Why You Shouldn’t Be Able To Drive To Your Bank

Notes From The Field By Simon Black

October 10, 2019  San Juan, Puerto Rico

Why You Shouldn’t Be Able To Drive To Your Bank

What is your favorite coffee shop or restaurant? Which doctor’s office and dentist do you prefer to go to?

I bet these are all within, say, 15 minutes away of your home. That makes sense--who wants to drive three hours to get coffee, or take a plane to their dentist?

But what about your bank?

If you live in the USA or Europe, chances are, the banks in your neighborhood probably aren’t that great.

Europe in particular has a lot of problems; according to the European Banking Authority (one of the EU’s biggest financial regulators), the largest banks in Europe collectively lack more than 100 billion euros to meet minimum capital requirements.

And in some countries (like Italy) the banking system is already teetering on the edge of insolvency.

Banks in the US have their own challenges-- like constantly abusing their customers’ trust.

Wells Fargo is the poster child for these types of scandals. They sold customers car insurance they didn’t need, and charged erroneous fees which got 20,000 cars repossessed.

A computer glitch once caused over 500 Wells Fargo customers have their houses foreclosed on.

Wells Fargo illegally repossessed vehicles of soldiers who were deployed overseas, and accidentally charged late fees to more than 100,000 customers when it was the bank that was at fault.

Wells Fargo employees also infamously created fake customer accounts in order to hit their sales goals. Other employees were caught selling customers’ social security numbers.

This sort of thievery is sadly commonplace.

Yet for all these risks-- all the abuse, the shaky financials, etc., banks pay almost nothing to depositors. You’re lucky to earn half a percent these days, and most checking accounts pay literally zero.

There are additional issues to consider as well—

To continue reading, please go to the original article here:

https://www.sovereignman.com/trends/why-you-shouldnt-be-able-to-drive-to-your-bank-25768/

Manage Yourself / Manage Your Money

You Can’t Really Manage Money (or Anything Else) Until You Can Manage Yourself

Brave Saver On October 9, 2019 • By Elyssa Kirkham

“I need to cut back on everything,” I repeated under my breath.

It was mid-2017, and this phrase was becoming something of a litany for me.  I felt intensely overwhelmed and behind in every area of life — work, parenting, friends, marriage, household management.

Almost daily I muttered those words to myself, or declared them loudly to my husband. I did so with the conviction that I’d identified the core of my problem: I was doing and buying too much.

 “I’ll cut back on everything, I just need things to work.” It became almost a prayer to the productivity gods. It was my bargaining chip, my willingness to sacrifice many things to get what I was desperate for: a functional life.

Does Hard Work Really Solve All Problems?

If I cut back, I reasoned, I could free up time, money and mental space to tackle the ever-towering pile of tasks that always lay ahead.

In the crosshairs of my slash-and-burn approach was anything I didn’t view as a core responsibility, a necessity of life — whether it was how I spent time or money. I:

Canceled all of our entertainment subscriptions, determined not to waste any more time or money on mindless TV.

Stopped accepting invitations to hang out with friends, arrange a playdate, or see family on the weekend. I couldn’t afford to socialize when I was so far behind.

Didn’t make time to workout, to journal, to really even get enough sleep. There was simply too much to do.

One by one, I disallowed myself any form of idleness or self-indulgence — and then I waited. Waited for the clouds to part, the stress to lift, the ever-moving finish line of being caught up to arrive.

Facing The Deep Costs Of Cutting Back And Overwork

Instead, stress continued to pile up until I collapsed under its weight. It was like I had been running a marathon — while refusing to pace myself, to grab a drink of water, to adjust my approach if I hit a hill.

Of course I wore myself out. Of course I hit a wall of “No” from my body and my mind. It was a self-preservation measure I couldn’t push past (though I tried my damnedest).

The well of motivation, the panic that had fueled my frantic efforts to catch up, had run dry. I couldn’t seem to make myself care enough to work on, well, anything in a meaningful way.

