What You Need To Know Before You Invest In Anything
.What You Need To Know Before You Invest In Anything
Thomas Kopelman / June 1, 2021
As a financial advisor, I get asked almost daily what I am investing in.
It mostly sounds like this “are you invested in Bitcoin? Ethereum, Apple, Tesla, AMC, etc.” The list could go on forever. I always have a hard time answering this question because what I invest in doesn’t really matter. Just because I invest in certain things does not mean you should and vise versa. The real question is “why do I invest in those things?” The why is so much more important than the what.
And for me, I have a deep why for my investing strategy.
I believe in low cost, diversified investing for most of my portfolio. About 80% of my current portfolio is in low cost index funds that have the exposure I want (the same as our RLS Wealth clients). Some to large cap, some to mid cap, some to small cap, some to international, some to value, and some to growth.
What You Need To Know Before You Invest In Anything
Thomas Kopelman / June 1, 2021
As a financial advisor, I get asked almost daily what I am investing in.
It mostly sounds like this “are you invested in Bitcoin? Ethereum, Apple, Tesla, AMC, etc.” The list could go on forever. I always have a hard time answering this question because what I invest in doesn’t really matter. Just because I invest in certain things does not mean you should and vise versa. The real question is “why do I invest in those things?” The why is so much more important than the what.
And for me, I have a deep why for my investing strategy.
I believe in low cost, diversified investing for most of my portfolio. About 80% of my current portfolio is in low cost index funds that have the exposure I want (the same as our RLS Wealth clients). Some to large cap, some to mid cap, some to small cap, some to international, some to value, and some to growth.
My main focus here is to get what the market offers. To hold on long term and to not touch this money till I need it in the distant future — and to keep the fees as low as possible, but also to keep the gains sheltered inside as much as possible by using ETFs.
Then, with the last 20% I take more risk. I invest in some cryptocurrencies I really believe in as well as some individual stocks. The key here is that I truly believe in them. I did my research. I found what I think will make an impact in the future — and with these investments, I still have a long term view. This belief system is so crucial when you invest, because without it, how do you continue to stick with it when times get tough?
These last few weeks, so many people I know sold their positions in Bitcoin, Ethereum, and other cryptocurrencies, and if that is you, it’s probably because you never believed in the investment in the first place. You probably just invested because others were doing it and you were hoping to make lots of money off of it. I am here to tell you that investing that way rarely works.
Every time things get tough, you are going to sit there and fight yourself on whether you should sell or not simply because you have no true belief around it. This is why it is so important to invest in what you truly believe in because that long term belief enables you to hold on through short term downturns. Sure, it still won’t be easy, but it will be possible when you truly believe in the investment.
I also want to note that chasing investment returns as a millennial is not where your energy is best spent. Your energy is best spent continually investing, increasing your income, increasing your investment percentage, investing in the right accounts based on taxes, etc.
Here are some pieces of investment advice to help you out:
https://thomaskopelman.com/2021/06/what-you-need-to-know-before-you-invest-in-anything/
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.
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.
You may also hear about “chained CPI” or C-CPI-U. As a general rule, C-CPI-U is lower than CPI-U is lower than CPI-E and CPI-W varies. The government also measures inflation using the Personal Consumption Expenditures Price Index (PCEPI). The Federal Reserve uses this and considers it a bit more accurate than CPI. It generally runs lower than CPI-U by about 0.5% a year over the last 50 or 60 years.
For the most part, when people talk about the rate of inflation they are talking about the CPI-U. However, the inflation measurement used for Social Security inflation adjustments and federal pension inflation adjustments is actually CPI-W. CPI-U is used in many private collective bargaining agreements, however. The price of school lunches is also indexed against CPI-U. CPI-U is the one used to determine the rate paid by TIPS and I Bonds.
Core CPI (officially called “Consumer Price Index for All Urban Consumers: All Items Less Food & Energy”) is used by many economists and thought to be more useful than CPI-U. It is basically CPI minus some relatively volatile items such as food and fuel. It is much less volatile than CPI, although less broad.
“Chained” or “chain-weighted” simply takes into account product substitutions as discussed below.
Criticisms of CPI-U
There are many criticisms of the CPI process. Some are quite valid and reasonable while others are promoted by conspiracy theorists and can be nonsensical. Academics have criticized CPI-U for having an upward bias. Their argument is that CPI overstates inflation because:
It omits consumer substitution
It doesn't account fully for quality change and
It doesn't reflect the addition of new goods.
