Arguing about money? A finance expert says these 5 common mistakes could ruin your relationship

We learn about money in school, but not about how to talk about it — and yet, it’s one of the of biggest reasons why people argue in relationships.

One dynamic we often see in relationships is when one person is a spender, and the other is a saver. The spender might have years’ worth of credit card debt or student loans, while the saver might have good credit and minimal or no debt. When two people have opposing views on finances, it can easily lead to conflict.

The first (and most crucial) step to avoiding a relationship disaster is to simply talk about it. When that moment comes, make sure you avoid these five common mistakes:

1. Bad timing

Timing is everything. If one partner seems particularly stressed after work, it might not be the right time to bombard them with bills and deadlines. Finding the right time is crucial to have the most productive conversation. You know your partner better than anyone, so pick a time when you know they’ll be the most receptive. This will make the discussion more productive.

2. Talking about the wrong things

When couples argue over finances, it’s typically because of what hasn’tbeen discussed — plans that were not communicated, expectations that were not explained and assumptions that went unspoken. Simply addressing your concerns can prevent a lot of these arguments. While you might touch on some uncomfortable topics, it’ll hopefully lead to a deep and fruitful conversation about things like your hopes for the future, retirement goals, worries, dream splurges, and so on.

Self-made millionaire Ramit Sethi: Here's why you should spend a lot of money on your wedding

Self-made millionaire Ramit Sethi: Here’s why you should spend a lot of money on your wedding

3. Hiding and lying about money

According to a recent GOBankingRates survey, about a quarter of Americans lie to their partner about their finances. Needless to say, this can be a major source of contention. Whether it’s about your income, spending habits, credit score or income, when you lie to your partner, you’re also lying to yourself. The saying “what you don’t know can’t hurt you” doesn’t apply to a healthy financial relationship. Being honest with yourself and your partner is one of the easiest ways to avoid arguments and hurting each other’s feelings.

4. Being a crappy listener

What’s the point of having a conversation if you’re both distracted and constantly interrupting each other? Instead of making your partner feel defensive or argumentative, let them know you’re completely present. Make eye contact and put the phones away. Another tip is to repeat back what you heard to your partner from time to time. It shows that you’re paying attention and ensures that you understood them correctly.

5. Having a closed mind

We all value money differently. What one person considers a bargain, the other might call expensive. The goal isn’t to judge your partner’s actions and behaviors, it’s to have a clearer understanding of where they’re coming from. A discussion about money is a discussion about values. When you know what your partner values, you can be a bit more compassionate about their decisions. And sometimes, you can simply agree to disagree.

[“source=cnbc”]

20 Inspiring Quotes About Money From The Richest Billionaires

Ever wish you could spend a few days with some of the world’s billionaires, just to learn some of what they know?

Maybe not to become a billionaire yourself, but to find out just enough to kick your own finances into high gear?

Money Quotes for the 20 Richest PeopleGETTY

Since that’s impossible for the vast majority of us, I settled for inspiring billionaire quotes. Maybe they don’t give specifics, but perhaps they can point us in the right direction.

Now there are hundreds of billionaires in the world, so I settled on digging up money quotes from the top 20. The billionaires are drawn from Forbes’ The World’s Billionaires for 2018.

As it turned out, it ended up being 20 of the top 26. Just like the rest of us, it seems some billionaires prefer to be private people, and don’t say much in public.

Nonetheless, the names on this list are as impressive as the statements they make about money.

1. Jeff Bezos

Jeff Bezos – ASSOCIATED PRESS

The founder of Amazon is the wealthiest man in the world, with an estimated net worth of $112 billion. And he’s only 55. His wisdom:

“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”

The operative word here is frugality, as in limited resources. Just as it drives innovation, it can force you to invent your way out of a tight box. Put another way, it’s often cheaper to create something than it is to buy it.

There are limitations of course, but when it comes to money, frugality is basic. To begin saving and investing money, you must first master the art of living beneath your means.

2. Bill Gates

Bill GatesASSOCIATED PRESS

The founder of Microsoft, estimated to be worth $90 billion, is also rich in quotes. But this one stands out:

“If you are born poor it’s not your mistake, but if you die poor its your mistake.”

