With festivities kicking off to celebrate the beginning of the Chinese New Year, it could be insightful for us all to reflect on what the Year of the Dog means, both personally and financially.
In the Chinese culture, the new year is the first day of the first month in the traditional Chinese calendar. According to the Western calendar, Feb. 16 will mark the beginning of the Chinese New Year — also known as Spring Festival — the longest and most important celebration for Chinese families across the globe.
2018 marks the year of the dog. Chinese astrology describes the canine symbol as independent, sincere, loyal and decisive. The dog does not shy away from difficulties and is responsible. Just like man's best friend, the dog is loyal, clever and brave.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, people with this symbol (those born in 2018, 2006, 1994, 1982, 1970, 1958, 1946 and 1934) are often characterized as sensitive, stubborn and emotional at times. So how do those traits fit in with people’s financial lives? And what can they do to take advantage of their positive attributes and work around the not-so-positive ones that might trip them up?
The dog can teach us a trick or two on how to advance in our careers and improve our finances.
Be hands-on
With anything in life, you need to dig in and really be hands-on to achieve great success. It could mean taking on an extra side job or project to earn extra money or going the extra mile at your job to earn a nice promotion or raise. This is an area where people born under the sign of the dog should excel, considering their responsible side and dogged determination.
Network
In the Chinese culture, guanxi means relationships or connections. Relationships are built on trust and giving and receiving. However, you can't just have connections in order to be successful in money or other areas of life. You need to complement your networking prowess with a proven system that includes strategy, goal setting and people.
Use your talents
More and more people are not only working a full-time job but doing side work to earn extra pocket change. Dogs are clever and smart and can use these attributes to their advantage. Is there a skill you excel at, such as are you an artist or a math whiz? Create a side business or offer services, such as being a math tutor or creating sketches for a design company.
Do some problem-solving
Dogs also use their intelligence to solve problems. Do you have a hard time saving money? The cost of living continues to increase, and maintaining a budget can be challenging. Do you find yourself burying a financial bone only to lose sight of its location? Think about those items that you could do without, such as premium cable or the latest and greatest tech gadgets.
Cable bills vary depending on provider and services; most bills run a few hundred a month. Technology now allows people to view television online, and Netflix provides ample opportunity to binge watch.
Don't let finances 'go to the dogs'
Be clever and come up with different ways to reduce costs. Visit consignment shops instead of specialty stores. You might be surprised at the deals you could sniff out just by looking around. Make your own meals instead of heading to a restaurant. Not only will you save by preparing meals at home, it can be healthier for you in the long run.
Leave a paw print
As bills from the holidays are barking at the door, do you scratch your head wondering how you spent that much money? Without thinking, we often wander and stray. Being a dog means being responsible. Keep track of your expenses and monitor your spending. Do you tend to splurge? Or do you have excess monthly cash flow? Don’t dog out. Commit your extra money for a Roth IRA or 401(k) to build wealth for your financial independence.
Utilize your talents and strengths in the coming year to make 2018 the best year ever.
-
Best Cold Weather Places to RetirePlaces to live Some like it hot; others not so much. Here are the 12 best places to retire if you can't stand the heat.
-
Getting Divorced? Beware of Hidden Tax Traps as You Divide AssetsDividing assets fairly in a divorce means looking beyond their current values and asking whether they'll create tax liabilities — or tax breaks — in the future.
-
Getting Divorced? Beware of Hidden Tax Traps as You Divide Assets
Dividing assets fairly in a divorce means looking beyond their current values and asking whether they'll create tax liabilities — or tax breaks — in the future.
-
All-You-Can-Eat Buffets: Can You Get Kicked Out for Eating Too Much?Don't plan on practicing your competitive-eating skills at an all-you-can-eat buffet. You can definitely get kicked out. Plus, don't be a jerk.
-
A Social Security Storm Is Gathering: Here's Your Safety PlanIf Social Security reserves are depleted by 2033, as predicted, future benefits could be cut by as much as 21%. Here’s how to weather the impending storm.
-
What a Second Trump Term Means for Investing in Water SafetyA new administration focused on deregulation could change the scope of today's water protections. So, what does that mean for the investors who support them?
-
How to Avoid These 10 Retirement Planning MistakesMany retirement planning mistakes are easily avoidable. Here are 10 to have on your radar so you don't end up running out of money in your golden years.
-
Before the Next Time Markets Sink, Do Your Lifeboat DrillsAn eventual market crash is inevitable. We can't predict when, but preparing for the ups and downs of investing is imperative. Here's what to do.
-
This Late-in-Life Roth Conversion Opportunity Spares Your HeirsExpensive medical care in the later stages of life is an unpleasant reality for many, but it can open a window for a Roth conversion that benefits your heirs.
-
Women, What Is Your Net Worth?Many women have no idea what their net worth is, or even how to calculate it. Many also turn to social media finfluencers for advice. Here's what to do instead.
