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Second Look Sundays (Weekly Blog Roundup) – Nov 19 2017

Second Look Sundays (Weekly Blog Roundup) – Nov 19 2017

NOVEMBER 19, 2017     AUTHOR: SHAUN

This week I recap the importance of containing your expenses, explain the true cost of debt and highlight why money should be used to create a legacy


Welcome to this week’s edition of “Second Look Sundays” – a recap of my favorite money-related posts of the week.  It’s a chance for me to lay-low for a day, and highlight some other fantastic folks! 

Whether new, or just new to me, these posts caught my eye, and I wanted to share them with everyone. 

Check back weekly to see what’s on deck!

Happy Sunday!

-Shaun

1) WHY A HIGH INCOME DOESN’T GUARANTEE YOU’LL RETIRE RICH

By:  Club Thrifty & The Simple Dollar

Read Time: 6-7 mins

Summary & Why I like it: In this post, Holly highlights the importance of saving and containing your expenses.  Through a series of seven examples, she shows us that gaining more income doesn’t always translate into building more wealth.  I liked how she addressed a serious issue with our culture head-on.  In a world hampered by debt and spending beyond its means, it’s essential that we be real about these challenges.  In this article, she really pulled out some useful examples that everyone can learn from… Definitely a good read!

Favorite quotes: 

“More money can help you get ahead financially for sure, but it’s what you do with the money you have that has the greatest impact.”

“While earning a lot can absolutely help you build wealth faster, keeping your expenses low is the other side of the cash-building coin. Avoiding debt, buying a house you can actually afford, and avoiding common money pitfalls like huge car payments and expensive hobbies can take you just as far as earning more than your peers.”

“No matter how much you earn, tracking those dollars is crucial. A high income can leave you with more wiggle room, but it shouldn’t be used as an excuse to buy whatever you want and fly blind.”

Related posts:             

By:  Apathy Ends

Read Time: 3-4 mins

Summary & Why I like it: In this post, Chris takes the time to highlight a money concept called “opportunity cost.” It’s a pretty important one in the world of finance. Through a straightforward example, he shows us that when it comes to money, there are always trade-offs. You can save it, you can pay off a loan, or you can invest it. Each option has its own set of pros and cons. The key to all of this though is to make the right decision that puts more of your hard-earned money back in your pocket. In this post, Chris sheds light on the fact that high-interest debt is a serious problem.  He shows us that in a lot of cases it should be our #1 priority to pay it off. I like how Chris was able to break down the topic into simple and digestible nuggets. I also like how he provided some personal examples to help make it “real.” Overall, I think this is an excellent read for those struggling with debt, or unsure whether to pay down debt or invest.

Favorite quotes: 

“When you are hurting for cash, realizing you are wasting so much money is a powerful motivator.”

“We are busy, and when that bill comes in the mail every month we look at the short-term cost of debt… But I challenge you to look at the bigger picture. What we should be asking is: How much is this debt costing me over the life of the loan?”

Related post:  The high cost of waiting to invest – why are you waiting?

By:  Tub of Cash & Budgets are Sexy

Read Time: 3-4 mins

Summary & Why I like it: This post blew me away. Really, really, really solid. In this guest post, Tim highlights the realization that there’s more to life than just money. He frames out an idea that money itself shouldn’t be our end goal. It serves no purpose beyond our lifetime. Instead, we should use our money to help support a more significant and more sustainable “greater good.” He provides some personal examples that make the story very “real.”  Overall, I think this is an excellent read for EVERYONE. It has received a ton of great feedback online, even being featured on Business Insider. I could go on and on about it, so just check it out!

Favorite quotes: 

“At the end of the day, when I’m in my coffin being lowered down into my grave: all the money in my bank account, my IRA’s, my 401K’s, my taxable accounts – they’ll all mean nothing. I’d be as dead as every other person in that graveyard. No different….So here’s what’s important: Legacy.  It’s what lasts!”

“I want to create an impact on the world, an impact on society, in our communities, all over the globe! I want to create businesses that employs tens of thousands of people!”

“It’s never too early to start thinking about your legacy. Tomorrow is not guaranteed. How do you want to touch the lives of others? What enduring legacies do you want to leave behind to your children, your community, your loved ones?”

Related post:  Want to feel wealthy?  Give your money away

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