Comments on: Training Your Mind: Ten Personal Finance Mental Exercises You Can Do Anytime

By: Rebel

Rebel — Thu, 15 Mar 2007 20:28:12 +0000

It is not simply enough to say I need ot be frugal and save a few bucks here in there. It is about the whole package. That is what you have and are teaching me here Trent. You have to tackle the psychology of frugality. These mental excercises sound fantastic. I love the first step about imagining what you want from the future.

By: Mary

Mary — Thu, 15 Mar 2007 18:35:44 +0000

Hey Trent; I’m looking for some advice. I do not have any credit card debt (wait a minute, it isn’t all that great!). What I do have is a HIGH $62,000 Home Equity. This is due to putting a child through 4 years of College, one through a two year and then one through 3 years (and hasn’t finished), also renovated our garage into a workshop for my DH who is now in business for himself. UGH!! I’m also older–47. I do have around $500 per month put into an SRA and another $290 per month put into an IRA. Should I be investing more or should I be putting every dime I can get my hands on to the Home Equity. I would love to hear advice on this. I should also mention that I have 3 mortgages. One is our home (GREAT rate, 4.875). One is our camp (a mortgage of $38,000)and fairly low rate. The other is a 4-plex apartment building. All the mortgages are scheduled to be paid off no later than 12 years. The apartment covers the home mortgage as well as paying the interest on the Home Equity +150 extra toward principal.

Thanks for any and all advice!!

Mary

By: Eddy E

Eddy E — Thu, 15 Mar 2007 05:55:12 +0000

Another way to put it is practice makes perfect–in other words, it’s not just about putting our money in investments or living with frugality in mind, but to actually think about that regularly so when the time comes for the “spending of the money” we’re already trained on how to do that well.

By: Brett

Brett — Thu, 15 Mar 2007 00:31:18 +0000

These are all great ideas. I spend alot of time crunching numbers in my head. I’m always coming up with different scenarios and coming up with numbers to fit those scenarios. I can get lost doing that.

By: Quang

Quang — Wed, 14 Mar 2007 23:38:47 +0000

Hey Trent, nice post! How often do you post a day/week, seems like all your posts are good, and well thought out.

“Think of ways to save money when you’re idle.”

Another question you can ask yourself is, “Think of ways to make money when you’re idle.”