Top 5 Money Myths

Top 5 Money Myths

Top 5 Money Myths Exposed

Due to the coronavirus, high school and college commencements in general, are being held online. For the college Class of 2020, we have some financial advice to offer. Plus, we will expose the top 5 money myths that hopefully will get you started down the right path.

Based on personal experience, I’ve come across young graduates that are of the mind-set “let’s just kick back & be young for the time being and adulting will kick in when it’s ready.” As I look back now, this is not what I would recommend to 2020 grads or for any student.

My best recommendation to you is to get your finances in View full post…

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Creating an Emergency Fund

Creating an Emergency Fund

Creating an Emergency Fund for Difficult Times

We all have our own definition as to what an emergency is, but in this article, we’ll give you the true meaning of an emergency, and how to prepare for one. Creating an emergency fund is one of the most important steps to take.

There’s two things for sure about any emergency – they can hit you from anywhere, and they will always happen at the worst possible time. And, if you don’t have a cash buffer handy, you’re in for some hard times.

Does Covid-19 ring a bell? Those who set up an emergency fund are having an easier time meeting their living expenses than most others. This is a perfect example of how and why the need to create an emergency fund.

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6 Tips On Creating An Emergency Fund

6 Tips On Creating An Emergency Fund

Want to know how creating an emergency fund will help? Read these 6 Tips

Do you make it a point to pay all of your monthly bills early or on time, pay your credit card balances in full to avoid interest charges, and put money away for retirement? If you are, that’s terrific! But have you begun creating an emergency fund for yourself?
An emergency fund sometimes dubbed a ‘rainy day’ fund is a side reserve of finances intended for emergencies that seem to pop up at the worst possible time. If you do not have one, you must make the right moves to establish one.

While creating an emergency fund is necessary, it is actually not very View full post…

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Credit Card Debt

Credit Card Debt

How to Get Out of Credit Card Debt – Let Me Count the Ways

When your credit card bill (s) come in, do you wonder how you will be able to make even the minimum payment? Does it seem like the balances on those cards never goes down? You’re not alone.

As long as you continue to pay just the minimum payment called for, you’ll be paying on those cards for 20 years or more. We’ll show you how to get out of credit card debt and stay out.

Credit cards used wisely and paid in full each month, can be a big help. But for many, the temptation to buy things you can’t afford, is too great, and soon the card is maxed out, and so is the ability to repay.

If you’re serious about eliminating credit card debt, then read on. It will take serious planning, a lot of discipline, and sacrifices to do this. The first thing that you must do is to know exactly what you have to deal with. View full post…

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Sound financial tips during COVID-19 uncertainty

Sound financial tips during COVID-19 uncertainty

Our financial tips during COVID-19 pandemic may help to ease your anxiety

(BPT) – The current COVID-19 financial landscape is unpredictable, causing anxiety for people of all ages. These sound financial tips during COVID-19 may ease your anxiety.

“Now more than ever is the time to take an active approach with your finances to position yourself for success,” says Danielle Seurkamp, CFP. “Knowledge is power during unpredictable times.”

Andy Mardock, CFP, agrees. “Emotions are running high with coronavirus concerns. Being informed helps you resist gut reactions driven by emotion so you don’t make a move you later regret.”

Both Seurkamp and Mardock are members of the View full post…

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10 Personal Money Management Concepts

10 Personal Money Management Concepts

10 Personal Money Management Concepts High Schools Should Teach

Personal money management topics are highly neglected in the school system and I believe this is something we all should be very concerned about. Our children grow up with virtually no concept of personal money management, the importance of money, or what to do with it when they have it.

It’s a mistake to rely only on parents to teach their children these things because many parents don’t practice good personal money management themselves. It’s a vicious cycle and it needs to be broken.

We all benefit from learning about the basic concepts of personal money management from an early age. Of course, it’s never too late, but money education should begin in the early grades and progress throughout high school. It’s the only way to prepare these kids for college and the real world.

Here are the 10 core personal money management concepts high schools should be teaching:

  1. Budgeting

Every graduating high school student should understand budgeting and know how to apply it effectively to their personal finances. Sure, they don’t have many resources to manage at this stage in their lives, but they still need to be able to budget. They will need it sooner rather than later, so it’s important to introduce them not only to the concept, but also to the available budgeting tools.

  1. Loans & Borrowing

Loans and borrowing are another important core concept that students need to understand. After all, they’ll be exposed to student loans very soon and they need to understand interest rates as well as the repercussions of not paying their loans on time. Providing the knowledge of loans and borrowing now will allow them to make good choices in the future. Applying for a mortgage when buying their first home can really be a big eye-opener.

  1. Use of Credit Cards

Most adults don’t understand how to properly use credit cards, so why do high schools assume that it’s not essential to teach children about it? Buying things now and paying for them later may seem simple enough, but when you max out your card and you don’t have the money to pay, you get yourself into a vicious cycle. This can be avoided if kids are taught proper credit card use from an early age!

  1. Good Credit Score

This is another very important personal money management concept everyone should learn from an early age. Having a good credit score and maintaining it throughout your life will have a positive effect on many aspects. It determines the credit cards and loans you’ll be able to obtain, your interest rate, and it will even improve your chances of getting a job.

  1. Interest Rates

Interest is discussed very vaguely in most math courses, but it’s never explained in a way that’s applicable to real life. Students need to be taught how interest rates can affect them and how to navigate them. Especially when it comes to loans and borrowing, because interest rates will determine if they’re getting a good deal or not.

