Financial Lessons from the Year of the Dog
As we ring in the Chinese New Year, take a moment to reflect on what the Year of the Dog might mean for your finances.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
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.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free 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.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?
-
How to Get the Fair Value for Your Shares When You Are in the Minority Vote on a Sale of Substantially All Corporate AssetsWhen a sale of substantially all corporate assets is approved by majority vote, shareholders on the losing side of the vote should understand their rights.
-
How to Add a Pet Trust to Your Estate Plan: Don't Leave Your Best Friend to ChanceAdding a pet trust to your estate plan can ensure your pets are properly looked after when you're no longer able to care for them. This is how to go about it.
-
Want to Avoid Leaving Chaos in Your Wake? Don't Leave Behind an Outdated Estate PlanAn outdated or incomplete estate plan could cause confusion for those handling your affairs at a difficult time. This guide highlights what to update and when.
