Friday, January 01, 2016

New Year's Day Edition of the Frugal Planner's Weekly Dispatch (from Bloomingdale resident Chuck Donalies)

From: Chuck Donalies, CFP®  On Behalf Of Chuck Donalies, CFP®
Sent: Friday, January 1, 2016 8:00 AM
Subject: The Frugal Planner's Weekly Dispatch, Volume 2, Issue 1

The Frugal Planner's Weekly Dispatch
Personal Finance, News, Ideas, and Things I Find Interesting

Volume 2, Issue 1
New Year's Day Edition
January 1, 2016

Like what you see? If so, please share with your friends and family?

I hope you enjoyed the holidays! It's New Year's Day, which makes 2016 a blank slate. That gives you plenty of time to implement - and hopefully stick with - your New Year's resolutions.

According to a poll conducted by the Journal of Clinical Psychology, the third most popular resolution of 2015 - behind lose weight and get organized - is to spend less and save more. Resolutions one and two are noble goals, but I'm biased in favor of number three for obvious reasons.

So what are your New Year's resolutions? Feel free to post them in the comments section or on The Frugal Planner's Facebook page.

My New Year's resolution?
During 2016 I resolve to find a new way to stay fit - ten years of triathlons is enough. I think it's time to find a martial arts studio!

Back to Basics

A new year is a good time for a refresher course on the basics of managing money. I can think of no better resource than one of my favorite personal finance books: The Richest Man in Babylon by George S. Clason. This book was published in 1926 and the advice it contains is still relevant today. It's a quick read, but since you might not get around to reading it here are Clason's five truths about money:
  1. Money will come to those who save at least 10% of their income.
  2. The money you save and invest can earn even more.
  3. You must be conscientious to grow your wealth.
  4. Investing in things you know is more likely to lead to wealth.
  5. You can't get rick quick.
These five tips are easy to forget but important to your long-term financial success.

The Richest Man in Babylon is one of my all-time favorite personal finance books.

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