The 家計簿 (kakeibo) - literally household finance ledger - is the essential tool used by any money-savvy Japanese to manage the household finances. She would diligently keep up her kakeibo every day, noting down items in each budget category. Kakeibo promises an automatic saving of 35% on the household finances and learn how to use it is pretty simple: record [...]
What is the first emotion that you feel when I say the word “money”? Why some of your friends are savers and some are spenders? Money has powerful emotional associations. Ask people what emotions are most frequently associated with money and research provides the following rank-ordered list: anxiety, depression, anger, helplessness, happiness, excitement, envy, resentment. Psychology professor Adrian Furnham, [...]
It turns out that one of the most popular cliches—that money can't buy happiness—may not be true. There is a relationship between money and human brain; this relationship, if not handled correctly, can cause negative effects. There are some ways though to buy happiness that have been proved by science: Don’t buy thing, buy moments According to Dan Gilbert, [...]
I think an image is worth 1000 words. Imagine that you invested $10,000 for 30 years at 5% interest rate, in one case with compounding and in another without. You can see the result in the chart below. The difference is $31,769.42! Imagine how much that would be if you saved money regularly! Ok but what is compounding?! Let’s [...]
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