It's a complex question with a complex answer, but at its core is a simple truth: To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make.

The Basics Of Financial Responsibility

If you're really looking to be financially responsible, just being able to make your minimum monthly <a href="https://www.investopedia.com/terms/c/creditcard.asp">credit card</a> payment doesn't cut it. In fact, the fact that you aren't able to pay your <a href="https://www.investopedia.com/terms/a/accountbalance.asp">balance</a> in full shows that you already spend more than you earn. Responsible use of credit means paying the balance on your account in full each month.Also, credit cards should be used for convenience, not to make ends meet. Credit cards are handy because they eliminate the need to carry cash. Plus, you can generate reward points. Credit cards can be very helpful in an emergency.

Credit Cards and Debt

Paying interest on anything means that you are spending more on that item than the purchase price. Does that sound like the most responsible choice or just the most convenient? When the interest payments are factored into the purchase price, you are spending more to obtain the item than even the item's manufacturer thought it was worth. As such, avoiding paying interest on anything should be a major objective.

Consider the Interest

For many people, cutting down on interest and borrowing is easier said than done, but in practice, it really comes down to knowing the difference between necessities and luxuries. you might need a place to live, but you don't need a <a href="https://www.investopedia.com/articles/insights/052416/top-10-wealthiest-families-world.asp">mansion</a>. And while most of us must have a <a href="https://www.investopedia.com/terms/m/mortgage.asp">mortgage</a> in order to afford a home, purchasing a home in a financially responsible manner means that you should purchase one that won't break the bank.  Another healthy estimate is that your monthly mortgage payment should not cost more than 30% of your monthly <a href="https://www.investopedia.com/terms/t/take-home-pay.asp">take-home pay</a>.

Acting in Your Own Best Interest

Spending every dime that you earn is simply irresponsible unless you have a massive <a href="https://www.investopedia.com/terms/t/trust-fund.asp">trust fund</a> that is so flush with cash that you will never outlive the earnings. For most people, especially those of us hoping to retire someday, saving is an activity that must be taken seriously. A great way to do this is when you get your paycheck – and before you pay your bills – <a href="https://www.investopedia.com/terms/p/payyourselffirst.asp">pay yourself first</a>. A good goal to save is 10%.

Paying Yourself First—Saving

When it comes to saving, investing in the stock market might be the most profitable choice available. Sure, investing involves risk, but taking calculated risks is sometimes a necessity. The responsible way to go about it is to have a plan.Start by examining asset allocation strategies to learn how to choose the right mix of securities for your investing strategy. Contribute to your employer-sponsored savings plan if such a plan is available.

The Stock Market

Financial responsibility means being prepared for the unexpected. Most experts agree that you need to be able to support yourself financially for at least six months without an income. If you are married and used to living on dual paychecks, this means being able to pay the necessary bills such as the mortgage, food and <a href="https://www.investopedia.com/terms/u/utilities_sector.asp">utilities</a> on one income – or even neither income. If a missed paycheck would ruin you financially, it's time to create a financial escape hatch to prevent this.

Emergency Fund

Financial responsibly means doing what you have to do to take care of your needs and the needs of your family. To make this happen, your focus should be internal. The neighbors aren't paying your bills, so their spending habits shouldn't dictate yours or set the bar for your <a href="https://www.investopedia.com/terms/s/standard-of-living.asp">standard of living</a>.

Don't Keep Up with the Joneses

Having a budget is one of the core pillars of financial responsibility. You should know where your money is going. <a href="https://www.investopedia.com/terms/b/business.asp">Business</a> owners know the importance of understanding their <a href="https://www.investopedia.com/terms/c/cashflow.asp">cash flows</a> and <a href="https://www.investopedia.com/terms/b/balancesheet.asp">balance sheets</a>; as a result, no successful business exists without a budget. Neither should you.

Budgeting

Does being financially responsible mean that you have to scrimp and save? Maybe, but only if that is what it takes to stay out of debt. On the other hand, if you are the Sultan of Brunei, you may easily be able to afford a jet, a mega-yacht, a mansion in the South of France and a few palaces. Although those of us with lesser means might frown on this extravagance, it shouldn't be confused with a lack of financial responsibility. After all, there's nothing irresponsible about buying things you can afford to pay for.

A Very Personal Definition

Ultimately, financial responsibility means living within your means, regardless of the level of those means. So take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.

