It’s a great position to be in. All consumer debt has been paid off, or never existed in the first place. You’re doing well in your career, invest 10 percent or more of your income, and have plenty of savings in your emergency fund. You also own your own home and don’t plan on moving anytime soon. You’re at a point where you have a surplus of money coming in every month.
There’s a misconception that saving money is boring and that savers are missing out on a lot of fun. Spending money on trips and fast cars is seen as exciting while saving is seen as well, not so exciting. Boring even. In a vacuum, I guess there’s something to this. But in real life, you can do both.
There’s an idea in personal finance that for the average person to obtain wealth, they need to cut a bunch of things out. Maybe it’s because cutting spending is the lowest common denominator, or the easiest thing for people to relate to. I’ve frequently heard statements equivalent to a crash diet:
A few weeks back I published a post about making your own coffee titled Brewing Your Own Coffee: Can it Really Make You a Millionaire? One of the biggest clichés in personal finance is the idea that making your own coffee can make you a millionaire, or at the very least, save you a lot of money.
Financially free or debt free? Are they the same thing or is one better than another? Do you have to be debt free to be financially free? These are questions I hear a lot, and I think there’s a lot of confusion between the two.
There’s a thief robbing us of our money. This sneaky thief has been taking our money for years without us even knowing it. They’re taking one dollar at a time and we’re more than happy to give it to them. This thief knows our every move and takes advantage of our busy lives and tendency to fall into comfortable habits. What I’m talking about is the thief inside all of us, and it’s called mindless spending.
There is a lot of bad financial information out there. Whether it’s from a clickbait ad, a neighbor with hot stock tips, a headline grabbing article, or well-meaning family members—bad information is all around us. With bad information comes money myths. These are my top 12 money myths.
Leveraging debt is a term thrown around often, especially when it comes to real estate investing. But what exactly does it mean to leverage debt and how can it help build your wealth faster? And why do so many people advocate leveraging debt while others warn us not to?
The average car payment for a new car in the United States is $563 per month, with the average term 70 months according to a recent article on Lendingtree.com. That’s 70 months, or almost six years of $563 car payments. For a family with two cars, multiply that number by two and you’ve got $1,126 per month!
Americans have a lot of consumer debt. In my last blog about debt payoff systems, I cited a recent study by WalletHub that found Americans began 2020 in more than one trillion of credit card debt.
You don’t have to reinvent the wheel to be good with your money. I like to look in unlikely places for guidance. Ever notice how
There’s a misnomer that we need all the information to start something. Information is good, but you don’t need to know everything right from the
There’s a new argument in the rent vs buy debate. It’s that housing costs (for homeowners) are infinite, while the cost to rent is finite.
If you’ve ever read my book or blog, you know I’m a huge proponent of keeping an emergency fund. Things go wrong and it’s critical