Rules of thumb are meant to stand as simple shortcuts for far larger, and more complex, processes and practices. The world of personal finance is rife with them. There are so many that, often, they conflict. When that happens, where do we turn? Who do we believe? Enter J. D. Roth, writing from his blog… Read More
Human Brains are Bad at Managing Money (as reported by Eshe Nelson on www.qz.com)
It would be great if one could improve the human brain to optimize it for handling money. As it is, there are a lot of things about the way we see the world that make managing our finances more difficult. For example, human beings have a present bias. That means that we have a tendency… Read More
Spend Now or Spend Later (as reported by J. D. Roth on www.getrichslowly.org)
For young people who are first entering the workforce, saving money can seem quite daunting. Although you are earning money for the first time, there are immediate demands on that money – clothes, commuting costs, food, rent, etc. It is hard enough to earn enough to cover your expenses, much less have anything left over…. Read More
W!se Announces Winning Slogan for Financial Literacy Social Media Contest!
NEW YORK, N.Y. – Working in Support of Education (W!se) is pleased to announce the winning slogan for its 2018 Financial Literacy Social Media Contest: “Life, Liberty, Pursuit of No Debt.” Samantha Conti, Sean Reilly and Colton Ritter, students from Mountain Range High School in Westminster, Colorado, created the winning slogan, and they will share… Read More
How Much Does Financial Aid Really Cover? (as reported by Dave Edwards and Helen Edwards on www.qz.com)
College tuition prices are higher than ever, and show no signs of coming down in the near term. So what is a family to do who wants the best education for their children but cannot afford the high costs of a college degree? Fortunately, most families qualify for some form of financial aid. But if… Read More
Raiding Your Retirement Savings (as reported by Allison Schrager on www.qz.com)
A 401k, pension account, or IRA are all built to help people save for retirement. However, what about saving for emergencies or other needs that crop up earlier in life. Often, those retirement savings can’t help you, because if you withdraw from them early, you are left to pay expensive penalties. That leads to a… Read More
Personal Savings Rates (as reported by Trent Hamm on www.thesimpledollar.com)
Your personal savings rate is an important financial metric to track. Calculating it is simple. To do so, you need to know two things: How much money you added to long-term savings last year How much money you earned after taxes last year We use long term savings to differentiate from money you put in… Read More
6 Stages of Financial Freedom (as reported by J. D. Roth on www.getrichslowly.org)
How close you are to achieving your financial goals depends a lot on what those goals are. For most of us, just having enough money to pay the bills each month is a step in the right direction. But if you don’t know where you currently stand, or don’t have any plans for how you’re… Read More
How to Earn More Money (as reported by J. D. Roth on www.getrichslowly.org)
It is an oft-repeated bit of wisdom about personal finance – the key to building wealth is to spend less and earn more. It will always be a good idea to work to limit the expenses side of the equation. But what about earning more? One of the best ways to increase your earning potential,… Read More
Save for College with a 529 Plan (as reported by Matt Becker www.thesimpledollar.com)
The cost of college continues to climb, and unless something changes in how we treat higher education in this country, it’s not likely to come back down anytime soon. So for those of us who would like to help finance our children’s education, 529 Savings Plans provide for a smart investment. 529 Plans, sometimes called… Read More