I’d been too convinced of my approach to be flexible. Too rushed to feel I could afford to slow down and get my bearings.  Yet that’s exactly what I needed to do, and what the wall of “No” forced me to do.

As I ground to a halt, all the things that had been blurred by my hurried pace came into focus. I saw this overwork for what it was: my last-ditch effort at covering up my messiness and toxic shame.

Figure Out Self-Management, and you can figure out the rest

I was fixated on outward issues, like a budget, a schedule, a search for the perfect productivity hack. And I know I’m not alone in this. It’s easy to get stuck searching for an answer outside of yourself.

To become convinced that “Everything will get better if I can just….” Just follow the plan. Stick to a schedule. Just spend every second and dollar efficiently.

The truth is we’re not always equipped with the right skills, mental space, or will power for our financial efforts to be effective.

Sometimes the problem isn’t your money — it’s us. And we need to work on managing our ourselves, our behaviors, and our mental health before our finances can improve.

To continue reading, please go to the original article here:

https://bravesaver.com/2019/10/09/self-management-money-management/

11 Tips To Help With Finance Anxiety

11 Tips To Help With Finance Anxiety

Finances Not Helping Your Anxiety? 11 Tips to Help You Breathe Easier

By  Carson Kohler   Staff Writer Penny Hoarder

Honestly, who doesn’t have anxiety these days?

Even if you haven’t been officially diagnosed with an anxiety disorder (ahem, me), you probably still experience tinges of That Dreaded Feeling. That swelling of panic in your gut, that flush of hives across your chest, that looming paranoia you can’t quite place…

As a nation, our anxiety levels are rising. In 2018, the U.S. national anxiety score (yes, that’s a thing) was 51 out of 100 — a five-point jump since 2017 — according to the American Psychiatric Association. Among our top concerns? Health, safety and — you guessed it! — finances.

11 Simple Strategies to Help Calm Your Financial Anxieties

Sure, you might’ve broken the paycheck-to-paycheck cycle and no longer have to rely on ramen for dinner. But you still experience this sense of financial uneasiness, like you know you’re missing something.

Yes, some folks might call it irrational or unfounded. To you — and me — it’s totally real.

The good news? You can address these fears. (Much easier than addressing those fears of heights, roaches or commitment, in my humble opinion.)

Here’s how:

1. Use This Simple Trick Pay Your Bills on Time

One of my biggest financial anxieties? Forgetting to pay my bills. In my head, the world will end. The credit card company will dump my account over to collections, my power will flicker off and my apartment building will escort me out in handcuffs.

Yeah, totally irrational.

The easiest way to calm this fear? Set your accounts to auto-pay. If you’re anxious about overdrafting or don’t trust auto-pay (same), then add the due dates to your phone’s calendar, or jot them in your agenda. This help you remember when bills are due and help you plan ahead with your budget.

This is such a simple move, and you’ll no longer have to jolt up at 2 a.m. because you knew you’d been forgetting something.

2. Realize Saving Money Isn’t Difficult if You’re Realistic and Proactive

A cell phone displays the Digit app

The Digit app can link to your checking account and withdraw small amounts of money into your savings account. Aileen Perilla/ The Penny Hoarder

The key word here: Realistic.

I tend to — scratch that, always — set unrealistic expectations for myself. Oh, sure, no problem. I can save 50% of my paycheck this month! A week in, I’ve totally blown the plan to pieces. First I feel stressed out, because I have no idea how I’m going to get back on track. Then I give up.

Don’t. Do. This.

“Make sure these goals are as specific and actionable as possible,” says Leslie Tayne, financial debt resolution attorney and founder and managing director of Tayne Law Group.

She offers an example: “Simply setting a goal to save more will be difficult to stick to,” she says. “However, if you make your goal to save $100 from each paycheck, that is a much clearer and actionable step.”

If you need to, enlist some help.

