Everyone wants to become a professional stock trader. Those who are skilled at trading make a decent profit without losing too much money. For the safety of the trading capital, you must follow a strategic approach and take the trades with proper discipline. As you gain more experience with this market, you will slowly learn to avoid the most common mistakes in the stock trading business. Sadly, the new traders in Hong Kong don’t even know what their mistake is. They are using the most aggressive method and trying to earn huge money without knowing about the key steps to take the trade. For this reason, some of them even blow up the account. Today we will teach you to avoid some of the common mistakes in the stock trading business. [Read more…]
Why is No One Talking About Shopping Addiction and Bankruptcy?
There is no doubt that your finances can have a hefty toll on your mental health and vice versa. I have been talking to more people about their money for the blog and just to make talking about finance a norm with friends and family. While discussing personal finance with them, I’ve noticed something many people aren’t talking about: the correlation between shopping addiction and bankruptcy.
On an even broader note, many people don’t seem to notice the correlation between mental health and finance either. But don’t be fooled. Both addiction and mental health can have a profound impact on your financial situation and leave you stuck.
A Correlation Between Shopping Addiction and Bankruptcy?
I know a few individuals who have filed for bankruptcy. That is absolutely terrifying to me, but for many people who have filed, it doesn’t seem to phase them a bit. In fact, almost all of them have open, recurring debts for things they don’t really need. Programs like Afterpay and Klarna have only exacerbated this issue.
Even though they have filed for bankruptcy, which means they are holding much more debt than they could ever pay off for the foreseeable future. This has to be proven with documentation and, even then, you still may have to forfeit assets and pay off debts for another five years before they are erased.
However, filing for bankruptcy is doing nothing for the impulse control disorder that leads to compulsive shopping. For individuals with these control problems, bankruptcy offers them a clean slate to shop even more with new credit.
Are You a Shopping Addict?
While it is not formally recognized as a mental condition, shopping addiction is a real problem for many people. Luckily, it is manageable with therapy and direction from professionals. You may have a shopping addiction if any of the following applies to you…
- You spend a lot of time thinking about shopping and planning purchases. We aren’t talking about meal planning and budgeting here.
- It becomes evident that shopping interferes with other parts of your life (i.e. your financial future).
- Whoops! You go over your budget fairly often and rely on credit regularly.
- Your debt and finances as a whole are just entirely too complicated.
- There are secrets you keep about shopping.
- You have found that shopping gives you an almost euphoric high.
If you find yourself agreeing with more of these than not, you may want to seek help in getting your spending habits under control. You can also attend anonymous groups for addiction that allow you to connect with others who have gone through similar situations. Once you have a handle on how to change your habits, create a plan to move forward with paying off your debts.
This will ensure you break the cycle of shopping addiction and bankruptcy.
Mental Health and Personal Finance
Shopping addiction isn’t the only mental health issue impacting personal finance either. Addiction in general can have a wicked effect on a person’s finances. Additionally, mental health conditions, such as depression, anxiety, and cognitive disorders can also have a serious impact on the way you spend, save, and accrue debt.
In general, poor mental health can make it extremely difficult to manage and even earn money. Then, once you realize your finances are not in order, your anxiety about your money will just increase. Things can quickly start to seem overwhelming, even impossible.
Final Thoughts
All of these things can be helped, can be treated, and need to be talked about. The problem is, many people want to skate around the issues with bandaids or temporary fixes. That is why this week I’m asking why is no one talking about shopping addiction and bankruptcy?
Talk about money, debt, mental health, and hard issues with your close friends and family. Removing the stigma around these topics can help everyone heal and do better.
As always, if you or a loved one is suffering from substance abuse, addiction, or mental health issues, call the National Mental Health Hotline at 1-800-662-HELP (4357). They can help direct you to professionals that can better assist in dealing with the problem at hand.
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It’s Okay to Call It Quits
If you have been following the blog, you know our move to Atlanta has been less-than-kind to us. From the job we moved here for going out of business to relocating again within the city to the craziness going on everywhere in the world, our fight-or-flight instinct is kicking in and everything in us is saying flight.
What Now?
That being said, we’ve decided to move again to somewhere cheaper and somewhere that has been calling to us for a while: The great state of Tennessee.
We’ve made it a personal goal to be moved by the end of the year. Currently, Chattanooga is looking like the top pick, though we have looked farther north in Eastern Tennessee as well. After doing some research, the cost-of-living there is much less and our taxes will be lower there, with us both being self-employed.
On top of that, the move all-around will buy us some happiness. We have always loved Tennessee and the mountains. Not to mention, we would be able to leave Atlanta behind and truly get a fresh start, with better financial prospects on the horizons (seriously, at least $400 in savings in rent per month alone). At the same time, we will only be about an hour and a half from our new friends here in the city.