  1. Debt

No one wants to be in debt, which is why it’s so important our children are taught how to avoid it, if possible. College tuition is high and student loans are increasing, so it’s very easy for students to accumulate high debt that will take them many years, or even a lifetime, to pay up. Having a better understanding of debt will allow students to avoid the most common traps and steer away from it or at least handle it intelligently.

  1. Insurance

Insurance is rarely discussed in high school and never expanded upon, but it’s a very important concept because we absolutely need it. Most students are vaguely aware they need auto insurance for their car, but they may not understand what it covers, what the benefits are, and why all states require it. Most adults don’t fully understand the concept of insurance either, so it’s important for students to be exposed to the subject. Understanding the types of insurance policies available, why they’re necessary, and how they work is key to purchasing the right ones and staying safe.

  1. Saving for Retirement

Young people don’t think seriously about retirement simply because it’s too far away. But that doesn’t take away from the fact that saving for retirement is an important concept to understand as soon as possible. Setting aside a small amount of money every month for retirement will allow young people to create a sizable net to fall on when the time comes. The sooner you start, the earlier you’ll be able to retire. Imagine that!

  1. Stocks, Bonds and Investment

Saving money and managing it is important, but so is investing it intelligently and securely. That’s why it’s so important children understand stocks, bonds and investment from an early age. The topic of investment is covered to some degree in school, but I believe it should be an important part of the curriculum. Learning how to make money grow through investment is not simple; the more resources our children have, the better decisions they’ll be able to make in the future.

  1. Taxes

Last but certainly not least, is the concept of taxes, which has a huge impact on our lives. Children hear about taxes from adults, but not enough to fully understand why they exist, how they should be assessed or how to use them. It’s when they get their first paycheck and see social security, Medicare, federal, state, and local taxes deducted from their earnings, does it hit them. That’s wrong! They should know much sooner. Understanding taxes allows us to manage and budget our money more effectively, which is why it’s so important we give our children this knowledge.

I don’t deny the fact that some states have introduced courses about personal money management to some degree. What I believe is, there’s a greater effort that needs to be made. Every state should be required to introduce courses about these core concepts we’ve discussed today and have it be a part of the curriculum. Learning about personal money management truly makes a difference, so why not give our children the best possible chance for a sound and secure future?

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Create A Financial Plan

Create A Financial Plan

Creating a Financial Plan Yourself Isn’t Difficult

You don’t have to spend a lot of money to learn how to create a  financial plan. Our tips will show how to do it for free.

A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.

In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.

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DIY Home Improvement Project

DIY Home Improvement Project

5 tips for financing your next DIY home improvement project

(BPT) – Whether it’s transforming a fixer-upper into your dream home or just giving a makeover to your kitchen or bathroom, DIY home improvement projects are on the minds of many new homeowners across the country.

While many things about renovating your home are flexible, your budget might not be. In general, not a single floor-board is laid, or a new countertop installed without money, which is why every home renovation project should begin with careful financial planning.

To help homeowners with their renovation projects, Marcus by Goldman Sachs(R) is working with home renovation expert, JoJo Fletcher, to share her budget-friendly home renovation tips.

“Think about small changes you can make if you don’t have the time to take on a big project right now, like freshening up any kitchen by refinishing your cabinets with a bright white coat of paint,” said JoJo Fletcher, ambassador for Marcus by Goldman Sachs(R). “When it comes to financing View full post…

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5 Ways To Manage Your Money Better

5 Ways To Manage Your Money Better

5 Ways to Manage Your Money Better & Take Charge of Your Finances

Do you put off making changes to better manage your money? If you have financial fears, does the prospect of financial planning seem next to impossible? If so, you’re not alone. Almost one half of Americans find this scary, and it doesn’t have to be.

There’s no need to postpone a much-needed review of your financial situation any longer. Getting your finances back on track and knowing where your hard-earned money is going, is not that difficult. Over 80% of Americans say that they would like to be in better control of their finances.

For that reason, we offer a simple checklist of five options that you can review to fit your specific personal circumstances. By following them, you will be well on your way to being able to manage your money better.

  • First and foremost, get rid of credit card debt. Many individuals are carrying several credit cards with high balances with high fees and very high interest rates. Many are only able to pay the minimum payments required, and in doing so, will be paying on those cards into old age.

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5 Tips to Save on Healthcare

5 Tips to Save on Healthcare

Healthcare hints: save on healthcare with 5 savings tips for budget-conscious consumers

(BPT) – As Americans work hard to meet all the obligations that come with work, family and everyday life, many are challenged to find time to manage all the financial elements affecting their healthcare.

If you’re among them you’re far from alone, since the multiple details associated with healthcare insurance can be confusing. At the same time, you want to be smart about your financial resources when making decisions about the quality healthcare you and your family need.

Fortunately, by carving out time to research money-saving tips you may be able to minimize your out-of-pocket healthcare expenses. Such out-of-pocket spending rose by more than 50 percent between 2010 and 2017, The Atlantic recently reported, partly because half of all health insurance policyholders in the U.S. are dealing with annual deductibles of at least $1,000.

Whether you’re uninsured or simply facing a high insurance deductible, you can save on healthcare by taking several steps to better manage your healthcare budget. Consider how the following tips may offer you a better sense of control of rising View full post…

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