What You Need to Know About Inflation
.What You Need to Know About Inflation
June 21, 2021 MST Category: General Investing
The rate of inflation went up this Spring and that has caused some significant fluctuations in the market as well as a lot of talk about inflation. Given the fact that inflation has been low for so long, novice and young investors may not know a lot about inflation, so today we're going to take an in-depth look at it.
What Is Inflation?
Inflation is a general increase in prices and thus a fall in the purchasing value of money. In essence, your money is worth less than it used to be. It buys a smaller quantity of goods and services.
How to Calculate Inflation
The most common measurement of inflation in the United States is the government's measurement, known as the Consumer Price Index (CPI). There are actually multiple CPIs. The most common is the CPI-U, the consumer price index for all urban consumers. However, there is also a CPI-W, the consumer price index for urban wage earners and clerical workers, and a CPI-E, the consumer price index for the elderly.
Are You Rich? How the Wealthy Are Defined
.Are You Rich? How the Wealthy Are Defined
Emma Kerr Tue, July 13, 2021
The vast majority of Americans do not meet commonly held definitions of what it means to be rich in the U.S.
Respondents to Schwab's 2021 Modern Wealth Survey said a net worth of $1.9 million qualifies a person as wealthy. The average net worth of U.S. households, however, is less than half of that.
But wealth is in the eye of the beholder -- a person's location, career, community, background and so many other factors can influence his or her perception of wealth. Those perceptions may be evolving as new generations enter adulthood and redefine success.
12 Steps to Achieve Financial Freedom
.12 Steps to Achieve Financial Freedom
This guide lays out everything you need to finally master your money.
By Maryalene LaPonsie | April 26, 2021
What is financial freedom?
Ask a room of people to define financial freedom, and you’re likely to get a dozen different answers. For some, financial freedom means being able to pay the bills with money left over each month or having a fully funded emergency account. Others may want to retire early and travel extensively.
Regardless of how you define financial freedom, everyone can benefit from taking a comprehensive approach to money management. “It’s important to think about your finances holistically,” says Elisabeth Kozack, co-head of consumer lending at Marcus by Goldman Sachs.
How to Spot Counterfeit Money
.How to Spot Counterfeit Money
How can you tell if money is fake? Check the bills in your wallet with these methods.
By Geoff Williams | July 21, 2021 U.S. News & World Report
Checking counterfeit money light. 100 dollars against the window in his hand. Check for watermark on new hundred dollar bill. translucence of the American currency.
If you hold the bill toward the light and there's no watermark or if you can see the watermark even without holding it up toward the light, then the bill you're holding is probably a counterfeit.(GETTY IMAGES)
It would be easy to assume that it's rare to encounter counterfeit money. After all, plenty of people rely on credit and debit cards and even cryptocurrency, and go long stretches of time without touching a dollar bill or quarter. But cash isn’t exactly dead yet. Every week, it seems, counterfeiters make news throughout the country.
What Not To Do While Trying To Get Out of Debt
.What Not To Do While Trying To Get Out of Debt
Know how to pay off debt so you don't make costly mistakes.
By Jaime Catmull April 30, 2021
If worrying about how to pay off debt keeps you awake some nights, late-night television abounds with alleged solutions. Some ads even promise to get rid of your debt for “pennies on the dollar.”
Fall victim to these “deals” and you might be left with worse financial troubles than before. But these aren’t the only foolish ways of paying off debt. Financial experts shared some common mistakes people make while trying to get out of debt — avoid making these same missteps.
1. Not Having a Reasonable Debt Repayment Strategy
14 Money Moves You Will Be Thankful For
.14 Money Moves You Will Be Thankful For
Keep your financial goals on track by tackling these tasks.
By Maryalene LaPonsie
Take these steps to improve your finances now.
There is no time like the present to start improving your finances. “Procrastination is the No. 1 reason people fail in retirement,” says Luke Lloyd, wealth advisor and investment strategist with Strategic Wealth Partners in Independence, Ohio.
However, it’s not just your retirement that will benefit from being proactive about finances. You can save money on debt, eliminate headaches for your heirs and free up cash for the things you want by making the following 14 expert-backed money moves.
Budget For Future Expenses.
12 Essential Money Tips for Every Phase of Your Financial Life
.12 Essential Money Tips for Every Phase of Your Financial Life
Get the secrets money experts want you to know. By Gabrielle Olya May 17, 2021
Everyone makes money missteps at some point in their lives, whether it's splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life -- no matter your age.
Start With Saving
Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.
Easy Tips and Home Projects to Help You Save Money
.Easy Tips and Home Projects to Help You Save Money
July 5, 2021 Teresa Siqueira
Whether you rent your home or have a mortgage, total monthly costs can seem overwhelming. Fortunately, there are plenty of simple and easy home projects you can do that will not only improve the value of your home, but that will also help you to save money over time. From making a few simple updates to your plumbing or growing a garden, it’s easy to tweak your lifestyle and home to put more cash in your pocket. Read on to discover how making a few strategic improvements around the house can benefit your bottom line.
Set up a household budget
The best way to save money is by drafting a budget to track your income and expenses and determine where you could save.
36 Things That Are Worth the Money
.36 Things That Are Worth the Money
These are the products and experiences worth splurging on.
By Jaime Catmull
It's always tempting to look for the best deal, but some things are simply worth splurging on — even if you're on a budget. As you decide when to spend and when to save, consider where quality matters to you and which experiences are on your to-do list.
I spoke to financial experts and business leaders to get insight into their thoughts on the best ways to spend money. Some of these recommendations -- like international travel -- might not be realistic now, in the middle of a pandemic, but they're still worth keeping in mind for the future. These are the purchases experts say you won't regret.
Want To Borrow Money From a Friend or Family? How To Approach the Subject
.Want To Borrow Money From a Friend or Family? How To Approach the Subject
By Laura Woods May 7, 2021
You’re strapped for cash, so you’re thinking about asking a friend or family member for a loan. Whether you need a small amount to get by until payday or a larger sum for a major life event — i.e., seed money to start a business — you’re not sure how to structure the ask.
There’s a common school of thought that mixing loved ones and money just doesn’t work. Of course, everyone doesn’t share this mindset, so tread lightly to ensure you don’t inadvertently tarnish your relationship with the other person.
Jodi RR Smith, president of Mannersmith Etiquette Consulting, said borrowing money is rarely easy — especially when you’re asking friends or family for the loan.
Someone Owe You Money? How To Get It Back Without Ruining the Relationship
.Someone Owe You Money? How To Get It Back Without Ruining the Relationship
By Laura Woods July 9, 2021
You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.
“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.