Entrepreneurs and professionals often focus on hard skills, strategies, and market trends to achieve financial success. However, recent research suggests that emotions and money mindsets play a significant role in shaping financial well-being. My study titled Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory found that emotions influence household income and net worth beyond traditional factors, like education, income, or age. The Link Between Emotions and Money Traditional thinking suggests that financial success leads to happiness. However, my research flips the script: positive emotions may actually drive financial well-being. The study, based on a sample of…

My wife, Mika, and I took a survey this week about our approach to money. The survey asked us to respond to a number of statements by noting on a continuum whether we agreed or disagreed, ranging from -5 (“I strongly disagree”) to +5 (“I strongly agree”). For example, here is a sampling of the prompts: “If I work hard, I have the right to play hard.” “The more money I have in savings, the more secure I feel.” “Financial success or failure has a lot to do with luck.” There were 12 questions like that, and then things got…

The Education Department Memo To Student Loan Servicers The Education Department has instructed student loan servicers to stop accepting and processing all student loan forgiveness applications for three months, according to a memo obtained by The Washington Post. The loan servicers – including MOHELA, Aidvantage, and Nelnet – manage student loans on behalf of the Education Department, including collecting payments, processing applications, and providing customer service. The memo directs loan servicers “to stop accepting and processing all income-driven repayment and consolidation applications for three months.” It informs servicers that the hold could be extended beyond three months or potentially end…

Natalie Cochran was recently convicted of first-degree murder for killing her husband in 2019 and sentenced to life in prison without the possibility of parole. Natalie was already serving a 135 month sentence for money laundering and wire fraud connected with a Ponzi scheme she perpetrated between 2017 and 2019. In 2017, Natalie Cochran, with no experience in weapons or government contracts quit her job as a pharmacist and, along with her husband Michael Cochran, formed Tactical Solutions Group (TSG) a company they said would bid on contracts to sell weapons and other goods to the federal government. Natalie Cochran…

The Personal Income and Outlay data — the Federal Reserve’s preferred measure of consumer spending and inflation — were released on Friday. There is some good news but also some that is disturbing. The central bank will take notice and probably reconsider how much more interest rates could be cut this year. They’ll have no choice, if this becomes a trend, it could set off a recession. Why the Fed watches consumer spending. The Fed pays close attention to consumer spending because, directly and indirectly, it touches on the organization’s dual mandate to maintain stable prices and maximum sustainable employment.…

Investors are worried about an economic downturn, perhaps even a recession. The stock market is coming off two blistering years and the headlines from Washington are hard to ignore. Don’t fall victim to fearmongering or try to predict when you can prepare instead. So if you’re wondering what you should do out of concern for your investments, personal finances, or a looming recession or stock market crash: take a deep breath, put the current context into perspective, and focus on what you can control. “Far more money has been lost by investors preparing for corrections or trying to anticipate corrections…

The rise of side hustles reflects a significant trend in the modern economy. A growing number of people are looking for additional income while pursuing their passions—be it selling handcrafted products online, freelance writing, or driving for a rideshare company. However, is starting a side hustle the right decision for you? It requires a thorough consideration of financial realities, personal goals, and the current economic environment. This discussion will highlight the advantages and drawbacks, explore financial aspects, and analyze how today’s economic context heavily impacts the choice to embark on a side hustle. The Upside Of Starting A Side Hustle…

As the Trump administration’s priorities continue to take hold, its unabashedly pro-law enforcement stance is igniting fresh optimism among investors. With a renewed focus on public safety and American-made innovation, companies supplying cutting-edge policing technologies could see significant windfalls. While initiatives like the Department of Government Efficiency grab headlines, the real investment opportunity could lie in tangible tools: less-lethal devices, AI-driven software, and data analytics poised to reshape how America’s police operate. Here’s why Wrap Technologies, Axon Enterprise, and SoundThinking stand out as potential picks for your portfolio—and what makes them tick under this new political landscape. Wrap Technologies: The…

Fortune has an article by Greg McKenna that is disturbing if you follow financial markets and monetary policy at all. It says that President Donald Trump has a path to end the Federal Reserve’s independence for a full Fed takeover. The disturbing part is not that Trump would have a way to politicize the Fed, but that any president would — as many have wanted and tried. Historic Fed takeover attempts. Before getting into what presidents have done, start with the 1913 creation of the Federal Reserve by Congress through the Federal Reserve Act. The impetus was a series of…

Despite President Trump’s repeated promises that “we’re not touching Social Security, other than to make it more efficient,” it appears his Administration is planning deep cuts in the program’s administration. And that inevitably will mean trouble for those receiving or applying for benefits. By slashing staff and tinkering with its internal computer systems, the Trump Administration is likely to make Social Security less efficient, not more. And these steps may make it much harder for applicants to receive the benefits they deserve in a timely way. Thus, Trump effectively will be cutting benefits, at least for some. Remaking the SSA…