Ouch! That shooting pain is our bruised and battered finances lurching into the new reality.
While you’re waiting for the current economic mess to clear, you can work on creating a better financial picture for yourself.
J.D. Roth can show you how to get smarter about your money. Roth faced a defining moment when the frustration of being deep in consumer debt inspired him to plan and document his progress toward financial stability online. His blog, Get Rich Slowly, was selected by Money Magazine as one of the best money blogs of 2008.
His financial philosophy is “few people get rich quickly but almost everyone can get rich slowly.” Roth shares personal financial stories about debt, saving, and investing, and offers 12 key beliefs that are the core of his Get Rich Slowly philosophy.
Admittedly, this may not have given him mathematically optimal results, but the fact that he was able to eliminate the smaller debts in a series of quick victories, provided the psychological boost that kept him in the game.
Financial gurus and financially savvy amateurs weigh in with guest posts. Get Rich Slowly readers get the benefit of Roth’s careful editing of the massive amounts of available financial advice.
One recent guest post by Leo Babauta of Zen Habits,
How to Replace Bad Financial Habits with Good Ones, seems particularly relevant. Babauta presents what could be called a financial detox plan.
Our financial habits have different triggers and to make changes, you have to pin point what induces you to spend money.
Triggers can be superficial or emotional, and it’s common to have more than one. Once you know what the triggers are, you start to intercept them with positive habits, and create new habits that support your financial goals.
Babauta advises focusing on fixing one bad habit at a time to increase your chance of successfully breaking the habit; which validates one of Roth’s idea, namly that “money is more about mind than math”.