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Four Questions to Help Demystify Your Relationship With Money

https://www.nytimes.com/2020/09/11/your-money/four-questions-money.html

nytimes.com

Four Questions to Help Demystify Your Relationship With Money
An author seeks to prompt critical thinking about money and the status and power that are accrued from it. Several experts offered their own take.

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It is OK for you to have money

It is OK for you to have money

No matter how much money you have, there is a risk of social comparison. It can cause people with money to do less than they could.

Instead, it would help if you asked what meaning a life of wealth should have. Our responsibility and opportunity are to make the world a better place.

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What living well means to you

Most people start by listing the superficial trappings of living well - homes, cars, trips. But when people are allowed to think further, they realize they want those things with good friends, or good family relationships.

Considering what living well means guides your choices. It gets people to think about how they want to be involved in the world.

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The No. 1 job you want money to do

Michael Liersch, head of advice and growth strategies at Wells Fargo Private Bank, points out three questions to ask:

  • What is the No. 1 job you want money to do?
  • Do you feel that you have enough?
  • Who should be involved in these conversations?

These conversations set the stage to get answers and ideas to discuss.

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How money connects you to other people

When money is a barrier to connecting you with other people, it is a problem.

Our silence around money makes it more powerful than us. For example, if you are not invited to an event because your friend is afraid you want the expensive seats. The ability to talk about money can clear potential problems.

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SIMILAR ARTICLES & IDEAS:

Money: a store of productive time

Money: a store of productive time

We're commonly told that money is a "store of value," meaning a storehouse of past effort to use for future purchases. Really, money is a store of (productive...

Wealth: an abundance of time

When we notice the relationship between money and time, we realise that wealth isn't necessarily an abundance of money, but an abundance of time. When you gather a lot of money, you collect a large store of time which you can use as you want.

Financial independence is then geared to having saved enough, so you're no longer required to work for money. Yet, many people spend so much time gathering stuff but don't set aside anything for the future.

Material things and the value of time

An irony of modern society is that many people work more to have more money to buy more stuff, but because they have so much stuff, they need more money, which means they have to work more, which means they have less time. To escape this vicious cycle:

  • Deliberately reduce your spending below the level needed to maintain your lifestyle.
  • Spending less helps fund your future. Living with a lesser lifestyle means you don't need to save as much for retirement.

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Self-Made Millennials

Millennials who claim to be ‘self-made’ get support from their parents and in some cases, enjoy the privilege too, but are reluctant to admit the same. They have to show the world that they are abl...

The Truth About Millennial Money

  • It’s important to share your real struggles, support and fundings once you find success, or it gives a distorted and false impression to those struggling without any resources. There shouldn’t be a stigma attached to getting help from parents and spouses.
  • It’s imperative to have transparency about money and understand that in any structure of privilege, the people at the top have to take into account what it means to people below them, who are struggling with meagre resources or a network of supporters.

Added Sugar vs. Natural Sugar

Added Sugar vs. Natural Sugar
  • Added sugar is unfriendly to our health. It can be found in most food products we come across. It is absorbed by the body quicker unlike natural sugar.
  • Processed food is d...

Avoid Grapes and Bananas When Cutting Down On Sugar

Bananas and grapes are delicious fruits but they contain high amounts of fiber and natural sugar (fructose). When we eat these fruits it can give us a sugar spike or commonly known as sugar rush.

You can still eat them but eat them sparingly and try other variants of fruit instead.

Low Sugar Diet and Dried Fruits

If you're opting to go on a low sugar diet, dried fruits may not be the best suitable choice for you.

Dried fruit is a great snack as long as you're aware of how much of it you are eating. It's packed with nutrients but the drying process removes the water and concentrates a lot of the sugar in a small bite.