Latest news with #financialhabits
Yahoo
19-07-2025
- Business
- Yahoo
Ramit Sethi Explains That People Who Are Bad With Money Don't Have To Stay That Way: 'It's A Skill Like Anything Else'
Financial personality Ramit Sethi is baffled when people say that they are "just not good with money." It's fine to admit if you aren't good at something, but viewing your current state as a condition rather than something you can fix puts you out of the driver's seat. Sethi encourages people to correct their money habits instead of saying that they're just not good with money and calling it a day. "It's a skill like anything else," Sethi explains. By comparing money to any skill in life, Sethi offers a playbook for getting your finances right. Don't Miss: —with up to 120% bonus shares—before this Uber-style disruption hits the public markets $100k+ in investable assets? – no cost, no obligation. You Can Learn How To Be Good At Money Everyone has become good at things that they previously weren't good at. Some people become fast runners after many years of practice, or feel confident speaking on stage after creating many videos. However, you don't have to do something spectacular to know how to develop skills. Sethi brings up a very basic skill – walking – as his example. None of us knew how to walk when we were born, but most people can now walk fine. Some people can walk longer distances than others, but we all learn that skill from nothing. It takes consistent practice to learn how to walk. However, you have to know what makes for good practice. While the practice for walking is straightforward – put one foot in front of the other – practicing money is different. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — How To Practice Getting Good At Money We all have an idea of what it looks like to master your money. Your income exceeds your expenses, and you can make regular investments in your portfolio. You have enough money to spend on some things that give you pleasure, such as travel, but you're not going deep into credit card debt. You don't have to master every money habit on day one. It can start with monitoring your spending so you aren't buying anything impulsively. You can set up automatic investments in an ETF instead of trying to figure out how the stock market works. Your next step can involve creating a budget so you know your monthly income and expenses. Once you do the small steps and practice them consistently, you'll put yourself in a better position to make big money moves that lead to a better To The Long-Term Journey Mastering your money will take time. You won't have a seven-figure portfolio and a six-figure income overnight. It will likely take many years to reach those goals, especially if you are starting off with debt. If you want to master any skill in a meaningful way, you must commit to it for multiple years. It may be frustrating in the beginning as you make mistakes and feel overwhelmed as you consume new information. However, it gets easier over time. When you're on the journey of getting your finances under control, think about your main motivation. Are you a parent who wants to set your children up with a bright future? Do you want to be the main provider for your family so your spouse doesn't have to work full-time? Do you want more freedom and the ability to start a business that gives you full control over your schedule? Tying a strong motivation to making money can help you persevere when it gets difficult and commit to mastering your finances. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Ramit Sethi Explains That People Who Are Bad With Money Don't Have To Stay That Way: 'It's A Skill Like Anything Else' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNA
18-07-2025
- Business
- CNA
Shaping Tomorrow - What it means to be the People's Bank
02:00 Min As the financial habits of Singaporeans evolve, so too must banks innovate to meet the changing needs of their customers. Head of POSB Nelson Neo shares how the institution places people first even as it adapts to new ways of banking. Shaping Tomorrow About the show: SG60: Shaping Tomorrow is a compelling video series that brings to life the Singapore stories of our most cherished brands. Through their journeys, they reflect on their past, celebrate their present achievements, and reaffirm their commitment to shaping the future of our Little Red Dot. Join us as we honor the legacy, embrace the now, and build tomorrow—together.

Wall Street Journal
17-07-2025
- Business
- Wall Street Journal
Your Credit Score Is Shaped by the Neighborhood Where You Grew Up
Children are like sponges, constantly soaking up ideas and habits not just from their parents, but from all the people around them. This includes financial habits that can set them up, or set them back, for life. That's one conclusion from a new study released Wednesday by researchers at Opportunity Insights, a Harvard-based institute that studies how to improve upward mobility.
