Economist Danetha Doe: Keeping Up With the Kardashians Is a Big Money Mistake
Recognized by GOBankingRates as one of Money’s Most Influential, here she shares the importance of having a weekly money date, the best investments during periods of inflation and why you need to define “success” on your own terms.
What’s the one piece of money advice you wish everyone would follow?
Practice money mindfulness by having a weekly money date! A money date is a time to review your spending habits and investment goals. If you want to achieve success in any area of your life, you have to consistently track it. Your money date is a fun way to track your financial progress.
What’s the most important thing to do to build wealth?
Learn how to become an investor. Being an investor means your money works for you, so you do not always have to work for your money.
What’s your best tip for fighting the impacts of inflation?
Right now, putting your money into treasury I bonds and investing in real estate or other alternative investments are the best ways to fight the impacts of inflation.
What’s the biggest mistake people make when it comes to money?
The biggest mistake folks make is not defining financial success on their own terms. This leads to trying to keep up with Joneses (or with the Kardashians, depending on your flavor). I encourage folks to daydream and envision their own version of success. Perhaps it’s owning your own home or perhaps it’s having multiple mini-retirements where you travel for three to four months out of the year, every year. There are so many ways to define success for yourself — all you have to do is dream it and follow through!
Jaime Catmull contributed to the reporting for this article.
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