How to Protect Yourself From Credit Card Theft
.How to Protect Yourself From Credit Card Theft
By Emily Guy Birken February 2020
Last fall, I received an email that appeared to be from my web host. The email claimed that there was a problem with my payment information and asked me to update it. I clicked on the link in the email and entered my credit card number, thinking that a recent change I'd made to my site must have caused a problem.
The next morning, I logged onto my credit card account to find two large unauthorized purchases. A scammer had successfully phished my payment information from me.
This failure of security is pretty embarrassing for a personal finance writer. I know better than to click through an email link claiming to be from my bank, credit card lender, or other financial institution. But because the email came from a source that wasn't specifically financial (and because I was thinking about the changes I had made to my website just the day before), I let myself get played.
Improve Your Finances Now
.Improve Your Finances Now
16 Small Steps You Can Take Now to Improve Your Finances
By Alicia Rose Hudnett January 2019
You have all kinds of financial goals you want to achieve, but where should you begin? There are so many different aspects of money management that it can be difficult to find a starting point when trying to achieve financial success. If you're feeling lost and overwhelmed, take a deep breath.
Progress can be made in tiny, manageable steps. Here's are 16 small things you can do right now to improve your overall financial health. (See also: These 13 Numbers Are Crucial to Understanding Your Finances)
1. Create a household budget
The biggest step toward effective money management is making a household budget. You first need to figure out exactly how much money comes in each month.
What to Do With a Windfall
.What to Do With a Windfall
By Emily Guy Birken January 2020
Theoretically, a sudden windfall should reduce your financial worries. Who doesn't appreciate getting suddenly richer?
However, making good decisions with a large infusion of cash can feel overwhelming, especially if your windfall comes about because of something negative. For instance, when I received a life insurance payout after my father passed away in 2013, the money was both emotionally charged and stress-inducing, and I was terrified of making a misstep.
If you've received a windfall, taking your time and making intentional decisions about the money will serve you better in the long run. Here's how you can do that.
The 6 Best Ways to Invest Just $100 Per Month
.The 6 Best Ways to Invest Just $100 Per Month
By Holly Johnson February 2020
The new year is the perfect time to ditch poor financial habits and pick up some new ones. Maybe you decided that this is the year you'll finally pay off high interest credit card debt, or perhaps you're using a budget for the first time in your life. Whatever your goals are, you probably know that it will take time and perseverance to get there.
But how should you invest your money? If you have an extra $100 per month to spare, there's more than one way to build wealth and finally get ahead.
We reached out to financial advisors to find out how they would invest an extra $100 per month in the new year, and here's what they said.
Thank Uncle Sam
.Thank Uncle Sam
Peter Mallouk | April 20, 2020
TO STAVE OFF the financial impact of COVID-19, the government has unleashed an unprecedented array of stimulus programs, tax law changes and other incentives to encourage economic activity. Result: There’s a slew of financial planning opportunities that can benefit almost all of us. Here are nine of them:
1. Refinance your debts. With the Federal Reserve’s recent rate cut, interest rates are now at their lowest level since 2008. These lower rates will take time to filter through the lending system, but they’ll eventually manifest themselves as lower rates on mortgages, car loans and even credit cards.
Now is a great time to consider refinancing existing loans, especially your mortgage. Indeed, if you have enough equity in your home, you might consolidate some of your higher-cost debt with a cash-out refinancing, using proceeds from your mortgage to pay off, say, your credit card balances.
Is It Better to Borrow From a Bank or Private Lender?
.Is It Better to Borrow From a Bank or Private Lender?
By Tex Freitag
If you’re considering a personal or business loan to get you through a financial hardship, you need to know the difference between a bank and private lender.
Many people need financial help from time-to-time, and most commonly this is in the form of a loan. While there is a myriad of loan types on offer today, two of the most common include a standard bank loan and a private lender loan.
But what is the difference between these two loans and why choose one over the other? Let’s see how private lender differ from bank loans and the pros and cons of each:
How Do Private Lenders Work?
My Life Philosophy: 51 Lessons From 51 Years
.My Life Philosophy: 51 Lessons From 51 Years
By J.D. ROTH 25 March 2020
Happy birthday to me!
