Episode 2: Talk About The Title
from Money Rules Don't Rule Hosted by Leah Haight
What do we mean, Money Rules? And why don't they rule? Money rules are just that: the rules of a game. And like all games, the rules can be manipulated, stretched, and creatively applied, depending on your unique situation, preferences, and priorities. What you learned about money from your parents can affect how you think about money today. Know Thyself is an often overlooked "rule" of money, and one that we have the most influence over. There are a lot of reasons to make a decision, and the financial impact is just one of them. When someone tells you how you "should" manage/save/or spend money, watch out for their own incentives underlying that advice. Some rules of money you may be familiar with are: save more than you spend, when you retire, have 60% of your investments in stocks and 40% in bonds, payoff all debt, never finance a vehicle, draw-down your retirement portfolio at 4% per year. But variables like interest rates, risk tolerance, accumulated savings, and personal preferences aren't factored into these rules: you have the choice to decide what works best for the ROYL (return on your life). We believe that money rules are guidelines and that when we live intentionally, the money-rules can bend and flex to meet our needs, instead of the other way around. We find examples for whether money buys happiness, and we encourage listeners to take financial advice with a healthy dose of skepticism. Send use your questions and examples to [email protected] or [email protected] and we'd love to hear what you're thinking.
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