2019 IRA Deadlines
Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.
Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.
Another year, another list of new year’s resolutions. Most of us pick lofty, broad goals with no action plan on how to get there (for example, “be better with my money” or “lose weight”). These kinds of non-specific goals usually result in failure because there is no plan to achieve them or because the goal setter attempts to overhaul their life in a huge and disruptive way that ends in burnout.
Humans behave irrationally and make emotional decisions about money and investing all the time. That’s what the emerging field of behavioral finance is all about.Use these mental tricks to help overcome your inner irrationality and be smarter about money.
It is all too easy to focus on things you cannot control when it comes to money: the stock market, a looming recession, trade policy, the value of the dollar, inflation, the rate of return of your 401k account, how your neighbors spend and whether you need to keep up with their Christmas decor… the list can go on and on, resulting in depression and ennui. Wait a minute though. Personal finance is not something that happens to you, it is inherently something that you control. What happens in the world outside your wallet does not need to weigh heavily on you. Sure, it can impact the value of your 401k, but not your habits and actions. No one can control the markets, but we all can take control of our own personal market and money.
This is the road map of life.