Ideas on Personal Finance
Delayed gratification is the most important trait for financial success. To delay gratification is to resist the temptation of immediate pleasure for future benefit. Nature has wired us to seek instant rewards and not worry about tomorrow. Modern consumerism culture and advertising make it almost impossible to resist the temptation to spend money. However, numerous … Read more
Here is an interesting thought experiment – would you switch places with Warren Buffet? When I ask this question, people say – Yes. After all, who would not want to be a multi-billionaire? But in addition to being rich, you will also be 91 years old. When given this information, almost everyone changes their answer! … Read more
The 5 Chimps Theory states that you are an average of the five people you spend the most time with. Like it or not – you are greatly influenced by the 5 people closest to you. Most of your conversations are with these people. They affect your mood and drive your behavior. They influence your … Read more
In a world that glorifies busyness and celebrates productivity, I recently embarked on a daring adventure – I did absolutely nothing for a week! As a consultant, I was always focused on productivity and getting things done. So ‘doing nothing’ was particularly hard. But the holidays offered a great time and excuse to try something … Read more
“My Gamestop shares are down 50%! What should I do?” I was recently asked this question at a pizza party. I gave the only answer a consultant ever gives, “It depends.” “Depends on what?!” the host asked. “On whether you bought Gamestop as an Investment or for Gambling?” Seeing the quizzical look, I decided to … Read more
The American Dream is a long-standing belief that everyone can become successful and move up in life. However, almost two-thirds of Americans think that the American Dream is dead! And this is not just an American phenomenon. Globally, more people are pessimistic about the future than ever before. There are several factors behind this – … Read more
“Why is Finer writing about Gratitude?” you might ask. “Isn’t this is a personal finance blog?” Yes – this is a personal finance blog. But over the years, I have realized that the ‘personal’ aspects of ‘personal finance’ are more important than the ‘finance’ part. The finance part is straightforward and math-driven, whereas the personal … Read more
Around 2011, I first became aware of Amazon – I had recently become an Amazon Prime member and was impressed by Amazon’s fast delivery and customer service. I wondered if I should invest in Amazon stock… Amazon: A very expensive stock The prevailing opinion at that time was that Amazon (around $150 in 2011) was … Read more
Inflation means things get more expensive. We are seeing everything go up in price – from everyday items like groceries to cars and houses. Inflation is like the weather – everyone loves to talk about it, but no one can really do much about it. Governments worldwide, all-powerful central banks, and business leaders are all … Read more
The Millionaire Next Door is a book written by two authors based on their interviews with several millionaires. It details the common traits of millionaires and contains anecdotes from the interviews. Although the book is a bit long and a bit dated, it is a must-read for all personal finance enthusiasts. Many books talk about … Read more