Consumer substitution is the effect that when the price of one thing goes up, people buy something else. So if the price of beef goes up, people buy less beef and more chicken. Quality change refers to the fact that when you buy a computer or a car these days, it is a far better product than what you could have bought 10 or 20 years ago. Essentially the thought is that it SHOULD cost more because it is better. It's not the same thing.
The same argument might be applied to housing, education, and health care as well. The “addition of new goods” argument is that when a new product or service is introduced to the market, it makes a dollar more valuable, since it can buy more. But that new item isn't in the CPI and so the CPI doesn't affect that additional value.
The financial community, particularly people with inflation-indexed salaries, pensions, or other financial benefits, often criticizes CPI-U for having a downward bias. This view is quite prevalent in the general public. There are a number of reasons for this view. Part of it is distrust of the government.
To continue reading, please go to the original article here:
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.
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.
"The generations of today, Gen Y and Gen Z, they don't think about wealth and success the way boomers did, especially as it relates to finances," says Penny Phillips, president and co-founder of Journey Strategic Wealth in New Jersey and California. "It was, save my money, make some investments and when I'm 65, I'll try to take my first big vacation. Today, success is defined so much more by life experiences and impact and living for today."
Indeed, the annual Schwab survey found that respondents are lowering the bar for what they consider wealthy. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million.
The recent coronavirus pandemic may also have affected how consumers perceive wealth and shed new light on individual priorities amid the year's financial uncertainty and stress.
"With what's happened in the world in the pandemic, it's reframed priorities and brought about different emotions and behaviors," says Amy Richardson, a certified financial planner at Schwab, on the company's Intelligent Portfolios Premium team. "There might have been a shift in how people perceive what makes them happy and how much it takes to achieve financial independence."
Net Worth vs. Income
Net worth is the sum of an individual's assets, less liabilities. But individuals with high incomes don't necessarily have a net worth to match, and the reverse is true as well.
To continue reading, please go to the original article here:
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.
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.
The following 12 steps will help you achieve your vision for the future.
Commit To Living Within Your Means.
The path to financial freedom begins with a step many people overlook. It starts by developing a mindset in which you prioritize building a strong financial foundation of savings before you move on to spending and investing. “You’ll never get ahead if you’re always putting the cart before the horse,” says Charles Czajka, CEO of Macro Money Concepts in Stuart, Florida.
People need to analyze their beliefs about money and examine their relationship with it. Rather than assuming wealth is something attainable only by those with high incomes, recognize that even middle-class families can move from living paycheck to paycheck to a financially comfortable lifestyle so long as they spend less than they earn.
Know Your Current Financial Situation.
Regardless of whether you are just out of college or getting ready to retire, its essential to understand where you stand financially right now. “Completing an honest assessment of your personal financial situation is a critical first step on the journey to establishing financial well-being,” says Dave Kilby, CEO and president of FinFit, a financial wellness employee benefits platform.
That means adding up debt, calculating expected income and identifying holes in your financial picture, such as a lack of insurance or emergency savings. Consulting with a professional may be helpful in this process, particularly if you have complex finances or are approaching retirement.
“I think everyone should have a financial advisor,” says Wilson Coffman, president of Coffman Retirement Group in Huntsville, Alabama. These professionals have experience and expertise that other individuals may not. What’s more, they aren’t emotionally invested in your money, which means their advice should be neutral and objective.
Open The Right Accounts.
To continue reading, please go to the original article here:
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.
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.
In Casper, Wyoming, the police are investigating phony $100 bills circulating. Counterfeit money recently turned up in Hartville, Ohio. Counterfeit cash was also passed at businesses in Lubbock, Texas. A local band in Richland, Washington, received four fake $100 bills in their tip jar.
So, yes, counterfeit crime is still very much a thing, and if you use cash in your day-to-day life, or even just occasionally, it may pay off to know the signs of counterfeit bills. If you want to know if your U.S. dollars are real or fake, use these methods.
Evaluate the Feel of the Paper
This observation is based on gut instinct.
“Most counterfeits are identified by the feel of the paper,” says L. Burke Files, president of Financial Examinations & Evaluations, a firm that does investigations, risk management and other types of consulting in Tempe, Arizona.
Generally, fake money, he says, “does not have the crisp money feel and the raised feeling of the black ink on the front of the bills."
Files, who has been a financial investigator for 30 years, says that counterfeit money – in all countries throughout the world – is a problem. He also says that quite a few business owners unfortunately appear to accept – and pass on – counterfeit dollars knowing they’re fake.
“As one person told me, it only becomes bad when someone fails to take it,” Files says.
It's easy to imagine why a business owner might knowingly pass on a counterfeit bill. Often, when a business owner or consumer turns in counterfeit money to the authorities, they aren't reimbursed for that bill.
