10 Reasons Money Isn’t Everything – Or Is it

10 Reasons Why Money Isn’t Everything

 

Money Can't Buy HappinessIs money what it’s all about?  Have you ever wondered after your or your partner – or both of you spend at least eight hours a day working, striving to earn a decent income to support your family, provide for your needs, and (hopefully!) have something left over to fulfill a few desires,  – if this is it? Are we just meant to be money making machines? Well a Rich Mama knows there has to be more to life than just money, so here are 10 reasons why money isn’t everything. Read them, take a deep breath and chill.

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1. Family

 

While money can help your family to have the things they need and want, money can’t give you a family, grow your family, make your family healthy, or even give your family lasting happiness. Family togetherness and love depends on time spent, not money spent. So figure out ways to spend time with your family without spending money together – play a board game, go for a picnic lunch, watch a movie together – at home, play charades.

 

2. Health

 

Sure, money can pay for doctor’s visits and prescriptions, but even the wealthiest folks in the world know that money can’t buy you health. And money can’t replace or remove poor health or disease. Choose nutritious food and go out for a daily walk for exercise. Those two things don’t cost a lot and go a long way to “buying” you health.

 

3. Happiness

 

Money may provide things that can make you happy for awhile, but real, lasting happiness can’t be bought. It’s something that comes from contentment within.  Knowledge and confidence in who we are and a purpose in life is true happiness. Money can’t buy that.  I’ve always felt that money in the bank (not in the new pillows on the couch) is a much better way to provide happiness. Instead of focusing on what you have, imagine the money in the bank, just sitting there – bet that’s a stress buster.

 

4. Faith

 

You hear people talk about their faith in many different ways, and we do have faith in different things, but have you ever heard anyone claim to have faith in money? Probably not. While money may give us a sense of security, it can also fail us, and often does. Money let’s us down. Faith in something greater than ourselves, however, won’t.

 

5. Peace

 

It’s a well known truism that money can buy you a bed, but it can’t help you sleep. While money can provide things you need and want, it can’t alter your state of mind enough that you have lasting peace. That’s something that comes from within and money will never provide it.

 

6. Purpose

 

Regardless of what some may think, money – or acquiring it – isn’t the purpose of life. We are taught early on that the love of money is the root of all evil. It’s important to read that very carefully; the LOVE of money is the root of all evil, not money itself. Money is just a tool with which to build a life. Making money your purpose for living is dangerous. Find a purpose in your life that fulfills you and gives your life meaning.

 

7. Joy

 

While some equate joy with happiness, they are really two different things. Happiness is the bouncy feeling that comes along when something pleasant happens in our lives. Happiness can be as simple as an ice cream cone or a good book. Joy, on the other hand, is a deep-seated contentment that nothing can take away. And money certainly can’t bring joy into our lives. Money is superficial. Joy goes deep.

 

8. Personal Growth

 

Life is a process of personal growth and learning, and while money may provide the opportunity for that growth, it will never be able to provide the growth itself. Learning and growing come from a change within us not from the cash in our bank accounts, or the limit on our credit cards. Constantly learning new things opens our life up to new possibilities, new horizons. Money cannot open up our mind.

 

9. Love

 

Love is truly the greatest gift of life; the love of a child, a parent, a spouse, a sibling, or a friend. Love is what drives the world, and that drive should never be the love of money, but rather love for people. That’s what will bring real, lasting joy. Isn’t that what we’re all seeking? Money can’t buy love. Simply said and very true, indeed.

 

10. Money Can’t Buy Everything

 

While you can buy material things, pay for health care, even “buy” some people, there are things money can’t buy. Money can’t buy family, health, happiness, faith, peace, purpose, joy, personal growth, or love. Look at the hundreds of lottery stories; people who’s dream has come true, they are instant millionaires. Look at what happens to 99.9% of these people and I dare you to tell me that money is the answer to all your problems.

 

Money is a great tool and one that we all need to provide a good life for our families. But money is not the be all and end of life. Money is simply a tool. One that will help fashion life, but not create it. Next time you get caught in the money trap, take a few minutes to remember what in life is REALLY important. Your loved ones will be glad you did, and so will you.

Your Questions About Ways To Save Money In College

Chris asks…

What is the best way to save money for college?

I will be going to college in just over a year and I need to start saving.. What’s the best way to do that? I think I have a problem with spending money.

richmama answers:

I SAVED $4,000 FROM WORKING MY JUNIOR YEAR TILL SENIOR YEAR IN HIGH SCHOOL. I STILL CONTINUE TO WORK PARTIME AT MCDONALD’S WHILE I AM REGISTERED FULL TIME IN COLLEGE.

