Does Personal Finance Ever End?
Jan 26th, 2010 by Carlos
It’s not a trick questions: the answer is yes.
The tenets of personal finance are pretty simple: spend less than you earn, contribute to a retirement account or two, pay down your debt as fast as you can, and pay your credit card in full every month.
The rest is just details. And sure, there are a lot of details. I would know—I’ve been writing about them for three years. But once you have a grasp on the basics, you’re good to go.
So what happens after you’re done mastering the basics?
Three years ago, I had a lot to say about personal finance. It was exciting and empowering to take control over my finances and try to make them as efficient as possible. And I have.
Now I’m bored. I don’t care about extracting any more out of my budget. I’m all extracted out.
I’ve spent all my time on the spending side of my balance sheet and now it’s time to focus on the income.
That’s why I like Ramit’s IWillTeachYoutobeRich—that’s where his focus is and it’s a subject I think is really lacking on personal-finance sites. Growing your income gets mentioned every so often, but typically doesn’t go beyond diversifying your income.
It’s been said a thousand times: you can only squeeze so much out of what you’re making until it’s time to make more. And right now, that sounds a whole lot more exciting than finding more ways to cut my budget.
I’m eating sandwiches for lunch, using my library card for books, and using a straight razor to shave. I feel like I’ve squeezed enough.
From now on, look for more about making more money on The Writer’s Coin. I’m done squeezing.
Image by Andrew Mason
Yes.
My wife and I have no student loans and no credit card debt; just a house loan that is somewhat affordable, yet, we still wonder why we seem to be having a hard time saving. (Two kids under 3 probably has something to do with it.)
I’m looking forward to your posts.
I hate to disagree with you but unless you get as wealthy as Bill Gates you will always have tough financial decisions. Money for most of us will always be in limited supply. Even deciding when to pull the plug or buying a casket can be an unpleasant financial decision.
Daddy Paul: I know what you’re saying, but my point is this: once you “get” the basics, you can carry those on to all future aspects of your life. But focusing on making more money is where you should spend the bulk of your energies once you’ve figured the basics out.