There is an old saying about money: "With it you're a dragon, without it, you're a worm". Somewhere in between, you're human. Being human, we're filled with a swirl of sometimes contradictory responses and impulses that often get in the way of personal financial success. Some of these incongruities can be quite amusing. For instance, we tend to overestimate our neighbor's wealth while underestimating our own odds of financial success. Some of us underestimate the importance of investing for retirement, yet overestimate the difficulties of retiring comfortably. Meanwhile, we fixate on the "big" things, like trying to beat the market while overlooking the "little" things, like saving money and lowering our expenses.
Most common mistakes we made with our money in these days are rooted in associated emotions. Once you come to understand these human foibles and find ways to overcome them, managing money doesn't have to be nearly as difficult or stressful as we sometimes make it hard to be. I must say that making things simple is the key to financial success.
When it comes to money, it's a lot harder to do the things we all love, but it's a lot easier to overcome the things we fear. The truth is that many of us are making lots of mistakes with our money. No matter how much we pine for the days when employers took care of our retirement needs, traditional pensions aren't coming back. That means more of us will have to save for our own futures. More of us will have to invest for our own futures. And even more of us will have to retire on our own terms.
We no longer have the luxury of a skyrocketing stock market, fueled by overhyped promises, overstated earnings, and overly mischievous corporate executives to mask our financial shortcomings. Nor do we have the safety net of a seemingly endless supply of high paying jobs that the dot.com revolution afforded us, if only for a few successful years.
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