Use an app like Digit. Simply link it to your checking account, set a savings goal, then its algorithms will determine small (and safe!) amounts of money to withdraw into a separate, FDIC-insured savings account.

Bonus: Penny Hoarders will get an extra $5 just for signing up! Additionally, savers will receive a 1.00% bonus every three months.

To continue reading, please go to the original article here:

https://www.thepennyhoarder.com/bank-accounts/financial-anxiety/?aff_sub2=homepage

Financial Emergencies And How To Deal With Them

9 Important Financial Emergencies And How To Deal With Them

Personal Finance - Millionaire Mob - May 23, 2019

Have you ever encountered a financial emergency? What was it about, and how did you deal with it? Here, we will explore some of the most common financial emergencies and how to deal with them.

Have you ever been in a situation that requires you to use some finances which you had not anticipated?  In life, we’re sometimes faced with sudden inevitable occurrences.

Whether a sudden sickness, job loss, or sudden demise of a loved one, different financial emergences occurrences require us to dig our pockets deeper to fix them.

I’ve been using Personal Capital to plan for a financial emergency. I can use it to monitor my emergency fund and see how much cash is embedded in my net worth. Best part it’s completely free to use.

Financial freedom is all about having the flexibility to live completely free without any burden even if there is an emergency. Even if you’ve achieved financial freedom, building some sort of buffer in your financial plan for financial emergencies is important.

Before we explore more on the different types of financial emergencies and ways to deal with them, let’s look at what a financial emergency is first.

So, What are Financial Emergencies?

Financial emergencies are unexpected situations that require one to use some money that they didn’t intend. What happens when you find yourself in need of cash abruptly from an unanticipated event is what is referred to as a financial emergency.

If not resolved on time, it can pose immediate grave repercussions. These emergencies can occur at any time and in any circle of life, including at home, and work and more.

Since you can’t prevent some of these emergencies, the prudent thing to do would be to plan for them. That is, make sure that when the unexpected event occurs, you have some cash stashed somewhere to cushion you from the impact.

Although you cannot entirely plan for everything, having a fall back plan or some backup is always crucial.

List of Most Common Financial Emergencies

Here are 9 of the most severe financial emergencies you are likely to encounter.

Major Medical Emergencies

Some health or medical emergencies are beyond our control, and no matter how much we try to stay healthy and fit, they still occur. Although we all want to believe that we won’t get sick, planning for such things before they happen is the best thing to do.

The emergency may be directly yours or relating to you, for example, for a close family member. Even though we have insurance covers, it may not always suffice in such unfortunate occurrences.

A major medical emergency may require an ambulance, in some cases major surgery and post-surgery therapy. Depending on the severity of the medical emergency, an insurance cover may not cover the whole expense, and you may need to dig deeper into your wallet.

Also, if it’s your pet that requires medical attention, you may incur some costly expenses, especially relating to the veterinarian visits. If in case you haven’t insured your pet, then you may incur some considerable amounts which may strain your budget.

Thus, planning for such eventualities is vital. Sometimes, even with the flexible spending account (FSA), the medical emergency may consume all the funds in the account and still require more. In such an instance, you again go back to your pocket to cater to the remaining balance.

Job or Income Loss

A sudden loss of your source of income can be devastating not only financially but also emotionally and mentally. Having to cope with the ever-rising cost of living without a job is something to dread and which can cause tremendous financial strain.

To continue reading, please go to the original article here:

https://millionairemob.com/financial-emergencies/

Financial And Personal Benefits Of Watches

Financial And Personal Benefits Of Watches: Stay Sharp With A Watch

Personal Finance - Millionaire Mob - June 7, 2019

Watches are an important accessory for your ongoing success. Here are some of the benefits of watches.

There are few things that are almost synonymous to financial success and prosperity. Some of them are luxury cars, luxury homes or villas in exotic locations, antique and artwork collections, not to forget the luxury watches.

