Welcome to <keyword id="11994578" type="UNKNOWN" weightage="100" keywordseo="personal-finance" source="Orion">Personal Finance</keyword> Insider, a biweekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: How Insider's personal finance team budgets to live well</h2>Allow me to make a confession that may horrify you: I love <keyword id="12265146" type="UNKNOWN" weightage="60" keywordseo="budgeting" source="Orion">budgeting</keyword>. It's not that I'm a masochist or even a numbers nerd. I just love the power I feel when I look at my spreadsheet and see how I can make important purchases fit into my family's budget, or see the number rise in our savings account until it finally hits its target. To put it simply, I love being able to exercise control over my income instead of allowing it to control me. If you're the kind of person who'd rather do 4,000 hours of housework than deal with your finances, I hear you. I have been you. But I'm here to say it doesn't have to be this way - and <a href="https://www.businessinsider.com/how-to-budget-money" target="_blank" rel="noopener">budgeting is your best chance</a> at slaying the beast that is your financial fear.It won't surprise you to learn that Insider's personal finance team is made up of a bunch of people like me - people who love talking and thinking about money. And our brain trust is full of smart ways to manage your money to save thousands and live well. I'd like to use today's newsletter to share some of our best advice.My best budgeting tip is a simple one: Use a spreadsheet to <a href="https://www.insider.com/spreadsheet-to-track-spending-2017-1" target="_blank" rel="noopener">track your spending</a>. Knowing where your money is going now is the first step to spending it with purpose.I have a Google spreadsheet where I track every penny I spend. When I grocery shop on Saturdays, for instance, I get back in my car, whip out my phone, and add my Trader Joe's total to my "grocery" line item for the month. Each tab in my spreadsheet represents a new month, and I list out all of my monthly bills and have categories for variable spending with limits for each (like $200 a month for "personal care and household items"). I built my spreadsheet and set my category limits by looking back at a few previous months of credit card and bank statements, and figuring out where and how I was spending.When I need more money in a certain category, or need a new category all together, I make adjustments. My budget is a living document that evolves right alongside me.Personal Finance Insider's executive editor, <a href="https://www.businessinsider.com/author/libby-kane" target="_blank" rel="noopener">Libby Kane</a>, says being honest with yourself about your spending is critical to building a living, breathing budget that supports you (instead of suffocating you). "Fudging spending categories or amounts to be 'good' or 'better' will only work against you in the long term," she says, so set up your budget however it makes sense for you. "I used to have a spending category entirely for buying chocolate!"<a href="https://www.businessinsider.com/author/jasmin-baron" target="_blank" rel="noopener">Jasmin Baron</a>, our associate credit cards editor, shares a good hack for spending less at your favorite shops: Always join (and use) the loyalty/rewards program of the stores and restaurants you frequent. "It's amazing how much free or discounted stuff these programs offer - from free fries and other goodies at McDonald's (we may take advantage of that a lot around here) to digital coupons at grocery stores and drug stores," she says. "No coupon clipping required."Trying to save and invest your way to long-term wealth? Take a cue from <a href="https://www.businessinsider.com/author/ellen-hoffman" target="_blank" rel="noopener">Ellen Hoffman</a>, editor-in-chief of Insider's Service Journalism team: "I have a few direct deposits set up that split up every paycheck I earn between my <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">high-yield savings account</a>, investing account, and checking account," she tells me. "This has been a game-changer - it helps me save and invest with minimal effort. My hope is to be able to increase the amount I'm able to save and invest every year."<a href="https://www.businessinsider.com/author/sophia-acevedo" target="_blank" rel="noopener">Sophia Acevedo</a>, a fellow on the personal finance team, says keeping her savings separate from her spending money ensures she meets her goals every time. "When it comes to <keyword id="12265148" type="UNKNOWN" weightage="60" keywordseo="saving-money" source="Orion">saving money</keyword> for a long-term goal or <a href="https://www.businessinsider.com/where-to-keep-emergency-fund" target="_blank" rel="noopener">emergency fund</a>, I need it be out of sight and out of mind," she says. "I initially had one savings account and always felt guilty when I took money out. I decided to <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">move my money to a CD</a> and that significantly improved my attitude on savings. If people are struggling to save, they should look into why it's a struggle and see if there's an account or tool that better addresses this problem."Cheers to budgeting and saving your way to a life you love.- Stephanie Hallett, senior editor of Personal Finance Insider<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/budgeting-hacks-from-friend-save-more-2021-9" target="_blank" rel="noopener">5 budgeting hacks I learned from a friend that help me save an extra $1,000 a month</a>Want to read more about budgeting? Writer Jen Glantz shares how a conversation with a friend changed her spending and savings habits for the better.<a href="https://www.businessinsider.com/personal-finance/paid-off-credit-card-debt-months-2021-9" target="_blank" rel="noopener">I thought I wanted to buy a house, but seeing nearly 80 homes in 9 months convinced me to spend my money on something more important</a>Writer Michelle Chikaonda thought she wanted to buy a house this year, but after seeing way too many overpriced homes in a hot market, she decided to focus on paying off her five-figure credit card debt - and fast.<a href="https://www.businessinsider.com/personal-finance/chase-sapphire-preferred-reserve-benefits-lesser-known" target="_blank" rel="noopener">8 lesser-known Chase Sapphire Preferred and Reserve benefits that can save you money - whether you're at home or on the road</a>We've said it before and we'll say it again: Use. Your. Rewards. You earned them, and they can save you money. <a href="https://www.businessinsider.com/personal-finance/decluttering-my-home-poverty-mentality-harms-2021-10" target="_blank" rel="noopener">Decluttering my home of 17 years showed me my 'poverty mentality' has been doing me more harm than good</a>The way we think about and relate to money has a profound impact on how we spend, save, and hoard cash (and objects). Writer Laura McCamy confronted this truth head-on when she started decluttering her home.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign-up link</a>.