No, you can’t do anything about the circumstances you were born into. But where you go from there is up to you. You may not be able to choose to be a billionaire, but you do have an opportunity to improve your finances and your life at any time.

3. Warren Buffet

Warrren BuffetASSOCIATED PRESS

The chairman and CEO of Berkshire Hathaway is estimated to be worth $84 billion. Probably the most quotable of all billionaires, I found this one to be the most life changing:

“If you don’t find a way to make money while you sleep, you will work until you die.”

Think about it: if you can only make as much money as you earn, you’re limited by the number of hours you can work and the effort you can put out. But if you develop ways to make money, even when you’re not working…that’s the life changing part.

4. Bernard Arnault

CEO of LVMH Bernard ArnaultASSOCIATED PRESS

The chairman and CEO of LVMH (the world’s largest luxury goods company) is estimated to be worth $72 billion. That makes him the wealthiest person in Europe. He had this to say:

“Money is just a consequence. I always say to my team, ‘Don’t worry too much about profitability. If you do your job well, the profitability will come.’”

Before you can make money, you have to first create something of value. That goes for investing as well. The companies whose stocks perform the best over the long-term are the ones that consistently add value. There’s insight in that quote, both for running a company and investing money.

5. Mark Zuckerberg

Facebook’s CEO Mark ZuckerbergASSOCIATED PRESS

The youngest member of the 20 richest billionaires, Zuckerberg is estimated to be worth $71 billion. The co-founder and CEO of Facebookonce said the following:

“ The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

There’s no way to be successful without taking risks. That’s as true in investing as it is in a career. If you invest too conservatively, such as putting all your money into safe investments and avoiding equity investments like stocks and real estate, you’ll be lucky if you can keep up with inflation.

6. Amancio Ortega

The founder of the Zara clothing and accessories chain is the second wealthiest man in Europe, with an estimated net worth of $70 billion. At 80 years old, he offers up this revelation:

“I’ll keep working until the end.”

Most people dream of retiring, and here’s a man who could have done it at any time, but chose not to. Great things can happen at any stage of life. And maybe the story of this man is that creating the ability to retire is more important than retirement itself.

7. Carlos Slim Helu

Carlos made his estimated fortune of $67.1 billion mostly in telecommunications. But looking at the big picture, he once had this to say:

“Low interest rates are a big opportunity for investment. But the issue is that this money should go to the real economy, not the financial economy.”

Moral of the story: invest in things that are real, and have lasting value. That can seem counterintuitive in today’s hyper-financialized economy. But if you look at the companies with the biggest market capitalizations, like Amazon, Google and Apple, they’re all providing valuable products and services. Interest rates and stock prices may rise and fall, but value endures.

8. Charles Koch

The co-owner of Koch Industries with his brother David (see below), is worth an estimated $60 billion. He had this to say:

“Relentlessly strive to come up with new and better products and produce them more efficiently than the alternatives.”

This is excellent advice in choosing a company to work for or invest in, or if you’re planning to launch a business. Growth has to be continuous, otherwise you become a “me too” competitor, destined for a less optimistic outcome.

9. David Koch

The other half of the Koch Brothers, David is also worth an estimated $60 billion. His advice comes from a different direction entirely:

“You know, once you’ve stood up to cancer, everything else feels like a pretty easy fight.”

His ongoing fight against cancer has given this multi-billionaire a deeper perspective on life, and one we shouldn’t miss. Money challenges may not be the biggest battles you’ll fight in life. With that in mind, keep it all in perspective and work to achieve balance in your life.

10. Larry Ellison

Larry Ellison, center, co-founder of Oracle CorporationASSOCIATED PRESS

The co-founder, CEO and chief technology officer of Oracle is worth an estimated $58.5 billion. He advocates following your dreams:

“I believe people have to follow their dreams – I did.”

Before you can achieve anything meaningful you have to start out with a dream. That’s another counter-intuitive notion in a world where young people are often encouraged to pursue a “safe career”. With dreams comes passion, and the money usually follows. Larry Ellison’s life and success certainly make that point.

11. Michael Bloomberg

Worth an estimated $50 billion, Michael Bloomberg is the owner of the Bloomberg empire, and the former mayor of New York City. He offers this insight:

“America is built around this premise that you can do it, and there are an awful lot of people who are unlikely to have done it who did.”

