Opinion: How To Protect Your Money — At Every Age
.Opinion: How To Protect Your Money — At Every Age
Outside the Box Published: July 29, 2020 By Stephen Augstell
Learning from mistakes in uncertain times
Growing up, my friend’s mom always gave me good advice. When things went terribly wrong, Mrs. Brown would say, “It’s a learning experience, Stephen.” I realized that the experience, however painful, could serve me well in the end.
80% of older Americans can't afford to retire - COVID-19 isn't helping The fallout of COVID-19 has yet to be fully measured, but it’s fair to say that most of us have been impacted in some way — some more than others. However, what we learn from challenging occurrences can help us manage risks going forward.
In these uncertain times, the risks you face depend on where you are along your course toward reaching your goals. Whether you’re just starting out and in your 20s, or you are older and further along your path, consider the following measures to help mitigate the damage of the next unforeseeable event.
Mortgage Rates Are Effectively Negative In the Land Of The Free
.Mortgage Rates Are Effectively Negative In the Land Of The Free
Notes From The Field By Simon Black July 22, 2020 Bahia Beach, Puerto Rico
By the late 200s AD, the economy of ancient Rome was in serious distress.
There was hardly a single year during that entire century without some major crisis– civil war, barbarian invasion, plague, imperial assassination, political scandal, or economic depression.
It was so bad, in fact, that historians refer to this period as the Crisis of the Third Century. And the Roman economy suffered immeasurably as a result of all the turmoil.
In a desperate effort to make ends meet, Rome’s emperors routinely resorted to debasing the currency.
Your Money Problems: Why They're All Your Fault
.Your Money Problems: Why They're All Your Fault
By Tara Struyk
I love writing about money — not because I’m obsessed with wealth (or my relative lack thereof), but because I think the way we spend our money reflects who we are, good or bad. That’s probably why I bought the very first condo I saw. I’m known to be impatient, impulsive even, in just about all things.
Was it a mistake? So far so good, but I left a lot more to fate than is probably wise in a six-figure purchase. And let’s just say that I hope to exercise a little more self control next time. Of course, whether it’ll actually work out that way is another story altogether.
But that’s really what issues that surround money are all about, isn’t it? The way we behave with our money is a lot like many other things in life — we know what we should do, but that hardly means we actually do it.
Why Personal Finance Isn't Personal for Mint
.Why Personal Finance Isn't Personal for Mint
Expert Interview with Luke Landes
Since 2003, Luke Landes has been writing about personal finance and ensuring your money is wisely spent. Luke took a moment away from his site, Consumerism Commentary, to speak with us about caring for your money and why, surprisingly, personal finance isn't as "personal" as we think.
What are some common misconceptions you see about finance?
"Personal finance is personal!" Here's an interesting conundrum. One of the reasons given for an apparent lack of good financial decision-making among the public is that money-related decisions are more about emotion than mathematics. We all learn basic addition and subtraction when we're young. People with uncontrollable amounts of debt have no lack of understanding of arithmetic; this result is due to something other than the question whether a bank balance greater than zero is better than one less than zero.
Human beings simply make decisions with emotions rather than with logic. When financial literacy tries to solve the problem through education, it's often focusing on the wrong things.
8 Places Burglars Rarely Search in a Home
.8 Places Burglars Rarely Search in a Home
More than 2 million burglaries are reported in the U.S. every year – and 66% of them are residential. When it comes to home type and seasons, burglaries run the gamuts: Renters are just as likely as homeowners to have a break-in and although warmer months see a spike in home invasions, no season is safe. With this level of prevalence and unpredictability, it’s essential that every person protect his or her belongings.
Once inside a home, smart burglars know exactly where to look first. You might think you were slick hiding your jewelry in the medicine cabinet or at the bottom of an underwear drawer, but those are actually a few of the first places burglars look when entering a home.
Instead of leaving your items vulnerable to being found in common home hiding places, check out these more covert options instead:
Money Has Become Associated With Greater Happiness
.Money Has Become Associated With Greater Happiness
By Tara Bahrampour July 1, 2020
A new report finds that in recent decades, having more money has become increasingly associated with greater happiness.
The Expanding Class Divide in Happiness in the United States, 1972—2016, published last week in the journal Emotion, found that among people age 30 and older, the correlation between income and happiness has steadily risen over the years.
