Do You Think Like a Rich Person?

Wealthy-Thinking

What makes rich people tick? Do the wealthy really think differently from those of us who consider ourselves middle class? While it’s tempting to believe that all rich people are lucky, or know the right people, there might actually be some differences in the way that rich people think, especially compared to how you might […]

Why We Don’t Act In Our Best Interest

best interest

As human beings, we too often don’t act in our own best interest–and it’s perfectly natural, says behavioural economist Dilip Soman. Speaking at the Financial Planning Standards Council’s Vision 2020 Symposium last month, Soman outlined the key reasons as to why our behaviour often doesn’t fuel good financial outcomes. We don’t keep the end result […]

What is Opportunity Cost?

opportunity_cost

One of the important concepts to understand when it comes to money is that of opportunity cost. When you make spending decisions, it’s a good idea to step back and consider the opportunity cost. What are you giving up in order to make that spending choice? Remember, your resources are finite, and you can’t be in […]

Why Are You Over Spending?

Many of us have a problem with over spending. You get to the end of the month and realize that you don’t have enough money. Out come the credit cards. In some cases, you might even have a budget or spending plan meant to help you limit your spending — and still you might spend […]