Did you ever think about doing something big, but avoid acting on it? Maybe you thought people like me don’t do things like that. According to Michael Bloomberg, this may be completely wrong. Many of the greatest success stories in history were achieved by people considered to be unqualified. Whether you have a business idea, or you want to begin investing, never let that stop you.

12. Larry Page

The co-founder of Google (with Sergey Brin – see below), Page has an estimated net worth of $48.8 billion. He recommends focusing on the future.

“Lots of companies don’t succeed over time. What do they fundamentally do wrong? They usually miss the future.”

There are plenty of well-established companies that have a long, successful track records. But the companies people are getting rich investing in are the ones that are building the future. You’ll want to hold some of these companies in your investment portfolio, along with the steady performers. They may also be the richest employment opportunities.

13. Sergey Brin

Google’s other founding half is worth an estimated $47.5 billion. He offered this perspective:

“I feel there’s an existential angst among young people. I didn’t have that. They see enormous mountains, where I only saw one little hill to climb.”

If you view a path or goal as too intimidating, you might choose not to even pursue it. It seems Sergey is challenging us to lower the obstacles and focus on what’s on the other side of what seems to be an mountain. Rest assured if a hill looks like a mountain to you, it does to others as well. That’ll cut down on the competition. That’s exactly why it might not be as challenging as you believe it to be.

15. S. Robson Walton

Three of the children of Walmart founder Sam Walton – Jim Walton, S. Robson Walton and Alice Walton – occupy the 14th, 15th, and 16th spots on the list of the world’s richest billionaires, each with equal wealth. But so as not to draw too much inspiration from the same family, let’s look at a quote from S. Robson Walton (estimated net worth: $46.2 billion).

He had this to say:

“I learned from my dad that change and experimentation are constants and important. You have to keep trying new things.”

Translation: don’t get too set in your ways. The world, the economy and the markets are in a state of constant change. Be ready to roll with them, and to do some experimenting along the way. That might mean changing the way you do business, or the way you invest your money.

17. Ma Huateng

This billionaire made his estimated $45.3 billion fortune in internet media. He offered this advice:

“The leader of the market today may not necessarily be the leader tomorrow.”

In business as in investing, change is a constant. Technology, markets and leadership change constantly. An excellent example is Sears. It was Walmart before Walmart came along. But things change.

19. Mukesh Ambani

Mukesh is the chairman and largest investor in Reliance Industries Limited, the Indian company with the largest market capitalization. He’s personally estimated to be worth $40.1 billion. He warns us to be ready for a few setbacks:

“If there are some losses that you take, then we’re all big boys – we shouldn’t be crying.”

In any venture you embark on, be it a career, a business venture, or an investment, you’re going to experience losses and failures. They’re not aberrations – they’re normal. Don’t be beaten by them, but instead see them as part of the path forward.

20. Jack Ma

Chairman of Alibaba Group Jack MaASSOCIATED PRESS

The co-founder and chairman of technology giant, Alibaba, is estimated to be worth $39 billion. His advice:

“I’m coming to this world not to work. I want to come to this world to enjoy my life. I don’t want to die in my office. I want to die on the beaches.”

Here’s a guy who’s figured out what it’s all about! Sure, you’ll need to work hard in your life. But it shouldn’t be an end in itself. Work should be to bring you as close to the life of your dreams as possible.

21. Sheldon Adelson

The founder and CEO of Las Vegas Sands Corporation is worth an estimated $38.5 billion. He offers up this advice on the long-term:

“Why do I need succession planning? I’m very alert, I’m very vibrant. I have no intention to retire.”

That’s the opinion of a man of 85! We should suspect this is a man who thoroughly enjoys his work, and has no plan to retire – the exact opposite of Jack Ma. And as the saying goes, if you enjoy what you do, it won’t feel like work. That’s probably where this billionaire is at, and it’s a sage concept for the rest of us.

22. Steve Ballmer

The former CEO of Microsoft, Steve Ballmer is estimated to be worth $38.4 billion. Ballmer looks at the darker side of success:

“When you’re running a company, you have employees – lots of them – that can interrupt your schedule. You have customers that can interrupt your schedule. You have a certain obligation to wave the flag because people expect to get out and wave the flag. The number of ways that others can command your time is high.”

