Colleges have largely been able to make more money because of the fact that the federal government backs the loans of students and as long as the government continues to do this the cost of college has grown exponentially! There was really only a handful of things that could have started to finally make students and parents really begin to question the perceived value they are actually getting from college…a virus!
We use a budget template each and every month when we sit down to do our budget. The two tools that we use are Personal Capital & a template but we also recognize that not everyone might like using the same template for their budget. GoBankingRates compiled these 14 alternative templates! This list of templates has something for everyone…travel budget, Christmas budget and for the advanced budgeter check out #9!
As interest rates have fallen to near zero it is getting more difficult to find interest bearing avenues. This is one reason investors have flowed heavily into stocks and away from bonds.
It can be easy to fall into the trap of money. Here is what the Bible says about money and how it should be treated.
Dave Portnoy & The Unmasking Of Wall Street
Here’s the thing about #DDTG. It’s for the people. The suits want you to think they’re the only ones who can do this and we just exposed them. pic.twitter.com/DyWOMuIhUt
An incredible look into the future of college by NYU professor Scott Galloway. If you still think college is worth it take a look at this very good student loan calculator from Zippia.
The charts tell the story. We have experienced some of the worst economic periods since the Great Depression. On the other side, equity prices up substantially. “Is the combination of record government stimulus and the most accommodating Federal Reserve in history enough to outweigh the worst economic collapse since the Great Depression? The markets, particularly technology stocks, are saying a resounding yes.”
A number of excellent takeaways from this great article. Here is one: “However, no more. Modern-day “capitalism” in America is to flatten the risk curve for people who already have money, by borrowing from future generations with debt-fueled bailouts for companies. We have consciously decided to reduce the downside for the wealthy, thereby limiting the upside for future generations.” If there is one article you should read it is this one! HERE is the corresponding podcast!
A frequent question many of us have. Who pays for the debt load the federal government and governments around the world are now taking on? Here you will find some partial answers and some historical context.
Here are some of the best personal finance and fintech posts from March 2020. To see previous months' top picks click here.
COVID-19
Since the last update the World has changed quite rapidly as much of the World has been dealing with the rapid spread of this virus. The following are resources for those needing help.
As traditional financial services from banks to insurance companies and real estate become more disrupted the push by the fintech movement will soon find itself nearly everywhere!
Simple and highly effective strategy! Before you go out and buy something of significance consider buying the stock first. Not only forces you to save for the purchase first and avoid using a credit card but also gets you into the habit of investing! Win-win!
Bottomline. Nobody (including your financial “advisor”) knows what is going to happen today, tomorrow or next week. Do not spend your time listening to forecasters making predictions about investing.
Just like the health industry…people want to be more healthy and lose weight and will pay for it…we just aren’t always ready to put in the work. It is easy to spend more thinking you made progress when the obvious solution is to spend less and put in the work!
The internet has made many things free that you used to have to pay for. For example, top-level college courses that students are still paying top dollar for are actually free and open to the public. If you are working on your budget see if you are spending any money in any of these areas before you spend any more of your hard-earned money on what others get for free!
A breakdown of where Americans stand when it comes to saving for their future. Most Americans are far from having saved these amounts. A study by the Transamerica Center for Retirement Studies found that the median retirement savings by age in the U.S. is $16,000 for people in their 20s, $45,000 in their 30s, $63,000 in their 40s, $117,000 in their 50s, and $172,000 in their 60s.
As traditional financial services from banks to insurance companies and real estate become more disrupted the push by the fintech movement will soon find itself nearly everywhere!
Simple and highly effective strategy! Before you go out and buy something of significance consider buying the stock first. Not only forces you to save for the purchase first and avoid using a credit card but also gets you into the habit of investing! Win-win!
Bottomline. Nobody (including your financial “advisor”) knows what is going to happen today, tomorrow or next week. Do not spend your time listening to forecasters making predictions about investing.
Just like the health industry…people want to be more healthy and lose weight and will pay for it…we just aren’t always ready to put in the work. It is easy to spend more thinking you made progress when the obvious solution is to spend less and put in the work!
The internet has made many things free that you used to have to pay for. For example, top-level college courses that students are still paying top dollar for are actually free and open to the public. If you are working on your budget see if you are spending any money in any of these areas before you spend any more of your hard-earned money on what others get for free!
A breakdown of where Americans stand when it comes to saving for their future. Most Americans are far from having saved these amounts. A study by the Transamerica Center for Retirement Studies found that the median retirement savings by age in the U.S. is $16,000 for people in their 20s, $45,000 in their 30s, $63,000 in their 40s, $117,000 in their 50s, and $172,000 in their 60s.
Last month we looked at total U.S. debt composed of $23 Trillion in government debt, $13.5 Trillion in U.S. consumer debt and $1.4 trillion in U.S. student loan debt. This infographic breaks down total global government debt which now stands at $69 trillion.
A common trait by many potential investors is trying to figure out just where to begin! This article will likely help you get over this if you find yourself in this predicament often!
Today, there are various places to get a mortgage. Often, the best place to start is online thanks to the growth in non-traditional digital options. Plus, other tips to watch for when looking for a mortgage.
The growth of bitcoin as well as other cryptocurrencies (including Facebook’s Libra) will continue to grow and as a result want to be regulated. This article explores just how difficult this challenge may end up being.