The study used data from the General Social Survey, one of the longest-running nationally representative surveys of U.S. adults, with 44,198 participants between 1972 and 2016.
States Without Income Tax: Is There a Benefit to Moving?
.States Without Income Tax: Is There a Benefit to Moving?
There are some states without income tax, and amongst many of the high income earners I know, they’d love to live in one. So much so, in fact, that I often get question marks and eye rolls when I tell them that living in California is great. Many of my friends won’t even think about California because of the state income taxes here.
However, is it really all that beneficial to live in states without income tax? That’s what I’m going to look into here, and we’ll see what the outcome is
States Without Income Tax
There are 7 states without income tax, Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Tennessee and New Hampshire also don’t tax earned income, HOWEVER, they will tax investment income. So, any interest income or dividend income will be taxed at 5% and 2% respectively (for 2019), and you’ll have to file state income tax return.
Federal Reserve: Everything is fine. Just like in 2008
.Federal Reserve: Everything is fine. Just like in 2008
Notes From The Field By Simon Black July 9, 2020 Bahia Beach, Puerto Rico
It’s nothing but rosy news coming from the Federal Reserve.
Recently the Fed released this reassuring statement:
“The banking system remains well-capitalized under even the harshest of these downside scenarios. . .”
In other words, everything is just fine.
Yet at the same time, the Fed also announced that it would impose restrictions on bank dividends and stock buybacks, essentially preventing banks from passing along their profits to shareholders.
If those two statements strike you as completely contradictory, you’re right.
The Coronavirus Is Causing A Cash And Coin Shortage In The United States
.The Coronavirus Is Causing A Cash And Coin Shortage In The United States
By Matthew Gault
A lack of circulation is causing stores all over the country to run out of coins and cash
Banks, laundromats, grocery stores, and retail stores across the country are telling customers that, if they’re paying in cash, they need to bring exact change. All over, ATMs are empty. Last week, a small paper sign taped to the door of a Philadelphia Rite Aid warned customers they needed exact change if they paid in cash.
“Dear Customer: Due to a Nationwide shortage of coins and small bills, we would appreciate exact change if possible. We will exchange your change for larger denomination bills,” the sign read.
A worker at the store told Motherboard in a phone call that the store has recently had trouble getting its coin orders filled by the local bank. Usually, the store orders about $800 in coins, but two weeks ago the bank couldn’t fill the order and last week it could only give Rite Aid half. For now, the worker said the store has enough coins and small bills and customers don’t seem to be too concerned.
Don’t Feel Guilty About Spending Money
.Don’t Feel Guilty About Spending Money [The ROI In Your Life]
Todd Kunsman
One topic within personal finances that doesn’t get discussed often is how spending money is perfectly okay. Gasp! All gasping aside, a recurring theme in the finance industry is how small purchases add up over time and are detrimental to your finances. You’ve seen the “latte” media headlines and how you’re missing out on thousands and thousands of dollars a year. It’s not just media articles either, there are plenty of financial experts who shout the same cliche statements.
“Cut all your expenses,” “Stop buying that daily coffee,” etc. You really start to feel attacked or shameful about your purchases. But, you shouldn’t feel guilty about spending money if it improves the ROI of your life and you have a spending plan (some sort of budget).
Determining the ROI In Your Life (Return on Investment)
We have one life to live and time really does creep up fast. It still feels like last week that I was heading off to college and now as I write this, I’m in my early 30s. And as much as I love saving and investing, I make no apologies in buying things I love that add value to my life — and neither should you!
How to Live Within Your Means Without Feeling Deprived
.How to Live Within Your Means Without Feeling Deprived
Todd Kunsman
As you began reaching adulthood or working on your personal finances, you’ve probably heard (or read) that you need to “live within your means.” It’s a standard process that will help ensure everyone is more financially responsible and will have long-term healthy finances.
However, even though the idea behind this concept is so simple, many times people fall into the trap of spending more than they currently make or have. And yes, even those who have bigger salaries or overall income can fall into the lifestyle inflation trap too.
Below, you’ll learn more about living within your means, why it can be difficult, and tips to stay within your budget without feeling deprived.
What is Living Within Your Means?