Are you looking for some practical ways to better manage your debt? Are you starting to become overwhelmed by your monthly payments and the building interest? Hey, I get you! Debt is something that we all deal with. Especially now with the COVID-19 pandemic and the devastating ripple effects it will have on the economy for years to come, I feel even people who thought they were doing well financially might soon have to take on more debt than they previously would have imagined. According to Debt.org, the typical American household now carries an average debt balance of $137,063. Credit cards alone make up $8,398 of this figure. The rest of it includes all of the other usual suspects such as your mortgage, student loans, auto loans, … [Read more...] about How to Manage Your Debt and Reduce Financial Stress
"Recession" ... its a word that strikes fear in the hearts of investors both young and old. Generally, when a recession hits, you know what you're in for. The stock market tanks, your 401(k) loses value, businesses you know and love close, and major media is in a frenzy every day about the latest financial disaster to strike. The NBER (National Bureau of Economic Research) defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales. To date, there have been 47 recessions in the United States since the Articles of … [Read more...] about How to Invest During a Recession and Actually Make More Money
Have you ever wondered what sets you apart from people who retire young? All over the Internet, you can find incredible success stories of regular folks who were able to pull off the impossible. But what is their secret? How do you retire young in today’s world when so many of the odds seem stacked against you. It’s one of my personal hobbies to read these stories and look through the details to see what makes them different. And you want to know what I’ve noticed? It’s not that they won the lottery or received a huge inheritance. It’s also not that they were necessarily big-time executives earning way more money than you and I. No, the answer is actually much simpler than you might think. Most of the … [Read more...] about What’s the Best Way to Retire Early? By Doing This One Important Thing
If your pool water is cloudy or a sick dark color, and you're looking for tips on how to turn it from green to blue, then this is the post for you! For years, I've had a love / hate relationship with my pool. I love it in the middle of the summer when it's 100 degrees outside and I want a nice, cool place to float around all afternoon. But I hate it when I pull the cover off every spring only to find a puke-colored, army-green swamp where my crystal blue water used to be. Believe me - I know how desperate you feel when your pool looks like this and you fear it will never be suitable for human life ever again! And the amount of money you can spend only to literally accomplish nothing can be ridiculous! Don't think so? Here's an … [Read more...] about How to Turn Cloudy Pool Water From Green to Blue
If you're wondering "Can I contribute to an IRA and a 401(k) this year?", then you'll be delighted to know that the answer is most likely: Yes. For most middle income families, the good news is that both spouses can usually contribute to both types of retirement plans. With a 401(k), eligibility is pretty straight-forward. Your employer will either offer one or they won't. The employee generally just has to meet the employer's requirements which might be being 21 years of age (or older) and having worked with the company for a minimum amount of time (such as one year). IRAs, on the other hand, are accounts that you set up yourself. If you want to start one, you simply pick a reputable financial institution and apply. Its … [Read more...] about Can I Contribute to Both an IRA and a 401(k)?
If you're looking for some good things you do with $1,000 right now, then you're in the right place. Anytime you're about to receive some money, it's important to have some good options for what you plan to do with it. And let's be honest: With the median household income in the U.S. standing at $61,937 per year, a thousand dollars can do a lot of good. In fact, according to a survey reported by Fox Business, the majority of people who are about to receive $1,000 or more plan to use it to pay down their debt. While that's always a very responsbile use of money, is it the only option? Depending on how you normally manage your money, there may be some other choices that would also make similar positive impacts. In fact, if … [Read more...] about What Are the Smartest Things You Can Do With $1,000 Right Now?
So you want to save for retirement, and you've heard good things about both 401(k)’s and IRA’s. You'd love to save your money into both types of retirement accounts. But unfortunately, that might not be possible. First, there's the big question: Are you even eligible? Maybe you work at a place that doesn't offer a 401(k) plan. Or maybe you have no idea if you qualify to open an IRA. Next, if your finances are anything like most American households, then there's only so much money to go around. Your paycheck is only so big, and you might only be saving somewhere around 10 percent of it. There might be enough to spread around. Finally, there's the debate of what's best for you and your money. Do any amount of searches in … [Read more...] about Should I Put Money in a 401(k) or IRA First?
After reading enough personal finance blogs, this whole financial independence thing starts to sound pretty good! But what exactly are the steps to retire early? How does someone acquire enough money to never have to work again (if they choose)? What was the path that got them there? And more importantly, what are the habits and routines in our daily lives that we can adopt that will help make early retirement an option? You might be surprised to learn that much of achieving financial independence has less to do with earning a lot of money and more to do with how you go about getting it. Your ticket to freedom doesn’t necessarily have to include some fancy high-paid position. Although it might help accelerate … [Read more...] about 10 Steps to Retire Early – What You Should Be Doing Right Now!