Save First, Spend Second
Key Takeaways If you want to build wealth successfully, you need to save first and spend second. The rule of thumb when it comes to saving is to save about 15%. If you spend first, you can get used to the niceties in life, and then it can be very hard to have to go […]
Half the Clothes, Twice the Money
Key Takeaways When we get ready for a vacation, we typically pack too many clothes and don’t budget enough money. When we make big purchases, we tend to forget all the associated costs that come with buying the item. If you plan in some extra money beyond the main cost of what you are purchasing, […]
Financial Fridays
Key Takeaways Do a quick, three minute look at your finances every Friday to ensure there are no irregularities and to keep your budget on track. One Friday every month, look at your assets and liabilities to ensure you are on track for any financial goals you might have. Once a year, do long-term planning […]
Gigging Cash Flow
Key Takeaways The rise of the gig economy has helped people build multiple streams of income. People choose to take on gig jobs for many different reasons, but it’s a great option to help pay down debt, save more, or earn some extra spending money. There are pros and cons to a gig job, to […]
Refinancing Student Debt – Gain Positive Arbitrage
Key Takeaways Positive arbitrage is the goal when refinancing federal and private student loan debt. There are several federal loan repayment programs that can lower your payments, and if you have a good credit score, you may be able to refinance your private loans, thus reducing those payments as well. Refinancing your loans and reducing […]
Student Debt – Consolidate or Not?
Key Takeaways When managing student loan repayments, payment flexibility is key. Pay off student loans one at a time versus consolidating them so that you can achieve flexibility and keep options open. Pay off highest interest rate loans first to avoid paying more in interest overall.
Complexity of Student Debt
Key Takeaways It’s important to know your options in choosing a loan to fund your education as there are big differences between federal and private loans. Federal loans have several flexible repayment options whereas private loans do not. Paying your first loan payment on time and in full helps build your credit and keep it […]
The State of Student Debt
Key Takeaways More than 70 percent of college graduates have outstanding student loans—with an average balance of $37,000—when they graduate. Studies show millennials are far more concerned about paying off student debt and increasing their savings than they are about their retirement. The sooner you can pay off student debt, the sooner you can start […]
Know Your Loan Basics
Key Takeaways Four basic components of any type of loan are time, interest rate, loan amount and payment. Young adults tend to have four types of loans: student, auto, credit card and mortgage. A good credit score will give you much better terms on any type of loan—and save you thousands of dollars over your […]
When Funding Your Child’s Education, Let’s Not Repeat History
Key Takeaways Student debt has doubled over the past seven years. Newly minted 2016 graduates have an average of $37,000 in debt—some have debt loads in the six figures. 529 plans are excellent, tax-advantaged ways for most parents and grandparents to save for a child’s education. Start saving as early as possible in the child’s […]