April 20th, 2005 by Bob Bly
The song ?I Am? by Train has this line: ?I never had a day where money didn?t get in my way.?
Is money a problem for you?
Numerous surveys show that couples fight about money more than anything else, with the possible exceptions of division of household labor, parenting, and sex.
I am in the middle of the road as far as money is concerned: I like money and it is important to me, but I am not obsessed with it.
Here are 5 money tips that have worked for me; they may or may not work for you:
1. Do something in which you can make a higher than average income. A lot of white collar corporate guys my age (47) in my neighborhood (Bergen County, NJ) make around $100,000 a year. So I want to make at least double that. (I typically make at least 5 to 6 times that, but my goal is to double it.)
2. The best piece of financial advice for self-employed people I ever got was from Florida freelance writer David Kohn: ?Live below your means.? This was easy when I was single; having a wife who likes to spend money makes it more difficult.
3. Train yourself to enjoy feelings of affluence and wealth from having money rather than from having possessions. If you have to buy and own stuff to feel wealthy (the BMW), you will get caught in a vicious cycle of spending money as you make it ? and always needing more.
4. Have no consumer debt. I always pay cash for cars. I bought my first home with a mortgage because I had to. But the next house I bought for cash.
5. Avoid ?compare despair.? There will always be people richer and poorer than you. Unless you are Bill Gates, you will never be the richest kid on the block. So don?t get caught up in worrying about whether your neighbor has more than you.
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