5 budgeting hacks we actually use in our real lives

Welcome to <keyword id="11994578" type="UNKNOWN" weightage="100" keywordseo="personal-finance" source="Orion">Personal Finance</keyword> Insider, a biweekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: Books I'm currently obsessed with</h2>I'm a book lover. You can find me reading no less than three books at any given time. Usually one is a novel and the other two are nonfiction.Picking up a nonfiction book is one of the most cost-effective ways to mentally download a ton of information about a particular topic. And there's no shortage of books about my favorite topic of all: <a href="https://www.businessinsider.com/personal-finance/best-personal-finance-books" target="_blank" rel="noopener">personal finance</a>.I've read dozens of books about money, and many of them have been helpful in teaching me the basics - how to save, invest, and budget. But today I want to share four books with you that have given me an entirely new understanding of my relationship to money. Here are my current obsessions:<ul><li>Brian Portnoy's "<a href="https://www.amazon.com/dp/B07CXS9NLG/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1kr=1" target="_blank" rel="noopener">The Geometry of Wealth</a>" is full of insights that inspire me to think about how I can use money to shape my ideal life. He brings in lessons from other disciplines - history, neuroscience, and philosophy - to illustrate how everything in life is connected to money and how we can use that to our advantage. </li><li>Morgan Housel's "<a href="https://www.amazon.com/dp/B08FHZ5L47/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1kr=1" target="_blank" rel="noopener">The Psychology of Money</a>" implored me to think about how we behave as investors, savers, and earners. He takes what we assume to be true about money and turns it inside out. I'm always game for new perspective.</li><li>Rachel Rodgers' "<a href="https://www.amazon.com/We-Should-All-Be-Millionaires-ebook/dp/B08BYYMZG3/ref=sr_1_2?crid=2FKDGXMVRODLD&amp;dchild=1&amp;keywords=lets+all+be+millionaires&amp;qid=1631191855&amp;sr=8-291855&amp;sr=8-2" target="_blank" rel="noopener">We Should All Be Millionaires</a>" is a new book, released this past spring, that had me hooked from the introduction. Rodgers' financial ambition is infectious, plus her ideas are inventive and totally actionable. This book has reminded me to never sell myself short.</li><li>Ramit Sethi's "<a href="https://www.amazon.com/Will-Teach-You-Rich-Second-ebook/dp/B07GNXPP4P/ref=sr_1_1?dchild=1&amp;keywords=I+Will+Teach+You+To+Be+Rich&amp;qid=1631191937&amp;sr=8-17&amp;sr=8-1" target="_blank" rel="noopener">I Will Teach You To Be Rich</a>" has been a favorite for years. It was first published in 2009 and updated a decade later. In addition to really helpful beginner investing and money management advice, Sethi introduces the concept of building a "Rich Life" for yourself and how to identify and get over your money hangups. It's always relevant. </li></ul>Happy reading!-<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, Personal Finance Insider correspondent and certified financial plannerP.S. My time at Insider is <a href="https://www.businessinsider.com/millennials-quitting-jobs-without-plan-financial-risks-2021-9" target="_blank" rel="noopener">coming to a close</a> - it's been a pleasure sharing my money musings with you over the past year. Going forward, senior editor of Personal Finance Insider <a href="https://www.businessinsider.com/author/stephanie-hallett" target="_blank" rel="noopener">Stephanie Hallett</a> will be authoring this newsletter.<hr /><h3><div type="image" title="PFI Newsletter divider" height="70" width="1390" msid="86070448" hostid="261"></div></h3><h3>Ad: This startup wants to help you plan for an easy retirement</h3>After seeing too many people miss opportunities to maximize their retirement income, <a href="https://smartasset.com/retirement/find-a-financial-planner?utm_source=businessinsider&amp;utm_medium=cpc&amp;utm_campaign=bus__falc_bicontent&amp;utm_content=bipfi_05192021newsletter&amp;nr_email_referer=1&amp;utm_term=Personal%20Financem=Personal%20Finance" target="_blank" rel="nofollow noopener sponsored">SmartAsset</a> developed a free tool that helps you find unbiased, expert advice. If you're ready to make smarter decisions around investing your 401(k), optimizing your savings, and minimizing taxes, <a href="https://smartasset.com/retirement/find-a-financial-planner?utm_source=businessinsider&amp;utm_medium=cpc&amp;utm_campaign=bus__falc_bicontent&amp;utm_content=bipfi_05192021newsletter&amp;nr_email_referer=1&amp;utm_term=Personal%20Financem=Personal%20Finance" target="_blank" rel="nofollow noopener sponsored">SmartAsset's tool</a> can help you accomplish your financial goals. <a href="https://smartasset.com/retirement/find-a-financial-planner?utm_source=businessinsider&amp;utm_medium=cpc&amp;utm_campaign=bus__falc_bicontent&amp;utm_content=bipfi_05192021newsletter&amp;nr_email_referer=1&amp;utm_term=Personal%20Financem=Personal%20Finance" target="_blank" rel="nofollow noopener sponsored">Learn More »</a>Disclaimer: SmartAsset is an Insider affiliate partner. We may earn money when you use our links. <a href="https://www.insider-inc.com/commerce-on-insider-inc/" target="_blank" rel="nofollow noopener sponsored">Learn more.</a><hr /><h2>Join the Master Your Money Bootcamp</h2>In our first two Master Your Money Bootcamps of the year, we got organized - and then we used that mental space to start dreaming big and crunching the numbers. Now we're taking action.Our third <a href="https://www.businessinsider.com/master-your-money-bootcamp-make-a-plan-to-reach-goals-2021-8" target="_blank" rel="noopener">Master Your Money Bootcamp: Make a plan</a>, presented by Fidelity, is a month-long challenge broken down into simple, one-week exercises. We'll walk you through tasks that include finding the right accounts for your goals, opening those accounts, setting up an automated system, and figuring out whether you could benefit from professional help.You don't even have to sign up. Just check back <a href="https://www.businessinsider.com/master-your-money-bootcamp-make-a-plan-to-reach-goals-2021-8" target="_blank" rel="noopener">here</a> for a new exercise every week, or jump in at any time, and follow along on <a href="https://twitter.com/BusinessInsider" target="_blank" rel="noopener">Twitter</a>, <a href="https://www.facebook.com/businessinsider/" target="_blank" rel="noopener">Facebook</a>, <a href="https://www.linkedin.com/company/businessinsider/" target="_blank" rel="noopener">LinkedIn</a>, and <a href="https://www.instagram.com/businessinsider/" target="_blank" rel="noopener">Instagram</a>.<hr /><h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/steps-entrepreneur-took-become-multimillionaire-2021-9" target="_blank" rel="noopener">5 strategies an entrepreneur used to go from making $41,000 a year to being a multimillionaire in her 30s</a>This is a taste of the inspiring advice you'll find from Rachel Rodgers in "We Should All Be Millionaires," one of the books I recommend at the top of this newsletter.<a href="https://www.businessinsider.com/personal-finance/multiple-checking-accounts-save-more-than-ever-2021-9" target="_blank" rel="noopener">Extreme frugality was so stressful it made it hard for me to save, but my new system is helping me save thousands more every year</a>Insider contributor Katherine McLaughlin set up two separate checking accounts for spending after realizing that just because she was "good" with money didn't mean she had a good relationship with it.<a href="https://www.businessinsider.com/personal-finance/travel-us-full-time-following-smart-money-rules-2021-9" target="_blank" rel="noopener">I travel the US full-time on $90,000 a year by following a few smart money rules</a>Angie Colee, a confidence coach who works with entrepreneurs, has been Airbnb hopping while working for the last nine months. She explains the financial moves she made to take the leap, and how she keeps it going.<a href="https://www.businessinsider.com/personal-finance/challenges-with-husband-to-save-thousands-2021-9" target="_blank" rel="noopener">5 challenges I did with my husband to save an extra $2,500 in 2021</a>If you're looking for ways to bulk up your savings account before year's end, here are some simple ideas that worked for Insider contributor Jen Glantz.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign-up link</a>.

