level up your investing game? What are some things you can do to increase your investment earnings? Once you start seeing your investments grow—even by a little bit—you’ll start thinking about how to feed your financial growth even further. According to Ramit Sethi, the author of I Will Teach You to Be Rich, the first step to leveling up your investment game is to define a concrete reason for growing your wealth. Otherwise, you’ll risk what Sethi calls “living in the spreadsheet”: becoming so fixated on making money that you forget the purpose of having money

I Will Teach You to Be Rich: Book Overview

What is I Will Teach You to Be Rich about? What are the key points of Ramit Sethi’s money advice? In his book I Will Teach You to Be Rich, self-taught expert in personal finance Ramit Sethi distills the basics of personal money management. You’ll learn how to use credit cards wisely, choose the right bank accounts and investment accounts, plan out your spending, and ultimately create a financial system that grows your money automatically. Below is a brief overview of the key points.

Index vs. Mutual Funds: What Is the Difference?

What are the benefits of investing in a fund? What is the difference between index vs. mutual funds? Both index funds and mutual funds allow you to invest in a diverse group of investments. The main difference is that index funds invest in a specific group of assets (e.g. S&P 500 stocks), while mutual funds invest a changing list of assets, selected by a fund manager. In this article, we’ll explain the difference between index funds and mutual funds: how they work, their benefits, and their disadvantages.