Tuesday, May 29, 2007

Personal Finance Tips - Country & Western Style

Although I am not a fan of country music, I am a big fan of country music titles. They have a way of stating the obvious in a novel poignant manner. Here are country and western song titles that could also be reapplied to personal finance challenges.

You're The Reason My Kids Are Ugly - Conway Twitty & Loretta Lynn

A classic explanation for financial issues is that it is the other person's fault. The spouse or kids has bad spending, borrowing or saving habits. There's nothing the person sharing the story can do about it.

However, managing wealth is a family responsibility and it's all for one and one for all. The reason for my financial situation is in the mirror every morning:-)

Some Hearts Get All The Breaks - Roger Miller

This one has double meaning - some get all the good luck and some seem to get all the bad luck. Does it ever seem some people always have great stock picks, have great jobs and even buy winning lottery tickets? On the other hand, some people are always spending more than they make, want different jobs, or gamble too much.

However, as my football coach once said, we make our own luck. What often looks like a break is the result of good planning and hard work. In this case, what's true in sports is also true for personal finance. The good breaks come to those that have good goals, good plans and can execute well.

You Can't Have Your Kate And Edith Too - The Statler Brothers

To build wealth for the future means giving up something in the present. That may mean spending less, working long hours for more compensation, continuing night education for a higher paying job or working multiple jobs. Often, the the choice is between a great present or a great future.

Delaying gratification for future benefits is an important element of wealth building for most (but not necessarily all) people. Many people believe they can have both, assuming that future income growth will make up the difference. However, often people who make more actually have more difficulty saving since they haven't developed the habit when they made less.

For more on Ideas You Can Use , check back every Tuesday for a new segment.

Photo Credit: morgueFile.com, Dawn M. Turner

This is not financial advice. Please consult a professional advisor.

Copyright © 2007 Achievement Catalyst, LLC

1 comment:

Anonymous said...

Interesting musical analogies! I'd do the same thing except with Pop or Rock music... ;). Yeah, I'm not a country music fan myself but these songs do have the most interesting titles and story-packed lyrics!