The 10 Principles of Financial Grit
Key Takeaways Hard work definitely pays off, but that’s only part of the money/life puzzle. Grit helps you get the things you really want out of life—including career satisfaction and wealth on your terms. Commit to being a lifelong learner, always focus on the long term and don’t be afraid to ask for help.
Life Insurance: More Important (and Affordable) Than You Think
Key Takeaways Even with modern medical advances, 10 to 12 percent of today’s 30-year-olds will not make it to age 60. Term life insurance is just as important as health, auto and homeowners insurance when you’re raising a family and are in your prime earning years. Many young people are surprised to learn how much […]
Used Car—Double the Benefits!
Key Takeaways Don’t tie up your cash when you’re young, but you have to be smart about your loan terms. Making slightly larger, or more frequent, payments than you’re required to can add up to HUGE savings down the road. A used car is often better than new when you’re young—especially when the savings is […]
5 Reasons Why Math Matters
Key Takeaways Even if you weren’t a math major, you need basic computational skills and an understanding of compound interest, inflation, amortization and taxes to be a financially responsible adult. As discussed in a previous post, the Rule of 72 is a powerful shorthand way of calculating how many years it will take an investment […]
The Millennial Shift
Key Takeaways With each succeeding generation, the educational and career expectations increase. This delays the start of marriage, family and home ownership. Nearly half of 20- to 29-year-olds have debt today, compared to just 17 percent of 20-somethings who had debt in the 1980s. Long-term coddling by parents, colleges and society isn’t helping young adults […]
Budget Now—Reap the Rewards Later
Key Takeaways Not having a budget is one of the leading causes of financial stress. Good budgeting comes down to having a handle on your income coming in and your expenses going out. I have three simple but powerful rules for budgeting (see below and related video above).
3 Ways to Control Your Day
Key Takeaways Controlling your mornings, conquering your afternoon chaos, and concentrating on what matters in the evening will make you more productive than you ever thought possible. Structure in the workplace is extremely important, because it allows us to get things done efficiently and minimize distractions. Try to rise and go to bed at the […]
Side Gigs
Key Takeaways Stagnant wages and large student loans have made it difficult for many young people to move down the road toward full financial adulthood. But there have never been more ways to supplement your income with freelance, independent contractor work. Freelance, independent contractor networks can be a great backstop for sudden job loss and […]
To Rent or Buy?
Key Takeaways Owning a home gives you great peace of mind, but it comes with a lot more responsibility than renting. Budget 1 percent of your home’s value each year for routine maintenance. Using a rent versus buy calculator is a good start, but it won’t account for the emotional satisfaction (or stress) of being […]
Financial Literacy—Not an April Fool’s Joke
Key Takeaways April is National Financial Literacy month. It calls attention to how much work people of all ages have to do to improve their money skills. Over 120 million Americans do not have estate plans. It’s never too early to start one. The majority of people in their 70s could run out of money […]