Mind over money; Avoiding common money mistakes; Just this once; A picture of debt; Youth saver

Mind over money; Avoiding common money mistakes; Just this once; A picture of debt; Youth saver

By Amanda Morrall (email)

1) Mind over money

One of the good things about not having a lot of disposable cash, is you're forced to a) pay close attention to what money you do have b) learn to appreciate what you have c) not fritter away your money on consumer highs.  These financial safeguards may be involuntarily but long-term protection from self-financial harm is ultimately harvested through will power. That is you have to learn how to say no to yourself.

If you only read one link today, make sure it's this one. In it, Motley Fool's Robert Brokamp talks to psychologist Roy Braumeister, author of Willpower:Rediscovering the Greatest Human Strengthabout how to sharpen one's financial edge through willpower.

2) Money mistakes in your 20s, 30s, and 40s

One day, perhaps, we'll have as much personal finance content in New Zealand as there is abroad. Until then I apologise for all the references to 401ks through the U.S. sourced blogs. In most instances, you can substitute 401K with KiwiSaver and think in retirement terms. 

This is another good read via getrichslowly.org outlining common money mistakes made by Gen Xrs and Ys.

3) Just this once

We all have our vices, some are just more expensive and perhaps damaging than others. Fortunately, a shortage of time and money keeps me out of trouble. That and my steely willpower of course. I rarely find myself mentally uttering the "Just this once" phrase which is another common money trap.

Re-read link #1 for further advice on how to avoid this trap.

4) What's safe?

Investors found a safe haven in fixed interest during the global financial crisis. But is the golden era over?

Forbes Money put together this pictorial guide to comparative credit default swap rates world-wide. 

5) Ahead of the class

A little inspiration for the junior savers out there. Thanks to an early education in money from his father, this Warren Buffett in training has banked US$10K at age 14. In the profile, he talks about the importance of investing for the long-run. Smart kid.

To read other Take Fives by Amanda click here. You can also follow Amanda on Twitter @amandamorrall

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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