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Obstacles that (Almost) Everyone Faces in Personal/Family Finances…

August 27, 2011

I recently perused an article on Time’s MoneyLand site, entitled, “7 Obstacles to Financial Success”, which I quite liked (it was short and informative)…

Quickly summarized, the obstacles are:

 

  1. Lack of discipline 
  2. Materialism
  3. Debt
  4. Taxes
  5. Inflation
  6. Investment mistakes
  7. Emergencies

 

You ought to read the article to get a small explanation on each one. Some of these points are more interesting for me to think about than others, but each one should be thought-out and acted on. For instance, even though you can’t always control whether an emergency is going to happen (wearing a seat-belt or helmet, not walking on banana peels, etc., can help) you can do some things to lessen the blow a catastrophe can have on your finances (have an “emergency” savings account, be properly insured, etc.). You can’t change the tax laws, but you can work with an accountant to lessen your tax burden. You can’t guess the stock market (well, you can, but not always), but you can diversify your investments appropriately so that market swings don’t nail you too hard. You can track our spending, start a budget, and work on self-discipline.

Anyway…enjoy your reading!

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