7 Steps For Financial Success To Build A Solid Future

Achieving financial success is a great part of the American dream, but it’s not easy to do if you aren’t focused on the goal. Real financial security doesn’t come about by accident. These careful steps for financial success will help you build a solid financial future.

Know Where You Stand

The average American household has $15,263 in credit card debt, $147,591 in mortgage debt, and $31,646 in student loan debt as of August 2013, according to NerdWallet. If these numbers seem big, either you’re managing your money better than the average citizen or you’re blissfully unaware of your financial state.

It’s easy to disregard the real figures and simply pay the minimum on your debt each month. If you don’t currently know how much debt you have and how much interest you’re paying on it, you need to find out immediately.

Take Advantage of Money Management Tools

With apps, online tools, and computer programs widely available, there’s no excuse for mismanaging your money. However, a CreditDonkey.com survey found that only 27 percent of people take advantage of a mobile app for money management. Forty-four percent reported using a website, but that’s still less than half.

Don’t rely on a paper ledger or your own mental math to help you get by. Track your income and spending carefully so you’re always confident that the money you’re bringing in far exceeds what’s going out.

Address Your Attitude Toward Money

Steps for Financial SuccessMost people can easily identify as either spenders or savers. If you’re a spender, it’s helpful to recognize this tendency so you can put more effort toward saving money for your future. The environment that you grew up in impacts your spending and saving tendencies as well.

In a bizarre phenomenon, it’s been observed that people who grew up poor will spend more during a financial crisis than those raised in wealthy homes. Facing your habits head on is the best way to thwart them if they’re not leading you toward financial success.

Read more

Are You Losing The Financial Game Of Life?

Are you losing in the financial game of life? If you answered yes, you’re not alone. In 2008, 1 in 10 workers were made redundant. As a result, thousands of people were forced to open new lines of credit just to pay for basic necessities, and are now struggling to repay those debts. Financial games can be tricky when it comes down to financial decisions. Some financial mistakes can haunt us for years if we don’t act fast enough! Whether your financial game is on point or needs improvement, here are 8 things that could be holding you back financially: You’re paying too much interest on loans You’re overspending in areas where you need less money You’re not saving any … Read more

How Not To Buy Cat Food When You Don’t Have A Cat

After I graduated from college, I swore that I would never eat ramen noodles again. I cannot even imagine having planned so poorly for retirement that people must buy cat food to survive. But, that’s the subtitle of Mary Kelly’s new book, “Money Smart – How Not To Buy Cat Food When You Don’t Have A Cat“, which is aimed at young Americans in their 20s and 30s who are just starting out in their career.

Money Smart – How Not To Buy Cat Food When You Don’t Have A Cat

Money Smart by Mary KellyHer book is an easy read to help put these age groups on the right track so that they will never have to eat cat food during their Golden Years in retirement when they don’t have a cat. Mary’s book covers the basics for the younger generation and gives them concrete steps to learn how to start saving money, creating a spending plan, investing for retirement and other financial goals, when to buy a house, how to manage their credit, and so much more.

In this episode of the Money Q&A podcast, “Your Money: Your Choices”, I interview Mary Kelly about her new book, “Money Smart – How Not To Buy Cat Food When You Don’t Have A Cat“. We talk about personal finances and retirement for the younger crowd, those in their 20s and 30s, who are just starting out in their lives. We also delve into how we as parents are failing out children to a certain degree and also how our school systems are not doing much better jobs teaching our children about personal finance. It’s a great episode, and you won’t want to miss it.

Read more

How to Save Money on Your Mobile Phone Bill Right Now

The rise and rise of the mobile phone is one of the biggest changes to everyday life we have seen in our lifetimes, and our obsession with mobile gadgets shows no signs of abating. However, mobile phone bills can be a burden on anyone trying to live on a tight budget. We’ve grown so dependent on them that they are seen as a necessity rather than a luxury, but high monthly bills can be a struggle for many. If you want to cut down the amount of money you’re spending on your mobile phone, this quick guide could help. How To Save Money On Your Mobile Phone Bill Change Your Monthly Mobile Phone Contract If you’re signed into a monthly … Read more

Hank Coleman Discusses Peer to Peer Lending Investments on Fox Business

Hank Coleman

I recently had the privilege of being on the Gerri Willis Show on Fox Business and discuss the value of peer-to-peer lending through services like Lending Club. Here is the TV segment which was filmed on September 3rd, 2013. Transcript of Hank Coleman Talking About Investing in Peer to Peer Lending GERRI WILLIS: It’s a trend shaking up the financial world – it’s peer-to-peer lending. Talk about alternative investing. More investors chasing higher yields, offering loans to folks turned down by traditional banks. But is this risky investment a smart one? Joining me now, Hank Coleman. He’s a financial adviser for Coleman Financial and the publisher of MoneyQandA.com. He has invested in over 140 of these kinds of loans so far. … Read more

Don’t Be Kept In The Dark About The Costs Of Investing

The following is a guest post by Kevin Cimring, CEO of Jemstep, an online investment advisor that helps people lock in more money for retirement. In this post, he talks about the costs of investing. If you would like to write an article for Money Q&A, please visit our Guest Posting Guidelines page. It’s not too surprising that investors have lost trust in financial institutions. After all, the shenanigans that nearly brought down the entire financial system in 2008 are fresh in our minds, and many portfolios are still recovering from the damage that resulted. To rebuild that trust, investors need transparency around investment advice. Investors need to know that the advice they’re getting is relevant and appropriate. They need to know how … Read more