The Bottom Line: Arriving at "Responsible"

Just being able to make your credit card payments isn't enough. Here are some tips on how to become more financially responsible.

moneyandinvestments

Money & Investments

The Basics of Financial Responsibility

<ul><li>We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initially</li><li>A rich life is not a number; it’s understanding you and your partner’s values/interests and achieving them without the influence of society</li><li>What is your rich life? Talk about this with your partner</li><li>Money is opaque and unclear to compare across situations</li><li>We always try to compare ourselves to others but it’s more important to take a deep dive into understanding your goals</li><li>Spending/saving habits are not always directly correlated to wealth</li></ul>

Podcast: Key Takeaways

It’s a tragedy to live a smaller life than you have to.

<ul><li>Most people have never thought about this question, individually and as a partnership</li><li>People’s feelings on how they are doing financially are highly uncorrelated with their actual financial status</li><li>Americans love to compare themselves to their neighbours</li><li>Financial plans are more exciting and successful when you shoot for the moon rather than sacrificing your values and interests right away</li><li>The more dialed-in your rich life becomes to you, the more incomprehensible it should become to everyone else</li></ul>

Defining A Rich Life

We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initiallyStep by step process with your partner:<ul><li>On separate pieces of paper, write down your bucket list</li><li>Share them with each other</li><li>Pick a couple and put a dollar value on them</li><li>The numbers can be very different</li><li>Go with the bigger number – it will make the moment that much more worth it!</li></ul>This makes talking about finances more fun to talk about each month while you slowly but surely chip away at the goal

Counselling Exercise With Your Partner

<ul><li>You’re off to a bad start if one person is dragging the other to the meeting</li><li>Don’t blame, always ask questions to understand the context around spending/saving habits</li><li>Spend less time looking at fixed expenses (rent, groceries, gas), spend more but still little time on variable expenses (travel, gifts)</li><li>Spend most of the time examining rich life goals and updating progress, maintain a backlog of more rich life goals as you achieve them</li><li>These meetings can be depressing/challenging, make it a positive experience my going out to dinner or something out of the ordinary</li></ul>

Weekly Financial Meetings

In the next 48 hours, spend $100 on something you love. Can not be on kids, family, or charity. On yourselfChallenge is made for people who have trouble spending, designed to create a habit of spending money on things that are valuable to you

The 100 Dollars Challenge

<ul><li>Everyone is taught how to save money but nobody teaches you how to spend money</li><li>Family history can be very influential on this</li><li>Many people collect money eternally without having any rewarding goals</li><li>Would you rather end up at 60 years old with more money or more experiences and a little less money at 60?</li><li>People create a false financial story and live it</li><li>“I’m not good with money” is a narrative that can easily be changed if committing to a plan</li><li>Treat your financial plan like a business</li></ul>

Saving Could Be Worse Than Spending

Ramit Sethi — How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge | Brought to you by Wealthfront automated investing, Athletic Greens all-in-one nutritional supplement, and Pique Tea premium tea crystals. More on all three below.Ramit Sethi (@ramit), author of the New York Times bestseller I Will Teach You to Be Rich, has helped tens of millions of people live a rich life with their money, careers, businesses, and psychology. He hosts more than a million readers on his site iwillteachyoutoberich.com, newsletter, and social media. His new podcast, I Will Teach You to Be Rich by Ramit Sethi, reveals real stories about love and money from behind closed doors. Subscribe on Apple Podcasts, Spotify, or wherever you listen to fine podcasts.Please enjoy!This episode is brought to you by Wealthfront! Wealthfront pioneered the automated investing movement, sometimes referred to as ‘robo-advising,’ and they currently oversee $20 billion of assets for their clients. It takes about three minutes to sign up, and then Wealthfront will build you a globally diversified portfolio of ETFs based on your risk appetite and manage it for you at an incredibly low cost. Smart investing should not feel like a rollercoaster ride. Let the professionals do the work for you. Go to Wealthfront.com/Tim and open a Wealthfront account today, and you’ll get your first $5,000 managed for free, for life. Wealthfront will automate your investments for the long term. Get started today at Wealthfront.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could only use one supplement, what would it be?” My answer is usually Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Pique Tea! I first learned about Pique through my friends Dr. Peter Attia and Kevin Rose, and now Pique’s fermented pu’er tea crystals have become my daily go-to. I often kickstart my mornings with their Pu’er Green Tea and Pu’er Black Tea, and I alternate between the two. Their crystals are cold-extracted, using only wild-harvested leaves from 250-year-old tea trees. Plus, they triple toxin screen for heavy metals, pesticides, and toxic mold—contaminants commonly found in tea. I also use the crystals for iced tea, which saves a ton of time and hassle.Pique is offering 15% off of their pu’er teas, exclusively to my listeners. Simply visit PiqueTea.com/Tim, and the discount will be automatically applied. They also offer a 30-day satisfaction guarantee, so your purchase is completely risk free. Just go to PiqueTea.com/Tim to learn more.*If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Love & Relationships

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Podcasts

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

The Tim Ferriss Show

#524: Ramit Sethi — How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge

How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge

Positive Economics is a stream of economics that focuses on the description, quantification, and explanation of the developments in economics, the expectations, and the associated phenomena. It heavily relies on objective data analysis, relevant facts, and associated figures.