4 personal finance books that changed my relationship to money for the better

Welcome to <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money.Hello!What a year it's been. We launched this newsletter in September to deliver money inspiration and guidance straight to your inbox. In 2021, we'll continue to send a new issue twice a month, packed with stories and advice to help you build wealth, no matter where you are on your financial journey.But first, a recap of 2020: We published more than 2,000 personal-finance stories about everything from <keyword id="25452" type="ORGANIZATION" weightage="60" keywordseo="retirement">retirement</keyword> and mortgages to investing and <keyword id="25450" type="ORGANIZATION" weightage="60" keywordseo="savings">savings</keyword> strategies.Below are 10 of our most-read stories of the year, written by in-house reporters, talented freelance writers, and even a few financial planners. See you in 2021!-<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, Personal Finance Insider correspondent and certified financial planner<h2>10 of our most-read stories of the year</h2><h3>1. <a href="https://www.businessinsider.com/personal-finance/coronavirus-stimulus-check-questions-answers-2020-4" target="_blank" rel="noopener">Coronavirus stimulus check questions and answers</a></h3>The pandemic plunged tens of millions of Americans into financial precarity. Stimulus checks became a lifeline for many of our readers, and we created this hub to help them figure out how much they were getting and when.<h3>2. <a href="https://www.businessinsider.com/personal-finance/dad-retired-early-simple-savings-rule-2020-11" target="_blank" rel="noopener">My dad retired comfortably at 54 thanks to a simple savings rule. Now I'm using that same rule to take time off work to raise my kids.</a></h3>Several of our contributors wrote this year about how their parents, in-laws, uncles, and other relatives' financial behaviors shaped their own. This story by Katie Oelker was a hit. <h3>3. <a href="https://www.businessinsider.com/personal-finance/ways-earning-passive-income-every-year-2020-11" target="_blank" rel="noopener">5 ways I'm earning thousands in passive income every year without owning a rental property</a></h3>Writer Jen Glantz figured out how to create passive income streams that don't take up a ton of her time (or money) beyond the initial setup.<h3>4. <a href="https://www.businessinsider.com/personal-finance/reasons-barely-raised-tenants-rent-years-2020-11" target="_blank" rel="noopener">Other landlords may think I'm foolish because I've barely raised my tenants' rent in 10 years, but there are 3 reasons I know I've made the right choice</a></h3>Readers were incredibly interested in real-estate investing this year. This story by writer Holly Johnson bucking a conventional rule struck a chord.<h3>5. <a href="https://www.businessinsider.com/personal-finance/things-millionaires-never-do-with-their-money-2020-11" target="_blank" rel="noopener">3 things self-made millionaires never do with their money</a></h3>As ever, self-made millionaires are a fascinating case study. Business Insider reporter Liz Knueven used insights from the bestseller "The Millionaire Next Door" to highlight a few behaviors they avoid.<h3>6. <a href="https://www.businessinsider.com/personal-finance/20-percent-down-payment-rule-mortgage-homebuying" target="_blank" rel="noopener">For years banks have asked for 20% down on a mortgage, but cash-strapped Americans are buying homes with less</a></h3>In this story first published pre-pandemic, Knueven asks homebuyers and realtors: Is the 20% down payment rule dead?<h3>7. <a href="https://www.businessinsider.com/personal-finance/tell-clients-ignore-advice-about-renting-buying-2020-11" target="_blank" rel="noopener">I'm a financial planner, and there are only a few situations where I recommend homeownership to my clients</a></h3>Financial planner Chloe A. Moore went from renting to owning a home and back again. In this story, she explains why homeownership for most people should be a lifestyle decision, not an investment.<h3>8. <a href="https://www.businessinsider.com/personal-finance/cfp-wealthiest-clients-have-the-same-habits-2020-6" target="_blank" rel="noopener">I'm a financial planner, and my wealthiest clients have the same 3 habits</a></h3>After nearly 15 years of helping high-net-worth people manage their money, financial planner Malik S. Lee has identified a few distinct behaviors they share.<h3>9. <a href="https://www.businessinsider.com/personal-finance/used-an-old-savings-trick-to-build-my-emergency-fund-2020-5" target="_blank" rel="noopener">I used an old savings trick to stash $5,000 in my emergency fund in less than a year, and I'd recommend the strategy to anyone</a></h3>In a year when emergency funds became a hugely valuable asset, writer Jackie Lam explains how she combined hyper-frugality with a tried-and-true automatic savings method to build hers.<h3>10. <a href="https://www.businessinsider.com/personal-finance/racial-wealth-gap-black-attorney-2020-6" target="_blank" rel="noopener">I'm an attorney and have $50,000 in my retirement account. My white attorney friend has $1 million in hers - and it's not because she went to a better school.</a></h3>In this deeply personal account of systemic racism, writer and lawyer Lynette S. Hoag says she's living proof of the racial wealth gap.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign up link</a>.

We published more than 2,000 personal-finance stories this year. Here are 10 of the most read.

Welcome to <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: Don't lose sight of your 'why'</h2>During my tenure as a personal-finance reporter I've spoken to dozens upon dozens of financial experts. I've asked them in various ways for their best advice about saving money, paying down debt, developing better spending habits, and investing. Without fail, the conversation always leads back to one critical question: What's the goal? The "right" decision for your money isn't black or white; it depends on where you're trying to go and how and when you want to get there. In the race to achieve financial success, as it were, we can easily lose sight of why we make the choices or sacrifices we do. But that's such an important part of the equation.Think about investing. Returns and risk and all the other measurables don't matter if your strategy isn't synced up with your goals and values. As Brian Portnoy — a <keyword id="1767660" type="COMPANY" weightage="60" keywordseo="Behavioral-Finance">behavioral finance</keyword> expert and the author of one my favorite books I've read this year, "<a href="https://www.amazon.com/Geometry-Wealth-Shape-Money-Meaning/dp/0857196715" target="_blank" rel="noopener">The Geometry of Wealth</a>" — puts it: "Without a destination, we meander. Most of us become quite good at justifying wherever we end up, but would reluctantly admit that's not necessarily where we wanted to be."So why not pause, right now, and make sure that how you spend your money day-to-day is aligned with what you really, truly care about? I know it's not easy if you're facing headwinds such as job insecurity or student loans, but experts agree that identifying and reflecting on your "why" is the key to managing your money well, wherever you are.—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, Personal Finance Insider correspondent and certified <keyword id="135503" type="POSITION" weightage="60" keywordseo="financial-planner">financial planner</keyword><h2>Mark your calendars: November 17</h2>Following discussions about <a href="https://www.businessinsider.com/smart-money-moves-during-pandemic-financial-planning-2020-7" target="_blank" rel="noopener">planning</a> and <a href="https://www.businessinsider.com/smart-investors-tips-personal-finance-professionals-2020-9" target="_blank" rel="noopener">investing</a>, the Master Your Money Live Digital Bootcamp series continues with "<a href="https://event.on24.com/wcc/r/2707741/273DA4F507E2B9CDC08656C8F330858C?partnerref=editorial_newsletter_inclusion" target="_blank" rel="noopener">How to control your money so it doesn't control you</a>," presented by Fidelity, on Tuesday, November 17 at noon ET.I'll be hosting the event and talking with two personal-finance experts about strategies for thriving financially — how to move beyond survival mode, manage stress around money, cultivate sustainable habits, adapt to changing circumstances, and more.<h3><a href="https://event.on24.com/wcc/r/2707741/273DA4F507E2B9CDC08656C8F330858C?partnerref=editorial_newsletter_inclusion" target="_blank" rel="noopener">Register here »</a></h3><h2>Expert tip of the week</h2>"If you are currently financially supporting anyone outside your immediate family, I recommend you come up with your exact 'family contribution quotient.' That is, exactly how much, for whom, and/or to what causes you are willing to support."—Anna N' Jie-Konte, a CFP and the founder of Dare to Dream <keyword id="25456" type="ORGANIZATION" weightage="60" keywordseo="financial-planning">Financial Planning</keyword>, on her advice for people (most often first-generation Americans) who feel "sandwiched" between supporting their family and planning for their future. <a href="https://www.businessinsider.com/personal-finance/first-generation-americans-build-wealth-support-family-2020-10" target="_blank" rel="noopener">Read the full article »</a><h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/charts-show-how-coronavirus-changed-americans-finances-2020-10" target="_blank" rel="noopener">10 charts that show how the coronavirus has changed Americans' spending, saving, and future financial plans</a>Business Insider's Liz Knueven rounded up financial and economic data that paints a picture of the pandemic's effects so far. Of note: Families of color and younger people face the most job loss, but not everyone is worse off.<a href="https://www.businessinsider.com/personal-finance/father-financial-advisor-plan-to-build-generational-wealth-2020-10" target="_blank" rel="noopener">At age 2, my son has more money in the bank than I did at 18, and it's part of my plan to build generational wealth</a>As part of our ongoing series on generational wealth, "<a href="https://www.businessinsider.com/category/money-that-lasts" target="_blank" rel="noopener">Money That Lasts</a>," financial advisor Kevin Matthews explains how he's setting his kids up for a type of financial success his grandparents "could never have imagined." He shares tips on how you can do it too.<a href="https://www.businessinsider.com/personal-finance/money-advice-from-my-grandfather-retire-early-2020-10" target="_blank" rel="noopener">My grandfather saved $1 million while earning an average income and raising 5 kids. I'm following his advice to retire in my 30s.</a>A Business Insider contributor who goes by The Money Wizard online has amassed a net worth of over $400,000 by age 30, largely thanks to a few simple strategies he picked up from his grandfather, a penny-pincher and covert millionaire.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign up link</a>.

