16 Real People Affected By the Coronavirus Give Their Best Financial Advice
.16 Real People Affected By the Coronavirus Give Their Best Financial Advice
Learn how you can get through the pandemic. By Erica Corbin July 17, 2020
The coronavirus, also known as COVID-19, has taken over the world. As of March 30, 2020, there were more than 770,000 cases and nearly 37,000 deaths reported worldwide. It has affected the young and old alike and turned daily life in nearly every country into a surreal nightmare.
From a financial point of view alone, it’s an extremely uncertain and stressful time. Millions of people are unable to work and yet still must pay rent, car payments, student loan debt and more. Buying groceries and other essentials has become a challenge for many, too, and not just because there isn’t enough toilet paper to go around. However, this doesn’t mean there aren’t ways of getting through this pandemic. GOBankingRates spoke with 16 people around the world who have been affected by the coronavirus, from job losses to life-threatening health concerns, and asked them for their best financial advice. Learn what you can do to manage your money during the outbreak.
Old-School Money Advice You Shouldn't Follow Anymore
.Old-School Money Advice You Shouldn’t Follow Anymore
These old-school rules could hurt you financially.
By Valencia Higuera December 10, 2020
If you don’t know much about money, you don’t have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family. Although there’s no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here’s what the experts said is some of the worst money advice.
Pay Off Your Mortgage Early
Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments. This advice isn’t bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn’t make the same financial sense in our current low-interest environment as it did when mortgage rates were higher, like 6% to 8%.
“Those extra payments can do more work for you by being placed in other investments,” Moyer said. “Even if you only get 6% over the life of the investment, you will beat the interest you are paying on your home mortgage.”
5 Money Beliefs That Are Holding You Back
.5 Money Beliefs That Are Holding You Back
John Csiszar Mon, February 8
When it comes to financial planning, it’s easy to sabotage your own success. Between constantly rising bills and expenses and the omnipresence of the American “buy-now” culture, it can be hard to set aside money for things like emergency funds and retirement savings. Add to that the very human tendency to have self-defeating money beliefs, and it’s easy to find yourself adrift financially.
The good news is that saving and investing doesn’t have to be complicated. In fact, if you can talk yourself out of some of the most counterproductive money beliefs, you’ll find yourself on the path to success in no time. Here’s a look at some of the most common self-defeating financial beliefs and how you can overcome them for a more productive financial life.
The Money Date Guide: How to Talk About Money with Your Partner
The Money Date Guide: How to Talk About Money with Your Partner
February 8, 2021
Are you looking for a way to talk openly about your finances with your partner? Or do you want to start setting and sharing financial goals with your partner but don’t know where to start?
Then a money date is a great place to start. Money dates are a great way to get the awkward money conversation going between you and your partner. And they are a great way to set and share financial goals together and start feeling like a team. Every partner has their own feelings towards money rooted in their own lived experiences. And as a couple, it can be hard to discuss these things openly, as one can feel very vulnerable.
But figuring out a way to talk about money openly is a rewarding experience that will help you get on the same page and start working on your financial goals together.*
Three Biggest Financial Fears
.Three Biggest Financial Fears
by Mike Brassfield
If you’re financially stressed out these days, you’re far from alone. These are rocky and uncertain times we’re living in, and the stress level is super high. A number of recent surveys have confirmed that Americans are financially frazzled right now.
For example, a survey by the National Endowment for Financial Education found that a whopping nine in 10 Americans say the COVID-19 crisis is causing stress on their personal finances. Most worry about not having enough saved, or not being able to pay bills. A survey by John Hancock Financial found that nearly a quarter of Americans have dipped into their emergency savings during the pandemic.
7 Key Home-Buying Numbers to Know
7 Key Home-Buying Numbers to Know
Shopping for a House? Here are 7 Key Home-Buying Numbers to Know
by Larissa Runkle Contributor JANUARY 25, 2021
There’s a lot that goes into buying a new home, starting with finding the right one all the way down to finalizing the paperwork. Somewhere in that process, you’ll likely find yourself trying to decipher myriad new terms and figuring out what they mean for you.