U.S. Government public debt now stands at just over $23 Trillion. U.S. consumer debt now stands at $13.5 Trillion. Student loan debt now stands at $1.4 Trillion. These statistics are disheartening and need to be addressed. Visit the Concord Coalition to learn more about U.S. government debt and what to do about it. Visit Dave Ramsey to learn more about consumer debt and what to do about it. Visit Money Under 30 to learn more about student debt and what to do about it.
There is something to be said for low cost, simplicity, and diversification and with the S&P 500 you get all three packed into one all while owning a piece of the 500 largest companies in the United States. Bonds have their place for short-term needs (best example is if you are planning to purchase a home in the next few years) but over time can lose value due to inflation and rising interest rates.
Personal finance impacts nearly every aspect of our lives. Yet, very little focus is placed on financial literacy in schools. We now have increased personal debt levels, poor investment choices, low savings rates, insufficient insurance coverage, and poor estate planning. Therefore, it has never been more important to have financial literacy taught in every school.
This series of letters written by professional athletes written as letters to their younger selves are quite amazing and inspirational for athletes and non-athletes alike. I plan to keep this bookmarked for my children!
Ray Dalio has been posting some thought-provoking articles (including “Paradigm Shifts” back in July) on where he sees the macroeconomy shifting. This article goes into more specifics and is well worth the read!
Imagine a world where you would not be able to borrow or go into debt. If this were the case. “U.S. per capita income of $66,900 would be slashed to a negative $4,857 using this measure. That’s a total loss of almost $72,000 for every man, woman and child.”
A great resource (albeit frightening trend) on student loan debt. $1.6 Trillion in student loan debt and growing will, unfortunately, put a drag on the economy for years to come.
Unfortunately, not at all surprising. The United States leads by a long shot when it comes to the overall total cost and expense of healthcare. And, likely will continue on this path so long as it remains the center of any political discussion. In the meantime, taxpayers will bear the brunt of the cost.
I have heard this argument come up before and never considered it to have any merit. Most of the time the argument comes from either money managers or investment advisors.
A fascinating look into how Americans spend their money. Not only interesting data but also great data for if you are looking to start a business or into what you might want to study.
I have long wanted the trend in home size to go down. It seems as though my wish is not coming true! The square footage in homes is growing even as fewer people, on average, live in those homes. This article shows you the other reasons for why you should be seeking a smaller home and avoiding a larger one at all costs!
An article I wish I had the patience and expertise to write. Instead, let this one take care of it for me! Recognize that all of these new “wellness” schemes are just a way for people to move money from your pocket into theirs and you will escape unscathed!
In today’s culture anywhere in the first world, it can seem almost unbearably difficult to keep things simple. We are blessed (and I would argue – cursed as overabundance and indulgence climbs on) to have so much. This includes; stuff (clothes, toys, items in general) but this also goes for our financial lives. Do yourself a favor and keep things simple!
Faith, Hope & Love (Thomas Aquinas – I want nothing except you) Perform the simplest act of love. God is Love. Faith, hope, and Love connects you directly to God…that’s all you need! Willing the good of somebody else is Love. Bishop Barron and the Word On Fire team produce another amazing podcast on what ultimately it is that will make us happy.
The largest and final industry that is ripe for disruption is real estate. Some have argued that the 2025 real estate agent will be the 2019 version of cab drivers. I am not so certain. However, I do believe that commissions will come down from where they have been. In my opinion, the major reason this industry has been so hard to disrupt is that buying and selling real estate is a hyper-local industry. Think for a moment how many real estate agents you are either related to or friends with. So, when it comes to buying or selling real estate how likely are you to turn to the computer or app on your phone even though by doing so the cost comes down and the convenience goes up considerably. This article sheds light on the true cost of selling your home!
“Step away from the phone! Learn to coexist! Look into someone else’s eyes! There’s no skipping, no hopscotch, no church and no steeple. We’re a generation of idiots. Smartphones and dumb people.”
I really love listening to Bishop Robert Barron. Here is a homily Bishop Barron gave on St. Ignatius of Loyola on the negative and harmful impact that things like money, power, and honor can have on our relationship with God. And, even though this website focuses on your own financial well being this sentiment is what is ultimately most important!
Experian uncover that millennials are taking on an increasing level of mortgage debt. This study is part of a larger study on mortgage loan debt from Experian.
The largest risk we have in the global economy is the level of debt currently found at all levels including – corporate, consumer and government. This article highlights some of the largest areas of concern as it pertains to current debt levels.
Term life insurance is essential for anyone who has other people that rely on their income. This list is a great list of the top 10 insurance companies for term life insurance.
With almost half of all adults in the United States 55 and over having nothing saved for retirement it is critical to know what compound interest is and how it works! This article explains this concept beautifully!
There are a number of reasons why you might need money in the short-term. A new home purchase or perhaps a new car purchase or even a new laptop. Here are 11 great options for investing your money when you may need it in the short-term.
The innovation we have seen in financial technology in recent years has been extraordinary. And, this trend will only continue which will allow more people to not only begin to invest but will also help to drive down the cost of investing.
We all know about Uber and Lyft which allow you to earn money with your car by driving. However, if you want to earn money with your underutilized vehicle without driving than here are a couple of ideas.
One of the things, perhaps the most important thing, I wish schools would teach is how to manage money and everything that goes into personal finances. Here are 5 major reasons why.
It is common for most to think that it makes more sense to purchase a home instead of renting. Over a long period of time, this could certainly be true. However, there are a number of costs and factors that are often overlooked or even forgotten altogether. In a hot real estate market be careful when looking to purchase a home and when the market does turn downward make sure that you have a hefty down payment and remember how important location is.
