By Amanda Morrall
1) Pareto and personal finance
If you're unfamiliar with Pareto's principle it goes something like this: that 80% of all productive outcome arises from 20% of input.
Pareto came up with this principle after doing some deep thinking and calculations in the garden concluding that the biggest booty came from 20% of pea pods planted.
The following, from Moolanomy creatively applies Pareto's principle in the context of improving personal financial outcomes.
2) Biggest financial regrets
It's terrible to live with regret. I've tried to make that point subtely and not so subtley in the two years that I have written this column.
When I think of financial regrets, the biggest is not being more mindful about money from a younger age although to be fair (to myself) I was never terribly irresponsible or anything.
Like most personal financial types, I just realised in hindsight how a little saving discipline can go a long, long way when you're in your '20s.
Forbes Money takes a closer look here at some financial regrets of adults with grown children.
3) Myers Briggs
Ages ago I did one of those Myers Briggs personality tests. The idea of these tests are to help you understand yourself a bit better in terms of how you engage with both yourself and people in your life.
The following from the US website gobankingrates.com examines money personality through the lens of Myers Briggs testing. Food for thought.
4) Popular but bad advice
In personal finance you'll find some stock standard advice about how to manage your money i.e. get out of debt, don't borrow to invest if you're not ready to lose the money, buy if you can afford it rather than rent.
In some cases, that makes perfect sense however ultimately, each individual has a unique set of circumstances that will impact variously on their financial goals. This Reuters piece from Linda Stern challenges some accepted "truths" about retirement planning and managing your money in old age.
5) 30 questions to ask before you die
Another thing I have emphasised in my column (and my book) is the importance of making financial decisions that sit within a wider paradigm of personal happiness and satisfaction. It's not just about the money. In that vein, please have a read of this item from Rebellesociety.com entitled 30 questions to ask before you die.
Have a lovely weekend.
5 Comments
... when you're gone ? ..... where to , Amanda ? .... it's Bernard isn't it , you're fed up with the incessant hickeysterical gloomsterisationalyzing at interest.co.nz ......
You heard of the cheesemaker who was such a tight-ass that when he went driving he would never give whey ?
Families in poverty? Parent put lollies on lay-by... http://www.stuff.co.nz/business/money/8999849/Lollies-on-lay-by
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