We’ve compiled this list of seven key numbers you’ll need to know when buying a home — plus the details on how understanding these terms can help you land your dream home.
The 3 Worst Ways People Will Use Their Next Stimulus Check
The 3 Worst Ways People Will Use Their Next Stimulus Check
According to Suze Orman By Sigrid Forberg Sat, February 6, 202
President Joe Biden’s plan to give Americans a third round of stimulus checks — for as much as $1,400 — is now in the hands of Congress, and House Speaker Nancy Pelosi said in a statement on Friday that final approval could come by the end of February.
That could give you a fresh payment in early March. Personal finance icon Suze Orman wants you to start thinking now about what you'd do with new COVID relief cash. She says there are right ways and wrong ways people have been using their stimulus checks. Her general advice on the topic is to think "right now" and think long term and think of others. More specifically, Orman says avoid these three common stimulus check mistakes.
What Is Money And Why Do We Need It?
.What Is Money And Why Do We Need It?
Articles Dr Muhannad Talib Al-Hamdi *
In this article, we review a topic that was most important, but it did not receive the attention it deserves because people take it as if it were an obvious thing. We will talk about the meaning of money, its role in the economy, and what are its uses, among other topics.
Can The Economy Run Without Money?
There are historical examples of economies in which people exchanged goods and commodities in exchange for goods and other goods. In Iraq, for example, when the Bedouins came to the cities, they would exchange their products of carpets, wool and other products in exchange for urban products such as tobacco, sugar, rice and others. But modern economies use cash to carry out trade. Money is defined as any asset that people own and accept by others in exchange for the goods and commodities that they sell or use for financial exchanges. An asset here is everything of value owned by a person or company.
Strategic Ways to Distribute Your Required Minimum Distribution
.Strategic Ways to Distribute Your Required Minimum Distribution
There are several ways to better preserve your account balance
By DENISE APPLEBY Updated Jan 24, 2021
As life expectancy increases, more people want to defer making withdrawals from their retirement accounts for as long as possible to ensure that their nest eggs will meet their retirement income needs. However, withdrawals must begin by a certain age to avoid penalties.
If you are at least age 72 as of 2020, you need to withdraw required minimum distribution (RMD) amounts from your traditional, SEP, and SIMPLE individual retirement accounts (IRAs). Depending on the provisions of the plan, you may also need to withdraw from your qualified, 403(b), or 457(b) plans.1
KEY TAKEAWAYS
Some distribution strategies—such as equalizing balances for your beneficiaries and rolling over excess amounts—may help you maximize your returns and minimize your tax burden.
"A Word To The Wise About Trusts and Foundations" by Buelingo at TNT
.TNT:
Bluelingo: A WORD TO THE WISE ABOUT TRUSTS AND FOUNDATIONS/ MY OPINION
Disclaimer: I am not an attorney or anyone who is anything more than just learning myself, however I feel the need to try help others who have made comments about Trusts especially on the calls and who seem to know as little about trusts as I did when I first came on to TNT calls.
The first time I heard “TRUSTS” mentioned as the place to hold our RV money after exchange for its protection I said NO WAY I will not ever have a trust.
My reason for that feeling was I had spent nearly 40 years fighting a trust and was taught carefully that it was the one and only thing to do by our law firm and yet it was a total disaster. I had wrongly been given the understanding a trust was a trust, was a trust and that was it.
A Conversation About Perceived Value
A Conversation About Perceived Value
A customer asked a contractor friend of mine how much it would cost to do this project.
My friend gave him a proposal: $4500
The customer responded: That’s seems really high.
My friend asked: What do you think is a reasonable price for this job?
The customer answered: $2500 maximum
My friend responded: Ok, then I invite you to do it yourself.
The customer answered: I don't know how to.
My friend responded: Alright, then how about for $2500 I'll teach you how to. So besides saving you $2000, you'll learn valuable skills that will benefit you in the future.
The customer answered: Sounds good! Let’s do it!