10 Signs You’re a Personal Finance Addict
While some addictions like gambling and shopping cost you money, being a personal finance addict helps you save and grow it!
-Peerless Money Mentor
The first step towards overcoming any addiction is admitting that you have a problem. But what if you do not see your addiction as a problem? My name is Peerless and I am a personal finance addict. While some addictions like gambling and shopping cost others money, being a personal finance addict helps me save and grow it. Read on to find out if you are also a personal finance addict!
- The first thing you do when you wake up around 6:30 a.m. CST is check Rockstarfinance.com to read the three best articles of the day! You secretly wish they would post articles on Saturday and Sunday as well. If you are a personal finance blogger, you might check it first thing in the morning to see if your article has been featured! See my article Read Rockstar Finance Articles Daily to Increase Your Financial Knowledge.
- You love to listen to at least five personal finance/business related podcasts a week! When you are commuting to work, you prefer listening to your favorite podcast over listening to music. Check out some of my favorite personal finance/business related podcasts below. The last podcast I listened to was Choose FI’s episode 61 Mindfulness Cory Muscara. Prior to that, I listened to my other favorite one called How I Built This. My absolute favorite podcast is Freakonomics; there is always a unique perspective given on some economic topic. Plus, Steven Dubner always gives his listeners both sides of the story!
- You have read at least two books on ESI Money’s book list titled The Only Five Money Books You’ll Ever Need. The books on his list are: The Millionaire Next Door, Your Money or Your Life, The Richest Man in Babylon, The Boglehead’s Guide to Investing, and How Much Money Do I Need to Retire. Prior to coming across this reading list, I had read the first three. Best believe I have added The Boglehead’s Guide to Investing and How Much Money Do I Need to Retire to my reading list!
- Your idea of fun is studying financial terms on Investopedia.com. At the very minimum, you have signed up to have the term of the day e-mailed to you. As a result of studying these terms, you may try to introduce them in conversations with your friends. Unless they are a finance nerd like yourself, do not do this! They will have no clue what you are talking about.
- Sometimes you have dreams about financial concepts. When I was sleep one night, I had a dream about the rule of 72. The rule of 72 is used to estimate when your investment will double. For example, if I invest in Peerless Enterprises and it has a constant rate of return of 10%, I can expect my investment to double in 7.2 years (72/10). If you are in debt, the Rule of 72 shortcut can be used as powerful motivator to knock it out ASAP. Let’s say you have a Stay Broke Phi Broke Forever card with a whopping 14% interest rate and a balance of $5,000. Using the rule of 72, you will find that your debt will double to $10,000 in 5.14 years. Given a constant rate of return of 5%, use the rule of 72 to find out how many years it will take for your investment to double!
- You sometimes stay up late consuming personal finance content. When you try to get some rest, your love of financial ideas prevent you from doing so. I have stayed up late binge listening to personal finance and/or blogging podcasts. Last week I stayed up until 1:00 a.m. listening to the Do You Even Blog podcast. I decided to give a shout out to the host Pete on Twitter and he jokingly told me sleep was important!
- When your friends panic when the stock market goes down, you just buy more when the price is low! Through years of studying personal finance, you have learned to master your emotions. You gotta keep a long term perspective. The stock market is volatile but it generally trends upward! Below is a reminder from ESI Money!
- You know what FinCon is and you have attended and/or want to attend for the first time this year. FinCon is a conference where awesome people in the personal finance space get to network and secretly plot how to take over the world. Just joking! But, seriously, it is a place where they meet up to network and “learn to create better content, reach their audience, and make more money.” I have not been to one yet but I would love to attend this year!
- You get super excited when Netflix adds a new documentary about money. When the Minimalism documentary came out, you probably watched it more than once! The latest documentary to drop on Netflix is called Dirty Money.
- You are a personal finance blogger. Why else would you spend time writing weekly post if you were not addicted to personal finance? As a peerless blogger, I am constantly thinking about ways I can put a unique personal finance spin on things that happen to me in my everyday life. or content I consume. When I need inspiration to write, I digest what is out there in the personal finance blogosphere. While some people warn not to consume other people’s content if you are a creator yourself, I disagree with their view. No one can write like you if you let YOUR voice shine through! I will leave you with a quote before I go to sleep (It’s 1:00 a.m.) from a book I am reading called
What’s the Verdict?
Are you a personal finance addict? Let me know in the comments section below! Share quiz with your friends!
7-10 checks =Definitely an Addict
4-6 checks= Slightly addicted
0-3 checks = What are you doing with ya life? 🙂
Jerry is a Business Insider Contributing Writer who is obsessed with personal finance. He believes you can improve your financial situation by applying principles taught by the financial independence community to your financial life.
If you are having trouble saving, he recommends that you join the SaverLife Savings program where you can get a $60 reward after six months (no income requirement). All you have to do is put a minimum of $20 a month into a savings account. Easy, right?
For a fun read, check out his article 10 Signs You’re a Personal Finance Addict to see if you are a personal finance nerd.
Before you go, check out the new From Broke to Financially Woke Interview Series.
Also, please subscribe below if you found his content valuable and want to continue following him as he documents his own journey from Broke to Financially Woke!