Category: Personal Finance

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

Retirement

Retirement Investment Strategies That 20 Somethings Need Now

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

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!

Continue reading“Retirement Investment Strategies That 20 Somethings Need Now”
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!

Continue reading“Is Mortgage Refinancing Now Really a No-Brainer?”
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.

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

Continue reading“P.R.O.T.E.C.T. Yourself and Your Money in Retirement”
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.

Continue reading“Inflation Looms as 2021 Draws Near and Few Are Talking About It”
Income & Career

Before You Quit Your Job: What You Need to Consider

There isn’t really a great time to ever quit your job and so there may never be a perfect time or way to quit it, either. But when you are considering quitting, understand this: some times for quitting your job are way worse than other times. An obvious one of those “bad times” is right now during a pandemic when unemployment has soared to double digits and getting some new jobs are next to impossible to find in many areas.

Before you quit your job, carefully consider these factors. You want to put yourself in the best position possible for the future.

But even if you hate your job and you want out as soon as possible, it’s better to make an informed decision and leave when the timing is right. Don’t ever decide in haste and quit in the heat of the moment. It could cost you money, reputation, and negatively affect your future career and job prospects. So before you quit your job, here are some things to consider.

Continue reading“Before You Quit Your Job: What You Need to Consider”
Health, More, Personal Finance

Healthy, Wealthy, and Wise Are Not a Package Deal

Forever I have heard the saying of one of my favorites Ben Franklin that includes the phrase “healthy, wealthy, and wise”. OK, if going to bed early could really simply foster those things wouldn’t we all be heading to dreamland around 8 PM and basking in great health and wealth when we woke up each day?

For those seeking to be healthy, wealthy, and wise, the path isn't always easy. Here are some thoughts on getting there and current events.

But let’s be real for a second. First of all, almost all of us don’t go to bed early simply because we enjoy doing all the things that you can do in the evening like dining out, watching television, and, well, just doing the things we can’t do in the daytime because of work. So strike one right there. The days of going to bed at dusk ended when being a farmer was no longer the number one job anyone could have. No offense intended Ben, but health and wealth and wisdom don’t just come to those gentle souls automatically!

Continue reading“Healthy, Wealthy, and Wise Are Not a Package Deal”
Retirement, Saving & Investing

How to Start Investing Without a Lot of Money

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

We all hope and aspire to be able to save and grow our money. It’s not just a good idea. It may be fun to do and a challenge, but it is very important to save money for the future, target “numero uno”: retirement! But right now, even trying to find a high-interest savings account online has become practically impossible and if you do find any, you can’t earn enough interest to keep up with inflation. That’s where investing comes in. You may have put off investing because you didn’t have much in the way of finances, but I’m here to tell you to how to start investing without a lot of money.

Many people put off investing because they think it's a big commitment of funds. But you can learn how to start investing with only a small amount of money.

Investing Your Money Has Become a Real “Go To” Plan

You may think that investing is only for wealthy people. Or that you just don’t even know the most fundamental thing about investing and are simply frightened at the thought of it. Or you may have just put off investing forever. If you did that because you didn’t have much money left over for investing, then I have very good news for you. It doesn’t take much money to get started with investing!

Continue reading“How to Start Investing Without a Lot of Money”