In the race to achieve financial success, don't lose sight of your 'why'

Welcome to <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: Let's talk about money</h2>Chances are, if you're reading this, you want to learn about money. But when was the last time you talked about money with someone? Anyone besides the cashier at the grocery store in the last week? The last month? Six months? Money can be a really uncomfortable, emotionally charged topic for a lot of people. Frankly, I'd bet you're in the minority if you don't feel this way. You might even be shifting in your seat right now at the thought of it. Dollars and cents underlie nearly every aspect of our lives, yet it can feel embarrassing to put it all out there with another person, even a family member or friend.But as we wade through these twin crises — a once-in-a-generation pandemic and the devastating economic fallout — I challenge you to invite someone else under the hood of your finances (or at least let them take a ride in the passenger seat).Tell your sister or friend or partner what you're struggling with or what you're working toward. It doesn't have to be a complex, lay-it-all-out-there conversation; you don't even have to divulge numbers. But with stimulus checks, tax policy, and unemployment benefits at the center of daily, national conversation, think about how you can bring these topics closer to home.If you are ready to dive into the nitty-gritty of your finances, consider working with a <a href="https://www.businessinsider.com/personal-finance/how-to-find-a-financial-planner-where-to-start" target="_blank" rel="noopener">fee-only financial planner</a> who has both the expertise and care to help you navigate. <a href="https://www.businessinsider.com/personal-finance/financial-advisor-worth-the-cost-for-money-advice-2019-7" target="_blank" rel="noopener">Data show</a> people who seek help from an advisor are more likely to report happiness, confidence, and stability in their financial and personal lives compared to those who go it alone.One thing I've learned since talking about personal finance became my job: In order to be <a href="https://www.businessinsider.com/personal-finance/signs-you-are-good-with-money-financial-planner-2020-10" target="_blank" rel="noopener">good with money</a> you have to treat it as a tool, not a chore. We know how deeply personal and professional relationships influence our overall well-being, so why not leverage them to elevate our financial well-being, too? We're here to listen, too. If you have personal-finance questions you'd like answered, send them to yourmoney@businessinsider.com. We'll respond to select questions in an upcoming column.—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, Personal Finance Insider correspondent and certified financial planner<h2>Expert tip of the week</h2>"Get out and vote — and let your money continue to grow in your investments. Just know that whomever you choose will not likely themselves have a direct impact on market returns, at least over the long term." —Charles Weeks, a CFP and the founding partner of Barrister, on <a href="https://www.businessinsider.com/personal-finance/how-republican-vs-democratic-presidents-affect-investment-value-2020-10" target="_blank" rel="noopener">the data-driven advice</a> he gives clients who are worried about how the US presidential election will impact their investments.<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/what-spent-first-month-of-homeownership-2020-10" target="_blank" rel="noopener">I spent over $3,000 in my first month of homeownership — here's every penny</a>The upfront cost of buying a home is almost always greater than the sticker price. From ant traps to a new bed frame, check out this dollar-by-dollar breakdown from a brand-new homeowner.<a href="https://www.businessinsider.com/personal-finance/father-son-financial-advisors-habits-create-generational-wealth-2020-10" target="_blank" rel="noopener">Father-son financial advisors say their most successful clients practice 4 smart habits to pass wealth to their kids</a>Gerald Grant Jr. and Gerald Grant III are the coauthors of the new book "The Power of Generational Wealth." They know firsthand how it's done.<a href="https://www.businessinsider.com/personal-finance/why-every-woman-needs-emergency-fund-2020-10" target="_blank" rel="noopener">As a woman, my emergency fund protects me from more than just surprise medical bills and car repairs — it's a safety net when I need to get out of a bad situation</a>Allow Business Insider contributor Elizabeth Aldrich to expand your definition of an emergency fund.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign up link</a>.

The benefits of talking about money can't be ignored, and we should do more of it

Welcome to <keyword id="9070397" type="UNKNOWN" weightage="60" keywordseo="personal-finance-insider">Personal Finance Insider</keyword>, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: My hack for making simple money decisions</h2>It took me years to admit I have decision paralysis.That is to say, it can be really difficult for me to make even the simplest decisions in my personal life, from what to get for dinner to what soap scent to buy. I'll often ask someone else to choose for me or just abandon the task at hand.I used to tell myself I was being thoughtful or methodical, but it's really just a self-imposed burden — especially when it comes to money. Somewhat miraculously, I've managed to hack my own decision-making system so my finances won't suffer the same fate as my wardrobe (clothes shopping is my decision muscle's worst enemy). The key is automation.I make one initial decision — like how much to save and how often — and then I set the rest on autopilot. That means twice a month, every month, my <a href="https://www.businessinsider.com/roth-401k-vs-traditional-401k" target="_blank" rel="noopener">401(k)</a> gets a little boost, as does my <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">high-yield savings account</a>. I don't have to obsess over how much I should be saving or <a href="https://www.businessinsider.com/personal-finance/best-time-to-invest-stock-market-timing-expert-advice-2020-5" target="_blank" rel="noopener">whether it's the right time to invest</a>, it's just happening. And since that money is taken out of my pay first, deciding how much I should be spending monthly is a nonstarter. What's left over after <keyword id="25450" type="ORGANIZATION" weightage="60" keywordseo="savings">savings</keyword> is my spending money, and a good chunk of that goes toward automatic subscriptions, bills, and memberships, again removing the need to continually weigh my options.But I'll admit my system has one potentially fatal flaw. Up until now, I've always checked in on these decisions ad hoc — Should I increase my 401(k) deferral percentage? Should I bump up my monthly savings? Is it time for a new car insurance policy? Then I think about it for days on end and drive myself crazy with indecision.Starting this month, I'm putting a quarterly check-in on my calendar, with a beginning time and an end time, so I can reassess the major aspects of my financial situation — savings, spending, and <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> — periodically. I'd like to maintain my one-time decision efficiency, but I know there's danger in not adapting to changing circumstances. What's one money decision you can make today to set on autopilot for the rest of the year?—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider correspondent<h2>Expert tip of the week</h2>"If you earn a decent income but have trouble saving, the culprits are likely the roof over your head and the car(s) in your driveway. Those big-ticket purchases tend to be public enemies No. 1 and 2, respectively, when it comes to identifying the root causes of lifestyle creep ..."—Malcolm Ethridge, CFP and Business Insider contributor, on <a href="https://www.businessinsider.com/personal-finance/always-tell-people-in-their-50s-about-retirement-2020-10" target="_blank" rel="noopener">the things he always tells people in their 50s about retirement that they never want to hear</a>.<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/financial-planner-clients-money-regrets-2020-9" target="_blank" rel="noopener">Financial planners say even their most ambitious clients share 4 major money regrets</a>While there's something to be said for making a mistake yourself and changing your behavior accordingly, why not skip the hardship and learn from others?<a href="https://www.businessinsider.com/smart-investor-toolkit-tips-building-wealth-investing-2020-9" target="_blank" rel="noopener">The smart investor's toolkit: 7 tips from personal finance professionals for building wealth through investing</a>Whether you're new to investing or looking to refine your current strategy, these insights from Business Insider's Master your Money Live Digital Bootcamp can't be missed.<a href="https://www.businessinsider.com/personal-finance/financial-planners-guide-business-insider-premium-2020-9" target="_blank" rel="noopener">Personal Finance Insider's guide to financial planners is free for Business Insider Premium subscribers</a>Our new e-book answers all your questions about financial planners: what they do, how they can help you, how much it costs to hire one, and most importantly, how to find the right professional for your situation.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance">Here's a sign up link</a>.

