instavestHave you ever read an article urging you to buy an investment and all you can think of is whether the author even had the guts to put in any of her own money? I mean, the author certainly couldn’t pass on an opportunity to make money if he actually believes his thesis right?

Another problem I wish could be fixed is to have the author always write about the same investment when it’s time to sell. We over here at always recommend index funds, where you buy and hold the entire market forever. But for individual stocks, never selling just doesn’t make sense because not every company has a business model that lasts forever because our world is always evolving.

Recently, I came across Instavest, a registered investment advisor that came up with an idea to fix this. In its basic form, Instavest, in partnership with a broker-dealer, lets you buy and sell investments like any other brokerage firm. But instead of just buying and selling, Instavest integrated a Twitter like following system to each buy and sell orders. The beauty of this addition is how you can read other people’s reasons for buying a security, and seeing how many dollars she’s already committed to that trade. You can then decide to follow that trade by committing your own money, and have Instavest either automatically sell your investment when the person you are following sells or simply alerts you through email when he gets out of the position. Either way, you are free to sell at anytime regardless of what anyone else does with their positions.
[ continue reading… ]

When it comes to personal finance, there are two basic schools of thought: spend less or earn more. Spending less sounds simple enough, but it can be a tough adjustment for anyone who’s used to a certain lifestyle or has set behavioral patterns.

Not only that, but the temptation to spend is everywhere you look. If you are trying to spend less but having a difficult time changing your habits, here are 5 ways to avoid spending temptations.

[ continue reading… ]

Recently, TD Bank released the results of research that indicate that fewer people have savings accounts. What’s interesting about the results, however, is that this doesn’t mean people aren’t saving money — especially millennials.

Instead, it appears that many consumers are changing where they keep their money, moving it out of savings accounts. According to TD Bank, 70% of adults had savings accounts in 2014, compared with 83% in 2013. However, 59% of millennials say that they have savings to draw on, and 54% of gen-Xers said the same thing.

This trend toward finding other places to keep money is likely to grow over time. Even I don’t keep very much money in my own savings account.

So where do you keep your savings?

[ continue reading… ]

Credit card rewards and promotions can be very tempting. We live in a world of instant gratification and a credit card allows us to purchase anything we want right now.

With cash back rewards, airline points, and free bonuses, these are the reasons many of us sign up for multiple cards to earn these benefits. But then you end up having a bunch of credit cards taking up space in your wallet.

What do you do when you no longer need a particular credit card? You can simply call up the credit card company and cancel it whenever you want, right? Wrong.

If you do it incorrectly, canceling a credit card can have a negative impact on your credit score. If you’re planning to cancel a card soon, take a look at these tips so you can preserve your credit score.

[ continue reading… ]

My wife and I stay on track with our finances through constant communication. We go over our budget twice a week to ensure we’re in sync with every aspect of our finances including:

  • Income amounts to be received in the current two week budget period
  • Bills due during the current two week budget period
  • Amount to be put into savings
  • Spending plan for discretionary funds

We are both fully aware of how much money we have at all times, and what it’s going to be used for. Unfortunately there’s one thing that’s very difficult to do within the parameters of our system.

[ continue reading… ]

If you have a growing waistline and shrinking bank account, one simple way to fix these two problems is by simply prepping your own workday lunch meals for the week.

When you work a traditional job, there isn’t always time to eat healthy or to even pack your lunch in the morning. You’re busy balancing life and a career. But these tips will help you stay healthy at the office for under $20 a week.

[ continue reading… ]