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.
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.
-
Stocks Bounce in a Buy-the-Dip Session: Stock Market TodayDow Cuts 1,277-Point Drop as Trump Tames Energy Threat: Stock Market TodayMega-cap stocks led a rebound on Wall Street Wednesday, with Nvidia, Amazon and Tesla among the big winners.
-
5 Copper ETFs to BuyGold and silver are more precious, but copper will benefit most from growth in the modern economy. Copper ETFs offer efficient exposure to the industrial metal.
-
What to Expect from the February Jobs ReportThe February jobs report will be released Friday morning. Here's what economists expect the data to show.
-
It's Time to Redefine Retirement for Retirees With $500,000 to $5 Million: Here's HowRetirees with $500,000 to $5 million in assets need a different approach to keep their house and cover ever-increasing health care expenses, including long-term care, without taking too much risk and paying too much in taxes.
-
5 Mistakes to Avoid in Oil and Gas Investing (Plus, 6 Ways to Stay Focused)The nature of energy markets exacerbates unhelpful behaviors. Understanding the psychology of oil and gas investing can help you make smarter decisions.
-
Fee-Only Financial Advice: Do You Really Know What It Means?How does fee-only financial advice differ from fee-based or commission-based advice? Knowing the difference is a critical step toward receiving unbiased help.
-
Risk-Averse But OK With More Risk Than a CD? These 2 Options Could Work for YouInvestors looking for higher yields might want to consider these hybrid products, which blend the possibility of better returns with less downside risk than traditional investing.
-
How a Simple Clue Unlocked a Workplace Safety Crisis: All We Had to Do Was ListenA lot of people with hearing issues resist wearing hearing aids. "Nicole" had a very good reason not to wear hers, but figuring out why took some sleuthing.
-
Are You Honest With Your Financial Adviser? Why Hiding the Truth Can Cost YouHiding assets or debt from a financial adviser damages the relationship as well as your finances. If you're not being fully transparent, it's time to ask why.
-
5 Actions to Set Up Your Business With Your Exit in Mind, From a Wealth AdviserWhen you're starting a business, it may seem counterintuitive to begin with exit planning. But preparing will put you on a more secure footing in the long run.
-
Missed Your RMD? 4 Ways to Avoid Doing That Again (and Skip the IRS Penalties), From a Financial PlannerIf you miss your RMDs, you could face a hefty fine. Here are four ways to stay on top of your payments — and on the right side of the IRS.