SO YEA…I PERSONALLY THINK PART TIME JOB IS THE BEST WAY.

YOU CAN ALWAYS APPLY FOR FINANCIAL AID AND PRIVATE LOANS. =]

SAVE YOUR MONEY AND STOP BUYING CLOTHES BECAUSE WHEN YOU GET IN COLLEGE NO ONE WILL CARE LOL…I WEAR HOODIES AND SWEAT PANTS EVERY DAY…LOL HECK MY BEST FRIEND WEARS PAJAMA’S TO CALCULUS (8AM CLASS) LOL

Lizzie asks…

What’s a good way to save money in college?

Is putting refund check in a saving account a good idea? What are some other ideas to save money for college expenses and to have money in my pocket. Anything is good except on-campus jobs since I don’t stay on campus. What other kinds of jobs to people typically work while in college?

richmama answers:

Intern job,ROTC(pay for everything), by the way it might be a good idea to put money in a saving account because when people look at your account they will automatically think you are a rich guy (lots of money in bank) and you will getting less for financial aid(if you eligible).

Linda asks…

what are the best ways to save money while in college in the US? specifics, please!?

anything goes: specific stores / websites that sell cheap stuff; ways to save on food, dorm expenses, etc; where, when and how to shop; where to eat. i would really appreciate specific and detailed answers, thanks a mill!

richmama answers:

Campusbooks.com will compare textbook prices at all different websites (ebay, half.com, barnes & noble) so you can make sure you are getting a good price without going to each individual website. Cut coupons from the paper, shop at thrift stores, go to the library for books & movie entertainment (no cost!) instead of video rental stores, etc.

Sandy asks…

Ways to Save Money in college?

I’m on an army rotc scholarship, which covers room, full tuition, and fees, and $300 a month (goes up each year) and $600 cash a semester for books.

I also get 2500 a year and a freshman book scholarship from the university and i use the 2500 a year for my meal plan.

Some ways i’ve been saving money are….

1) using grocery bags and not buying trash bags
2) Buying the cheap laundry detergent
3) Not eating off campus, and using the “bonus bucks” portion of my meal plan for convenience store items such as milk, lunch, toilet paper, and I’ll soon be buying their laundry detergent
4) taking silverware, napkins, food from the dining hall during dinner
5) selling textbooks that i get new from my scholarship
6) Not buying stuff i don’t need

Any other ways to save or make money for my situation?

richmama answers:

Attend all the “college” or “Job” fairs they have and use the opportunity to collect school supplies. They give away highlighters, pens, pencils, coffee mugs, calculators, post it notes, rulers, tshits, and other stuff you can’t imagine.

Befriend a person who owns a washer and dryer and do your laundry has his/her house.

Garage sales or army surplus for clothes and shoes.

Ideas for Christmas gifts from friends or relatives.
When my baby siblings were in college I would start a “college survival basket” during the month of December. I’d buy a laundry basket, trash can, or backpack and every-time I’d buy a necessity or non perishable food items I’d buy two. Toilet paper, laundry detergent, shampoo, conditioner, toothpaste, Ramen noodle boxes. They really appreciated it, although it took “outside” family members a bit of time to get used to seeing someone excited to get one of those 300 Fluid Oz of TIDE.
Good Luck.

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Do You Have a Compulsive Shopping Addiction?

Do You Have a Compulsive Shopping Addiction?

 

compulsive shoppingIs compulsive shopping ruining your life? An important part of living the good life is figuring out how to have what you want now and still save for the future. Do you find that, even though you want to save, you repeatedly spend way too much? When do you cross the line from spending too much money to  compulsive shopping and spending?

 

Although it isn’t listed in mental health professionals’ Diagnostic and Statistical Manual of Mental Disorders-TR (Text Revision), the fact is that compulsive shopping as similarities to mental health challenges such as kleptomania and even alcohol/drug addiction. It is certainly a recognized addiction in many families.

In compulsive shopping, the behavior of spending money alters how you feel at first. Later, those “high” feelings transform into guilt or self-loathing due to over-spending. Have you ever felt that way? Do you feel that you may be struggling with compulsive shopping?

