Five Money Challenges You Can Use to Improve Your Finances
Not everybody loves a challenge, but for those who do, they can work wonders. Try these five money challenges, in whatever form gets you most fired up, to improve your finances.Read full story
12 Quotes About Money That Should Guide Your Financial Life
Some of the simplest and most effective money management advice can be summed up in just a few words, or a couple of sentences. Here’s a little advice from people who know a thing or two about money and wealth.Read full story
What to Consider Before Buying Your First Home
Homeownership is still a big part of the American dream, although smart buyers consider the pros and cons carefully first. If you’re sure buying a home is for you, here are a few of the most important things to consider.Read full story
Change These Three Things to Reduce Financial Stress
If you want to reduce financial stress, you might be focusing on reducing your outgoings, increasing your income, and paying down debt. All admirable aims, but in the long-term, some of the things that will reduce financial stress involve your mindset and emotions, as much as what you actually do with your money.Read full story
What Is Lifestyle Inflation, And How Can You Avoid It?
It’s surprisingly easy to live life broke on a relatively high income. One of the reasons some high earners have no money is a simple concept known as lifestyle inflation. Put simply, the more they earn the more they spend, so their financial situation never really changes, although it certainly appears to. Their houses get bigger, their cars get flashier, their belongings get both more numerous and more impressive. Their bottom line, however, stays the same.Read full story
Why Financial Literacy Matters and How to Improve Yours
Financial literacy is simply the ability to understand and apply good financial management skills. You’re financially literate when you understand basic personal finance principles and terms and are able to manage your day-to-day finances successfully. This includes things like being able to make a budget, track spending, calculate interest on savings and loans, manage credit cards, and plan for retirement.Read full story
How Long Does It Really Take to Pay Off Student Loans?
Student debt is something that almost every college graduate in the U.S. has to deal with. The average student graduates with around $30,000 of debt and many are carrying much more. While many people complain about student loan repayments, the majority of graduates actually think their degree is worth the debt they took on.Read full story
Unconventional Ways to Make Money from Your Property
There is plenty of debate over whether buying your own home is a good investment. People think their home is an asset, but it generally costs them money, rather than making it. If you own an income-generating investment property, that’s an asset, and usually a solid investment. A home you own and live in only makes you money when you sell it and while you could always get a reverse mortgage and release some of your equity, that’s not really making money from your home. That’s simply moving money around.Read full story
How Tax Efficient Are Your Savings?
IRA Or 401(K) If you live in the U.S., an IRA (Individual Retirement Account) or 401(k) can help make your savings more tax-efficient, but look closely at the types available to you and their pros and cons. With a traditional IRA or 401(k) you can deduct the amount you contribute directly from your before-tax income lowering your income taxes for each year you contribute. Your money will grow tax-free in your account, but when you withdraw it, you’ll have to pay tax on both the deposit and the interest earned. A Roth IRA or 401(k) allows you to contribute from your after-tax income, meaning you won’t lower your annual income tax, but you won’t be taxed when you withdraw that money for your retirement. Remember you’ll need an employer to access a 401(k) plan, whereas an IRA is available to any individual.Read full story
These Five Things Will Help You Think Before You Spend Money
Impulse spending can be a very expensive problem, but it’s also become the norm for many consumers. You can either constantly tell yourself you need to think before you spend, or you can put these things in place to force your hand just a little bit.Read full story
How to Juggle a Job and a Side Hustle
It’s never easy keeping all your balls in the air. Running a side hustle alongside your full-time job isn’t an easy option, but it is a popular one. More and more of us are developing side hustles, both because we need extra income streams and because technology is making it easy to do so. If you have a skill you can market online, you have a potential side hustle. So it’s not surprising that everyone you speak to is doing a little extra work online. Office workers are freelancing. Teachers are tutoring. Finance professionals might be doing a little financial coaching. Everyone is up to something. So how exactly do you juggle your job and your side hustle?Read full story
Money Mindset Shifts That Can Change Your Life
What if I told you that how you think about money affects how much money you have? No, I’m not suggesting you can simply think your way to having more money. I’m not one of those manifestation gurus who believes that imagining yourself with more money is enough to magically add zeros to your bank account.Read full story
Does Passive Income Truly Exist?
You’ll often hear people discussing passive income, but honestly, income is rarely truly passive. As anyone who has tried to generate it knows, passive income often requires a setting up phase. And that can be a very active (and time-consuming) phase indeed. Once set up, however, passive income can be invaluable. Here are a few passive income streams you might want to consider.Read full story
Simple Habits That Can Transform Your Personal Finances
Transforming your personal finances can be done by taking massive action. But that’s not the only way that the average person can impact their personal finances. Simple habits that we’re all capable of developing can also transform finances over time. These habits have a small but significant impact, that really adds up in the long-term.Read full story
Five Valuable Financial Tips for Freelancers
The gig economy has been steadily growing for years, and if you’re currently under a ‘shelter in place’ order, but have skills you can market online, now may seem the perfect time to try freelancing. There are, however, a few financial tips you may want to consider first.Read full story
Is Your Home Actually Your Biggest Asset?
You’ll hear homeowners proclaim this all the time. ‘My home is my biggest asset.’ But is it true? Are they even looking at the concept of an asset correctly? In very simple terms an asset is something you own and a liability is something you owe, which means, unless your house is paid off in full, it is at least part liability, and only part asset. However things are a lot more complicated than that.Read full story
How to Save Money on Those Once-in-a-Lifetime Expenses
I write a lot of pieces about saving money, on things like day-to-day spending, eating out, and holiday spending. But what about those major expenses? The once-in-a-lifetime things like college, your wedding, or buying your first home. There are a lot of ways to save on those too. It helps to start not by putting pennies in a jar, or clipping coupons, but by looking at the really big ways that some people overspend on these things. Today we’re considering some ‘big picture’ ways to save on major life expenses.Read full story
Three Things You Need To Know Before Taking Out A Car Loan
Car loans are one of the most common loans taken out in the US. While most debt is worth avoiding, many people simply aren’t able to afford a car without financing it. Luckily, interest on car loans is generally low, but there are still plenty of pitfalls to be aware of. Many Americans are burning money when it comes to the way they finance their vehicles. Here are a few things you need to know about car financing.Read full story
Simple Math for Would-Be Millionaires
I read a simple statement on social media the other day that blew my mind. As is often the case with these things I can’t find it now, but it doesn’t matter because the concept really was simple enough that it’s now engraved in my mind.Read full story
Three Major Misconceptions About FIRE (Financial Independence, Retire Early)
The FIRE (Financial Independence, Retire Early) movement is gaining more attention than ever before. Most of those dedicated to achieving FIRE follow a program of aggressive saving and investment that will allow them to step back from the world of work much earlier than traditional retirement savings plans would allow. There are a few misconceptions that surround the FIRE movement, though, and they can really trip you up if you’re not careful.Read full story