I have recently read a book that has rocked my world. The book is titled, "The Soul Of Money", and it was written by Lynne Twist. Lynne asks a tremendous question. Do you have enough? Thought 1: There is NOT enough money for everyone There are many people who believe that there is simply not enough money for everyone, so they hoard all of the money they possibly can. "At least I have some for my family", they justify to themselves. Thought 2: There is enough money for everyone These people have an entirely different mindset. While they may even have tremendous wealth, they are not caught up in the "keep up with the Jones'" trap. They give HUGE amounts of money away to causes that they strongly believe in. "I have enough for today" is their thought. Do you know people caught in the trap of Thought 1? There is never enough. They have 3 cars, but they really NEED this other car. They have 2 houses, but they really NEED this one more. They have a closet FULL of clothes, but they really NEED some more. This does not apply to just extremely wealthy individuals! There are people caught in the same trap who are in PILES of debt. They are supporting their lifestyle with credit. I have seen that come crashing down approximately 100% of the time! WHY?!!!! WHY does someone allow themselves to get caught in this trap? What exactly is enough? Will they ever get to enough? The answer becomes real clear to me. I have enough for today. I am able to give more than I thought possible. I am able to save more than I thought possible. I am able to spend more than I thought possible. I have enough. Thanks, Lynne Twist, for writing a book that made me ask myself the question.

Do you understand everything you have purchased over the years? Your VCR? How to set the time on it??! What about all of the functions on your cell phone? I only know one person on this planet who knows everything about his cell phone. He is a certified cell phone junkie. What about your computer? Can you use it well? What about your car? I discovered just four months ago that there is an extra cup holder in our car. The problem? I have owned this car for nearly 10 years! All of these purchases cost money. They cost YOU money. Yet, I would be willing to guess that many of us who have purchased these items do not understand FULLY how it works or all of the features it offers. Why? Why do we refuse to take the time to understand how these products work? One reason is that we care only about a few features and the rest really do not matter to us. That's OK. However, you will never be able to fully utilize that product until you fully understand what it has available. What are some personal finance items you have purchased that you do not understand? Insurance? Mutual Funds? Company Stocks? Repo? Government Savings Bonds? New Rule: When it comes to YOUR MONEY, never purchase anything you do not understand fully! While the learning process about the product can be boring, tiresome, awful, terrible, or horrible, you will prevent being "taken" on a rip-off financial product. The cost can be huge if you do not fully understand the product you have purchased. Example: For a 35 year old, Whole Life Insurance for $100,000 can cost you around $100/month. You can get the same amount of coverage in Term Life Insurance for about $10/month! That is $90/month cheaper! That is $1,080/year cheaper! I have learned this lesson the hard way. Think about the personal finance products you currently have. Do you understand each one of them?