Pauls Valley, OK, Pauls Valley Democrat

Community News Network

December 30, 2013

10 easy-to-do steps to lower economic stress in 2014

It's that time of year, when many people resolve to be better: Got to lose 20 pounds, stop smoking, start exercising. Human nature is such that come January, there will be a 20-minute wait for the elliptical machines in the gym . . . and by mid-February, that wait will drop to zero.

Resolutions are usually a terrible way to effect change. Changing habits involves changing your lifestyle, and that requires a deep commitment that most of us lack.

If you've resolved to get your financial life in order, I offer 10 important and easy-to-do steps. None is groundbreaking, but they are all too easily overlooked. If you do all 10, I guarantee that you will be better organized and more aware of your finances. That will lead to better decision-making and lower levels of economic stress.

1. Have a goal-based plan. Investing is a tool to achieve specific goals. Most people invest to save for retirement, college or a major purchase. However, like all the lights and bells in a casino, there is great temptation to get caught up in Wall Street's whirlwind. With the media buzz, trading action and diversions related to investing, it is easy to get distracted.

Break that habit. Figure out your needs, and pursue that objective. That means asking questions about your future and mapping out a plan in response. (When are the kids going to college, and what's that going to cost? When do you want to stop working? How much do you want to spend in retirement? How much traveling do you want to do?)

These sorts of questions are what matters to your portfolio — not how you did vs. Standard & Poor's 500-stock index last month. You are not a perpetual endowment or foundation — you have very different goals. Recognize and act on that.

Text Only
Community News Network
  • American sunscreens need an upgrade

    The last time a new sunscreen ingredient came on the U.S. market, the Y2K bug was threatening to destroy our way of life. Intel had just introduced the Pentium III processor, featuring an amazing 500 MHz of computing power.

    April 24, 2014

  • 20140424-AMX-COFFEE24.jpg Coffee growers' prayers for rain met with threat of deluge

    Brazil's drought made arabica coffee this year's best-performing commodity. Now, farmers are facing a downpour that is once more threatening crops.

    April 24, 2014 1 Photo

  • Celebrity quack moms are a terrible influence on everyday parents

    On April 15, the actress Alicia Silverstone released a book called "The Kind Mama: A Simple Guide to Supercharged Fertility, a Radiant Pregnancy, a Sweeter Birth, and a Healthier, More Beautiful Beginning." It's chock-full of attachment parenting lessons and dangerous misinformation.

    April 24, 2014

  • Affirmative action ruling challenges colleges seeking diversity

    The U.S. Supreme Court's support of Michigan's ban on race-based affirmative action in university admissions may spur colleges to find new ways to achieve diversity without using racial preferences.

    April 23, 2014

  • A 'wearable robot' helps her walk again

    Science is about facts, numbers, laws and formulas. To be really good at it, you need to spend a lot of time in school. But science is also about something more: dreaming big and helping people.

    April 23, 2014

  • Cuba is running out of condoms

    The newest item on Cuba's list of dwindling commodities is condoms, which are now reportedly in short supply. In response, the Cuban government has approved the sale of expired condoms.

    April 23, 2014

  • The waffle taco's biggest enemy isn't McDonald's. It's consumer habits.

    Gesturing to Taco Bell, Thompson said McDonald's had "not seen an impact relative to the most recent competitor that entered the [breakfast] space," and that new competition would only make McDonald's pursue breakfast more aggressively.

    April 23, 2014

  • Screen Shot 2014-04-22 at 4.42.47 PM.png VIDEO: Leopard attacks crowd in India

    A leopard caused panic in the city of Chandrapur when it sprung from the roof of a house and charged at rescue workers.

    April 22, 2014 1 Photo

  • The top 12 government programs ever

    Which federal programs and policies succeed in being cost-effective and targeting those who need them most? These two tests are obvious: After all, why would we spend taxpayers' money on a program that isn't worth what it costs or helps those who do not need help?

    April 22, 2014

  • In cuffs... 'Warlock' in West Virginia accused of sexual assault

    Police in West Virginia say a man claiming to be a “warlock” used promises of magical spells to lure children into committing sexual acts with him.

    April 22, 2014 1 Photo

Business Marquee

e-Edition
  • How You Want It When You Want It Today's Pauls Valley Democrat

    Now you can view and download the Democrat right to your desktop on the day the paper is published. Click here to get more information on the Democrat's e-Edition.

     

    CLICK HERE TO ACCESS THE E-EDITION SITE

     

    ATTENTION CURRENT DEMOCRAT SUBSCRIBERS TO START an e-EDITION

    e-mail request to sjohnson@pvdemocrat.com

    April 20, 2011 1 Photo 1 Link

AP Video
Stocks
Facebook