The hack I use for making simple money decisions that helps me stay consistent

Welcome to <keyword id="9070397" type="UNKNOWN" weightage="60" keywordseo="personal-finance-insider">Personal Finance Insider</keyword>, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: 'Tis the season</h2>No, not the holiday season (yet!). 'Tis the season to reset, get organized, and set intentions for the rest of the year, back-to-school style.Even though many students aren't convening on physical campuses this year, you can still leverage the new-year, new-me mindset. I know I am. The coronavirus has rocked our economy over the past six months, leaving far too many Americans financially vulnerable, if not wrecked. Things have changed for many people, from their spending habits to their goals for the future to their financial stressors.The crisis isn't in the rearview mirror yet, but that doesn't mean you can't make a plan for the road ahead. I'm taking this time to draw up a new personal cash flow statement; reallocate my credit-card rewards; and make sure I'm contributing enough to my retirement and <a href="https://www.businessinsider.com/personal-finance/how-to-use-health-savings-account-hsa-investing-retirement" target="_blank" rel="noopener">health savings accounts</a> before the year ends, among other things.Most importantly, I'm thinking hard about my financial goals and reminding myself that despite all the chaos, there are still a few things I have full control over, and I'll bet you do, too. If you're overwhelmed by your own financial situation or think you may need help from a professional, you might like our new e-book, "<a href="https://www.businessinsider.com/personal-finance/financial-planners-guide-business-insider-premium-2020-9" target="_blank" rel="noopener">Personal Finance Insider's Guide to Financial Planners: What they do, how they do it, and who can use their help</a>." Business Insider Premium subscribers can download the 9-page e-book for free. If you're not a subscriber yet, you can start a trial for $1.—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider correspondent<h2>Expert tip of the week</h2>"Take comfort in context. You don't want to focus on the 30 or 40 worst days we've seen in 10 years and let it make you forget about the good times we had for 10 straight years. Long-term investors almost always win. Take comfort in the content, relax a bit, and stay consistent."—Kevin Matthews, founder of Building Bread, during a Master your Money Live Digital Bootcamp on <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> (you can watch the full video <a href="https://www.youtube.com/watch?v=zy7mpmOPNSE" target="_blank" rel="noopener">here</a>).<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/black-millionaires-on-building-wealth-2020-9" target="_blank" rel="noopener">What 3 self-made Black millionaires want Black Americans to know about building wealth</a>Three Black women with seven-figure net worths share their best advice for financial success. None of them had an easy start, but it served as their motivator. This story is part of Business Insider's "Inside the racial wealth gap" <a href="https://www.businessinsider.com/category/inside-the-racial-wealth-gap" target="_blank" rel="noopener">series</a>, which culminates Friday, September 25 with a live panel discussion you don't want to miss (sign up <a href="https://us02web.zoom.us/webinar/register/WN_qKTDKrsNQFK-Ypyl3VWeHg" target="_blank" rel="noopener">here</a>).<a href="https://www.businessinsider.com/false-sense-of-confidence-big-threat-young-investors-2020-9" target="_blank" rel="noopener">Financial planners agree on the biggest threat to a young investor: a 'false sense of confidence'</a>If you're new to investing and stock-picking is your strategy of choice, heed the advice of experts: Don't assume the returns will keep on coming. Have a plan in place to balance risk and stay the course, they said.<a href="https://www.businessinsider.com/personal-finance/grandma-comfortable-retirement-advice-frugal-2020-9" target="_blank" rel="noopener">My grandma's been retired comfortably for 22 years thanks to a simple rule she lived by</a>When Business Insider contributor Olivia Christensen sat down with her 84-year-old grandmother to ask her how she's managed to have a such a long and fruitful retirement, she discovered that although times are different now, "some truths are immovable."Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance">Here's a sign up link</a>.

Harness that back-to-school energy for your money

Welcome to <keyword id="9070397" type="UNKNOWN" weightage="60" keywordseo="personal-finance-insider">Personal Finance Insider</keyword>, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money. <h2>Here's what: You have to start somewhere</h2>I'm thrilled to share that we've launched the latest installment in our yearlong series, <a href="https://www.businessinsider.com/master-your-money" target="_blank" rel="noopener">Master Your Money</a>. It's <a href="https://www.businessinsider.com/master-your-money-invest" target="_blank" rel="noopener">all about investing</a> as a millennial.We surveyed over 2,000 21-to-38 year olds about their <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> habits; convened our <a href="https://www.businessinsider.com/master-your-money-council" target="_blank" rel="noopener">Money Council</a>, made up of financial professionals from various backgrounds; and <a href="https://www.businessinsider.com/millennials-investing-covid-pandemic-new-easy-apps-2020-9" target="_blank" rel="noopener">dug deep into trends</a> to bring you insight into how this generation is building wealth — and how you can, too.If you've lost a job, any source of income, or a loved one because of the pandemic, investing probably has not been top of mind. But as we move toward a recovery, it's high time to consider — or rethink — how investing fits into your overall financial plan.It's clear from our research that the toughest part of investing for many millennials is getting started. Putting hard-earned money into the stock market signals an acceptance that you may lose some of it, and that's understandably difficult to stomach.But as an investor for almost five years now, I know two things to be true: the best strategy is usually the simplest, and there's no shame in starting small. If you want to build wealth at all, you have to start somewhere.On September 15, I'm hosting a webinar called "How to be a Smarter Investor" where I'll talk with two investing experts about crafting a thoughtful investment strategy, whether you're just getting started or you're already in the weeds. You can register <a href="https://www.businessinsider.com/personal-finance-experts-live-webinar-advice-smarter-investor-2020-8" target="_blank" rel="noopener">here</a> to join us!—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider correspondent<h2>Expert tip of the week</h2>"Nobody is going to force you to invest, and you don't absolutely need to invest. However, if you're not investing — and therefore not getting to participate in long-term compounding gains — you're going to have to make that up through your savings. And that means the more you save, the less you can spend today."So if you're not investing, then you are forcing yourself to save more and therefore live a little bit less now. If that doesn't sound great to you, then it's time to start investing, right?" —Certified <keyword id="135503" type="POSITION" weightage="60" keywordseo="financial-planner">financial planner</keyword> and Business Insider contributor Eric Roberge's <a href="https://www.businessinsider.com/make-investing-part-financial-plan-expert-advice-2020-9" target="_blank" rel="noopener">advice for making investing a part of your financial plan</a>.<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/chose-term-life-insurance-over-permanent-2020-9" target="_blank" rel="noopener">My first fight with my fiancé was over life insurance, but we finally settled on a great policy that only costs us $16 a month</a>Research shows that couples argue about money often. Business Insider contributor Jen Glantz gives us a thoughtful run down of one such fight she had with her fiancé about a decidedly unsexy topic. <a href="https://www.businessinsider.com/personal-finance/leave-money-high-yield-savings-despite-interest-rate-drop-2020-9" target="_blank" rel="noopener">Even if the interest rate on your high-yield savings account has dropped, you should still leave your money alone</a>It's not your bank's fault you're earning less on your savings. Interest rates have gone down across the board, but you can still come out ahead. <a style="font-weight: bold;" href="https://www.businessinsider.com/personal-finance/red-flags-investing-apps-2020-9" target="_blank" rel="noopener">5 red flags to look out for in investing apps, according to a behavioral finance expert</a>Investing apps are all the rage right now, but the use of certain colors, charts, and game-like features can lead users to act emotionally — the enemy of smart investing. Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance">Here's a sign up link</a>.

