Moolanomy tagged me in his “My One Money Advice” (MOMA) Meme. He was inspired by Blog Action Day and his hope is to help increase financial responsibility and awareness in our hyper consumption society. So I’m going to answer his MOMA question and then pass it on to five fellow bloggers. (I had to look up what a meme is by the way… I am a little behind the curve. But any definition that includes a discussion of Dawkins’ The Selfish Gene, one of in my opinion the best books ever… is a winner with me!)
The question: If you can give one advice, tip, or story related to money, what would you share?
I would say my biggest piece of advice is Ignorance does not help you. Sometimes, people (me included) stay ignorant of their true financial situation because it makes them feel less disturbed/scared/upset/nervous about what situation they are in, or that life is simpler without the details. It is never better to not know. Keep track of things like your debt totals (if you are in debt), interest rates, bank balances, retirement accounts, investments…. in this case, ignorance is *not* bliss.
For a very long time I thought it better not to think about my debt totals. I just made sure I wasn’t bouncing checks and that I paid my bills on time and that was about it. I thought it was simpler that way but it really was not. Knowledge is power. And with power you can institute change.
Well, that’s my advice. Take from it what you will.