It’s Okay to Call It Quits
I’m not going to say calling it quits doesn’t suck in some ways. It definitely does. We moved here in March of last year with stars in our eyes, thinking Atlanta would be life-changing for us and bring new opportunities. It just hasn’t been what we thought it would be or what we needed it to be.
You know what? That is okay.
What isn’t okay is continuing on in a place and mental space where you are mentally drained constantly. So, if your sanity relies on it, and (in our case) your finances also benefit from it, it is okay to call it quits. You aren’t a failure. This experience, place, thing, plan wasn’t for you.
Lessons Learned
Before we do move, we have discussed some overall lessons learned from this…
- Don’t move anywhere that you’ve never spent time. At least go check it out for a weekend before making the decision.
- Just because you can afford it doesn’t mean you should do it. This is especially the case with housing – we are overspending in Atlanta in a huge way.
- Don’t be afraid to say no and also don’t feel like you owe anything to anyone. A lot of our problems here in Atlanta were due to us giving loyalty to people that didn’t deserve it.
Final Thoughts
This can be a hard thing to swallow, especially when you have put a lot of time and effort into making something work. However, it applies to just about everything in life: relationships, jobs, situations. It doesn’t make you a quitter or a failure. It means you know you want something different.
One thing we are both looking forward to is what this move will mean for us in terms of our debt freedom journey. I can’t wait to keep you updated on preparation for the move and how we continue to tackle our debt in the months to come.
Readers, have you ever moved to improve your lives financially or otherwise?
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How Many Days Till Baby Comes Home? 9 Must Haves for New Moms
3,664,292 babies were born in the United States in 2021 alone. If you’re about to start the journey into motherhood, know that you don’t have to go it alone.
Millions of women across the country are dealing with or have dealt with the challenges of motherhood. And they have excellent advice and tips on the best products for new moms to make your experience easier.
Checking In With Yourself After The First Week Of The Year
Can you believe that we’ve already seen the first week of 2023 come and go? For many people, this is a hectic week. You’re getting back into your work routine after taking a break for the holidays. Most of the time, it is the same week your kids are headed back to school. The traffic is crazy. Life is crazy. Yet, we put these additional goals and resolutions on our plates. That’s why checking in with yourself is the best thing you can do to stay on track with your annual resolutions.
Why Checking In Is Important
There are a plethora of reasons why checking in with yourself is important, especially when it comes to goal-setting. Believe it or not, if you don’t check in on yourself, and your mental and physical health, you won’t reach your goals. More important than that, you can pinpoint why you set those goals and how the process makes you feel.
For instance, one of my goals is to lose weight this year, like many other people. In the past, I usually fasted, cut out large food groups entirely, and went about things in an unhealthy way. Of course, I started to try and do that again this year. After checking in with myself, I knew it would not be healthy to start the year out with an extended fast. Instead, I’ve focused my time and energy on making and eating healthy meals at home this week while cutting caffeine and sugar.
Checking in allows you to step back and assess everything from how you feel to how achieving your goals will make you feel. Most of all, it ensures that you are okay every step of the way.
How To Check In With Yourself
If you’re not sure how to check in with yourself, don’t worry! There are plenty of things you can do to check in and see how you’re feeling. Here are a few things I do to unplug and check on myself.
- Journal. Writing things down is a great way to get them out of your head. For me, it is a good idea to write down the things that are on my mind or the things that are worrying me/weighing me down. It allows me to get those thoughts out of my head and onto paper.
- Practice self-care. My favorite form of self-care is a nice hot bath with a good book. This allows time to unplug and check in with my body. Plus, reading is a soothing activity for me.
- Assess whether or not I’m overwhelmed. I’m ambitious and I like to set a lot of goals for myself. However, this can be more detrimental than it is good. Sometimes I need to take a step back and assess whether I’m overwhelmed or not and decide right then and there what can be taken off my plate.
- Take it one day at a time. This is the best advice anyone can give you! Some days are going to be great, you’ll make fantastic progress and work on all the good habits you’re trying to build. Other days, it’ll be great to just get out of bed and feed yourself. That’s okay too.
- Do something that brings me joy. Whether it is hanging out with a friend, curling up with a good book, or just a mug of hot tea, find something that brings you joy and do that thing. It is a great way to check in and give yourself a good mental health boost.
How often are you checking in with yourself and making sure you’re okay?
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Birthday Reflections: How We Measure Success By Age
January 29 is my birthday. This year, I’m turning 28 years old and there is a lot changing in my life all at once it seems. Every year, I take some time to do birthday reflections and consider how far I’ve progressed in the past year. I note things I accomplished, things I enjoyed, things I’d do again (and things I wouldn’t), and how the year went. It is also a moment to reflect on what I’d like to do in the year to come.
