“With 2020 in the rearview mirror, and the end of the pandemic (fingers crossed) in sight, there’s a lot of economic damage to be assessed. But there are also a lot of personal-finance lessons we can learn—lessons that will put us in good stead, whatever the economic future holds.
Lessons about the importance of emergency funds and having different income streams. Lessons about how this time really isn’t different (no matter how much it feels different). Lessons about how personal finance is truly personal. And much more.
These are some of the lessons we heard about when we asked financial advisors and others to reflect on the past year. It was a year, no doubt, that many people would prefer to forget. But before we try to wipe those memories clean, here are some of the things that investors, savers and spenders would do well to remember.”
“Money has some rules attached to it. And if you follow the rules, you’re going to have more stability in your life than if you don’t follow the rules.
Doesn’t matter if you’re a man or a woman.
The rules are the same: You need to have a plan for how you use your money, you need to have a healthy credit identity, you need to have emergency money and some insurance.
I think it’s really important that we come to realize that life is about balance, or even more so, how to integrate all aspects into a fulfilling and enriching experience. It is not zero-sum; life is not all or nothing.
It’s not spending every waking moment thinking about money or spending no time thinking about money, Managing money isn’t really that hard.
It requires some discipline and there is some detail involved, but in reality it doesn’t take that much time and the payback is huge.” ~Gail Vaz-Oxlade