It's easier to give advice than it is to take it. You tell your friend she really needs to dump that jerk, but meanwhile, you can't break things off with your own jerk. Most of us have been there, and that dynamic rings especially true when it comes to money. According to a recent study, we may overestimate the value of our own money versus someone else's.
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Most people have purchased things that they later 'guilted' themselves for buying. Or maybe something that seemed like a solid investment at the time quickly tumbled in value. (Commiserations, crypto bros.) If this all feels painfully familiar, here's how to free yourself from buyer regret.
My dad and I are about as different as two people can be when one formed the life experiences and personality of the other for 18 years: He's a Midwestern lawyer who lives for Michigan football, and I'm a know-it-all East Coast transplant who's a proud University of Michigan graduate but enjoys tailgating more than the actual game.
Money is confusing, and it didn't get any easier to understand the past 12 months. There was a new tax bill, health insurance woes, and massive data breaches to contend with. Between budgeting and Bitcoin, we tried to cover as much as we could to help you understand your wallet a little bit better. Here are some of our best money posts from 2017.
In 2018, I plan to build up my emergency fund and save separately for a vacation -- basically, the exact opposite of what I did this year. I spent a lot of money in 2017, some of it worth every penny, other things less so.
Socks are the go-to example of a bad holiday gift from an uncaring gifter (or a relative who doesn't really know you), but that's an unwarranted reputation, if you ask me. If you're in a cold weather climate, you wear thick ones every day, but chances are you don't have 10 or 15 or even seven pairs to last you through a laundry cycle. If you have an office job, you need a lot of dress socks, and if you're an athlete you may need specialty socks (I recently purchased cushioned running socks and they changed my life, or at least my feet). The list goes on. And all those socks don't come cheap.
The stretch from November to January is so festive, so cheerful - and so expensive. There are the gifts for your family and friends, new outfits for dinners and parties, booze and food for your own shindigs, airfare or petrol, holiday cards... the list goes on. In my house, at least, the late-January credit bills always bring a horrified reckoning and promises to do better next year.
"I don't trust investing," a friend said once. I asked her why. "Isn't it kind of like playing the lottery?" she asked. Investing is intimidating enough for people as it is. Toss in something as unpredictable as cryptocurrency, and people give up on it altogether. It reinforces the notion that investing is like buying a bunch of scratchcards.
Our emotions play a big role in our money habits and behaviours. And, as a recent study led by financial psychologist Dr. Brad Klontz suggests, so can our memories.
On Wednesday, US President Trump revealed his plan to give his country's tax code a major overhaul. This has potential ramifications beyond the US, both in terms of the global economy and other nation's future budgets. Nothing is set in stone yet, and there weren't many details, but here's what the administration is proposing.
Last month, we challenged you to save money on your mobile phone bill by switching to a cheaper plan. This doesn't necessarily mean you have to switch carriers, though. You might be able to negotiate a better price with your current one.