There are reams and reams written everyday on the how to’s of personal finance, but one thing that many of these offerings lack is the motivation behind making these important decisions. These behavioral financial nuances are important because they influence how and why we make the choices that we do when it comes to managing money. The time value of money is an important concept but one that is infrequently brought into play when considering economic decisions. In our instant gratification and oversaturated culture that’s dominated by consumer spending its so much simpler to spend today while not worrying about the future, but this kind of thinking is what has mired millions of Americans in debt and left them with inadequate savings for an emergency much less retirement. Frugality is important there needs to be understanding and motivation behind the decisions we make.
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Why You Need to Put the Personal in Your Personal Finances