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Teaching your Kids to Live Rich

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Kids consume.  That’s what they do.  You give them something they like, and they’ll always ask for more.  And as a parent of two boys, ages 7 and 5, I can tell you that buying them stuff is fun.

But here are some interesting stats: 60% of kids under the age of 18 have savings accounts (a vast majority were started before the age of 3) and 50% of parents provide their kids with an allowance.

So, at a very early age, our kids – these bottomless consumption machines — get involved in the world of “money.”  The last thing I, as a parent, would want is for my kids to begin connecting the dots between their desire for boundless consumption and money.  So, how can I teach them at an early age that money is not all about mindless consumption?  That there are many ways for someone to live rich and spend smart?  Keep reading

New Year Chapter One

4 Ways to be Financially Responsible in the New Year

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If the words “financial planning” fill you with visions of traders gesturing wildly on the market floor and stock analysts deciphering intricate graphs while spewing incomprehensible jargon, I have good news for you.  It’s not that complicated.  Taking financial responsibility really just boils down to basic addition, subtraction, a smidge of compound interest, and some good old-fashioned willpower.

Keep reading

Chuck

Going for Broke

LifestyleUncategorizedWellness

 

This is Chuck.

Born during the Great Depression to Irish-American parents in the small working class town of Elizabeth, New Jersey, Chuck learned early on the value of money and hard work.  He earned his college degree on a GI bill after serving in the Air Force in Korea and started his own small business where he worked his entire life. He passed on these life lessons to his five children, each of whom paid their way through college working as waiters, maids and cashiers.

Now 82 years of age, Chuck readily admits that he’s always been a “shabby dresser” as the $15 rubber Casio watch on his wrist will quietly attest.   And it was only after his 75th birthday that he ever flew in first, something he’s quite embarrassed to admit as he’s always flown coach. “They decided as part of my 75th-birthday celebrations that I would be entitled to fly first class…I’ll be honest, I’m not good at flying anymore. To my credit, I can stretch out on two coach seats.”

Chuck’s lifelong dream has always been to die broke, or as he so bluntly puts it, “I want the last check I write to bounce.”  He’s determined to spend his remaining golden years living richly, though perhaps not how you might expect.

As a small boy he remembers how his mother, a nurse, would “conveniently” drive by their disabled neighbor as he headed to the bus stop so she could give him a ride instead.  It was this spirit of giving that prompted Chuck to decide a little over 30 years ago that he wanted to give away practically all of his money.  And if everything works out as planned, he hopes to spend his last few dollars sometime in the next three years.  “I had one idea that never changed in my mind—that you should use your wealth to help people… I don’t dislike money, but there’s only so much money you can use.”

Because he doesn’t own a home, a car, or even a nice watch, Chuck’s been able to give to a whole range of causes.  Among the many that he supports are charities that build peace in his native Ireland, provide medical care in Vietnam, prevent AIDS in South Africa, and promote higher education in the US.  For 15 years Chuck made these donations anonymously, taking great pains to avoid any recognition.   He never expected his name to be memorialized on a university building or plastered onto a hospital wing.  Nor did he ever want it to be.

So you can imagine his dismay when people began writing about his extremely modest lifestyle, years of exceptional generosity and determination to die broke.  Soon he found himself being called “a spiritual leader” and an inspiration for the philanthropy of both Warren Buffett and Bill Gates. While Chuck firmly believes that “people who have money have an obligation” he meekly adds, “I wouldn’t say I’m entitled to tell them what to do with it but to use it wisely.”

Humble words from a man who will have given away over seven and a half billion dollars by the end of 2016.

You see Chuck Francis Feeney is the co-founder of DFS, better known as the Duty Free Shoppers Group.  And if you’ve ever bought tax free liquor, perfume or tobacco while passing through the airport mall on your way home from abroad, then in a way you’ve met Chuck.

“I try to live a normal life, the way I grew up…I set out to work hard, not get rich.”

 

How will you live rich, while spending wisely like Chuck? Share your thoughts and you could win $5,000 + a money makeover by David Bach.

 

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Learn more about Chuck and his inspiring life story in “The Billionaire Who Wasn’t”.

Written by Mohamed Khalil of Moven. Follow him at @mikhalil.

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25 Tips to Live Rich Without Breaking the Bank

LifestyleUncategorizedWellness

 

Most people would love to be able to live rich but don’t have the funds to be able to do so. When hearing stories about travel adventures, seeing pictures of luxurious homes, reading reviews of the latest 5 star restaurants, seeing social media updates about a newly announced concert, or even checking out the newest gadget at the electronic store, sometimes living frugally can make you feel like you are being held back from fully enjoying all life has to offer. The good news? It is possible to live rich without breaking the bank!

Keep reading

Live Rich, Spend Smart - Blog Image

Share your plan for 2014 and you could win $5,000!

SpendingUncategorizedWellness

 

We can see the light at the end of the tunnel of a deep and long economic downturn, but will we make the same mistakes again? It’s too easy to get caught up in our social media feeds and the parading of exotic trips, extravagant events, and new gadgets. It’s seems like there is only a constant flood of temptation to spend frivolously.

We want to harness the power of social media to inspire others to remember that living rich does not mean mindless spending. 2014 is about getting back on track and making smart spending decisions that enable us to live rich not only every day, but for the long term.

