Financial Tips, Thanks to the Year of the Pig
Are you a pig? If so, congratulations, you're honest and kind. However, you might also be lazy, impulsive and naive. All of us can improve ourselves and our financial pictures by keeping these pig-inspired tips in mind.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Happy New Year … again! It is now the year of the pig.
According to the Western calendar, Feb. 5, 2019, marks the beginning of the Chinese New Year — also known as “Spring Festival” — the longest and most important celebration for Chinese families across the globe.
People born under the sign of the pig, according to Chinese culture, are thought to be reliable, honest, energetic and kind. A pig's weaknesses, on the other hand, include laziness, being naive, impulsive and not good at communication. A person can turn around these negatives by working on the challenges they present.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
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.
Whether you are born in the year of the pig (in 1935, 1947, 1959, 1971, 1983, 1995, 2007 and 2019) or not, considering we have just started a new year, now is a good time to think about how to make 2019 the best it can be, both personally and financially. Here are some steps inspired by the strengths and weaknesses associated with the year of the pig that we all could benefit from.
Question things
Learn more about the world so you are less likely to believe in just anything. Take a money-saving course at a local bank or research topics before a purchase, such as applying for a car loan. Hire a financial adviser to give you guidance. Learn to say no if something doesn’t feel right.
Tame the impulse
Be clever and come up with different ways to cut down on other costs. Go to second-hand stores instead of shopping at expensive designer stores. You would be surprised of deals you could find 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. Redirect your “found” money to your Roth IRA or 401(k) to build wealth for your financial independence.
Be lazy later
Who doesn’t love sitting by a fire on a cold, dreary day? It would be nice to stay home in bed instead of facing the world or at least getting to work on time.
In Chinese culture, it is important to be on time. A good way to embrace your hidden pig is to make a list of what you want to accomplish and set deadlines. Enough of "I'm too busy" or "I forgot." In financial speak, decide what financial goals you want to accomplish and when you expect them to be done. This makes you accountable for your actions and inactions. Set time each day to relax, this will help ease stress and allow you time to be lazy.
Communicate goals
Pigs have tons of ideas but are easily influenced by others. They also have trouble communicating what they want. In matters of finances, it is less difficult to talk about marital issues or health concerns than it is to talk about money. Even the thought of discussing money with a family member or friend can make your hands go clammy and your heart beat rapidly. When you don’t talk about money matters, it could lead to poor relationships with parents, bosses, colleagues and friends. That can lead to the loss of a well-deserved raise or job.
Don’t live high on the hog
You shouldn’t live beyond your means or “high on the hog.” Pigs are into spending especially on lavish items. They may appear to be bragging, or the person may want to protect their wealth information from being made public. Learn to controlling spending by managing credit, reducing taxes, increasing savings, protecting family and assets, and building wealth for the future. A good suggestion is to start a budget to help control where money goes, such as rent, food, transportation, utilities and gas. Have a savings account to put money aside for a lavish item.
Be responsible
Be honest about your spending habits and views on money. Try to be charitable through impact investing — which is investing with social or environmental goals in mind — or through forging social bonds. Paying bills is not fun, but changing your attitude and being excited about spending goes a long way. Never be scared to ask questions and communicate what you want. Finally, don’t fall into bad habits such as laziness or trying to live beyond your means.
If people rethink their weaknesses, they can turn them into strengths and save money in the process.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?
-
How to Get the Fair Value for Your Shares When You Are in the Minority Vote on a Sale of Substantially All Corporate AssetsWhen a sale of substantially all corporate assets is approved by majority vote, shareholders on the losing side of the vote should understand their rights.
-
How to Add a Pet Trust to Your Estate Plan: Don't Leave Your Best Friend to ChanceAdding a pet trust to your estate plan can ensure your pets are properly looked after when you're no longer able to care for them. This is how to go about it.
-
Want to Avoid Leaving Chaos in Your Wake? Don't Leave Behind an Outdated Estate PlanAn outdated or incomplete estate plan could cause confusion for those handling your affairs at a difficult time. This guide highlights what to update and when.
