Canadian Personal Finance Blog

Archive for January 29th, 2007

I did a few articles a while ago, and I will be pointing to them along the way, but what the heck did the man who gave us the Nuclear age (well one of the men then) have to do with Finance? Well let’s first look at one of my favorite quotes from old “wacky hair”:

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein,

Now what, you may well ask, does this have to do with financial planning, retirement planning, debt reduction, or any other financial art that I comment on? Everything!

How many times do you keep doing the same thing every month and hope that somehow your financial future changes? Have you changed anything at all? Then why do you expect different results?

• If you make the same payments on your mortgage and the interest rate does not change, it would be insane to think it would get paid off any faster.
• If you continue to use your credit cards and only pay the minimum payment every month, it would be foolish to think you would ever be able to pay them off.
• If you continue to spend more than you make, how are you going to ever pay anything off?

Einstein may not have been speaking specifically about finances with this statement, but it is very applicable folks, remember he is the father of Einstein Finance .

My post about credit cards made it into the Carnival of Credit Cards posted on Credit Card Low Down, go have a peak.