The two sides of the equation for how to grow your wealth that we always talk about are: Make more money Spend less money Often, we take aim at the first goal. But a bigger paycheck does not necessarily set you up for financial success. And it’s important that we understand the reasons why so… Read More
Save at Least 15% of Your Income (as reported by Kathryn Vasel on money.cnn.com)
We know that we need to save more. The standard piece of advice from financial professionals is that in order to put ourselves in a strong financial position, we should be saving at least 15% of our income. Sound like a lot? You’re not alone. According to recent estimates, only about one in seven Americans… Read More
Roth IRAs and Roth 401k Plans (as reported by John Wasik on www.forbes.com)
Roth IRAs and Roth 401k plans are similar to traditional IRAs or 401k plans with one major exception. Whereas the money invested in a traditional IRA or 401k is taxed when you withdraw it in retirement, the money invested in a Roth IRA or 401k is not. Instead, the money is taxed up front. There… Read More
Beware the Zero Interest Credit Card (as reported by Brock on www.cleverdude.com)
For people who struggle with debt, zero percent interest credit cards can seem like a worthwhile offer. Why not transfer that debt to a card and pay no interest? Not so fast. Credit card companies are not interested in saving you money. They are looking to make money too, so be weary of offers that… Read More
Student Loan Payments as an Employee Benefit (as reported by Katie Lobosco on money.cnn.com)
There is a new employee benefit being offered in a growing number of companies that has attracted the attention of many workers. Because of the growing concern over student debt in this country, some employers see an opportunity to recruit and retain young, promising workers by offering loan repayment assistance. One example is PricewaterhouseCoopers, which… Read More
Common Financial Mistakes We All Make (as reported by www.investopedia.com)
We all make mistakes, even when it comes to managing our money. Few of us can be expected to go our entire adult lives without misspending, or making a shoddy investment decision, or failing to save in case of an emergency. With all the potential hazards that exist, having a perfect record on personal finance… Read More
Quick Credit Score Improvement Tips (as reported by John Ulzheimer on www.thesimpledollar.com)
The recent hack of Equifax, a company most people had never heard of before news broke that hundreds of millions of American’s sensitive personal information were stolen, has put credit scores back in the news. You may find yourself in a position where you score is in need at some point in life (though we… Read More
Financial Repercussions of a New Baby (as reported by Connie Mei on www.moneyning.com)
The day you find out you are pregnant, a lot of things change. One of those things includes figuring out how you are going to pay for the expenses that accompany a new child. Every child comes with new costs, but the first one is likely to have the biggest impact. You and your partner… Read More
Increase Your Savings Rate (as reported by Anora Mahmudova on www.marketwatch.com)
Investors spend a lot of time worrying about the performance of their investments. Of course we should be worried if we are investing our money intelligently, but often we spend too much time thinking about how to invest our money instead of focusing on how much money we are investing. It is far more valuable… Read More
Reducing Expenses in Retirement (as reported by Maurie Backman on money.cnn.com)
After you retire, chances are you will have less money to spend than you did when you were working. It is also true that some expenses, such as health care, will be higher. For these reasons, it is important to cut costs where you can so that the money you have saved can last as… Read More