Check for Color-Shifting Ink
The paper money you’re holding should change color.
To continue reading, please go to the original article here:
https://money.usnews.com/money/personal-finance/articles/2013/04/25/how-to-spot-counterfeit-money
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
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
When sitting down to tackle your debt, the first step should be to see how much total debt you actually have. Add up any debt you have accrued from student loans, car loans, credit cards, medical debt, home equity loans, payday loans, personal loans and IRS and government debt. If you’ve been dealing with debt for a while, this might add up to a scary number that could leave you feeling overwhelmed, and you might feel like you don’t know how to even begin paying it back.
Why This May Be a Mistake
When you don’t have a clear debt repayment plan, your instinct might be to try to cut back on spending, save more and earn extra money until you’ve saved enough to pay back your debt all at once. However, if you are just making the minimum payments throughout this time, you’ll be accruing more interest all along.
Aim to consistently pay down your debt every month. Whether you want to tackle the highest-interest debt first or the smallest bill, know what your plan is and how you can achieve your goals.
Does It Ever Make Sense To Pay Down All Your Debt at Once?
To continue reading, please go to the original article here:
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.
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.
A budget is at the foundation of good personal finance, and if you don’t have one already, it should be your first priority. Don’t just plan for regular monthly expenses either. Rather, look at the big picture. “If we have any debt, have we done anything to manage that?” asks Aaron Bell, a wealth management advisor with Northwestern Mutual in New York City.
In addition to extra debt payments, plan for quarterly and annual expenses such as insurance premiums, vacations and holiday spending. Track your spending by using an app like Mint or PocketGuard. When you hit the budgeted limit for each category, stop buying.
Max Out Your 401(K) Match.
If your employer offers a 401(k) plan, you should contribute as much as possible. Traditional 401(k) plans offer an immediate tax deduction on contributions while Roth 401(k) plans will let you take out money tax-free in retirement. In 2020, the contribution limit to a 401(k) account is $19,500.
Many employers will match a portion of worker contributions, up to a certain amount. “I’m surprised in my practice how many people don’t even put in their 401(k) what their employer matches,” says Steve Azoury, financial representative and owner of Azoury Financial in Troy, Michigan. If you aren't sure how much to contribute to a 401(k), make sure you're at least depositing enough to get the maximum employer match.
Consider Refinancing Your Home Equity Loan.
In the past, homeowners could deduct the interest on home equity loans on their federal income tax return. However, the tax code changes enacted in the Tax Cuts and Jobs Act of 2017 eliminated that deduction for many people. To keep deducting the interest, you could refinance your main mortgage and roll in the balance of the home equity loan.
Even if you don’t have a home equity loan, it may make sense to refinance a mortgage right now. “We are in a historically low interest rate environment,” Lloyd says. To minimize the costs associated with refinancing, see if your current lender offers any streamline options that may waive or reduce fees.
Keep Your Home Equity Loan Deduction.
To continue reading, please go to the original article here:
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.
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.
Avoid Lifestyle Inflation
It's important to increase your savings rate whenever you start earning more in order to keep growing your net worth.
"Save one-third of every pay raise you get so you don't succumb to lifestyle inflation," said Ted Jenkin, a certified financial planner. By starting this practice early in your career, you'll develop good habits like saving, investing and paying down debts instead of spending it on more stuff you won't care about in a few years' time.
Don't Waste Your Money on Things You Don't Need
Whether you've just received your first paycheck or your first raise, it can be tempting to spend your money on things you want rather than on things you need -- but this can be a huge mistake.
"Don't spend so much money on clothing," said Michelle Schroeder-Gardner, founder of the personal finance blog "Making Sense of Cents." "I've worked full-time since I was around the age of 14, yet I didn't really start saving money until nearly a decade later."
Don't Buy Things To Impress Other People
Spending on immediate wants can hurt your future needs, said John Rampton, founder and CEO of Calendar.
"Don't waste your time on expensive cars or gadgets," he said. "It's better to save money for the long-term and for things that can keep generating money, rather than taking (your) money."
Start Investing In Your Retirement ASAP
A GOBankingRates' retirement savings survey found that 64% of Americans have less than $10,000 saved for retirement. It's easy to put off saving for retirement when you're in your 20s, but that's the best time to start. The sooner you save, the sooner you can take advantage of compound interest. No matter your age, it's important to prioritize investing in your retirement accounts.
