Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
A couple of weeks ago, I had an interesting conversation with a young man (20 years old) about his credit situation. He understood the value of good credit and was trying to figure out how he could take the next step in boosting his score. We talked about the moves he made up to this point and what he should do next to diversify his credit and present himself as a better prospect. He wants to buy a home in the future, which is why it’s important to him that he manages his credit now.
As we talked, I was reminded of a recent survey from Credit Karma about the financial mistakes made by young adults as a result of a lack of financial education. My friend’s mistakes weren’t as devastating as what others have done to their situation, and he had been sufficiently conservative with his money to avoid serious debt problems. Others aren’t so lucky, though. According to Credit Karma, some of the major mistakes many young adults (68%) make before turning 30 include:
Overspending on credit cards
An account sent to collections
Defaulting on a loan
Missing payments
According to the survey data, about 75% of the respondents felt like their financial mistakes made before age 30 impacted their quality of life in a negative manner. The mistakes made in your 20s can affect you years down the road. It can even prevent you from moving forward with your life as you would like. [ continue reading… ]
You may not realize it, but in between making corny jokes and yelling about who touched the thermostat, your father taught you a great deal about money.
Dads are usually the financial teacher in the family, but even fathers who never spoke a word about the family budget passed along important money wisdom to their kids. That’s because Dads’ favorite words of wisdom – just like Mom’s – offer great insight into managing your money even if they seemingly have nothing to do with finance.
If you ever heard your father tell you one of these old sayings, you should thank him. That’s because he gave you an excellent financial education without you even knowing it. [ continue reading… ]
A large part of success is in knowing yourself. This is true whether you are starting a relationship or whether you are working towards a financially stress free life. If you want to create success in personal finance, then you want to cultivate the behaviors that will lead to financial freedom. Here are some things to consider about yourself to help you achieve your financial goals:
What are Your Strengths?
One of the best things you can do is to acknowledge your strengths. Figure out what you are good at and see if you can turn those into extra income. Consider your strengths as they relate to money. Do you have skills that others are willing to pay for? Can you create something with your hands that others are willing to buy? Are you good with research? Do you have good self-discipline? Recognize your strong points and find ways to apply them to your financial life. You’ll be able to accomplish more and do it faster if you can create a financial plan that plays to your strengths. [ continue reading… ]
When it comes to getting rid of debt, it seems like the best option is to pay it off as quickly as possible.
This is especially true of credit card debt. The interest is insanely high, so you should just pay off what you can, as quickly as you can, right?
Not so fast.
It’s actually possible to pay off your credit cards too fast. What?!? Here are three reasons to take a step back and evaluate whether or not you should pay off your credit cards immediately. [ continue reading… ]
Elizabeth picks up the paper and tries to read it. Again. Frustration tears her heart open. The words are no longer clear, just like the numbers on the stove and the labels on the bottles.
“Hi, Mom!” Jane bounds in, but notices the grimace on her aging mother’s face and hides her concern. Her mother’s deterioration is heartbreaking. Yet, every day, she comes over to hug and kiss her, just to let her know she’s going to be okay.
The facts gnaw at her more with each visit. She and her husband stress and struggle with their finances, because they know there’s little alternative for Elizabeth – but they just don’t know how to handle the financial burden that comes with caring for the elderly.
Caring for the Elderly: The Numbers
According to AssistedLivingToday.com, the average cost of a shared room in a nursing home is $93,072 per year. Per year! Most people don’t have that sort of money just lying around. Yet, with family demands growing each year, there are fewer hours available to take care of our aging parents ourselves. [ continue reading… ]
One of the keys to saving money is cultivating the ability to delay gratification. Unfortunately, that’s easier said than done for many of us. Putting off pleasure today in anticipation of tomorrow’s needs doesn’t come naturally to many people. However, there are ways to overcome your natural inclinations and develop more thoughtful spending habits. Here are a few you should try.
1. Have a clear vision of yourself in the future. It’s much easier to want to take care of the future you if you have a picture in your head of what you’ll be doing in 5, 10, 15 years, and beyond as well as a firm plan for getting there.
Knowing what you want and how you’ll get it makes the reasons for resisting temptation seem much more clear and real than having just vague ideas. [ continue reading… ]
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