Inevitably, there’s a trade-off between time and money. As you move up the ladder of success, there are more demands on your time. If you’re planning to jump on the fast-track, this is something to expect and to be prepared for.

26. Wang Jianlin

The founder of Dalian Wanda Group, China’s largest real estate development company, is worth an estimated $30 billion. He offers up another lesson in frugality:

“I am not a person who pursues luxury. I am not like those people who, once they have money, compulsively squander it or show it off.”

There’s deep wisdom in this quote. Here’s a man who’s worth billions, and he still lives relatively close to the ground. The takeaway for the rest of us might be, while it’s okay to enjoy some of your money, don’t get too caught up in the lifestyle it provides. Always be prepared to reinvest in your business, your career or your investment portfolio.

Final Thoughts on the Top Money Quotes for the 20 Richest People in the World

Most of us will never be billionaires, or even close. But it’s clear these are people who have deeper insights into both the power and limitations of money. We can all improve our careers, businesses and financial situations by paying close attention to the hints they offer with their occasional public commentary.

They may not change our lives overnight, but they can certainly get us heading in a better direction.

 

[“source=forbes”]

This is what I’m teaching my kids about money (that I learned the hard way)

Image result for This is what I’m teaching my kids about money (that I learned the hard way)For many parents, broaching the subject of money with their children can be a minefield. Even parents who want to teach their children about personal finances struggle to have those conversations. That’s especially true when their kids are young: In a recent survey by Edelman Financial Engines, 49% of parents with children aged 4 to 8 said they didn’t know how to talk to their kids about money. But about 90% of them felt it was important that their children have sound financial habits, and admitted that they should be the ones to impart those habits.

I spoke to a number of parents who have taken that to heart and are making the effort to talk to their children about money. For all of them, their approach is a departure from their parents’ attitude toward finances. Most of their parents tiptoed around the subject, whether they grew up in a working class or upper-middle-class family. “My dad managed the money, and I think my mom was on an allowance,” Katie*, a 56-year-old teacher based in Phoenix, told me. “It was kind of like the man worried about the money; this was a traditional Texas home. I don’t really remember my parents ever talking about it.”

Some of the people I heard from made poor financial choices early on because their financial literacy was so low. Leslie Forde, who works in publishing and runs a self-care site for moms, says that during her first year of college, she opened a credit card and swiped it too frequently. “I was really sloppy about financial management that first year until I ran into having to pay down debt,” she says. “I realized that you’re paying a real premium and interest when you use credit card debt. After that experience, I became kind of obsessive about learning about personal financial management and planning.” Bob Moul, who works in tech and now advises his employees on saving and investing, grew up in a working class family and had to give himself a crash course in personal finance, years into his marriage and well into raising children. “This has all been a process of painful discovery,” he says.

As they raise kids, these parents are trying to strike a balance, cultivating good financial habits and offering guidance without overloading their kids with the minutiae and weight of family finances.

STARTING YOUNG

Kids establish spending habits by the age of 7, according to finance writer Beth Kobliner. That’s why parents like Forde—whose kids are 4 and 8, respectively—have already started conversations about money. “I’ve tried to introduce these more mechanical concepts that I was missing–the actual routines associated with managing money and tracking money,” she says. “And I try to introduce it in age-appropriate ways.” Over the summer, she took her kids into the bank for a “kid’s day” event, during which they transferred the contents of their piggy banks into bank accounts with interest. “When their statements come in, I show them how their money is increasing,” she says. “Granted, the interest rates are paltry. But I’m showing them that just by their money sitting at the bank and not in their piggy bank, it’s actually making them more money.”

Forde also talks to her kids often about the idea of making “trade-offs.” If her son wants new toys, for example, they calculate how much each costs while in the store, and talk about how he can swap out toys to stay within his budget. She uses a similar framework to talk to them about things like housing as well—why they live in a condo outside Boston when their cousins live in a two-story home in Florida, and what lifestyle changes they would have to make to afford a house like that. “I really try to explain, in terms they can understand, that there are trade-offs associated with what you want, and what you can have in the moment versus what you can have in the future,” she says.