Don't Fear the Stock Market
Doing something that scares you can be a good thing for your finances. Novice investors are often scared of the stock market, but just by getting started, even on a small scale, you're furthering your financial life. Learn some of the safer ways to invest for the long term if you're worried about making mistakes. And the sooner you get started, the better off you'll likely be.
Now, Invest Even More
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/savings-advice/money-tips-for-every-phase-of-life/
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.
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.
Determine your income. Every budget starts with determining how much money you bring home. You should use your net income when budgeting, including what you take home after income taxes, insurance, and other costs. This will give you a clear starting point to work from.
Determine your fixed monthly bills. The next step in making a budget is to figure out your monthly expenses. Be sure to write down everything you spend money on, from mortgage or rent to your monthly insurance costs, utilities, Internet, cell phone, and food. You should also include debt like credit card balances and payments as well as automobile payments.
Determine your needs. Think about what your household needs the most. From food costs to kitchen appliances, getting a clearer picture of what you use and need may make it easier to decide where and how to slash some costs. For example, if you order food or go out to dinner once a week, reducing it once per month can save a significant amount of money over time.
Re-evaluate your subscriptions. Take a look at all of your monthly subscription services and decide which ones you can cancel. Cable, streaming services, Internet service, and even monthly magazines are just a few examples. Add these subscription costs to your monthly bills when you write down the budget.
Reduce Housing Costs
There are several ways you can reduce your housing costs to help you save money.
Options if you rent. If you’re a renter, consider getting a roommate to help you split the costs. You can also give up a paid parking space and either park on the street or sell your car and take public transportation if you live in a city. Consider doing some DIY repairs around your apartment in exchange for a discount on your rent if possible. You can also move to a cheaper city where the cost of living is lower or simply move into a more affordable building once your lease is up.
Options if you own your home. One great way to reduce your mortgage costs is to refinance your home to get a lower interest rate. Talk to your lender about possible refinancing options, which can save you a significant amount of money each month once the refinance is complete. You should only refinance your home if you plan to live there for several more years. Otherwise, you could sell your current home and downsize into a smaller one with a lower mortgage cost.
To continue reading, please go to the original article here:
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.
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.
Hiring a Virtual Assistant
Anthony Clervi, managing partner at Una, said investing in a virtual assistant can be "invaluable." Hiring an efficient assistant to take care of administrative tasks enables you to focus more on the aspects of your work that need your attention and could help shave hours off your workweek.
Virtual assistants typically cost an average of about $16 an hour, according to PayScale.
Working Out With a Personal Trainer
Personal trainers cost an average of $26 per hour, PayScale reports. This might seem like an unnecessary expense, but personal trainers can help you meet fitness goals that you might not be able to achieve on your own — and you can't put a price on your health. The benefits of hiring a trainer include a personalized workout, detailed instruction, motivation, accountability, a variety in your workouts and efficiency, according to Livestrong.
"Hiring a fitness coach is absolutely worth the investment and here's why: If you're Batman, your physical body is your Batmobile, which means it's the vehicle that not only allows you to move and perform optimally as a human being, but keeps you feeling confident and attractive when you look in the mirror each day," said Andrew White, co-founder of IVRY Fitness. "We pay for tons of things in life that function purely for our own entertainment, so why not flip the script and invest in yourself?"
If a personal trainer is out of your budget, do the next best thing and join a gym.
"I find having a gym membership to be worth spending money on," said Anna Barker, founder of the personal finance website LogicalDollar. "Although it's true that there are plenty of free exercise options on the internet these days, having all the equipment that the gym offers can make these workouts far more effective, which is perfect when I may be short on time. Paying money for the gym is also a good motivation to go to avoid wasting your membership fees."
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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.
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.
“This is not a topic easily approached or discussed,” she said. “When you find yourself in need, take a bit of time to strategize before officially asking.”
She said it’s important to begin with a self-assessment, so you can go in with a plan. For example, think about why you need the money, whether you’ll disclose the reason for the loan, how much you need and your repayment strategy.
When you have your plan together, Smith said your ask should be as professional as possible.
“Let the person know you have something serious to discuss and schedule a specific time to speak,” she said. “Surprising the person in the middle of a party or family gathering does not bode well for any future trust.”
Don’t expect an immediate response, as Smith said most people will need time to consider your request. Instead, she said to just ask when they expect to make a decision, thank them for listening and allow them time to think. “If this conversation is confidential, remind them, and take your leave,” she said.
It’s very possible your request will be declined, as Smith said not everyone is comfortable lending money. She also noted that the person’s financial situation might not truly reflect what you see on the surface.
“There are some people who present as having plenty, but are actually in debt themselves,” she said. “And others who live simply with large bank accounts.”
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