Positive Economics 

Normative economics is what economists call as "what should have been" or "what ought to be" study. This stream of economics aims to determine people's desirability or lack thereof to various economic programs, situations and conditions by asking the questions: what should happen or what ough to be. It leaves the door open for future changes, eliminates absolute statements, and provides an avenue for discussion.

Normative Economics

The history of positive economics can be traced back to the 19th century from the ideas of John Neville Keynes and John Stuart Mill, who were early economists.  Keynes believed that logic and methodology were imperative in the study of economics while Mill was an economist who blended economics with philosophy. Mill also approached economics from data, such as the relationship between supply and demand, rather than the value perspective approach. Later on, these ideas were adapted by contemporary economists and developed observations to back early economic theories.

History of Positive Economics

Pros:<ul><li>based on objective data and fact are at our disposal to back up any claims</li><li>there are no value judgments in positive economics which allows policymakers to formulate the appropriate measures necessary to tackle any economic conditions</li></ul>Cons:<ul><li>not everyone is concerned with the facts and there are certain economic conditions that we can base on emotions; economics isn't an exact science, therfore there are no fool-proof solutions</li><li>positive economics is not a one-size-fits-all approach. policies and solutions that arise from positive economics don't affect everyone the same way</li></ul>

Pros and Cons of Positive Economics

Positive economics is the study of economics based on objective analysis of what is occurring and what has been occurring in an economy.

Discover the world of business and economics.

economics

Economics

In the world of finance, scalability refers to the ability of a company to sustain or better its performance in terms of profitability or efficiency when its sales volume increases.It is usually a big challenge for any company to maintain its profitability or efficiency when the volume of sales increases. Similarly, capital markets must have the ability to maintain their performance levels when the volumes of trade carried out by traders and investors rise.

Definition of 'Scalability'

Scalability  definition - What is meant by the term Scalability ? meaning of IPO, Definition of Scalability  on The Economic Times.

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Business

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Startups

What is Scalability? Definition of Scalability, Scalability Meaning - The Economic Times

You don't need to earn a lot of money to become rich if you have healthy financial habits.
If you want to get wealthy, you need to consider three things:
<ol>
<li>Earn</li>
<li>Save</li>
<li>Invest.</li>
</ol>

How to get wealthy

It is natural to earn more over your lifetime. But a person can only earn more if they learn more. Further education enables an individual to provide more value.
Earning more is like a habit. Every year, we learn new skills and ways that will increase our earning potential. What matters is making progress, not the amount of money you make.

The habit of earning more

The key to the habit of saving is to save a bigger percentage the more you earn. When you start, you may only be able to save 10% of your income, but it is a mistake to commit to the same amount if you earn more.
However, it's a losing game to only focus on saving money. Life is too short to only focus on every penny you can save.

The habit of saving more

Consistent investing is essential. Investing as a habit will pay off in the long run.
It is most important to start with earning more, then saving more, then investing. People want to skip the first two steps and day-trade themselves to wealth, but most will only lose money by chasing quick money-making schemes. In the end, building wealth boils down to good habits.

The habit of investing more

Earn, Save, Invest: If you want to get rich, those three things always need to be on your mind. These are rich habits that change your life.

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Personal Development

Earn, Save, Invest: 3 Rich Habits for Life - Darius Foroux

Most good investing is about keeping your investment for the longest time possible. If you want to buy an investment just because its price went up, you probably don't know why it went up and will sell when it goes down.
Refrain from the need to own whatever goes up the most. Someone will always be richer than you, and that is okay.

Good investing: Protect yourself from FOMO

Investors on the same field often play different games. Even investors who think they're playing the same say have widely different goals and risk tolerances.
Most investing debates reflect investors playing different games and missing each other in conversation. Investing power is knowing what game you're playing without being swayed by people playing different games.