Don't be afraid to start small and simple if you're a new investor

Welcome to <keyword id="9070397" type="UNKNOWN" weightage="60" keywordseo="personal-finance-insider">Personal Finance Insider</keyword>, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money. You can sign up <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">here</a>.<h2>Here's what: It's the little things</h2>I moved into a new apartment earlier this month — what a breath of fresh air! My partner and I are very grateful for our steady jobs, but like many other people in our work-from-home situation we were quick to spot the flaws in our Los Angeles abode. When COVID-19 stay-at-home orders kept us inside around the clock, our lack of a washer/dryer, natural light, and outdoor space became achingly apparent.According to <a href="https://www.pewresearch.org/fact-tank/2020/07/06/about-a-fifth-of-u-s-adults-moved-due-to-covid-19-or-know-someone-who-did/" target="_blank" rel="noopener">the Pew Research Center</a>, one in five Americans have relocated, or know someone who has, during the coronavirus pandemic. Moving is always a hassle, even when you're just swapping units in your own building like we did. But along with budgeting out new furniture and home improvement items, there was another financial task to tackle: updating our <a href="https://www.businessinsider.com/personal-finance/what-is-renters-insurance-and-what-does-it-cover" target="_blank" rel="noopener">renter's insurance</a>.<keyword id="9836488" type="UNKNOWN" weightage="60" keywordseo="renters-insurance">Renter's insurance</keyword> is <a href="https://www.businessinsider.com/personal-finance/how-much-is-renters-insurance" target="_blank" rel="noopener">dirt cheap</a> and probably one of the best peace-of-mind purchases I've made in my life. In addition to updating the policy with our new address, we had to make sure our coverage amount reflected the value of personal property (furniture and electronics, mainly) we keep at home.Sending a request for a policy update to my insurance agent was a simple, 10-minute task and now we're covered in case something happens.For me, the past six months has been full of crossing off small, but significant financial tasks like this. Checking up on the asset allocation in my <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-a-401k-for-retirement" target="_blank" rel="noopener">401(k)</a>, requesting and reviewing my <a href="https://www.businessinsider.com/personal-finance/check-credit-report-free-weekly-coronavirus-2020-4" target="_blank" rel="noopener">credit report</a>, reallocating <a href="https://www.businessinsider.com/personal-finance/paused-memberships-during-coronavirus-high-yield-savings-2020-5" target="_blank" rel="noopener">paused membership fees</a>, and more.Like the morning sun streaming through the east-facing windows in our new bedroom, often it's the little things that have a big impact.—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider correspondent<h2>Expert tip of the week</h2>"To lower expenses, work with vendors (utilities, insurance, credit card companies, mortgage lenders) to <a href="https://www.businessinsider.com/personal-finance/pause-bill-payments-if-you-lost-work-due-to-coronavirus" target="_blank" rel="noopener">access COVID assistance programs</a>. Figure out where in your budget you can make temporary changes to reduce what you're spending. It's not forever — it's just for COVID." —Natalie Taylor, CFP® and Business Insider contributor, on her <a href="https://www.businessinsider.com/personal-finance/financial-planner-budgeting-during-covid-2020-8" target="_blank" rel="noopener">4 simple but critical budgeting tips</a> for the current times.<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/things-wish-people-knew-about-disability-insurance-as-cfp-2020-8" target="_blank" rel="noopener">As a financial planner, I wish more people had disability insurance and understood 4 things about it</a>"If <a href="https://www.businessinsider.com/personal-finance/do-i-need-life-insurance-the-answer-for-most-people-is-yes" target="_blank" rel="noopener">life insurance</a> is the Batman of policies, disability insurance is clearly Robin, or the indispensable sidekick." —Sharif Muhammad, CFP® and Business Insider contributor.<a href="https://www.businessinsider.com/personal-finance/wont-sell-investments-for-home-down-payment-2020-8" target="_blank" rel="noopener">I could save up to $500 on my home loan if I cash out some stocks I own, but I won't do it for 3 reasons</a>Business Insider reporter Liz Knueven is willing to shell out up to $500 for <a href="https://www.businessinsider.com/personal-finance/what-is-private-mortgage-insurance-definition-cost" target="_blank" rel="noopener">private mortgage insurance</a> over the next five months so she can keep from selling out of the stock market — and it's a brilliant move.<a href="https://www.businessinsider.com/personal-finance/wealthfront-drops-direct-deposit-prize-2020-8" target="_blank" rel="noopener">Wealthfront is rolling out cash prizes to its users, and the latest is $20 to anyone who gets a direct deposit in their Cash Account</a>The second promotion in Wealthfront's "Drops" campaign runs from August 17 to September 1 at 7:00 a.m. PT. Even brand-new customers are eligible.