Questions to Ask Yourself to Determine if You’re Compulsive Shopping

  1. When you spend money, do you experience an adrenaline rush or a “high?” Spending money on items that you need or require is the natural thing to do. However, if you’re shopping and spending just to change how you feel, you could be compulsively shopping.
  • Feeling an adrenaline rush or a sense of excitement and thrill (a “high”) when you shop and spend is a red flag.
  1. Do you buy items that you never end up using? Maybe you have possessions stacked everywhere or taking up a lot of your living space. Or do you place stuff you bought in your closet where you find them later with the tags still affixed to them? It’s a tell-tale sign of a compulsive shopping addiction.
  • Even though you may not have a full-blown “hoarding” situation, collecting things you can’t use could signal you struggle with compulsive shopping.
  1. How do you usually feel? When you aren’t shopping or spending money, do you experience anxiety, feeling down, or “the blahs?” Experts believe that people who are compulsively shopping are seeking the rush to avoid feeling the way they usually do, which is unhappy or anxious.
  • Take a serious look at how you feel much of the time when you’re just living your everyday life.
  1. Do you keep your purchases secret? Do you sometimes avoid being honest with your partner about how much money you’ve spent or even conceal items you’ve bought from your loved ones? Fearing reprisal from loved ones for purchases you made means you’ve probably had such experiences in the past.
  • Compulsive shopping can be tough on your personal relationships.
  1. Can you pay your monthly bills? When it comes time to pay your regularly occurring bills to live (utilities, for example), do you have enough money to cover all your expenses? A high price to pay for compulsive shopping  is struggling to cover your actual bills due to over-spending.
  2. Do you spend more money now than ever before? When looking back at your spending habits over time, do you see yourself progressively spending more and more money with less regard for your budget? Because of the mental health aspects of compulsive sshopping behaviors, compulsive spending tends to gradually increase as time goes by.

 

What Can You Do About Compulsive Shopping?

 

  1. Liberate yourself. The good news is that if you’ve already identified yourself as as someone who compulsively shops, you’re now free to take steps to decrease your spending.
  2. Set up a budget with the help of your partner or a close friend. Seeking guidance from those you trust is important. Vow to stick to your budget.
  3. Avoid temptation. For now, decide to stay out of the stores, off of the online shopping sites, and away from the televised shopping networks.
  4. Work on developing a positive mindset. If you feel better in your daily life, you won’t need to seek the adrenaline rush that compulsive shopping gives you provides.
  5. Consider talking to a mental health professional about your situation. You might benefit from additional therapeutic support from a professional, neutral third party. Yes seriously – this could make a huge difference.  You will wind up saving money!

 

If you’re concerned about your shopping and spending, honestly answer the questions to determine if you may be compulsively shopping and spending money.

 

Once you recognize you need to reduce spending and change how you feel on a day-to-day basis, put the above 5 steps into action. You will find a more fulfilling and secure financial life by avoiding compulsive shopping.

Your Questions About How To Budget A Household With Excel

Nancy asks…

Marriage Finance Feedback Needed?

So, last year or maybe the year before, my husband asked me to take care of the household budgeting. He had a time with overdraft fees and overspending that he asked me to do. I must say I am much better at it. Immediately, I set up an excel spreadsheet which shows our income, expenses, and, money allocations week by week for several months out. He has reviewed this regularly and knows what’s going on. Now my husband was working a full time and a part time job. Even with this (and especially me being laid off and us having a toddler) things were very tight. I still budgeted his money, my unemployment, and financial aid from school very closely. He even had a weekly spending budget of $20.00. Well, he loathed going in to his second job and felt that his weekly spending money wasn’t worth it. So he quit. Um, where is his spending money supposed to come from? Also, our very modest $40.00/ week gas budget came from the second check too. Okay. Well, before he quit, I informed him that’s where his spending money came from (mind you, I didn’t get a weekly spending allowance. I’m willing to sacrifice short term without complaining) and that the gas money would have to come out of his primary paycheck (further reducing income and increasing expenses.) He quit anyway. Now in June he felt he deserved to spend $420 on fishing trip with himself and some of his friends. He felt he deserved to spend this $400 because he was working two jobs (mind you he quit in March.) I am very upset because, if he deserves to spend $400 that is not saved up or that we don’t have, what do I deserve as the mother of his child who also works part time and is going to school to advance my career and household. Is his efforts so much more deserving than mine because he leaves the house for 40 hours a weeks to work versus me staying at home with our child and studying and taking online classes for 20 hours per week (did I mention I work part time too.) I also even put it in the budget that his spending money would be reinstated in September at a weekly rate of $25.00 (because he got a raise at his part time job), we would start paying his student loans in August, and I got him cable in the home in February. I’m sorry, but this whole “I deserve” thing seems very selfish (especially spending the amount of money that he did). He forgot that he needed new shoes for work. He now wants to put new tires on the truck. Oh yeah, we do have a toddler that it would be nice to buy some things for. Yeah, my hair hasn’t been done in months. But you deserve. What are your thoughts?