Luxury watches have always been seen as the mark of success. In fact, many people still see it as a important accessory for financial and personal growth.

In this age of technological advancements and portable devices, you might be wondering why people still wear traditional watches. In this post, we shall check out why you should wear watches to stay sharp and smart to become successful, both financially as well as in your personal life.

Since many centuries, watches have been closely linked to words like professionalism and prestige. Most of the successful businesses will vouch for the fact that their watch is one of their most essential clothing accessory.

Let’s first check out why people who wear traditional wrist watches are bound to succeed financially.

For Better Productivity:

Time management is undoubtedly the most important priority for professionals and businesspeople alike. Of course, you can also see the time on your phone, but it can be a big distraction as well, especially while you are working.

Also, many IT companies do not allow their employees or professionals to take their smartphones to their desks, because of company policies on information security.

Watches not only allow you to look professional, but will also give out the same kind of impressions to others. They won’t look at you suspiciously, like you are spending time on social media at work, when you are looking at your watch.

You can be more focused at work, because watches allow you to work comfortably and hands-free, because you will not have to keep dipping your hand in your pocket all the time,  to retrieve the phone. Wristwatches allow you to do away with all the distractions that the smartphones cause, thereby helping you work more productively.

If you wish to become successful in your workplace, then you must definitely try wearing a traditional wrist watch, if you don’t do that already. These classic timepieces do not disturb you with countless notifications like the smartphones.

In simple words, they help you in improving your productivity at your workplace.

Priority For Quality:

People who wear luxury and traditional wristwatches give importance to the quality. They admire the expensive materials and fine craftsmanship that goes into making of these lovely watches. Similarly, they look for quality on other aspects of professional lives, which helps them shine above the rest of their colleagues.

The wanting for quality also rubs off on their work ethics, which is why they are able to deliver top quality works on their projects, or businesses.

That is probably why most of the successful professionals and businesspeople are seen to be sporting luxury wristwatches.

To continue reading, please go to the original article here:

https://millionairemob.com/benefits-of-watches/

How We Stopped Fighting About Money

How We Stopped Fighting About Money

How We Made a Budget… and Stopped Fighting About Money

By  Abbigail Kriebs

A few of years ago, my husband and I were in limbo. We were trying to sell a house that wouldn’t sell and paying off student loans on an education that promised a higher-paying job but didn’t deliver. Our savings weren’t growing, even though we both had full-time jobs. We felt like we were hurtling along in life, but never getting anywhere.

A friend was leading a class on budgeting, so we signed up — more as a favor than anything else. I mean, we weren’t frivolous with our money! We weren’t smothered under debt! We weren’t like other couples fighting about money.

But we weren’t talking about money, either. And since finances influence every other area of life, we weren’t talking about our jobs or our goals. They were kind of there, kind of fuzzy and not at all the driving force behind our decisions.

That budgeting class changed how we thought about money — and ultimately how we related to one another. Being forced to sit down and talk about our financial situations brought life into better focus. Often, our conversation spilled outward from money into how things were going at work, what struggles we were facing, revealing our insecurities and helping us listen to each other person more deeply.

How to Avoid Fighting About Money

It’s not news that most fights in a relationship have something to do with money. But happier couples figure out a way to talk about their issues with clear solutions in mind, according to a 2019 study published in Family Process.

Most of these fights start because the people in the relationship aren’t on the same page. Maybe you’re working off different budgets (or no budget), or you have different attitudes toward money.

Talking about money early and often in a relationship can help you make sure you’re working together, rather than against one another, and prevent future fights. And creating a shared budget can help ensure you’re working toward the same goals and bring you closer as a couple.

Here’s how to talk to your significant other about money, and how to create a budget that works for both of you.

Make Sure You’re Not Tired, Hungry or Rushed

It may sound silly, but it’s not. If you try to sit down and sort out money problems when you are any in of these three states, you are doomed to fail.

