Left Money

Christmas is a time when we remember the birth of our Lord as savior, Jesus. It’s also a time of giving. But there’s also something about the season that makes people lose their mind. I’m talking about all the people who spend way more then they can afford.

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This is one of those topics that financial advisers have different opinions about. Some advisers, like Dave Ramsey, say pay the smallest one off first. The small achievement will help keep you motivated to pay off the next biggest. Other advisers say pay off the one with the highest interest rates first, because it is costing you the most money in interest. How can a person make up his own mind?

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Wikipedia has a list of the top 100 billionaires. (Billionaires) At the top of the list are Bill Gates, Warren Buffett, Carlos Slim Helu, Ingvar Kamprad, Lakshmi Mittal, Sheldon Adelson, Bernard Arnault, Bernard Arnault, Amancio Ortega, Li Ka-shing, and David Thomson. Bill Gates is pretty well known. Investors are familiar with Warren Buffett as one of the greatest investors in history. I don’t know about you but the other names escape me. The tenth person on the list, David Thomson has $22 billion dollars and most of us have no idea who he is.

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Sometimes I hear a financial adviser on the radio say something like this: “you got to have health insurance, because half of all bankruptcies are caused by medical debt.” “You taking a huge risk, by not having insurance.” This is an example of a logical fallacy. It’s called the prosecutor’s fallacy.

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When we here the news, we hear things like, stock market down, oil prices are at record highs, and the housing market is in a slump. We are taught to assume that these are all negative things, but will a little thinking the intelligent investor can get excited about all markets.

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