My Birthday Reflections
This year, my birthday reflections looked a little different. I’m sure many people looked back on the year 2022 and thought, “worst year ever.” In many ways, that was true for me. There was a lot of stress. I didn’t meet all of my goals for the year. But, like many people, I kept going and kept things afloat (somehow). In 2022, I took better care of my health and took more time for self-care as well. That is something I’m proud of.
Financially, 2022 was not the greatest. There were several large emergencies that crippled us. Family emergencies seemed to pop up every other month and then we rounded out the year with a four-hour move back to North Carolina.
When it comes down to it, the year ended in a way that helped improve our lives in a big way. I hope to continue growing positively as a family this year as well.
Why You Shouldn’t Compare Yourself to Others
It is truly a mistake to measure your success against others your age. There are a lot of factors that impact how you have progressed through life. For instance, you may have had to battle serious financial struggles or mental health concerns. Not everyone your age has had to deal with those things.
On the same note, not everyone has the same long-term goals as you do. A friend of mine was speaking about graduating with her doctorate soon. She’s been working nonstop to achieve that goal but feels behind when she compares herself to her peers. Many of us have graduated and gone on to pursue careers six years ago. However, none of us will have the honor of being called a doctor. While we’ve been working to rent apartments and pay off student loans, she’s been making her dreams come true.
What I’m trying to say is if birthday reflections or self-reflection, in general, are part of your life, consider your own personal goals rather than what your peers are doing. True happiness will stem from achieving those personal goals.
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People Rarely Take Their Own Advice
As we’ve made plenty of decisions about our lives and finances, many people have offered up words of wisdom to help us get through. However, something I’ve noticed is that people rarely take their own advice. In fact, when I think about it, it may even go back to the age-old saying my own mom recited to me, “Do as I say and not as I do.” But why is it that people seem to be able to offer up advice that they themselves can’t take (or at least can’t seem to adopt in their own lives)?
The Truth Behind It
Most of the time when people offer up their shining advice on a silver platter it is something they rarely do (or have ever done) themselves. When it comes down to it though, it is simply hard to be your own advisor. Your emotions and additional internal knowledge will cloud your judgment and lead you to make decisions that you, perhaps, would not recommend to anyone else.
More simply put, when you are not in the middle of a problem, you are better able to look at the issue objectively without all those pesky, irrelevant details. A blog post from The Cut outlined one specific example of when people talk about health issues. When we discuss health problems with someone else, we almost always suggest they get a second opinion. Once your doctor’s appointment arrives though, many people neglect to ask for a referral for a second opinion.
Why? Well, most people say that they don’t want to offend their doctor. This is something irrelevant to the actual decision at hand. When you are on the outside looking in, it is easier to look at it objectively. The same can be said of career advice, hair advice, and pretty much anything else.
Will You Take Your Own Advice?
Even I am guilty of doing this. I push the debt snowball (which I still haven’t nailed down for our family). I write on this blog every week while my finances are still not in tip-top shape, but the advice I am able to give here is from my own personal experiences. Even if I’m not taking that advice right now, per se, they are things that have helped me.
Any time you are looking at someone else’s situation, it is easier to really see the big-picture view. Having that same view when it comes to your own life is hard. It is easy to get hung up on the small stuff. But, when it comes down to it, it is all small stuff – so don’t sweat it.
When you consider offering up advice to someone, solicited or unsolicited, think about whether or not you follow that piece of advice yourself. Or, maybe, more importantly, think about whether you should be following those words of advice. Chances are, you are telling them something you need to hear too.
Readers, do you have trouble following your own advice, even when it is good?
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How to Keep Up With Your Resolutions
A lot of people spent time reflecting on last year and setting fantastic goals for 2023. While we didn’t set any hardcore New Year’s resolutions this year, many people still did. The biggest triumph of all though is being able to stick to your plans and reach those goals throughout the year. Below are a few tips on how to keep up with your resolutions (even when you lose steam).
Setting Reasonable Goals
First and foremost, it is key to set reasonable goals for yourself. If your aspirations are too lofty, you may wind up running out of enthusiasm early on. Instead, focus on more obtainable, smaller goals that will help you reach the longer-term aspirations that you may have.
When setting personal goals, it is important to have a “big picture” in mind. For instance, if you are setting a debt payoff goal for the year, think about all of your financial goals, not just your debt freedom. If you want to invest, save money, and buy a home, be sure to include those things in your planning too. Be sure you are setting reasonable goals for yourself within the grand scheme of things.
Another thing many people suggest is setting SMART Goals for yourself. We discussed SMART Goals on the blog a while back, you can read more about them here. SMART Goals can help you hone in on the specifics of what you’d like to accomplish, when, and how.
Tips to Keep Up With Your Resolutions
If you find you have trouble trying to keep up with your resolutions, you’re not alone. A lot of people abandon those dreams by the end of January (seriously). However, there are a few tips you can consider to help better set you up for success.