 

We want you to live rich, while spending smartly in 2014

Moven has teamed up with financial experts David Bach, Wisebread, GoGirlFinance, Rockstar FinancePhroogal, and MoneyDesktop to ask you how you will live rich, while spending smartly in 2014.

Keep reading

10 Ways to Live Rich and Spend Smart in 2014

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Living rich does not mean mindless spending. 2014 is about getting back on track and making smart spending decisions that allow us to live rich lives everyday.

 

Here are 10 ways to live rich and spend smart in the new year:

1. Return to debit-only spending and avoid overspending on credit cards.

2. Give a small, homemade gift spontaneously to a loved one, just to show them how much you care about them. Check out this Pinterest board by Saving by Design for some ideas!

3. Smartly make purchases for experiences, rather than accumulating stuff. For example, book reservations with Open Table and strategically use those points for great date nights with your significant other!

4. Attend a free yoga class! Nothing says relax and rejunventation in the near year like a downward dog. Here are a list of websites that offer free (or dirt cheap) yoga classes.

5. File your taxes by Feb. 1st to avoid the inevitable last minute anxiety of rushing in April. Then put your tax refund into a savings account, rather than spending it!

6. Pay off your credit cards (for real this time)! There is no better way to build wealth than to get out of debt. Use an online tool like Ready for Zero to pay them down.

7. Cancel those magazine subscriptions for those unread magazines. Saving even $20 annually on each is meaningful.

8. Make 3 simple new years resolutions, and actually keep them. Here are GoGirlFinance’s 6 steps to make sure you keep your resolutions.

9. Boost your creativity. Improving creativity allows you to access your rich, most creative mindspace to help you solve problems better.  Here are 9 ways to generate new ideas by Wisebread.

10. Volunteer one hour a month for a charity or non-profit that supports a cause that is important to you. You will not only enrich your life, but enrich the lives of others. VolunteerMatch is a great, simple way to find a cause you care about.

 

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Written by Julianna of Moven. Follow her at @jbatistaa.com.

 

4 Ways to Cultivate Money Mindfulness This Holiday

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The practice of mindfulness is about getting out of our head (where mind chatter lives) and dropping into our body, while having sensory awareness of what is going on inside of us. It is in part being an observer of ourselves. In this place of observation, we notice our thoughts, feelings, and bodily sensations.

By using the breath (a few deep inhales and exhales), as a tool to relax into our body and become more aware, our mind chatter has less influence over us…because we are noticing the chatter rather than reacting to it. This simple act of dropping into bodily awareness has the ability to change the chemicals circulating in our bodies (reducing the stress hormones of adrenaline and cortisol), which help change our perceptions and how we view life happenings.

For example, the act of noticing the present moment through our senses, slows down our perception of time. Slowing down time, opens us to an inner stillness and it is in this space of inner stillness, where creativity can come forth. Why is this helpful in a season of bustling busyness? Because we can create our own inner calm regardless of what is going on around us. We can see new options and solutions to perceived concerns. We can re-frame in this space. It is a space where we can regulate our emotions, which is very important during this holiday season.

 

So, why apply the concept of mindfulness to our money lives? Because we get more:

Joy

Mindfulness can take us out of a “wanting state of mind,” and transport us to a “gratitude state of mind.” This shift can help us experience a feeling of “enough” in our lives. When we are fulfilled from the inside out, we spend less. We also experience more joy in this space!

Peace & Calm

Mindfulness can get you in touch with your true needs this holiday season, which may be to relax more and decorate less (just projecting out my own stuff here)!

Honoring of Spending Intentions 

Better decisions come from a place of mindfulness. With a few deep breaths, bringing us into increased self awareness, we may notice the inner chatter going on in our heads about holiday shopping. Rather than our inner chatter ruling our spending decisions, we can recalibrate, breath, and stay focused on the spending plan we have created for ourselves rather than doing emotional  or impulsive spending.

Creative Solutions

What if you are in a bit of a money pickle this holiday season, possibly recovering from some unexpected expenses, stressed about not having enough money for gift giving. Dropping into mindfulness can help you access your creativity, which can support you giving in a way that feels right to your bank account and honoring of your current situation.

 

IMAGINE staying centered, grounded, calm, emotionally regulated, and connected to what is most important to you this holiday season…rather than being in a space of reacting to the busyness, bustling, shop til you drop exhaustion, and trying to create a holiday season of perfection!

 

Denise Hughes works at the intersection of money, heart, and soul. She knows how to access a client’s emotional landscape in order to create change on his or her fiscal landscape. Her focus: The art of mixing possibility thinking, visioning, and mature money behaviors to create a unique financial masterpiece. Her magic touch: She brings creative, right-brain thinking to the canvas of numbers, sprinkling the process with lightness, un-shaming, huge doses of inspiration, and compassion.

For Divorcing Women: My Five Best Financial Tips For The End Of The Year

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 It’s already December, and I know it’s easy to get “wrapped up” in all the hustle-and-bustle of the holiday season. However, if you are planning to divorce in the New Year, this is also a time when you can take a few important steps that will make the process much, much easier in the months ahead.

So take my advice: Use the next few weeks to make a divorce financial list –and then, check it twice! To help get you started, here are my five best financial tips for the end of the year: Keep reading

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