Tag Archives: Planning

PRACTICING PATIENCE WITH INVESTING

Patience is a concept that is easier said than done. In all parts of life there are times when it is key to practice patience. This is a skill that is learned from an early age and later extends throughout all stages in life. It is part of human nature to want certain things in life NOW. Why would anyone want to wait to take that dream vacation or purchase a new vehicle?

All things equal we would be better served consuming something today because tomorrow is never promised. However most of us will learn that if you consume all your resources today tomorrow never becomes easier and if you over consume your resources today (using debt) tomorrow becomes even more difficult than the day prior.  Therefore, a rational person who is looking to better their life is better served finding the healthy balance that works for them.

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THE CASE FOR AN EMERGENCY FUND

Life is unpredictable, we can have great intentions but then “life” happens. This “life” stuff can prove to be pretty frustrating. Let’s say you just got done completing your net worth calculation and are fired up to make a change this year. You have some debt on your credit card, and you are sick of paying the minimum balance for what feels like a never decreasing balance, so you decide to start paying down your debt…not a bad intention, but it should not be the only priority.

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