October 2008
You are currently browsing the articles from Utah Financial Planner written in the month of October 2008.
While it’s more important to be happy than rich – you probably won’t be truly happy if you’re deep in debt, haven’t planned for the future, or don’t make enough money to meet your basic needs.
I recently spent time with a friend who somehow remains upbeat despite her financial situation, which is on life support. I was shocked at the lengths she’ll go to so she can live the life she wants to live. I think she’s rare though. I hope so!
It reminds me of my husband’s clients who say they’ll increase their investments when they get out of debt. Always at some future time. It rarely arrives. They rarely change their lifestyle. The worst are the ones who support their grown children (adult life support). Ultimately it does no one a favor to take their responsibilities. They need a lesson in boundaries – not doing for others that which is their responsibility to carry as members of society.
Also, you probably don’t deserve happiness (or it’s just avoidance) if you’re not being honest. That means if you borrow money you probably can’t repay.
The flip side of this is – if you focus on the negative and all that’s WRONG, you probably won’t be happy either. It’s easy to do when times are tight as they are in our country now. You can get discouraged. You can lose sleep over finances (like many do).
Written by admin on October 31st, 2008 with no comments.
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There is quite a supply of happiness in Utah. Somehow we seem to be weathering the economic downturn better than many states. Salt Lake City’s economy is predicted to ride out recession or slowdown. Still, it’s hitting. Btw, you should read that article if you live in Utah, because it’s a welcome break from all of the bad news!
Here’s the bad news: more Utah’s are going bankrupt. 6,597 Utahns have filed for bankruptcy during the first nine months of 2008. Compare that to last year during the same months – when there were 4,633 Utahns who filed bankruptcy. There are reports that people are having a tough time finding affordable housing as demand for housing is rising.
Whatever the economy, it’s important to plan for the future. Not live in it or fear it. Simply plan. We usually aren’t as good at planning our finances as we hope. My husband reminds me of people he knows who insist on doing their own financial planning. None fair as well as his clients whose money he is helping them manage. Usually we do better having outside advice and assistance. I know I do.
Written by admin on October 29th, 2008 with no comments.
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I especially love the Erika.biz blog – why? Because like her, I make most of my income off the Internet and well, we’re both women. Erika started a web hosting company which she sold for over $1 million. She’s 26 and retired as she decides what business to start next.
I’ll post many tips from her blog, like how emotions play such a HUGE part in overspending.
Read more about Erica.biz here.
Written by admin on October 28th, 2008 with no comments.
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I’m a fan of the “Get Rich Slowly Blog” not because I agree with all of it, but because of the concept. The author (who doesn’t reveal his/her identity which I absolutely hate!) is so sensible. The idea that getting rich or getting out of debt, or making any positive changes in our personal finances takes effort over time is very sensible!
The Get Rich Slowly Blog was one of three of the best money blogs recognized by CNN Money.
I would rather focus on earning more passive income and growing my income than on saving every cent. Though it depends on where you’re at financially. Some are more content to focus on frugality. I definitely don’t advocate overspending and lavish lifestyles, but if you have the money and want to, I’m not going to judge you! I do believe extra money is an extra chance to do something good.
This is one of the most popular personal finance blogs on the Internet for a reason.
Money gives you more options, but happiness makes life worth living. I believe that if we’re able to stay happy and in control of our lives, money actually becomes easier to manage.
The blogger notes how he/she paid off $35,000 in debt and lives by these principles:
- Money is more about mind than it is about math.
- Spend less than you earn.
- Large amounts matter, too.
- Slow and steady wins the race.
- The perfect is the enemy of the good.
- It’s more important to be happy than it is to be rich.
You can read posts and further background on each of these subjects on the About page of the Get Rich Slowly Blog. Here’s another great post about his picks for top 25 financial books.
Written by admin on October 27th, 2008 with no comments.
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Welcome to Utah Financial Planner. Our purpose is to keep you educated about financial planning and to keep you in touch with all that’s happening in the Utah Financial Planning community.
If you are a Utah financial planning company or adviser, please send us news about your company using the contact form.
Here are some of the topics covered on this web site:
- What is a financial planner?
- How do you find a good financial planner in Utah?
- Questions to ask a financial planner.
- How does a financial planner get paid?
- Certified financial planners in Utah
No matter what you income, building wealth starts with a plan and keeping more than you spend. According to a study of over 9,000 people:
- Saving increases optimism about your finances.
- As the ratio of savings to debt goes up, so do your feelings of security.
- Confidence in your finances grows when you have a financial plan.
We hope to encourage you to plan your financial future – in a bad economy or a great one – it’s smart to make and follow a financial plan.
Written by admin on October 15th, 2008 with no comments.
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