Silver spoons and the philosophy of money; Three ways to cut financial stress; The anti-budget budget; Too frugal for your own good; I have a dream

By Amanda Morrall

1) Silver spoons

Most of the stories I read about the offspring of the super rich are tragic. There is something decidedly grounding about working for a living.

If celebrities the likes of Paris Hilton are any indication, too much time and money leads to nowhere good.

Peter Buffett, son of billionaire investment guru Warren Buffett would appear to have it under control. The 53-year-old award winning musician and composer, who just published his first book "Life Is What You Make It: Find Your Own Path to Fulfillment" doesn't put much stock in money making you happy. And interestingly, Buffett Jr. doesn't own a single stock.

Why should he?  While his famously frugal father hasn't showered him in riches, he did put him in charge of a billion-dollar endowment fund aimed at helping others. Not the most horrible fate to befall a person.

Here's Buffett talking about what it was like growing up the son of the Oracle of Omaha.

2) Three ways to cut financial stress

Life throws up many a paradox. One of them is that the more you desire something, the more it will elude you. This would appear to be the case with money as well, apparently.

CNN Money in this article outlines three ways to cut financial stress. Ironically, they are: 1) to stop fretting and fussing over the budget;  2) to stop obsessing over money; and 3) to give more of it away.

This advice actually has merit in my opinion; particularly point #3.

3) Anti-budget budgeting

However tedious budgeting can not be ignored as the foundation of personal finance. What's interesting is that experts disagree as to its effectiveness. Some maintain that because people are so disloyal to budgets and undisciplined, they're actually quite ineffective. They suggest instead that you should just set a savings goal, have that money automatically taken from your pay and directed into a high-interest savings account or another investment where it can grow.

This seems sensible enough and yet as this blogger writing for budgetsaresexy.com points out, as long as you remain clued out about the incomings and out-goings and your own spending habits, you'll struggle to stay on track.

It's not a one size fits all formula in personal finance. Find a strategy that works for you and stick with it. Then monitor, review and assess.

4) Too frugal for your own good

Is it possible to be too frugal? Some might argue no. Personally, I can't stand a cheapskate and sometimes a little wise spending can go a long way i.e. having a decent suit for a job interview or what have you.

Ask yourself, are you too frugal for your own good?

5) Multiple incomes

I had a moment of deja-vu when I came across this article on mymultipleincomes.com. The blogger ponders what he would do with his time, and also day job, if one day his sideline became more lucrative than his main job.

I was pondering the same thing the other day.

Would I quit my job, if so, how would I spent my time? I'm in mama deficit, so I'd probably spend some time volunteering at my kid's school) and maybe travelling.

Call me crazy, or perhaps uncreative, but I'll probably stick around - well at least part-time.:)

To read other Take Fives by Amanda Morrall click here.