One more point, he keeps comparing his $400 excursion with the fact that we are taking a roadtrip to see my family next month. Now mind you, I saved up for this (which required sacrifice and foregoing extra spending) and he gets to go along and eat, see the sights of the town, and we have to rent a larger, less efficient vehicle to accommodate him. How is this trip going to see family, possibly the same as you spending $400 to hang out with your friends. If thats the case, he has spent even more money considering a trip we have taken to see his family earlier this year.
He got a raise at his full time job.

richmama answers:

I’m hazy on what feedback you need. You married a guy who is fiscally irresponsible. There, how’s that for feedback?

Susan asks…

How do I make a regression output/equation using Excel?

I really need help with this problem! Given the data set:
marketQdPricePrice CompAdvIncome
15966117.626.5420025954880
25964537.295.0120455951755
35992016.665.9620664752955
45722588.015.320702554391
55581427.536.1620742248491

I am given a cross section of data with data on quantity of meals served (Qd), average price per meal (Pc), average price charged by competitors (Pc), local advertising budget for each market (A) and average income per household in each market (M). How do I use Excel to run the regression to get the output and then make a sample regression function using the estimated coefficients from the output?

richmama answers:

Have u install the data analysis package? U can access regression menu from there. Just plug in ur data inside, and it will generate the regression result for u.

George asks…

Moms, do you have a monthly budget and do you stick with it?

Just curious how other households work. I have a rough estimate of our budget in my head. I’ve tried several times to create an Excel Spreadsheet and do it in the computer. It works for a month or 2, but then hubs stops giving me receipts or I get side tracked. I try to keep track of the things we buy. We only write about 4 checks a month. We put all purchases on the credit card (we get 4 % cash back) then pay it off every month. So we write a check for the credit card, house payment, and car insurance (only ever 6 months).

How do you do your budget? On the computer, on paper, in your head? Do you pay cash/write checks/put it on the credit card for your every day purchases?

You don’t have to go into too much detail. Here’s our budget:
Mortgage: $1300.00
Gas: $ 90.00
Cable/internet/Phone $100.00
Groceries/shopping $600.00 (includes food,diapers, cleaning stuff)
Food (out to eat) $ 40.00
Clothing $ 15.00
Prescriptions/doctor $ 10.00
Church(Donation) $150.00
Misc. $ 50.00

richmama answers:

We have bills monthly that stay the same (with the exception of our utilities). We try to stay as flexible as possible. Our monthly “budget” is as follows:

Mortgage- $730 (very good price for our home)
Gas- $50 (my husband’s fuel is paid for by work)
Cable/Internet/Utilities- varies from $170-$270
Car Insurance- $90
Phone- $120
Groceries- $300-400 a month (food, toiletries, etc)
Church Tithing- 10% of my husband’s check is that week
Miscellaneous (clothes, entertainment, etc)- $50-75
Health Insurance- $500 a month (paid for mostly by my husband’s employer)
Life Insurance- $60 every quarter
Retirement- $100 a month

The economy has made us stop a lot of unnecessary spending though, so that’s why our “fun” budget is so low. But that’s OK with us. We find things to do that are practically free.

-edit-
To the poster below me- As long as the kids’ needs are being met, then it’s not your place to lecture them on their giving to the church.

I don’t feel it’s right of you to say a word to them on their spending without knowing all the facts.

Steven asks…

How do I make a regression output/equation using Excel?

I really need help with this problem! Given the data set:
market Qd Price Price Comp Adv Income
1 596611 7.62 6.54 200259 54880
2 596453 7.29 5.01 204559 51755
3 599201 6.66 5.96 206647 52955
4 572258 8.01 5.3 207025 54391
5 558142 7.53 6.16 207422 48491

I am given a cross section of data with data on quantity of meals served (Qd), average price per meal (Pc), average price charged by competitors (Pc), local advertising budget for each market (A) and average income per household in each market (M). How do I use Excel to run the regression to get the output and then make a sample regression function using the estimated coefficients from the output? I know to use data analysis -> regression but don’t understand what to put into it to get the correct answer

richmama answers:

You want to regress Qd on the next 4 columns.

Get your dataset into cells a1.f5

Highlight a1.f5 and click on regression.
The y-range is b1.b5
The x-range is c1.f5
I prefer to put the output in another tab. It will contain a table with a column of coefficients.

Coefficients
1463296.78
-26980.54749
-10355.2911
-3.737646016
2.826655421

This defines your regression equation.

Qd = 1463296.78 -26980.54749 * price -10355.2911 * Pc -3.737646016 * A + 2.826655421 * M

In the top of the regression output you see a value for R-Squared = 1. That indicates that it is a perfect fit. I.e. The variables explain 100% of the dependent variable Qd.

Hope that helps.

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