Lack mindset, spending triggers, student loan basics, love and money and Valentine's Day consumerism.
Well Kept Wallet — Laurie says a lack mindset “is a deeply ingrained belief that your access to money, to wealth and to the stuff that it buys is limited.” She provides a few reasons why people may suffer from this psychological malady. She suffered from it because she grew up in poverty.
Laurie also shares the symptoms of a lack mindset, and how you can conquer them. One symptom is: “A fear of not having enough.” When this occurs, she says two different things can ensue. The first is overspending on stuff you don’t really need. The second is not spending anything (even for necessary items) and hoarding money. Review her other symptoms and read our money management section for extra help with your finances.
Budget and the Beach — Tonya recently hurt her neck. And she admits that she was feeling sorry for herself. Unfortunately, the feeling of pain and sorrow is a spending trigger for her and many other people. She labels it a “Level 3 Trigger.” What’s interesting is, it could be anyone’s pain — a friend, family member or co-worker.
She immediately thinks about buying them something for the pain. She shifts away from this urge by taking a deep breath and realizing that spending money won’t help. Just being there for the person is helpful — and that’s free. Check out her other spending triggers and remedies. Learn more about spending triggers in Power Up, a book by Debt.com Chairman, Howard Dvorkin.
Money Talks News — It seems that many students don’t take student loans very seriously. At least not until they start paying them back. And even then, basic things such as interest rates are ignored or not given serious consideration. For example, Karla found a study that revealed “just 7.9 percent of the students surveyed knew their current interest rates.”
Here’s another mind blowing stat: 96.02 percent didn’t know that student loan refinancing was available after graduation. The study concludes with this damning assessment: borrowers are probably a part of the student loan catastrophe. Separate yourself from the 96 percent — get help with student loan refinancing from Debt.com.
Money Ning — Miranda and her husband combined their basic finances in a “big pot.” But they kept other stuff separate, like her retirement account and taxable investment account. She says that was a good thing too, because they divorced and he couldn’t touch it. As far as the “big pot” stuff, they easily divided everything up.
It seems as if their divorce was reasonable. But she says “things get ugly if you aren’t reasonable.” That’s why she’s a believer in not sharing all your financial information. That runs against most people’s thoughts on money and marriage. It’s really up to you, though. Here’s a post on keeping separate but equal cash in a marriage.
Everything Finance — In my opinion, Valentine’s Day is a made up holiday. Hallmark joined forces with a few florists and a bunch of opportunistic chocolatiers and schemed up this cupid con. Even the history channels website remarks: “The history of Valentine’s Day–and the story of its patron saint–is shrouded in mystery.” Of course it is.
Kristi backs me up on this, too. She thinks this day should “be about love again, and not consumerism.” Although she’s not as extreme in her thoughts as I am, she does provide six ways we can make Valentine’s less about spending and more about sharing — for example, sharing our time or “random acts of kindness.” Read this post about making Valentine’s Day cheap and thoughtful.