.How Are You Expected to Fix Your Finances By Yourself?

Financial Literacy By Michael Dinich

No one is born with financial intelligence.

It is something that is trained and learned through your parents, providing vital information or by making one too many financial mistakes in your teens and early twenties.

When faced with the prospect of ruining your finances, from debilitating overdraft fees to terrible credit that doesn't even allow you to purchase a cell phone plan, it can feel like you will never get out of this financial hole.

This isn't the case, though; everyone can fix their finances, and they don't need to do it alone.

.How Many Bank Accounts Should You Have? [The Simple Guide]

As you build your emergency fund and savings, a question you might ask yourself is, “How many bank accounts should I have?”

However, for most people having one bank account is a common option and there is no thought in really expanding to other accounts.

Personally, it never crossed my mind when I was first focusing more on my personal finances. But as I grew my savings and investments, I did start thinking about it more and if additional accounts were the right move.

Now the majority of people really do not need more than one institution that they do banking with. And the common choice to make is to have a checking account and savings account at one bank of your choosing.

But if you’re wondering how many bank accounts should you have, some pros and cons, and the options you have — then stick with me below!

.Money Mentor: A Trusted Financial Companion

June 12, 2020 by One Frugal Girl

Where do you go when you need to talk about money? Do you have a money mentor in your life? A trusted source who can listen to your financial questions and provide you with monetary guidance.

It doesn’t matter if you are financially savvy or have absolutely no idea how to manage your money. We all need a way to bounce ideas around with someone who is willing to listen. A money mentor allows us to talk about money matters and financial decisions without judgment or worry.

Money Mentor

What is a money mentor? A money mentor is a friend, family member, or coworker who openly talks about money. A financial companion who shares ideas about money management, budgeting, spending, and saving.

A money mentor shares their knowledge and experience. They help us think through difficult financial topics and questions. By learning about financial experiences we can make better, more informed decisions.

.When Is an Emergency Loan a Good Option?

Trent Hamm, Jun 9, 2020 Founder of The Simple Dollar

Sometimes emergencies happen in life, and the best advice I have for everyone is to plan as though an emergency will happen sooner rather than later. Start building an emergency fund now, so that you have cash when things go awry and you really need it.

That’s great advice, of course, but it’s not helpful for someone facing an emergency right this moment before they even have the opportunity to start building their own emergency fund. The reality is that we live in a time with high unemployment, and even before that, four out of five Americans lived paycheck to paycheck.

The best long term solution is to prepare for emergencies, but what are the options in the short term?

.3 Things You Should Consider Before Selling Your House for Cash

By Toni Husbands on 20 February 20190 comments

In August of 2017, an investor called us and offered to buy our condo for cash. We didn't have it listed for sale. The condo was in great condition, the rent we charged covered expenses, and it was in a very nice area that consistently attracted stable tenants. My husband and I took about five minutes to confer before deciding to accept the offer.

The offer was cash. We estimated it was about $10,000 less than we might have made through a traditional sale. After accounting for realtor commissions, taxes, and the time required to sell our condo; we felt the convenience of an as-is cash sale was worth it. The closing took less than two weeks. By the end of August, we had an extra $35,000 in the bank.

Selling your house for cash can be a dream come true. In these cases, investors are looking for a quick transaction. They aren't generally concerned with repairs. Real estate agents are not involved, so the cost of a broker's commission is waived. In my case, the inspection walkthrough was merely a formality.

.How Becoming the Breadwinner Changed My Perspective on Money

By Sarah Li Cain — Apr 14, 2020

My marriage has always been equal with regard to decision-making. That’s why it pains me to admit how much I relied on my husband to handle the paperwork for our finances a few years ago.

Maybe it’s because I was a Canadian living in the States. Perhaps it was impostor syndrome.

Whatever the reason, I thought as long as my husband had a sizable life insurance policy, that was all that mattered. (What is life insurance?)

I’d quit my job as a teacher when we moved and wasn’t exactly contributing to the household finances. I thought life insurance was for those who were earning a regular salary (like my husband) and there were others who would need the payout (like me).

Sure, I was earning a bit of side hustle income as a freelance writer, but at that point it was barely enough to pay for childcare.

Then my career as a freelancer took off and I surpassed my husband’s income, making more than twice his take home pay! My earnings flowed toward the mortgage, extra house payments, retirement savings and our son’s future college expenses.

.How Unpaid Debt Is Handled When A Person Dies

May 28 2020 Sarah O’Brien@SARAHTGOBRIEN

Key Points

*Creditors generally try to collect what’s owed to them by going after the decedent’s estate during a process called probate.

*There are instances, however, where the surviving spouse, or another heir, may be legally responsible.

*Some assets don’t count as part of a person’s estate for probate purposes.

It’s not unusual for a person to pass away and leave behind some unpaid debt.

For the heirs — typically the surviving spouse or children — the question often is what, exactly, happens to those obligations. The answer: It depends on both the type of debt and the laws of the state.

A person’s assets — no matter how meager or massive — become their “estate” at death. That includes their financial accounts, possessions and real estate. And, generally speaking, it’s the estate that creditors go after when they try to collect money that they’re owed.

.How Fast Can You Become a Millionaire?

Play the best online investing game — CASHFLOW® Classic — to begin your exit from the Rat Race… for free! CASHFLOW Classic is the free online investing game that makes learning to invest fun.

We believe the best way to learn isn’t done reading textbooks or listening to lectures. We believe the best learning is accomplished by doing the real thing.

For example, if you want to learn how to ride a bike, reading a book or listening to a lecture won’t help very much. Sure, you can learn some high-level theory about balance, stability, and the structural integrity of the bike… but it won’t help you overcome your fears of falling down. The only way to learn how to ride a bike is to go outside, hop on a bike and start to pedal. Investing works the same way.