With festivities kicking off to celebrate the beginning of the Chinese New Year, it could be insightful for us all to reflect on what the Year of the Dog means, both personally and financially.
In the Chinese culture, the new year is the first day of the first month in the traditional Chinese calendar. According to the Western calendar, Feb. 16 will mark the beginning of the Chinese New Year — also known as Spring Festival — the longest and most important celebration for Chinese families across the globe.
2018 marks the year of the dog. Chinese astrology describes the canine symbol as independent, sincere, loyal and decisive. The dog does not shy away from difficulties and is responsible. Just like man's best friend, the dog is loyal, clever and brave.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, people with this symbol (those born in 2018, 2006, 1994, 1982, 1970, 1958, 1946 and 1934) are often characterized as sensitive, stubborn and emotional at times. So how do those traits fit in with people’s financial lives? And what can they do to take advantage of their positive attributes and work around the not-so-positive ones that might trip them up?
The dog can teach us a trick or two on how to advance in our careers and improve our finances.
Be hands-on
With anything in life, you need to dig in and really be hands-on to achieve great success. It could mean taking on an extra side job or project to earn extra money or going the extra mile at your job to earn a nice promotion or raise. This is an area where people born under the sign of the dog should excel, considering their responsible side and dogged determination.
Network
In the Chinese culture, guanxi means relationships or connections. Relationships are built on trust and giving and receiving. However, you can't just have connections in order to be successful in money or other areas of life. You need to complement your networking prowess with a proven system that includes strategy, goal setting and people.
Use your talents
More and more people are not only working a full-time job but doing side work to earn extra pocket change. Dogs are clever and smart and can use these attributes to their advantage. Is there a skill you excel at, such as are you an artist or a math whiz? Create a side business or offer services, such as being a math tutor or creating sketches for a design company.
Do some problem-solving
Dogs also use their intelligence to solve problems. Do you have a hard time saving money? The cost of living continues to increase, and maintaining a budget can be challenging. Do you find yourself burying a financial bone only to lose sight of its location? Think about those items that you could do without, such as premium cable or the latest and greatest tech gadgets.
Cable bills vary depending on provider and services; most bills run a few hundred a month. Technology now allows people to view television online, and Netflix provides ample opportunity to binge watch.
Don't let finances 'go to the dogs'
Be clever and come up with different ways to reduce costs. Visit consignment shops instead of specialty stores. You might be surprised at the deals you could sniff out just by looking around. Make your own meals instead of heading to a restaurant. Not only will you save by preparing meals at home, it can be healthier for you in the long run.
Leave a paw print
As bills from the holidays are barking at the door, do you scratch your head wondering how you spent that much money? Without thinking, we often wander and stray. Being a dog means being responsible. Keep track of your expenses and monitor your spending. Do you tend to splurge? Or do you have excess monthly cash flow? Don’t dog out. Commit your extra money for a Roth IRA or 401(k) to build wealth for your financial independence.
Utilize your talents and strengths in the coming year to make 2018 the best year ever.
-
IRS Names Its First CEO: But He’s Also Still Running Social SecurityTax News Will this new role make it difficult to address emerging issues like budget and staffing cuts and customer service concerns?
-
Ohio Property Tax Shock: Why Your New Assessment Is So High (And What Comes Next)State Taxes Higher home valuations in Ohio have led to homeowner property tax relief. But is it enough?
-
The Spendthrift Trap: Here's One Way to Protect Your Legacy From an Irresponsible HeirA spendthrift clause in an estate plan can protect an inheritance from a financially irresponsible child's debts and poor decisions.
-
Adapting to AI's Evolving Landscape: A Survival Guide for BusinessesLike it or not, AI is here to stay, and opting out could be disastrous for your organization. Instead, focus on what you can control and be flexible, as AI is still evolving.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy InvestingInvesting in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Escaping the New Golden Handcuffs: A Financial Expert Has a Plan for Today's ExecutivesFeeling stuck in your job? It could be your complicated compensation package, but it also could be where you live, your family or even how you view yourself.
-
I'm a Financial Planner: Here's How to Invest Like the Wealthy, Even if You Don't Have MillionsPrivate market investments, once exclusive to the ultra-wealthy and institutions, have become more accessible to individual investors, thanks to regulatory changes and new investment structures.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It HelpsSaving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.
-
I'm a Financial Planner: How to Dodge a Retirement Danger You May Not Have Heard AboutTiming is everything, and sequence of returns risk can mean the difference between a retirement nest egg that's overflowing … or empty.
-
Caring for Aging Parents: An Expert Guide to Easing the Financial and Emotional StrainEarly conversations, financial planning and understanding the progression of care needs can help to mitigate stress and protect family relationships.
