Some Financial Advice Stands the Test of Time
Time has gotten away from me and my blog content is due to Catherine, my amazing social media whiz (www.socialseedmarketing.com). So, I’m taking a page from Dear Abby and re-running some old blogs this month in hopes that you forgot them and they seem new to you again!
In the May, 2015 print edition of Money Magazine, there was an article called 101 Ways to Build Wealth. These list-type of articles come around often and say many of the same things, but I did find a few of these interesting:
Timing is everything.
“Tip #15: Don’t Tend to Your 401(k) After a Rough Day at Work. You save more when you feel powerful, even if it’s for a quirky reason. A recent study in the Journal of Consumer Research found that people who had just answered questions while sitting in a tall chair were more likely to save money than those on a low ottoman. Consider reserving your major financial chores for ‘up’ days when you are feeling in command says study co-author Anne Kathrin Klesse.”
Location, location, location.
If you are looking to buy a house, pay attention to Tip #47: Look for a nearby Starbucks. “Homes within a quarter-mile of Starbucks doubled in value, whereas the average home in the US appreciated 65% from 1997 – 2013,” according to Stan Humphries, chief economist at Zillow.
This last tip I picked because it backs up something I’ve said in previous blogs. Tip #71 says to “Keep Calm and Carry On” with your bond investments in the face of rising interest rates. “Even if this happens, it’s no reason to flee fixed income. Much of the drop in bond prices will be made up by the higher yields your funds will earn on newer bonds.”