The Wealth Effect | What it is and How to Avoid it

February 3, 2010

In economics, the wealth effect is used to explain the increase in spending that results from an increase in perceived wealth. In easier to understand personal finance language, the wealth effect occurs when your net worth increases due to an increase in home or stock prices. This increase makes you feel richer, and therefore causes [...]

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January Challenge Conclusion / Announcement of February Challenge

February 1, 2010

That was quick. January seemed like it lasted all but one week. My goal at the beginning of the month was to sell 30 things on eBay. I’m sorry to say, I didn’t get to my goal. Even though I didn’t reach my goal, I was still able to bring in a lot of money. [...]

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Weekend Reading / 30 Day Challenge Update

January 30, 2010

At the beginning of the month, I mentioned I was going to be doing a new 30-day challenge each month. I’m excited to let you know about how January’s challenge went. I have a few more items on eBay that end on Sunday before I can report final numbers. Look for a final report on [...]

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Effective Study Tips I Used To Pass the CFP® Exam

January 27, 2010

Last Tuesday, was a very special day for me.  When I got into the office, I saw I had a large envelope waiting for me. Right away I knew what it was – my results from the CFP® or certified financial planner exam. A lot of thoughts rushed through my head once I saw that [...]

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Reader Question: Should I Stop Saving for Retirement To Save For My Wedding?

January 26, 2010

This question was forwarded to me by my lovely wife, from one of her great friends and a very loyal reader of Gen Y Wealth. To be more specific, our friend was wondering whether it’s OK not to contribute the maximum amount to her Roth IRA and instead contribute to a savings account set aside [...]

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