Rich Money Habits Carnival – The Psychology of Money

Welcome to the third edition of Rich Money Habits Carnival – The Psychology of Money.  The top picks of this edition all share the same common theme – discovering the psychology of money.

How is Warren Buffet, one of the richest people in the world, different from the rest of us?  Why is it that some people make excuses and others continue to blast their way to success?  How can you get what you want by also giving someone else what he wants?  Find the answers out by reading through our top picks for the month of March.

Rich Money Habits’ Top 5 Picks

• Your Best Library presents 10 Signs You’re a Financial Disaster posted at Your Best Library, saying, “If you show these 10 signs, the chances are high that you’re a financial disaster.” [RMH] Hilarious! I couldn’t stop myself from nodding my head at the 10 signs of being a financial disaster.  Witty, funny and definitely spot on.
• Silicon Valley Blogger presents Basic Business Advice from an Accidental Entrepreneur posted at The Digerati Life, saying, “My own story on how I became an online entrepreneur.” [RMH] This article is an honest take on the life of an accidental entrepreneur.  The author said it best in “it’s (NOT) enough to say that your business is filling a need…you should actually be good at filling that need.”
• Joe Plemon presents Are You An Opportunity Seizer or an Excuse Maker? posted at Personal Finance By The Book, saying, “Some find opportunity when it seemingly doesn’t exist. Others make excuses when opportunity knocks. A great rich money habit is to learn how to seize those opportunities.” [RMH] Great article on why we need to stop making excuses and take advantage of opportunities that come our way.  While reading the post, I remember the movie “Yes, Man” starring Jim Carrey.  It’s a feel good movie about saying yes to opportunities that life has to offer you.“
• Writers Coin presents Warren Buffett’s Investment Advice: Why It’s So Hard to Follow | Wise Bread posted at Wise Bread, saying, “I almost made a ton of money and then almost lost a ton of money in the stock market. Just goes to show you how hard it is to follow Warren Buffett’s advice on being greedy when others are fearful and fearful when others are greedy.” [RMH] Great article on why it’s so hard to invest like Warren Buffet.  I totally agree that investing is more than money – sometimes it is also about handling your own emotions.  As Warren Buffet said ’be fearful when others are greedy and greedy when others are fearful.’  Unfortunately, working with these 2 emotions is precisely the reason it is not easy to invest and go against the crowd.
• Learn Save Invest presents Know your position posted at Learn Save Invest, saying, “A personal story of how I saved money on truck repairs just by realizing my position, and asking for a break.” [RMH] Inspiring story on how it pays to know what the other person wants when you try to ask for a discount.  In the end, the goal should be to have everybody win.

Other interesting articles in this edition

On Taxes

• BackTaxesHelp.com presents When you Should File a Late Tax Return of Request a Tax Extension posted at Back Taxes Help.
• Wenchypoo presents Your Tax Bill Would Need to Double to Close the Deficit posted at Wisdom From Wenchypoo’s Mental Wastebasket.
• Praveen presents Free Ebook: Capital Gains Tax Tips for Traders and Investors posted at My Simple Trading System, saying, “Capital gains tax tips for traders and investors”
• Alex presents What can I deduct on my Taxes? posted at Claiming Tax Back, saying, “This post highlights some uncommon tax deductions which people fail to claim back from the IRS.”
• PeakPersonalFinance presents Are You Eligible for These 5 Tax Breaks? posted at Peak Personal Finance, saying, “Five tax breaks you may not be aware of.”

Investing

• BWL presents Should You Convert To A Roth IRA In 2010? posted at Christian Personal Finance, saying, “A look at some of the great benefits of converting to a Roth IRA this year…”
• Jen E. presents How to Analyze a Stock posted at Stock Tips, saying, “Learn how to analyze stocks by using an easy stock analysis test.”
• ABC presents Reasons For A Roth Conversion From 401K Or Traditional Roth posted at ABCs of Investing, saying, “Reasons for and against doing a Roth conversion.”
• Patty Pedersen presents eBook Readers: Stock Investing Strategy to Profit from Disruptive Technology posted at AlphaProfit MoneyMatters – Investing Blog, saying, “The number of eReaders sold is expected to ramp to 6 million this year and grow exponentially from hereon. To profit from eReaders with growth and value ideas, read eBook Readers: Stock Investing Strategy to Profit from Disruptive Technology.”
• Larry Russell presents Evaluating Roth IRA Conversions posted at Best Personal Financial Planning Software, saying, “The Roth puzzle for asset conversions, as well as for annual Roth contributions during working years, is one of the most complex decisions that the ridiculously complex US taxation and retirement planning system forces upon individuals.”
• Hussein Sumar presents How to Calculate Return on Invesment (ROI) posted at Accounting, saying, “Return on Invesment as the name suggests is a financial valuation method that determines the percent of return investors are getting from their portfolio of investments. Return on Investment is probably one of the most important ratios that companies need to keep track of in order to determine the viability & continuity of their business.”
• BeaBu presents Cut Profits Short and Ride Losses posted at BeaBu.com, saying, “One often quoted investing and trading rule is “Cut your losses short and ride your winners”. While this is a good thing to do in most situations, there are some kinds of market conditions when it’s not as simple as it seems. With finance, no rule is 100%.”