Don't overlook the little things

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: Inflation has a psychological toll</h2>If you've been in your head a lot recently, worrying or ruminating or planning or calculating, you may be experiencing the psychological toll of inflation.<a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1559-1816.1982.tb00851.x" target="_blank" rel="noopener">Surveys have found</a> that when consumer prices tick up, so too does anxiety, and it can lead to impulsive behaviors that hurt you in the long run — like selling out of all your stocks because the market has dropped dramatically and you're terrified of losing more money."In therapy-speak we call it 'anticipatory anxiety,' where somebody has anxiety about things that they are anticipating," says <a href="https://www.mindmoneybalance.com/" target="_blank" rel="noopener">Lindsay Bryan-Podvin</a>, a social worker and financial therapist. "It can take up a lot of energy. We see a lot more exhaustion, and tiredness, and burnout, because the thoughts in their head are quite a bit busier."With a lot of issues around money, like ups and downs in the stock market, we may realize they're happening in the background but they don't affect us on a day-to-day basis. But with inflation, Bryan-Podvin explains, the impact is obvious."With gas prices, it's a price they see daily or every other day. So when that number goes up or goes down, it's something we can really see," she says.Another place where inflation is obvious is at the grocery store. There, anticipatory anxiety shows up in many ways, including suddenly having to worry about your grocery spending more than you ever did before."For a lot of my clients, they might have been the types of folks who'd just run in and out of the grocery store without thinking twice about it; now they're being a bit more thoughtful about their menus," says Bryan-Podvin.While some old-school financial gurus might say, "That's good! You should have been meal-planning to begin with," Bryan-Podvin points out that that's not exactly helpful."If it wasn't very stressful for them and it wasn't harming them to run in and grab a few items, then it's not that big of a deal," she says. Now, though, having to think a lot about each purchase can lead to more stress.<h3>How to 'dress for the weather' to deal with the toll</h3>Think about inflation like inclement weather, Bryan-Podvin advises. "We can't change the weather, but we can dress for it," she says. "When it comes to dealing with things like a potential recession, inflation, stock prices falling — we have zero control over that. But we can financially dress for the weather."Start by protecting yourself with an emergency fund: Even if you haven't saved a dime for <a href="https://www.businessinsider.com/personal-finance/what-is-an-emergency-fund" target="_blank" rel="noopener">emergency expenses</a> up to this point, it's never too late to start. Don't beat yourself up — just <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">start tucking away spare cash</a> now that you can rely on if lean times continue."That provides psychological safety and literal financial safety," says Bryan-Podvin. "Even $20 a week is better than $0 a week. We want to build it up over time."Take a look at your spending: You don't have control over inflation, but you do have control over your own output to a certain extent.Bryan-Podvin recommends calling or chatting with your cell phone provider and internet provider; you may be able to downgrade your service or ask for a better deal as a loyal customer. And while you can't necessarily change how much you spend on utilities, your gas, electric, and other providers may be willing to charge a balanced rate every month so you have a more predictable bill."It can be helpful to look for duplicate subscriptions," adds Bryan-Podvin. At one point she and her husband were both paying for Netflix, for example. "Even financial therapists struggle with this."See if there's a way to increase your income: Put simply, think about asking for a raise or doing some side work to temporarily bring in more money if you need to cover your expenses.Don't look at your retirement accounts: If you have years before retirement, it's not worth the stress to <a href="https://www.businessinsider.com/personal-finance/best-retirement-plans" target="_blank" rel="noopener">look at your accounts now</a> — the market will rise and fall many times before you're ready to leave work. Over the long term, it always goes up. And remember: You only lose money if you sell during a dip.— Stephanie Hallett, senior editor of Personal Finance Insider<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/waived-home-inspection-dont-regret-dont-recommend-2022-7" target="_blank" rel="noopener">I waived my inspection to buy a house when the market was bonkers and I don't regret it — but I wouldn't do it again</a>Unless you can find a loophole that allows you to get a good sense of a home's condition without paying for your own inspection, don't waive it, says writer and homeowner Olivia Christensen.<a href="https://www.businessinsider.com/personal-finance/early-retirement-couple-fired-financial-advisor-2022-7" target="_blank" rel="noopener">A couple who retired in their 40s only made their first $100,000 after firing their financial advisor and rewriting their investing strategy</a>Early retirees Kiersten and Julien Saunders fired their financial advisor and decided to manage their investments independently after joining the FIRE movement.<a href="https://www.businessinsider.com/personal-finance/amex-platinum-concierge-trip-london-planning-save-money-2022-7" target="_blank" rel="noopener">The Amex Platinum concierge made my trip to London incredibly seamless and saved me over $2,000 — here's why you should use the service</a>The Amex Platinum Concierge helped writer Rachel Dube secure tickets to Wimbledon and an Adele concert, along with booking her hotel (with elite-like perks) and business class flights.<a href="https://www.businessinsider.com/personal-finance/millionaire-money-habits-entrepreneur-2022-7" target="_blank" rel="noopener">3 money habits that helped a 34-year-old entrepreneur earn $2 million in less than a year</a>Millionaire Kendra Y. Hill says giving herself a generous $30,000 monthly discretionary spending budget keeps her from feeling restricted.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign-up link</a>. Have feedback about this newsletter? We'd love to hear it. Get in touch at pfi-email@insider.com.