Yahoo
15-07-2025
- Business
- Yahoo
'Vibe-Based Budgeting' And 'Revenge Saving': How Emotion-Based Habits Could Actually Boost Your Net Worth
For years, financial experts have warned against letting emotions dictate our financial habits. Decisions about spending, saving, and investing should all come from a logical, fact-based place, they say. It's solid advice, but the type of guidance that is increasingly being ignored as economic uncertainty lingers. And experts say that may be okay, too. A new survey from Intuit Credit Karma found that 44% of Americans are now engaging in "vibe-based budgeting." This means that they're choosing to adjust their financial habits based on how the economy feels, even if their money situation hasn't changed. Don't Miss:$100k+ in investable assets? – no cost, no obligation. According to the survey, 61% of people feel more anxious about the economy than they did a year ago. This is often not driven by their own financial situations— 72% of respondents told Intuit Credit Karma that their cash flow had either improved or stayed the same over the past year— but by outside factors like the economic news they consume or rising prices. Intuit Credit Karma's findings mirror those from a recent Vanguard survey. That report found that 71% of Americans plan to shift their savings approach over the summer to prioritize emergency funds and flexibility. This belt-tightening is what experts are calling revenge saving, the antithesis to the revenge spending that followed the pandemic, according to CNBC. "If you're concerned about the future, if you have some uncertainty, consumers may be looking to create that emergency fund or create that savings, because uncertainty means you want to be able to put your hands on cash if you need it quickly." TransUnion Senior Vice President of Global Research and Consulting Charlie Wise told CNBC. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Saving money is always a good move, regardless of whether that decision is made logically or emotionally. So while experts aren't shooting down "vibe-based budgeting" or "revenge saving," they're still urging consumers to be intentional with their habits. Strategies like reverse budgeting, creating separate accounts for different financial goals, and periodically increasing your savings rates are still the preferred ways to stack your money. For those who find that anxieties around money are driving a lot of their financial habits, experts suggest taking a "money temperature." A fairly simple concept, this involves looking closely at what you're spending and saving, and ensuring that you're comfortable with that balance. "There are people that are way off track that are spending everything. And there are people that are the best savers in the world, and they're sometimes the most miserable," certified financial planner and Equilibrium Wealth Advisors founder Matthew Blocki told CNBC. "By taking "a 'money temperature' — if you utilize it correctly as a tool — you can reach the balance between living a good life today, securing the future and not having decision fatigue and not having regrets when you look back," he said. Read Next: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Can you guess how many retire with a $5,000,000 nest egg? . Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'Vibe-Based Budgeting' And 'Revenge Saving': How Emotion-Based Habits Could Actually Boost Your Net Worth originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
15-07-2025
- Business
- Yahoo
Kevin O'Leary: This One Common Habit Is Keeping You Poor
Kevin O'Leary, the self-made millionaire and 'Shark Tank' investor known as 'Mr. Wonderful,' doesn't mince words when it comes to financial habits that destroy wealth. After decades of building and selling companies for billions, O'Leary has identified one common habit he believes is keeping millions of Americans poor. Find Out: Read Next: 'I can't stand it when I see kids that are making 70 grand a year spending $28 for lunch,' O'Leary said in a recent interview with 'The Diary of a CEO.' 'I mean that's just stupid.' But this isn't just about expensive lunches. O'Leary's criticism goes much deeper than a single meal — it's about a fundamental lack of financial discipline that he sees destroying people's long-term wealth-building potential. O'Leary's frustration stems from watching people miss the bigger picture of compound growth. When he sees someone spending $28 on lunch, he's not just seeing one expensive meal. He's calculating what that money could become over time. 'Think about that in the context of that being put into an index and making 8% to 10% a year for the next 50 years,' he explained. That $28 lunch, invested instead, could grow to hundreds of dollars by retirement. This perspective comes from lessons O'Leary learned from his mother, who built substantial wealth through disciplined saving and investing. She would take 20% of her weekly cash earnings and put it into dividend-paying stocks and bonds, maintaining this habit for 55 years. Learn More: O'Leary has a simple exercise he recommended to illustrate how wasteful spending habits develop: 'Go into a closet. Go into your closet and look at how much stuff you have you don't wear because you either bought it because you thought you were going to wear it and never wore it or wore it once and you end up wearing 20% of your portfolio all of the time and 80% you pissed away.' This closet test reveals a broader pattern of poor financial decision-making. People buy things impulsively, use them rarely and then repeat the cycle. Meanwhile, that money could have been working for them in investments. 'Wealth creation comes down to one word: discipline,' he said. 'The ability to look at something and say 'I'm not going to buy that. I'm going to keep that money working for me.'' This discipline isn't just about avoiding expensive lunches or unnecessary clothing purchases. It's about developing the mental framework to consistently choose long-term wealth building over short-term gratification. 'Not many people have that discipline,' O'Leary shared. 'Wealthy people have that discipline. You meet them later in life, you realize when they were young and had nothing, even the ones that were employees their whole lives that are now financially free had the discipline to say no.' O'Leary's solution is straightforward: automatically invest 15% of your salary before you have a chance to spend it. He's even built an app called Beanstocks specifically for this purpose, though he says there are many similar tools available. 'If you're making $70,000 a year and you put 15% aside from when you're 25, you'll have over a million and a half dollars if you just invested it in the stock index in the S&P 500,' he explained. 'That's what history has told you.' The key is automation. Removing the temptation to spend that money by having it invested before you ever see it. O'Leary's investment philosophy comes directly from watching his mother's success. She followed simple rules that anyone can implement: Never more than 5% in any one stock Never more than 20% in any one sector Focus on dividend-paying stocks and bonds Never spend the principal, only the dividends and interest 'When I saw the results, I said 'That's it. That's how I'm going to invest for the rest of my life,'' O'Leary recalled. Her performance over 55 years 'was extraordinary' and 'beyond any hedge fund.' What makes O'Leary's criticism so pointed is that he understands that the compound effect works both ways. Just as money invested early can grow dramatically over decades, money wasted on unnecessary purchases represents not just the immediate cost, but all the growth that money could have generated. Someone spending $28 on lunch regularly isn't just losing that money — they're losing decades of potential compound returns. Over a 40-year career, those lunch splurges could easily cost hundreds of thousands in lost wealth. O'Leary's message isn't about living like a miser or never enjoying life. It's about being intentional with money and understanding the real cost of spending decisions. Every dollar spent on something unnecessary is a dollar that can't compound and grow over time. 'There's so much stuff you don't need,' he said. The wealthy understand this principle and act on it consistently, while others remain trapped in cycles of consumption that prevent them from building real wealth. For O'Leary, the path to financial freedom is clear: Develop the discipline to say no to unnecessary purchases, automate your investing and let compound growth do the heavy lifting. Those who master this habit build wealth. Those who don't stay poor. It's that simple (and also that difficult). More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Hybrid Vehicles To Stay Away From in Retirement The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on Kevin O'Leary: This One Common Habit Is Keeping You Poor