Good investing: Understand the game you're playing

Two truths:
<ol>
<li>Every asset goes through temporary out-of-favour periods.</li>
<li>The world continues to change, and some things will fall permanently out of favour. Investing strategies that have worked for decades will stop. Industries will go through typical cycles, then they die.</li>
</ol>
While patience is vital in investing, you should not use it blindly in every situation. While some behaviours never change, the composition of the economy does.

Good investing: The difference between patience and stubbornness

It is therefore essential not to mind when your investments hurt you at times.
<ul>
<li>Losing money can make you gloomy.</li>
<li>Your investment success may not have come solely from skill.</li>
<li>There will be doubt among your investors, co-workers, spouse, friends, and self during underperformance.</li>
<li>Realising all the risks you never considered can make you miserable.</li>
</ul>

Investing comes with pain

A rare skill is to align your peak-wealth years with a generational collapse in interest rates, the Fed becoming comfortable with quantitative easing, and falling marginal tax rates.
Also, the ability to understand the historical context of what it was like in other times will help you appreciate what's possible.

Investing: Understanding the broader context

philosophy

Philosophy

Five Investing Powers · Collaborative Fund

A person who has a conscious spending plan is all about having positive spending habits and not banning yourself from spending altogether.
If you've ever tried to put yourself on a budget and fail to stick to it every couple of months so, then you should definitely switch to something else. Traditional budgeting fails because they are unsustainable, focuses entirely on needs and ignores wants, and keeps you stuck on a cycle of looking backward.

Traditional Budgeting is Up In Smoke

There are three steps to creating a conscious spending plan. 
<ol>
<li>Categorize your current spending</li>
<li>Set up an automated system</li>
<li>Keep track of your spending</li>
</ol>
Budgeting is about knowing that you're about to spend on something that matters to you. It shouldn't deprive you of having fun altogether.

Conscious Spending Plan

It's important to have an overview of your money and where it's being spent. It's possible to fit your expenses into these four categories:
<ul>
<li>Fixed Costs (Rent, Bills, Loans)</li>
<li>Important Investments (401k, Roth IRA)</li>
<li>Financial Goals (Home Payments, Vacation Fund)</li>
<li>Guilt-free Expenses (Dining out, Happy hour)</li>
</ul>
When you break down your current spending even further, you will be able to keep yourself sustained with this method because it doesn't take away the fun.

Categorizing Your Current Spending

Since you now have an idea where your money goes and how much goes out of your account, it's good if you set up an automated system because you won't have to worry about your checking account not having any money in it when you direly need it. 
As long as it works for you, then you're on the right track.

Automated System for Fewer Worries

Whether it may be through a spreadsheet, an app, or a small notebook, tracking your spending is a surefire way of making sure you stay within the parameters of your spending plan.

Keep Track of Your Spending

Struggling to stick to your budget? Learn how a Conscious Spending Plan can let you work, eat, and play without feeling guilty.

Conscious Spending Plan: Budget by Looking Into the Future

Having some extra cash is helpful when the world falls apart. But emergency funds, while great in theory, are very difficult to put into practice. That is why so few people get around to saving one - most people have more urgent financial demands.
However, one should learn how to multitask with your money, moving between short- and long-term priorities.

Emergency funds

Write down your expenses from the past few months (look at your debit and credit card bills, your bank statements, etc.)
Next, see what is essential to support your basic needs and what you can cut if you had to.

Calculate a bare-bones monthly budget

Calculate the minimum amount you could survive on if things got tight, then multiply that amount by three. That is your starting goal for your emergency fund.
Eventually you'll want to save enough to live on for three to six months if you had to.

Consider the size of your emergency fund

Try to transfer your debt onto a zero-interest credit card (also known as a balance-transfer card). It will give you a limited time window where your debt won't accrue interest and allow you to get rid of your debt faster. But ensure you can pay it off within that window, otherwise the interest rate will skyrocket again.
<ul>
<li>If you're confident in your ability to pay your debt off, you can start saving at the same time.</li>
<li>If you are still paying a high-interest rate on your current credit card debt, then wait until your debt is paid off.</li>
</ul>
Once the debt is gone, put that same amount of money toward your emergency fund instead.

How to deal with your debt

Some people are disciplined enough to manually set aside "leftover" money at the end of every month into a high-interest savings account. Others take the decision-making out of the equation and automate the entire process. Most banks have a feature that allows you to set up recurring transfers from your checking account into your savings account.
Saving up three to six months' worth of expenses could take years. That's fine. Just keep at it.