Banking and Credit Cards

• BankShout presents Health Savings Accounts Q & A posted at BankShout.
• Nathan Bishop presents HECM Reverse Mortgages posted at Online Banks Blog, saying, “The home equity conversion mortgages or HECM Reverse Mortgages is a way a senior can have an income if they have enough equity in their home. There are US federal governmental backing for these loans if a FHA approved lender is used.”
• chuck machado presents Medical Bills Lower Credit Scores posted at Raise Credit Score, saying, “The biggest obstacle to raising credit report scores is the lack of credit card debt management. Your credit report shows not only how much you’re spending, but how much you’re paying toward reducing your debt. If you are making minimum payments, lenders can see this and they figure your are either not too bright or are struggling.”
• The Dough Roller presents Chase Freedom Credit Card | 0% APR 12 Months | 3% Cash Back posted at The Dough Roller.
• The Dough Roller presents Does Canceling An Old Credit Card Hurt Your Credit Score? posted at The Dough Roller.
• Four Pillars presents Use Your Cell Phone Apps To Manage Your Money posted at Quest For Four Pillars, saying, “Some cell phone apps to help track your finances”
• PT Money presents Best Online Checking Accounts posted at Prime Time Money.
• LivingInVol presents Fixed versus Variable Loans posted at Living in volatility.
• Bruce presents Government Mortgage Help for First Time Buyers posted at Government Mortgage Help, saying, “Mortgage Help from the Government to assist you in keeping your home from mortgage foreclosure during this recession.”
• Control your Cash presents Let’s see how he does with Other People’s Money posted at Control Your Cash, saying, “This is about spending money – a finite resource for most of us – in the right places. Brown, or at least Brown’s garage, represents something we like to style controlled frugality for lack of a better term.”
• Billeater.com presents Use Twitter to Save Money posted at Billeater.
• David presents American Express Preferred Rewards vs. Premier Rewards Gold Card posted at Credit Card Offers IQ.
• Aaron presents Green Dot Prepaid MasterCard® posted at Prepaidcards123.

Personal Finance

• nissim ziv presents How to Negotiate a Salary: Negotiation Tips, Questions & Expectations posted at Job Interview Guide, saying, “Negotiation skill is a skill that not many people possess. In general, negotiation is an art. Every word you say is important in the end results And when it comes to negotiating the salary offer, things become even harder .”
• Tisha Dotson presents 100 Best Blogs for Women in Business posted at Accounting Degree.com.
• Money Infant presents My 2010 Personal Finance Goals posted at Money Infant, saying, “Goal setting is a necessity if you want to get where you need to be financially. Here’s my plan for 2010.”
• Debra Jacobson presents How To Be Frugal: Saving Money on Eating Out posted at All Things Frugal, saying, “In lean economic times, eating at restaurants is generally avoided. However, there are ways to eat out without breaking the bank.”
• Jerry Rogers presents Easy, Key Phrases to Impress Business Clients Abroad posted at Online Colleges.net.
• Mariana Ashley presents 100 Business Experts You Should Follow on Twitter posted at AccreditedOnlineColleges.org.
• PT Money presents Affordable Auto Insurance: How I Saved posted at Prime Time Money, saying, “How I saved on my auto insurance.”
• KCLau presents Bad Debt and Good Debt posted at KCLau’s Money Tips, saying, “How do you distinguish between good debt and bad debt?”
• Erel Kiko presents The Secret To Attracting Money With Affirmations posted at Law of Universal Attraction.
• Nash Dadameah presents Top 5 Ways To Save On Life Insurance posted at nil2million.com, saying, “Let’s save money by having our life insurance premium cheap”
• Elaine Murphy presents 100 Personal Finance Posts Every College Student Needs to Read posted at Career Overview.
• Zach Scheidt presents Home-Based Healthcare is Good Business posted at ZachStocks, saying, “The healthcare reform bill will affect industry for years to come. LHC Group Inc. (LHCG) continues to expand and could be a takeover target in the next few months.”
• Stephen Dean presents Secrets To A Champagne Product Launch posted at Copywriting Dean.
• Heidi presents Saving Money with a Cheap Designer Wedding Dress posted at Budget A Wedding.

That concludes this edition. Submit your blog article to the next edition of Rich Money Habits Carnival using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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