- Keep your goals specific. As mentioned above, the more specific you are in your goal-setting, the more likely you will be to reach them.
- Make exact plans as to how you will accomplish it. You won’t reach your goals if you don’t have a plan of action.
- Plan for how you will cope and learn triggers. Much of the time, resolutions are about resolving bad behaviors. You should learn your triggers (i.e. spending triggers) and figure out how to cope without giving up focus.
- Replace bad habits with good ones. If you are an over-spender, become an over-saver.
Last but not least, pick a change you actually want to make. Many people spend time trying to reach goals they don’t truly desire. For example, people strive to live healthier lives and at the beginning of each year commit to exercising every day. That isn’t something most people want to do. Instead, you can find ways to live a healthier lifestyle (i.e. make time for outdoor activities and eat better).
No matter what, it is important not to lose faith in your goals and aspirations. Everything takes time, especially when it comes to lifelong goals. Be patient with yourself.
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The ‘Feel Good’ of a New Year
Most of us were ready to kick 2020 to the curb at midnight on December 31st. While 2022 definitely was not our best year, it certainly wasn’t our worse. We have so much to still be thankful for in this world and now we have even more to look forward to in the new year.
The new year brings hope to many people. It is a fresh start, endless opportunities, and all of that, right? But what about when the “feel good” of the holiday season wears off and you’re stuck here, in March, with none of the same optimism you had before? What then?
This year, I’m looking for ways to renew that “feel good” of the new year every day.
Why Tomorrow Always Seems Better
As a chronic planner, tomorrow always seems like a better opportunity or day to get things done. Why? Because then I can plan, or really daydream, about everything I’ll get done and how perfect it will be. News flash – nearly nothing works out that way.
In high school, we read The Great Gatsby in class and examined a very similar theme: the idea of something is always better than reality. This is true of many things (in Gatsby, it was The American Dream). My teacher at the time made a connection that has forever stuck with me though. It is like when you wake up on Thursday and all day Thursday you are looking forward to the weekend. It has been a long week, you’re ready to let loose. Once the weekend arrives though, we rarely do all the things and plans we set out to do.
Tomorrow is always where we seem to place the best of what is to come.
Today is the Day in the New Year
This year, I’m attempting to extend the “feel good” of the new year to each day by treating each day as a new opportunity. I’m not a morning person so I can’t say my feet will hit the floor with joy each day, but they will hit the floor with purpose.
Many of us, myself included, could adopt this mindset when it comes to our finances as well. Think about it: if you wake up and decide “today, I will pay $100 towards my debt,” and you do it, you will be that much further along. Instead, much of the time, we put things off until the payment date or until we can pay in full.
Get what you can get done today done and remember tomorrow is yet another opportunity to do even more. This is what will help me (and hopefully you) extend the “feel good” of the New Year beyond the first week.
Readers, we hope you have had a safe and healthy holiday season! What resolutions are you making this year?
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More Money, More Problems?
The Notorious B.I.G., or Biggie, once said “more money, more problems.” For Biggie, that rang true in many ways, but most of us “everyday” people think to ourselves. More money would probably solve 90% of my problems. However, it is true. The more money you make, the more problems you’ll have to solve.
Why We Need More Money
In my case, we have to push to earn more money to solve our problems. We’ve had a lot of unexpected expenses recently. Doctor’s visits, car repairs, and buying health insurance have had us pinching pennies for several weeks. Our fix? Well, make more money, of course.
Many people in the personal finance space tend to say, “No, you don’t need more money, you need a tighter budget” or “You need to pay down your debt.” While these things are absolutely true, our cost-of-living for our family is increasing. Here are some of the recent (expected and unexpected) costs we’ve encountered.
- Two out-of-pocket doctor’s visits: $500
- Purchasing health insurance: $278 (and $278 recurring cost)
- Oil change on the car: $106
- New tires on the car with alignment: $550
There are some more repairs needed on the car in the near future as well. As you can see, we’ve had well over $1,000 in recent expenses and these are only continuing to pile up. So, we’ve been looking at ways to earn more money.
Hubby Got a New Job
Our biggest “win” as far as earning more has been my husband landing a new job. He has been contemplating whether or not he wants to go back to work in a shop or not. After moving back to North Carolina from Atlanta, he decided to focus on looking for something car-related but not as a mechanic.
He landed an awesome gig writing about cars and working from home. It has been about two months and he has been published multiple times now. Eventually, he would like to expand to car reviews, videos, and podcasts, but this is a great start. What’s even better is it pays really well, so we are going to be able to afford all the repairs coming up and my health insurance each month.
We are also going to need new computers soon (both of ours are on their last legs). Luckily, we both have some flexibility in our earnings and can push to make more when we need it. So, in our case, more money will solve a lot of our problems.
I still love the Biggie song though…
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