Changing Attitudes and Behaviors Related to Budgeting

An obvious mechanism to help an individual spend their cash flow in accordance with their financial goals is to employ some sort of budget. But for many of us the idea of constricting any type of behavior, especially the way in which we spend our money, is unpleasant. Even if we label it using the euphemism of a “spending plan.” Volumes of advice and technologies are available to help with the mechanics of putting budgets together and tracking[…]

Consumption: Full Speed Ahead?

If part of your work involves educating others on how consumption can affect their ability to build and maintain wealth, looking for outside patterns of data and trends might be a way to bring an “ah-ha” moment to clients, children, friends, or family members. A string of articles in yesterday’s Wall Street Journal wove an interesting pattern for me, and the interpretation might prove educational for consumers and clients. First, this: Holiday Shoppers Were in[…]

A New Home for The Millionaire Next Door

Always a teacher, my father loved uncovering hidden trends in the economy, in consumer behavior, and in marketing research, and then sharing them with others. He loved reading articles in newspapers, cutting them out, making notes all over the margins, and then turning those findings into essays on how individuals approach money. I would share articles and summaries from academic journals with him, and (after grading them) he would relate their scientific findings to the[…]