To survive inflation, think about it like the weather

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5dd70daffd9db233c46c61da-1777/disneyland-cinderella.jpg" border="0" alt="disneyland cinderella" data-mce-source="MediaNews Group/Orange County Register via Getty Images / Contributor" />MediaNews Group/Orange County Register via Getty Images / ContributorCinderella in a parade at Disneyland.</div></div></div><ul class="summary-list"><li>In this excerpt from "<a href="https://www.amazon.com/How-Money-Became-Dangerous-Relationship/dp/0062684752/ref=tmm_hrd_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=">How Money Became Dangerous: The Inside Story of Our Turbulent Relationship with Modern Finance"</a>, Christopher Varelas and Dan Stone write that the American dream has changed.</li><li>A day as a VIP at Disneyland, paying $300 an hour to skip interminable lines, made Varelas examine how wealthy Americans use their money: to buy exclusivity.</li><li>This pattern extends beyond a day at Disney. Wealthy parents "skip the line" to get their kids into college. Wealthy patients "skip the line" to get on-call concierge doctors.</li><li>"Special access is not a new concept" they write. "But never before has it been so pervasive, accepted, and sought after by such a large group of people."</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage.</a></li></ul>I've never tired of returning to my old stomping grounds at Disneyland every couple of years or so. On a recent visit, the weather was scorching, and the lines were murderously long. Signs posted above the entrance to each ride estimated the misery: "Approximate Standby Wait Time 150 Minutes." No one seemed overtly upset by this. Having paid hundreds of dollars to access the park, the guests had no problem standing for hours under the baking sun to board a ride that would last a few short minutes. Rumor had it that the new Guardians of the Galaxy attraction over in the adjacent California Adventure Park had wait times of five full hours.Our group of ten had no intention of joining them. We stayed close behind our hostess, Michelle, who wore a plaid riding outfit - cap, breeches, boots, and all - as she led us around the waiting masses to the Pirates of the Caribbean exit, where we entered right away and took our seats in the boat. I felt a pang of guilt for skipping the line, but that quickly subsided as we drifted into the bayou among the fireflies, passing the old man sitting on the front porch of his cabin.For three hundred dollars per hour, we had hired Michelle as our VIP hostess, which allowed us to skip all lines. Over the course of six hours, our group would go on every ride, have front-row seats for the parade, and enjoy a leisurely lunch at the Blue Bayou.Most of the newer rides had hidden VIP entrances, so the people in line wouldn't feel more bitter about their wait - seeing us coast by, of course, wouldn't positively impact the guest experience - and for some rides we could enter through the exit; but since the park was not constructed with a VIP option in mind, the majority of the rides required us to cut directly in front of those who had been standing for hours. Michelle would raise an arm in front of the waiting guests and say, "Just one moment," and our group would step into the next boat or car or spaceship or whatever.We headed straight onto the Buzz Lightyear ride. The space cruisers were outfitted with laser guns for battling evil robots, and you racked up points for each kill. We made it a contest among our little group. As we came off the ride, each of us reported our results. I tallied a measly 55,000; my nephew got 60,000; my daughter 80,000; and my sister-in- law took the title with 110,000 points. I asked Michelle her score. "Two million," she said with a smile. "An off-day. That's not even close to the top scores for me or the other VIP hostesses." Evidently she had a lot of laser gun experience and was a seasoned pro. Quite a few people must have been taking advantage of Disney's "other line."As Michelle escorted us to lunch, we passed my old Café Orleans, which I pointed out to my daughter for the twentieth time. "That's where I worked in the early '80s, when I was barely older than you.""I know, Dad." She'd heard all the stories.Later, while dining at the Blue Bayou, feeling uneasy about cutting in front of waiting guests, I considered some of the reactions we'd gotten, which ranged from awe to envy to resentment, often accompanied by commentary: Wow, they don't have to wait. How cool would that be? or: Why do they get to skip the line? What makes them special?or: That's not fair. They should wait in line like the rest of us. One consequence of the other line is that it can make people in the traditional line feel angry or disadvantaged, as if the system is rigged against them. Most of the people standing in those long lines at Disneyland had carefully saved the money to be able to afford their visit. (A family of four might spend thousands of dollars for a long weekend in the Magic Kingdom.) Their visit was a special occasion, sometimes a once-in- a-lifetime occasion. So to see privileged people skip the line must have demeaned and debased the guest experience.I wondered how I would have felt about Disney's other line back when I worked there, before the notion of VIP treatment existed at the park. I couldn't decide. Part of me thought I would have been perfectly fine with it, appreciating the pay-for-value proposition that now seemed to infiltrate every part of Disneyland. But I mostly felt that my eighteen-year-old self would have been shocked. Equality seemed a core tenet of the happiest place on Earth. Would Walt have approved? I wondered. Is the VIP experience consistent with the values that Disneyland was created to exemplify and promote? Would I even come to Disneyland if I had to wait in line? What is my daughter learning each time we skip a line?A 2013 report by the New York Post found that wealthy Manhattanites were hiring people with disabilities as "black-market guides" for visiting Disney, paying them $130 per hour to pose as family members so the groups could skip to the front of lines. One woman who used the service was quoted as saying: "This is how the 1 percent does Disney." In response, Disney was forced to change its policies regarding disabled guests, revoking their instant access to rides. It's repulsive that there was a market for such a thing, but then again, there's now a market for everything.In our new culture of special access, bribery, and other lines, what has been lost? And why should we care? Is it more efficient to create a price list for every advantage, social need, desire, and activity? Or are we propagating a new class system that will only grow more extreme and divided in time?<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5dd7085efd9db22b4c6d0124-1838/how money became dangerous.jpg" border="0" alt="How Money Became Dangerous.JPG" data-mce-source="Copyright 2019 by Kantzas, Inc. Reprinted with permission of Ecco, an imprint of HarperCollins Publishers." />Copyright 2019 by Kantzas, Inc. Reprinted with permission of Ecco, an imprint of HarperCollins Publishers.</div></div></div>The Disney VIP hostess is just one manifestation of a growing societal trend. As increasing numbers of people become wealthy, they look to spend that wealth, accumulating all the material things one could want. But what to do with their excess wealth? More and more often, they spend it on better access - the other line.The other line can be better healthcare: For a monthly fee, you can employ an on-call concierge doctor who will use his or her contacts to get you the best treatment for whatever medical issue may arise. Large gifts to hospitals or medical foundations also secure priority access. And of course there are other lines in the political world, the entertainment world, the nightclub world, and so on. Special access is not a new concept. But never before has it been so pervasive, accepted, and sought after by such a large group of people.A central objective of those in the other line - whether they're conscious of this or not - is to reinforce and extend their privilege across generations, so that their children can maintain the advantages that they enjoy. Once the wealthy have attained all the desired access and material things, then they start to look at lengthening their legacy and making sure their progeny will enjoy the same lifestyle and benefits. One increasingly popular way to do so is through the development offices of education and philanthropic establishments, which sell access as a fund-raising tool. The price for "special consideration" at Stanford is said to be $25 million. "While a donation does not guarantee your son or daughter admission," goes the typical line, "it does ensure that the admissions office will pay close attention to his or her application." Students who are admitted with the help of a large gift now have a name: development admits. While upsetting, these are perfectly legal ways to grease the skids.Other methods, which are not lawful and above board, are perhaps no less uncommon. In March 2019, the Justice Department arrested several celebrities and business moguls in connection with a vast college admissions scandal. A man named William "Rick" Singer, who claimed to run a college preparatory service, accepted roughly $25 million to fix standardized test scores and pay off coaches in order to land enrollment for undeserving students. Some parents were accused of having shelled out as much as $6.5 million to buy their child's access to the "side door," as Singer put it. Sitcom actress Lori Loughlin allegedly paid $500,000 to get her two petite daughters admitted to USC under the guise of their joining the crew team. One of the daughters, Olivia Jade - a social media influencer who decidedly does not row crew - approached college as a marketing platform, striking deals with Amazon Prime and launching a makeup line with Sephora. Before her freshman year began, she posted a YouTube video for her couple of million followers: "I don't know how much of school I'm gonna attend, but I'm gonna go in and talk to my deans and everyone and hope that I can try and balance it all. But I do want the experience of, like, game days, partying ... I don't really care about school, as you guys all know." Since the scandal, Sephora has severed ties with Olivia Jade, and the public backlash has been spirited.In order to make college available to more people, federal student loans were created in the 1950s. While that program started with good intentions - to assist those without the means to attend college - it later contributed to a financial and social ill. Rather than reward and encourage vocational careers, we have instead come to define success in relation to acceptance by a well-known college, with a greater emphasis placed on the institution's brand name than on the actual education it provides. The student loan market has facilitated schools' raising the cost of education astronomically, which in turn has made it even less viable for those unable to access loans and scholarships.Our national education bubble has swelled to $1.5 trillion in debt outstanding - that's larger than both credit card and auto loan debts, a consumer debt market smaller only than mortgage debt. Two million people in our country owe more than $100,000 in student loans. After being told their whole lives about the importance of a college education, then working hard to get into the best school they could, they graduated into a Kafkaesque existence, shackled to debts they have limited ability to repay while working jobs that leave them living at subsistence levels. Meanwhile, the children of the rich and famous are matriculating at even better schools, unburdened by financial considerations as they set up their cameras to plug new products and vlog about their glamorous lives.Access to the other line is first and foremost determined by the birth lottery. Race, nation, and gender are all factors, as well as the socioeconomic status and psychological functionality and resilience of your family. I'd been lucky on those accounts. But if not for the Wharton MBA, I likely wouldn't have had the opportunities and resources that offer entry to the other lines that now permeate all facets of modern life.These considerations are not only for the wealthy. Today, many more people face the challenge of figuring out how to set limits in a society that makes it easy, acceptable, and often celebrated to yearn for special privilege. Anyone with some level of success grapples with these questions: What are the perils of chasing the other line? How much privilege should we take advantage of? What is the impact of the other line on our happiness?What sort of lives do we want for our children? How much do we utilize the other line on their behalf? How much do we expose them to the negative effects of the other line? By exerting our influence, power, and money, are we hampering their development and understanding of how a healthy society should function?On the other hand, incentives do matter. The fruit of our labors must be something worth working hard for. Expecting people to contribute to society and create value for reasons other than personal motivation has been proven untenable time and again. To imagine a world without the other line is unrealistic.But where is the balance? Social currency used to be based on a combination of personality, integrity, intelligence, appearance, family history, demographics, and connections. And that currency could be wielded only in the limited circle in which one presided - a place of work, a community, and perhaps an extended social circle. Merit played a predominant role in determining our ultimate success. To achieve the American Dream, we believed, one must work hard. Merit has since been debauched, leaving access as the most powerful currency of modern times.The world seemed a better and happier place when our experiences were punctuated by special, memorable moments, rather than the other line being an end in itself. We used to want a rewarding job, a nice house and car, and the ability to support a family, send the kids to college, and retire comfortably. But now we yearn for the most exclusive, private, elite luxuries. What has the American Dream become?From "<a href="https://www.amazon.com/How-Money-Became-Dangerous-Relationship/dp/0062684752/ref=tmm_hrd_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=">How Money Became Dangerous: The Inside Story of Our Turbulent Relationship with Modern Finance"</a> by Christopher Varelas and Dan Stone. Copyright 2019 by Kantzas, Inc. Reprinted with permission of Ecco, an imprint of HarperCollins Publishers.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/older-americans-get-more-inheritances-use-for-retirement-2019-11" data-read-more-link="" data-e2e-name="read-more-link">The typical American heir is now a middle-class 50-something who puts the money toward retirement</a></li><li><a href="https://www.businessinsider.com/things-millionaires-cant-afford-billionaires-can-2019-11" data-read-more-link="" data-e2e-name="read-more-link">5 things millionaires can't afford - that truly wealthy people can</a></li><li><a href="https://www.businessinsider.com/200-newsletter-gives-wealthy-parents-advantage-in-high-school-admissions-2019-11" data-read-more-link="" data-e2e-name="read-more-link">Rich parents in NYC paid $200 for a newsletter that may have given their children an admissions advantage to some of the city's elite public schools</a></li><li><a href="https://www.businessinsider.com/millennial-went-from-inheritance-to-debt-advice-for-younger-self">A man who inherited a 6-figure trust fund at 20 and wound up in debt anyway shares the advice he'd give his younger self</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/inside-the-factory-where-30-million-plastic-poppies-every-year-armistice-wwi-wwii-2018-11">Inside the factory where army veterans make 7 million poppies every year</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/b8CiEbYU-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

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