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Thursday, February 25, 2021

3 money habits to carry forward from the pandemic

(NerdWallet) – After a year of financial precariousness for so many, those who have the means may be setting 2021 money resolutions to get back on track. According to a new survey commissioned by NerdWallet and Marcus by Goldman Sachs and conducted online by The Harris Poll among over 3,000 U.S. adults, close to 4 in 5 Americans (78%) report that the pandemic spurred them to take financial action. 
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7 comments:

  1. AnonymousFebruary 25, 2021 at 9:26 AM

    To misquote Dave Ramsey - "Every dollar you have has a name (George, Tom, Abe, Alex, Andy, Grant, and Ben). You need to tell it where to go."

    That means make a budget. It will pay off in both the lean times and the times of plenty.

    Geek.

    ReplyDelete
  2. CritterFebruary 25, 2021 at 9:46 AM

    Therapist: What do we say when we feel sad?

    Me: Add to cart.

    Therapist: NO.

    ReplyDelete
  3. cjFebruary 25, 2021 at 10:06 AM

    The real habit I expect a bunch to have learned is 'The gubment will print more money and send it to me' so why bother saving?

    ReplyDelete
    Replies
    1. Fa Cube ItchesFebruary 25, 2021 at 3:51 PM

      In many ways, "saving" money - in the traditional sense - is a really bad idea and has been for a long time. Inflation has been outpacing interest rates for years. Add in all the printing that's been going on, and it may well be that cash holdings will be effectively worthless. That said, smart investing is always a good idea.

      Delete
    2. AnonymousFebruary 28, 2021 at 9:48 PM

      Disagree Fa. The phrase "cash is king" refers to cash as a liquid investment. Plenty of people with sizable long term investment portfolios have gone flat broke when they needed cash in a hurry and couldn't sell anything during a drop in the markets. Cash, or other liquid investment, is freedom.

      Aside from that, if you add up the total cost of many investments (cost of buying, cost of holding, cost of selling, taxes on gains, plus the same inflation), it's often not the investor who is getting rich. Inflation isn't nearly the biggest cost an investor faces.

      Delete
  4. Gordon (other Gordon)February 25, 2021 at 10:05 PM

    1) Pay down debt.
    2) Build savings.
    3) Improve your situation.
    4) Support worthy causes.
    5) learn to count.

    ReplyDelete
    Replies
    1. AnonymousFebruary 26, 2021 at 10:16 AM

      Also learn to "DO" stuff.
      Garden, basic auto repairs,home repairs, etc. You save money and become self reliant/self sufficient.
      The more you know and can do the better off you are.

      Delete

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