Category: Personal Finance

Learn about a variety of personal finance topics, including budgeting, saving, credit, debt, taxes, insurance, retirement and more

Debt

Killer Debt and Its Effect on Your Dreams

Everyone wants to feel like they have accomplished at least some of the things they have dreamed about over their lifetimes. You can call it our goals, our wants, our desires, or even the big one: the American Dream. So what are the reasons we often struggle or fail in that pursuit?

Is debt killing your dreams? It is keeping you from the American Dream? If so, it's time to take control of your finances.

It’s not any secret when you think about it. The American Dream is most often killed by debt. The American Dream has been the gold standard for life here in the U.S. for a really long time. It is probably the number one motivator we all have even though we don’t think about it that way. It is the reason why we want a good paying job and the reason why we want more and spend more on ourselves and our families. Whether it’s a new car, a vacation, or the big one—a great home and backyard—it is why we get up and go to work every day. And that’s the rub; we want so much that we are willing to let debt kill our American Dream!

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Personal Finance, Saving & Investing

Can You Election-Proof Your Finances?

No matter who wins the presidential election this year, or in future years, the outlook for continued growth and innovation long term remains a positive. There’s no reason to believe that even in a pandemic world that we have today that progress and innovation are simply just going to stop because one candidate or another is elected and 2020 isn’t going to start a new trend in that regard. Financial growth is going to happen for some (or even many) and you want to be in that number when it does. The question is: how? How can you election-proof your finances?

If you want to election-proof your finances, you need to look at history to be your guide. From there, we can make some general observations.

Election-Proof Your Finances?

There is often widespread uncertainty before a presidential election, and that extends to worrying about your finances. To election-proof your finances is to ensure that you will be improving your monetary situation no matter who wins. Now I don’t know your particular situation, and I’m not providing advice, but I can make some general observations as to how it can be achieved.

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Budgeting, Shopping

Plan Right Now to Save Your Holiday Finances

It’s become so common for people to rack up huge amounts of debt during the holiday season, especially when they whip out the old credit card and throw caution to the wind! Between travel, parties, gifts, and décor, the amount you spend in December alone could result in an uncomfortably large credit card balance. Holiday finances can be tough to deal with.

It's not too late to plan your holiday finances. But the holidays are coming right around the corner, so now is the time to get organized.

You probably have fallen victim to it just as most of us have including me too as an impetuous youth. I lived to regret it and fortunately I learned my lesson and never did it again. So I ask this question of you now: Are you ready to plan right now to save your holiday finances?

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Retirement

Retirement Investment Strategies That 20 Somethings Need Now

I seem to write about retirement a lot these days and frankly I’d say it’s because I am one of them…the retired, that is. From my perspective, it’s pretty easy to see a path leading way back to my youth that is a good one to get safely here. But the problem seems to be always the same, most 20 somethings—and for that matter 30, 40, and even 50 somethings—just never do the work to get where they want and need to be: ready for retirement. That’s why we need to talk about investing for 20 somethings, even if retirement feels like it’s eons away.

There's no better time to start planning for retirement than the beginning of your career. Here are some tips for investing for 20 somethings.

I say it all the time and it is so true: start saving for your retirement as soon as you latch on to your very first job! That means that you should start saving early. Make regular contributions to your employer-sponsored 401(k) plan, and even get their big generous company match.

Given that most Americans feel they need to catch up on their retirement savings, this will keep you ahead of the game. But is there anything else you can do to secure your financial future? The simple answer is yes!

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Debt, Home

Is Mortgage Refinancing Now Really a No-Brainer?

Congratulations to me! (…and Mrs. Super Saving Tips, too). After seeing and hearing a year’s worth of promotions about mortgage refinancing and the all-time low interest rates, we finally took the plunge.

Mortgage refinancing rates are at near all-time lows, but is it the right time for you to refinance? Here's what you need to consider.

When homeowners are bombarded with news about “record low rates”, they often have one thought on their mind: “Is this the time to refinance?” I guess that I have asked myself that question many times over my lifetime and each time I wavier and hesitate until it becomes really crystal clear to me. This time is one of those times! Right now, I have to say that refinancing for almost everyone is on paper at least, really a no-brainer!

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Personal Finance

Financially “Dumb and Dumber”: 12 Financial Mistakes to Avoid

Even “smart” people can sometimes have financial habits that zap their financial plans and can leave them with an empty wallet. That’s why you need to know what financial mistakes might be costing you extra money today, tomorrow, and, well, every day when you stop paying careful attention to it.

Are you making dumb financial mistakes? Here's just twelve examples that are completely fixable with a little thought and discipline.

Being financially careless is dumb and knowing you are and continuing along that road is even dumber! Do as the old saying goes and “Just say no!”, but this time say no to dumb financial behavior.

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Retirement, Saving & Investing

P.R.O.T.E.C.T. Yourself and Your Money in Retirement

Now that I am well into the retirement mode—having actually retired back in 2013 and started collecting my Social Security—it is way easier to look back and see what I did in planning and executing my journey. 2013 may seem like eons ago, but in reality it’s just a flash in my mind and that’s the way time seems to go for all of us. One day you’re 35 and retirement seems like it will never get here and in a flash you’re 60-something and you need to have all your ducks lined up and a real retirement plan in place. That’s where the little reminder I came up with comes into play: P.R.O.T.E.C.T yourself, or Plan Retirement Options To Ensure Cash Tranche.

When it comes to your retirement plan, it's important to P.R.O.T.E.C.T. yourself - Plan Retirement Options To Ensure Cash Tranche.

P is for Plan

When the word “plan” comes up in any conversation, it requires that you do something. You means you and not someone else who may have a plan and you just may be a part of the fringe of that. For example, when it comes to your future and retirement, if your family has built wealth and you are planning to inherit some of it to fund your expenses and even your retirement…don’t count on it. While that may qualify technically as a plan, it is a terrible one!

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Personal Finance

Inflation Looms as 2021 Draws Near and Few Are Talking About It

If the word inflation doesn’t ring any bells in your head when I say it, it may mean you are fairly young and haven’t had a lot of experience with it or worse, you are getting older and you just have forgotten what it means. But if you still have any memory or senses in your head after months of crazy 2020, then you just might get a chill down your spine at the thought of another blow against your wallet: Inflation, 2021 style!

Inflation has been low, but I believe that is about to change quite a bit. Here's what I see coming in 2021.

Inflation Over the Past 25 Years

If you haven’t noticed it, inflation hasn’t really been a thing for a pretty long time, at least when it’s compared to the 1970s and early ’80s. Over the past 20 years, the annual rate of inflation has been consistently about 2%, although sometimes a little higher (like when the great recession struck in 2008). It has been an almost predictable small number.

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