It’s important to give yourselves the time you need, especially the first few months you sit down to talk. Don’t start the discussion when one of you is going to have to run off to work or right before bed.

To continue reading, please go to the original article here: 

https://www.thepennyhoarder.com/budgeting/how-to-budget-as-a-couple/?aff_sub2=homepage

Should I Just Give Up on Saving Money?’

Should I Just Give Up on Saving Money?’

By Charlotte Cowles

I know that I could and should be saving money and planning for my future, but I’m just not. I’m 26, make about $55K per year, and live in New York. I am lucky enough to not have student loans, so I have no excuse for not putting anything away. But I just seem to be incapable of it. It’s like I have financial impostor syndrome — I’m pretty sure that if I did save money, I’d mess it up somehow.

So I spend it all on lunches and rent and clothes and stupid stuff instead. Whenever someone tries to explain savings or investing to me, I just feel so dumb, so I avoid it. I’m not like this in other areas of my life — it’s like a chip is missing from my brain. What is wrong with me?

Your letter basically describes my 20s. In my early adult life, thinking about money felt like pouring molasses into my skull — words would slide into trombone whomps and simple math suddenly looked like parallax formulas. I knew that ignoring the problem would compound it, but I still couldn’t break my mental block.

I wish I could say that my financial hang-ups ended with a dramatic epiphany. But even though I dabbled in credit-card debt and missed a few tax deadlines (I know!), my denial held strong.

The only thing that finally changed was that I got tired of feeling so stupid. I remember a distinct shift one day at work, when I was writing emails and attending meetings and appearing capable (I hope), even though I was secretly stressing out about my overdrawn checking account.

 I didn’t want to live like that anymore. So I began asking other people — mostly friends and family members — how they managed their own money, in the hope that I could feed off their skills and willpower (or maybe just feel better about myself, by comparison). It sounds like you’re on the cusp of a similar phase, only several years ahead of me, so — congratulations!

I understand why you’ve identified with imposterism — you don’t quite feel secure in the life you’ve made for yourself, despite external evidence that you’re doing just fine. There’s a disconnect between how you see yourself (irresponsible, ineffectual) and your reality (you’ve got a decent job and a place to live). You can’t plan for your future without taking stock of where you are, so let’s start there.

To find out what you’re missing, I called Dr. Pauline Rose Clance, the psychologist who coined the term “imposter phenomenon” back in the ’70s. “What you’re describing happens to a lot of people who are bright and competent but hold onto beliefs that they have certain inadequacies,” she says.

“If you were my patient, I’d ask you to think about the origin of that belief — who gave you the message that you’d be bad with money in the first place?”

Of course, that doesn’t necessarily mean that you have an inner money genius lurking in your subconscious. Clance also points out that many of her patients do have an actual knowledge gap (albeit one they’ve usually blown out of proportion), and it’ll take some time and patience to close it.

To continue reading, please go to the original article here:

https://www.thecut.com/2019/08/should-i-just-give-up-on-saving-money.html

Financial Lessons from the Game of Basketball

Financial Lessons from the Game of Basketball

Defense wins championships.

You’ve heard the adage. Coaches, players, announcers, fans, and pretty much everyone involved in team sports believes that defense wins championships.

And it makes sense.

If you can stop the other team from scoring it stands to reason that you’ll have a good shot at winning the game.

While you’ve probably heard the adage used in many sports, you probably hear it used most often in reference to basketball, especially the National Basketball Association (NBA).

So, what does this have to do with personal finance?

Glad you asked.

Let’s delve into financial lessons from the game of basketball.

Offense or Defense?

The game of basketball can be broken down into two basic elements: offense and defense.

The same is true of personal finance, with the equivalent elements of personal finance being income and spending. More specifically, increasing your income or decreasing your spending.

Like the competing elements of offense and defense in basketball, you can make financial progress by increasing your income and/or decreasing your spending.

You need both to succeed, but which is better for winning the game?

