Managing Your Personal Finances Better

This Element is an excerpt from The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams (9780137054251) by Trent Hamm. Available in print and digital formats.

Why frivolous spending closes the doors to your best future opportunities--and how to reopen them.

The more you spend today, the more restricted your choices tomorrow. The less you spend, the more choices you have tomorrow--a new career, a new relationship, a new life. Every time you spend frivolously, you shut off some of life's great opportunities....