How to follow through with saving up an emergency plan

Use these ideas to improve your money management and mature into a smart spender

books

Books

No More Broke

How to Start an Emergency Fund

<ul>
<li>In history, Black Friday was a stock market disaster that happened on September 24, 1869, when, after a period of uncontrolled speculation, the price of gold crashed, and the markets crashed.</li>
<li>The contemporary meaning refers to the day after the U.S. Thanksgiving holiday, which has been a holiday itself for many employees. It is known as a day full of shopping deals and heavy discounts and is considered the beginning of the holiday shopping season.</li>
</ul>

Black Friday has two relevant meanings

<ul>
<li>Retailers may spend an entire year planning their Black Friday sales. They use this event as their chance to offer special prices on overstock inventory and discounts on seasonal items, such as typical holiday gifts.</li>
<li>Retailers also offer significant discounts on top-selling brands of TVs, smart devices, and other electronics, tempting customers in the hope that, once inside, they will purchase higher-margin goods.</li>
<li>Consumers often shop on Black Friday for the hottest trending items, which can lead to stampedes and violence in the absence of adequate security.</li>
</ul>

Black Friday and retail spending

There is a theory stating that, when it comes to "Black Friday", the term "black" refers to being profitable, which comes from the old bookkeeping practice of recording profits in black ink and losses in red ink.
Retail businesses should be able to sell enough on this Friday (and the ensuing weekend) to put themselves "in the black” for the rest of the year.

"In the Black"

The term was made-up by the overworked Philadelphia police officers.
<ul>
<li>In the 1950s, crowds of shoppers and travelers flooded Philadelphia the day after Thanksgiving.</li>
<li>Philadelphia stores hosted major sales that day, but the city also hosted the Army-Navy football game on Saturday of the same weekend.</li>
<li>Because of the crowds, traffic cops were required to work 12-hour shifts, and they were not allowed to take the day off.</li>
<li>Over time, the annoyed and fatigued officers started to refer to this dreaded workday as "Black Friday."</li>
<li>The term became popular and spread to store salespeople who used "Black Friday” to describe the long lines and general chaos they had to deal with on that day.</li>
</ul>

The origins of Black Friday

<ul>
<li>Black Friday become the shopping phenomenon event it is today in the 2000s when Black Friday was officially designated the biggest shopping day of the year.</li>
<li>Until then, that title had gone to the Saturday before Christmas.</li>
<li>Today, Black Friday is becoming an increasingly lengthy event: a Black Weekend</li>
</ul>

How Black Friday evolved

<ul>
<li>For online stores, a similar tradition to Black Friday has arisen on the Monday following Thanksgiving. Cyber Monday is seen as the unofficial start of the online holiday shopping season.</li>
<li>The idea is that consumers return to work after the Thanksgiving holiday weekend, ready to start shopping.</li>
<li>Online shops often promote their sales prior to the actual day in order to compete against the Black Friday offerings at brick-and-mortar stores. </li>
<li>In terms of sales, Cyber Monday has proven to be a success among shoppers.</li>
</ul>

Cyber Monday competition

<ul>
<li>The sales registered on Black Friday are frequently seen as a litmus test for the overall economic situation of the country and a way for economists to assess the confidence of the average American.</li>
<li>Those who follow the Keynesian hypothesis​ that spending drives economic activity view lower Black Friday sales figures as a harbinger of slower growth.</li>
<li>Some investors and analysts look at Black Friday numbers as a way to gaugemeasure the overall health of the entire retail industry.</li>
<li>Others suggest that it only causes very short-term gains or losses.</li>
</ul>

The economic significance of Black Friday

All about how Black Friday came to be and its impact on our shopping.

marketingandsales

Marketing & Sales

health

Health

Understand yourself and those around you.

psychology

Psychology

Black Friday Bonanza

artsandculture

Society, Arts & Culture

Black Friday Definition

<ol><li>Lifestyle Expenses: eating out, vacations, entertainment etc.</li><li>Protective Expenses: health, car and house insurances or emergency funds.</li><li>Productive Expenses: things that improve your life for the long term -  investing in your education or career.</li><li>Destructive Expenses: the bad boys of the group -  nasty habits/vices, credit card debts, memberships you never use, and anything taking money without giving anything back in return.</li></ol>

There are four types of expenses, and only one of them needs to be cut 💸 

On Monday we covered the four pillars of freedom, and then lo and behold I get a press release this morning on the four types of expenses!

The Basics of Financial Responsibility

How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge

Positive Economics

What is Scalability? Definition of Scalability, Scalability Meaning - The Economic Times

Earn, Save, Invest: 3 Rich Habits for Life - Darius Foroux

Vera