The personal finance community is somewhat torn on which element is most important for financial success. Some advocate that increasing your income (offense) is most important because there’s unlimited potential. Others feel that decreasing your spending (defense) is most critical to reduce debt and live within your means no matter your income.

The jury is still out on whether income or spending is more important, but what about basketball? Does defense really win championships?

Does Defense Really Win Championships?

To continue reading, please go to the original article here:

https://www.moneysavedmoneyearned.com/defense-wins-championships-financial-lessons-from-the-game-of-basketball/

A Self-Made Millionaire Spills ALL His Secrets

A Self-Made Millionaire Spills ALL His Secrets

How to Become a Millionaire!

Do you want to become a millionaire but you’re not there yet?

It’s not your fault that you haven’t reached your goal just yet.

There’s much that’s been written on personal finances and becoming rich. But only a small percentage of individuals in the U.S., 5% by recent estimates, are millionaires.

If all the advice that’s readily available worked, there should be a lot more millionaires.

But there aren’t.

And one of the main reasons is that too much of the written advice is one-size-fits all, completely ignoring the reader’s unique situation.

As A First Generation Millionaire, I’ve read over 100 books, listened to countless audio courses, and sorted though an endless number of tips and ideas on building wealth, in my quest to accumulate my first million.

Most of it didn’t work. Or, to be fair, most of it didn’t work for me.

In some cases, the author, who was a real millionaire, suggested things I was not in a position do to at the time. Launch a start up. Become a landlord. Speculate in penny stocks. Trade foreign currencies. Buy foreclosures.

I was a twentysomething with a full-time career, putting myself through college at night. With that commitment, I didn’t have much bandwidth, nor did I want to abandon my ten year plan to earn a bachelor’s and master’s degree while working full-time.

I was looking to learn from someone like me, who kept their day job, but somehow still built wealth and reached their financial goals.

When I was younger, I never found that mentor or author. But the book Millionaire Next Door gave me hope.

It made me realize that there were probably many in my community who figured out how to become a millionaire, and I reasoned at least some must have gotten there by keeping their day job.

The book convinced me I just didn’t recognize them because they tend to blend in. They didn’t want to be noticed. They were happy to keep their wealth accumulation secrets to themselves.

And now I get it, what’s the upside to going public?

Money is one of the last taboo discussion topics in our society. That has to change because, all too often, the truth about building wealth is being concealed from those who want it most.

To continue reading, please go to the original article here:

https://millionairefoundry.com/#drivers

Billionaire T. Boone Pickens on Life, Money and Purpose

A final message from T. Boone Pickens shared before his passing on September 11, 2019

T. Boone Pickens   Memorial account for T. Boone Pickens

Mr. Pickens’ website and social media accounts are now being maintained by T. Boone Pickens Foundation team members.

“I left an undying love for America, and the hope it presents for all. I left a passion for entrepreneurship, and the promise it sustains. I left the belief that future generations can and will do better than my own”.

If you are reading this, I have passed on from this world — not as big a deal for you as it was for me.

In my final months, I came to the sad reality that my life really did have a fourth quarter and the clock really would run out on me. I took the time to convey some thoughts that reflect back on my rich and full life.

I was able to amass 1.9 million Linkedin followers. On Twitter, more than 145,000 (thanks, Drake). This is my goodbye to each of you.

One question I was asked time and again: What is it that you will leave behind?

That’s at the heart of one of my favorite poems, "Indispensable Man," which Saxon White Kessinger wrote in 1959. Here are a few stanzas that get to the heart of the matter:

Sometime when you feel that your going would leave an unfillable hole,

Just follow these simple instructions  and see how they humble your soul;

Take a bucket and fill it with water, put your hand in it up to the wrist,

Pull it out and the hole that’s remaining is a measure of how you’ll be missed.

You can splash all you wish when you enter, you may stir up the water galore,

But stop and you’ll find that in no time it looks quite the same as before.

