In today’s post, we’ll explore the important distinction between saving and investing — two terms that, though often erroneously used interchangeably, must be treated in distinctly different ways on your path toward a thriving life. Be Prepared for the Unexpected Saving ought to be done first — and for a specific purpose. As we’ve discussed previously, one of the first milestones you need to hit as you pursue the thriving life is to save a…
Several weeks ago, we shared the shocking news that yes, even TotalThriver members will one day face their mortality. Since death is one day closer today than it was yesterday, we highlighted the importance of getting good life insurance in place. Today, we’ll explore another aspect of financial planning related to caring for your loved ones after you are gone: estate planning. I’ll get to it tomorrow….. Though not always the most glamorous or delightful…
Ask five of your friends if it’s important to have money saved for an emergency, and you’ll likely get five affermative answers. Now ask the same five friends if they have such an account, and you’ll probably get some resounding no’s. Yeah, what do they know?! We’ve all heard from financial experts over and over again how important it is to have an emergency fund. “Three to six months expenses in a savings account or a…
This post is fourth in a series of six articles on how fitness benefits many other areas of your life. So far, we’ve discussed how challenging fitness regimen can improve your productivity, disposition, and relationships. Today, we’ll investigate the connection between your fitness and finances. Although at first glance these two subjects may seem to be unrelated, in fact there are many aspects of these two areas that affect each other. Your Premiums The first…
Last week, we discussed the importance of including unusual but predictable expenses in your budget. Items on this list include things like car repairs, home improvements, large gifts, or vacations. By allocating a fixed amount each month, these big expenses don’t have to catch us off guard. For example, my wife and I set aside $60 each month for car repairs, which has been plenty for the minor repairs and maintenance that our vehicles have…