Monday, August 26, 2013

What I DON'T Do

Just relax. Don't be stressed about money.

Read this if: 


1) You want to know what you don't need to do when it comes to personal finance. (Of course, this is just my opinion). 

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People always give advice on what you should do, but I find that a list of what you shouldn't do could be a lot more effective. Here is a list of things I don't do when it comes to personal finance. 


I DON'T Follow Daily Ups and Downs 

Experts follow the news so that they have an idea of what's going on in the world, which directly impacts their investment decisions. I don't do this because I don't want to know if prices are going up or down, on a daily basis. I just need to know this one fact: over a 10-year period, my money will increase. 

I DON'T Save Money On Friends 

I am definitely a frugal person but I don't skimp on friends. If I know taking my best friend out to dinner every once in a while will make her happy, I will absolute do it, and not feel guilty about spending money. 

I DON'T Rate Chase

I have a savings account at Ally Bank with a 0.84% interest rate. If I find that another bank has a rate of 0.93%, I will not jump ship and move all of my money over there. The service I get at Ally is incredible, so I choose to stay with them until that is no longer the case. It is true that even a little bit of free money is still free money, but it's not worth the hassle to me. 

I DON'T Think Too Much

When I bought my first shares in an index fund with Vanguard, I thought about which one I wanted for about five minutes. Yes, you should know what you're buying, and understand the costs associated with whatever you buy, but I only needed two pieces of information: Vanguard is known for having the lowest fees in industry, and index funds in general are known for having low fees. I could have done a lot more research, looked at past performance and future projections, but I really wasn't concerned with getting the perfect fund. I just wanted to get started. 

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What do you think of my personal finance habits? Let me know in the comments. 

As always, contact me with questions or suggestions! You can either comment directly on the post or send me an email to moneymattersjoan@gmail.com. 

Photo Credit: Vvillamon via photopin cc

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