Ben Carter, the cocreator and cohost of a podcast and show about personal finance, is already thinking about how to talk money with his kids, barely three months after becoming a parent to triplet girls. Carter, for his part, was acutely aware of finances from an early age. That awareness was self-initiated, he claims, not a function of how his parents talked about finances. “In my mind, my family didn’t have as much money as I thought you needed to feel comfortable,” he says. “That could have been a figment of my imagination. We had everything we needed. But I had this notion that, ‘Oh my gosh, we’re getting by day by day.’”

When it comes to his own children, Carter’s wife doesn’t want them to be as preoccupied with money as he was. “My wife doesn’t want our kids to grow up with an overwhelming sense of what money is, so for me it’s about trying to find a balance,” he says. “How can you teach it in a way that’s more casual and part of our day-to-day, week-to-week lives?” One example of that is talking about the cost of groceries, Carter says. “You’re learning these concepts that, as an adult, you’ll find are directly related to money,” he says.

With his first three children, Moul didn’t talk money until they were in their late teens, though he did expect them to do chores for an allowance and set them up with savings accounts. When he got remarried and had kids again, Moul was eager to start their financial education earlier. One of his priorities was to show them the power of compounding, and how they can have more in the bank simply by putting their money in the right place. “The main thing that I’m trying to get across–even to the younger employees I have–is the earlier you start, the better,” he says.

TEACHING FINANCIAL HABITS WITHOUT THE BURDEN

Some parents are wary of talking money with their children because they fear making them feel like they need to worry about family finances.Simone Oppenheimer says of her parents, who were the children of immigrants, “I think that there’s kind of a trend in that first-generation Americans felt like they put a lot of burden on their parents, watching them work so hard and try to provide for large families. Our parents tried to shield us from that burden.” They projected financial security and didn’t expose their kids to financial struggles or limit their opportunities, Oppenheimer argues. When she attended a private college, Oppenheimer says, she didn’t fully grasp the cost of her education, and how much of a dent that put in her parents’ finances.

Though her kids are young (both below the age of 7), Oppenheimer seeks to familiarize them with financial realities, albeit without overloading them. “I went to a Jewish private school, and my kids do as well,” she says. “I’m much more transparent about the fact that they go to a school that costs money.” If her children ask why a friend has something that they don’t, she explains that she values certain things–their schooling, for example, or healthy food–and prioritizes putting money toward that. Oppenheimer has already seen her kids internalize some of those lessons. When she took her children to the grocery store recently, her son put part of his $5 allowance toward buying oranges and contributing to their groceries. (“I’m going to buy two oranges to help you,” he said.) “He’s realizing that it’s helpful, and money means something–and that mommy earns what we use,” Oppenheimer says. “He didn’t do it in a way that was guilty or that he should help me. He was proud of himself for his contribution.”

Oppenheimer has also tried to be cognizant of giving both her children the same financial education. Many parents make the mistake of encouraging their daughters to save and not take financial risks, while teaching their sons to invest and build wealth. Some even help normalize the workplace pay gap by modeling it in their own homes, paying daughters less than they do boys for comparable work–in this scenario, chores–or their allowance. “I have a boy and a girl, and it’s always really interesting to see the differences there,” she says. “I’m finding myself in my own biases and trying to push through that–and making sure that I’m raising two strong, independent kids equally.”

Relieving some of the burden of personal finances includes illustrating where you can afford to spend a little. That’s why Katie taught her kids about the three buckets of savings: long term, mid-range, and “fun right now.” (Her youngest child had dubbed his mid-range savings pile the “Taylor Swift fund” while saving up money for concert tickets; the name stuck, though his enthusiasm for the singer did not.) “We’ve tried to teach them that saving is really important, but you also have to live your life,” she says. “You’ve got to have that fun stuff, too.”

PLANNING FOR COLLEGE

If there’s one reason to talk about money with your kids, it may well be this: As of last year, more than 44 million Americans are on the hook for more than $1.5 trillion in student loan debt. It’s no surprise that college–how to pay for it, whether to pay for it, what to expect of their children–is top of mind, even for parents of young kids. And in many cases, the choices parents make around paying for college have to do with how much financial support they received from their parents.

