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02 December 2006

Money 101 - Financial Advice & Lessons Made Easy by CNNMoney

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Money 101 - Financial Advice & Lessons Made Easy by

28 October 2006

Get Rich Slowly » Use Purpose-Driven Investing to Achieve Your Goals

Do you save for one thing at a time? Or do you pursue several goals at once? If you’re like me, you work toward several financial goals simultaneously, but you keep most of your money clumped in one account. It’s easy to forget how much you’ve saved for each goal. And it’s easy to borrow money from one objective to pay for something else. In his forthcoming book The Six-Day Financial Makeover, Robert Pagliarini advocates Purpose-Driven Investing: Traditionally, most people invested for various vague goals and lumped all of their savings together in a single investment account. That’s pretty boring. It’s not very inspiring or effective. Purpose-Driven Investing satisfies our need for a purpose and our need for instant gratification by thinking of each of our goals as a separate “basket”. Each of our baskets represents a single goal with a clear purpose that we can see and grow. What does this mean in the real world? It means that we have a single investment account for every goal. For example, if one of your goals is to take the family on a European vacation, create a separate savings account called “Family European Vacation Fund”. This account or basket contains all of your savings toward that one goal. Every penny in the account is for the European vacation — not for retirement, a new car, your emergency fund, your kids’ college tuition, or any other goal. What was once just a plain investment account is now a dream — a real goal you are committed to achieving. Account statements have been transformed from boring pieces of paper into exciting treasure maps!

Get Rich Slowly » Sure-Fire Ways to Jump-Start Your Savings

You know an article must be good when your accountant forwards it to you. Mine sent me this list of 11 ways to jump-start your savings from Dana Bratch at MSN Money. Bratch writes: The secret of successful savings borrows from the tale of the tortoise and the hare: Slow and steady wins the race. But while it may be a winning strategy, it’s difficult to get motivated when your savings balance is climbing that slowly. One way to keep your head in the game: Sock away extra money, especially in the beginning, so you can get enthused watching that balance really climb. One key to successful money management is to make the most of psychological tricks. This is why the Debt Snowball is so successful. It’s also why a simple way to save is to simply avoid temptation — to avoid stores where you know you’re likely to spend.

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