Today, I turn fifty-one. Holy cats, that's old! It's also a very, very strange time in this world. Kim and I had planned to celebrate by spending the weekend with my brother somewhere else in Oregon. With the coronavirus crisis in full swing, that's not going to happen. Oregonians have been ordered to stay at home with family unless absolutely necessary. So, we'll celebrate today with the dog and cats.
As I do every year here at Get Rich Slowly, I'm going to commemorate my birthday by sharing some of the most important things I've learned during my time on Earth. These are the core pieces of my life philosophy.
I'm no wiser or smarter than anybody else. And I'm certainly no better. But I am an individual. I'm my own person with my own personal preferences and personal experiences.
Is the Coronavirus Killing Off Cash?
.Is the Coronavirus Killing Off Cash?
By Nancy Scola Politico April 17, 2020
Stores are shuttering all over the United States, and many of those still open are balking at cash. Shoppers are switching orders to Amazon and Walmart.com. Many restaurants that have stayed open won’t take cash, and operate without any contact at all, requiring customers to pay first online.
What once seemed like the oldest, most reliable way of paying now seems fraught: A physical object changing hands, bringing people closer than 6 feet, covered in who knows what.
“Do I want to grab the thing that you were just holding in your hand? No,” says Harvard economist Kenneth Rogoff, who has advocated for a less-cash society, and predicts the crisis “is absolutely going to drive people to prefer credit and debit to cash.”
Or, as one Twitter user, @DonGone5 put it last week, “Still no cash accepted. $10 dollar bill now been in my wallet so long, Alexander Hamilton has shot himself.”
Filling the void, in many cases, are digital payments that are quick, clean and easy. That sudden shift is a huge opportunity for tech firms such as online payments giant PayPal, which also owns the Venmo app.
Getting Comfortable With the Uncomfortable
.Getting Comfortable With the Uncomfortable
April 16, 2020 Banker On FIRE Personal Development 11
Feeling comfortable?
In a way, aspiring to financial independence is all about comfort.
Forgetting what the jam-packed commute feels like. Never having to deal with workplace politics again. Leaving all the money worries behind and spending the rest of your days in a state of pure bliss and relaxation.
If that doesn’t sound absolutely grand, I don’t know what does. That is, until you consider all the thorny patches on the road to this state of hedonistic nirvana.
The most obvious one is spending less than others. In a society where the majority of people are programmed to spend at least as much (if not more) than they make, putting a lid on your spending isn’t easy. There are good reasons for it, too. Humans are social animals. Ever since we emerged as a species, social acceptance played a key role in our survival.
Why It Makes So Much Sense To Own REAL Assets
.Why It Makes So Much Sense To Own REAL Assets
Notes From The Field By Simon Black
April 16, 2020 Bahia Beach, Puerto Rico
Earlier this week we talked about why the economic consequences of this pandemic could last a lot longer than what a lot of people expect.
Now, I say all of this from a position of complete ignorance and uncertainty. Nobody knows what’s going to happen next, or how long this pandemic will last.
But to simply expect that everything will return to normal in a few weeks-- and willfully ignore the countless other possibilities-- seems a bit foolish.
Worldwide, the number of deaths from Covid-19 reached 138,000. That’s more than double the number of deaths from 10 days ago. So it’s still growing.
The Seven Stages Of Sudden Wealth
.The Seven Stages Of Sudden Wealth
By Douglas Wolford
The path to wealth is often a slow one, a journey that takes place one step at a time over the course of several decades. But for some people, certain events—receiving an inheritance, selling a successful business, winning the lottery—can create a rags-to-riches experience, seemingly overnight.
When that happens, the results can be both thrilling and confusing. I’ve seen many clients, colleagues, and close friends go through a period—and a process—of adjustment to sudden wealth that, unless anticipated and managed consciously, can be very jarring.
The goal of this primer is to provide a preview of the psychological transformation you, or someone you care about, may encounter when coming to terms with this newfound wealth. And so, with respect to Elizabeth Kübler-Ross, on whose famous model this primer is loosely based, I offer you what I call the Seven Stages of Sudden Wealth.