How to achieve a 70% saving rate of your income

The origin of the 70% saving rate In the financial planning world, there is a consensus that everyone should have a saving rate for their income. Where there is deviation is the question of how much. More precisely, what percentage of our income should we save? The latter question is more difficult because it depends on how long we anticipate living and how much we will need to spend in the future. The amount we anticipate spending in the future,
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Presents: when others don’t co-operate

Presents is one of those practices that fit the saying “Damned if you do, damned if you don’t.” People used to love receiving presents. Remember The Sound of Music song about brown paper packages tied up in strings? But now it is a common problem for parents in developed countries. If we allow people to bring presents to a birthday party, we have to deal with the storage and environmental problems of receiving too many presents (damned if we do). If we
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Discomfort: Getting comfortable with it

People are creatures of comfort and habit. We don’t like to do things that brings us discomfort. So we procrastinate and sometimes avoid the uncomfortable thing altogether. Neither of these actions achieve anything except delay what is inevitable. Actually, that’s not true. It does achieve something – not tackling the uncomfortable task leaves us feeling somewhat incomplete. There’s a nagging feeling we have not done something we need to do. We constantly think about the incomplete uncomfortable task that we
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Minimalism: good money habits from minimalist principles (part 2)

This is a continuation of the original minimalism post (part 1). Minimalist principle #4: Make it before you buy it I like the creativity of this minimalist principle. I grew up with the ‘just go out and buy it’ solution. It’s easiest because there is no need to think about the solution. Instead, we reserve our brain power to do something more useful. This solution works when we have little problems. Little problems require little solution. But when it’s a big
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Money advice to the next generation

[This post is part of the #WomenRockMoney Movement, a large group of female personal finance bloggers who have come together to inspire more women to learn about money. If you have money questions, or want support for your financial goals, learn more about how you can join us at the movement homepage. I hope to see you there!] The best way to know you’ve learned something is to teach it to someone else. I am currently on a journey to teach
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