You be the judge of how long the bucket remembers me.

I’ve long recognized the power of effective communication. That’s why in my later years I began to reflect on the many life lessons I learned along the way, and shared them with all who would listen.

Fortunately, I found the young have a thirst for this message. Many times over the years, I was fortunate enough to speak at student commencement ceremonies, and that gave me the chance to look out into a sea of the future and share some of these thoughts with young minds. My favorite of these speeches included my grandchildren in the audience.

What I would tell them was this Depression-era baby from tiny Holdenville, Oklahoma — that wide expanse where the pavement ends, the West begins, and the Rock Island crosses the Frisco — lived a pretty good life.

In those speeches, I’d always offer these future leaders a deal: I would trade them my wealth and success, my 68,000-acre ranch and private jet, in exchange for their seat in the audience. That way, I told them, I’d get the opportunity to start over, experience every opportunity America has to offer.

It’s your shot now.

To continue reading, please go to the original article here:

https://www.linkedin.com/pulse/final-message-from-boone-pickens-shared-before-his-passing-pickens/

From $20,000 In Debt To A Net Worth Of $100,000

This woman went from deep debt to retirement riches in a few years by teaching herself financial literacy

By Alessandra Malito

Published: Oct 5, 2019 12:21 p.m. ET

 The Brooklyn native grew up in a low-income neighborhood with a family working hard to make a living.

Within five years, Yanely Espinal has gone from $20,000 in debt to a net worth of $100,000.

Yanely Espinal knows what the power of a financial education — she came from a low-income home with two parents and nine children, and ended up with credit card and student loan debt even after receiving a full scholarship to college.

The Brooklyn native said she often saw a difference between herself and some of the wealthier students around her. She attended high school near Lincoln Center in Manhattan, where many students wore brand-name clothes and returned from holiday break with the latest gadgets.

When she went to Brown University, her friends were often going bowling or eating at Chipotle, CMG, +1.06%  activities she couldn’t afford on a regular basis.

So she opened her first credit card at 18 years old, with a $1,500 limit. “I never had that much money before,” she said. She used that credit card — and three others she opened during her college years — for textbooks and a laptop, as well as trips to the movies and restaurants.

By the time she graduated, she had nearly $20,000 in debt — $15,000 in credit card debt and $5,000 from a student loan. Her credit card interest rates were around 21%.

A $9 book called “Women and Money” by Suze Orman caught her eye one day while she was buying shampoo at Duane Reade. “That book taught me everything I wish I knew before I was 18,” she said. She spent the next few years reading up on saving and investing, and listening to podcasts and TED talks about financial topics.

 “I became obsessed with knowledge I felt I was deprived from,” she said. “It was social justice and financial empowerment, and that combination helped fuel my curiosity to learn as much as I could.” She started her own YouTube channel, MissBeHelpful, to share some of her own lessons about money as well.

After the YouTuber paid off her debts, in less than two years, she opened her first Roth IRA and then allocated whatever debt payments she used to make into savings and investing.

Three years after that, in March 2018, she had amassed just shy of $50,000. In the last 18 months, she’s doubled her net worth. Part of her inspiration was the goal to eventually have a comfortable retirement.

Espinal, now 30, is the director of educational outreach at Next Gen Personal Finance, a nonprofit organization that offers free resources and tools to educators interested in teaching personal finance.

Less than half of U.S. states have a financial literacy requirement for high-school students. Financial illiteracy is a growing problem in the U.S., especially for young adults. Less than one-third of college students (28%) could correctly answer three multiple-choice questions about interest, inflation and risk diversification, according to a 2015-2016 FINRA study, and slightly more than half (53%) could do the same.

To continue reading, please go to the original article here:

https://www.marketwatch.com/story/financial-literacy-helped-this-30-year-old-go-from-debt-to-retirement-riches-2019-10-04?siteid=yhoof2&yptr=yahoo