For Oppenheimer, whose parents footed the majority of her private college tuition, her experience and the changing job market convinced her that her children don’t need the kind of financial assistance she had. “I decided that I’m not opening a college savings account for my kids,” she says. “I don’t see the need to go to a private college in this day and age, for all that money, when college is not necessarily worth as much in terms of your future as it once was.” Oppenheimer adds that had she been expected to pay for college beyond a nominal loan she took out, she would have made different decisions. “I think at that age, it’s important for kids to start understanding the implications of their decisions,” she says. “I don’t see the harm in having kids start saving for college or paying for it themselves. Maybe they’ll make smarter decisions and be more serious students if that’s the case.”

As a teacher herself, Katie has a similar take. “As a teacher, I see these kids going to these really expensive colleges,” she says. “I think it’s a shame right now in our society that the expectation is that you’re going to assume these loans.” When it came to her children, Katie set aside a fixed amount of money to put toward college; she sat down with each of them and laid out their finances and how much their savings would cover in terms of tuition. “We’ve tried to be very transparent with them,” she says. “I’m very debt averse. I try to instill that in them.”

But some parents want to give their children the financial support they didn’t have growing up. “[My parents] made it very clear that there was no way they were going to pay or even help pay for college,” Moul says. “Of the four of us, three of us did not go to college after high school. My second oldest sister did, and I’m amazed to this day that she pulled that off.” He ended up covering tuition for all three of his older children, though he did expect them to work during college and foot expenses like textbooks. “I wanted them to have a college education for sure, and if I could do it for them, I wanted to pay,” he says. “I also felt like if they’re going to go to college, let them focus on learning.”

Forde hopes to do the same for her kids, though she also expects them to contribute financially in some way. Her parents emigrated from Barbados and things were “very comfortable” when she was growing up. But her family’s financial situation changed when she was a preteen, and she ended up putting herself through school for most of college. She doesn’t want that for her kids.

“I want my children to have the experience of moving through the world and choosing the career and path that they love and that’s right for them–not just choosing a path that’s financially viable,” she says. “I want them to have some freedom and choice and less stress, frankly, associated with the climb from their academic life into their professional life. I would like them to be less stressed out about it than I have been.”

[“source=fastcompany”]

Redmi Go: Everything you need to know about Xiaomi’s cheapest smartphone

Xiaomi Redmi Go,Xiaomi Redmi Go Features,Xiaomi Redmi Go Specifications

Xiaomi is set to be the latest smartphone brand to join Google’s Android Go programme. The company’s first phone under this new series is going to be Redmi Go. Expected to launch early next year, Xiaomi Redmi Go is also said to be the company’s most affordable smartphone thus far.

For the uninitiated, Android Go is Google’s new programme under which it optimises its latest version of Android operating system for low-end phones. The lightweight operating system is backed by a wide catalogue of lite apps including YouTube Go, Files Go, and Maps Go among others.

Google says Android Go works with phones featuring low-end specs such as 512MB or 1GB of RAM. Android Go also has optimisation for faster loading of applications – Google claims it’s about 15% faster than the full-fledged operating system.

Ahead of the official launch, Xiaomi Redmi Go has already made an unofficial appearance on the web. The phone with M1903C3GG model number has been spotted certification platforms in the US, China, and Russia, hinting at a global launch of the phone.

According to the listings, Xiaomi Redmi Go will come with an 18:9 display with Bluetooth 4.2 and dual-SIM support. The phone will run on Android 9 Pie (Go edition) and have 1GB of RAM. Right now, there’s no word on other important specifications such as processor and camera capacity.

Xiaomi Redmi Go could be one of the top phones from the company early next year. Xiaomi is also working on a mid-range smartphone with 48-megapixel rear camera. Called Redmi 2 Pro, this Xiaomi phone is expected to run on Qualcomm Snapdragon 675 processor. Other expected features of the phone include 480 fps HD slo-mo recording, three-rear cameras, and Adreno 612 GPU for graphics.

Xiaomi’s perhaps last phone of the year is going to be the Mi Play. Set to launch on December 24, Xiaomi Mi Play will come with waterdrop notch, radiant glass-like back panel, and gaming-focused features. ALSO READ: Xiaomi Redmi Note 6 Pro review

[“source-“hindustantimes”]