The Pros and Cons of Buy Now, Pay Later Financing

During the checkout process of online shopping, have you noticed special payment offers that promise to let you “buy now and pay later” popping up in recent years? Fintech companies like Affirm, Afterpay, Klarna, and Sezzle are among the most common Buy Now, Pay Later (BNPL) providers around, though bigger companies like Paypal, Chase, and even Amazon have begun offering their own buy now, pay later programs as well. At first glance, the BNPL programs – also known as “point-of-sale loans” – may seem like they’re too good to be true. After all, isn’t paying over time already something you can do with credit cards? What makes the ‘buy now, pay later’ option any different? To learn more about what … Read more

How to Start Investing Even When You’re Almost Broke

How to Invest with Little Money Even When You Are Broke

If you’re living paycheck-to-paycheck, long-term savings and investment strategies aren’t exactly a priority. After all, you need to make sure you can afford basic human necessities like the roof over your head, utilities, and food, not to mention life necessities like car insurance and cell phone plans. Once everything is accounted for, what little is leftover from your last paycheck might be used to pay off debt or go out to dinner one night per month. Investing money in stocks, bonds, or any other option just doesn’t seem feasible, given your income/expense ratio. You know that investing is important, especially when it comes to saving for retirement, but the freedom to divert money to investments instead of necessities and debts … Read more

Top 5 Simple Retirement Mistakes Everyone Makes and How to Avoid Them

401k Retirement Plans

There’s no such thing as a perfect retirement plan, but there are certain common mistakes you should avoid at all costs. You will make retirement mistakes. Although saving for retirement is obviously important, you’d be surprised by how many people are barely saving or not saving at all. Don’t risk having to work indefinitely by procrastinating on your retirement planning.  Retirement Mistakes Everyone Makes Waiting for the ‘Perfect Moment’ to Start Saving The last thing you want to do is reach retirement age with no savings. The problem with retirement is that we tend to think of it as a distant goal that we can always start saving for “later.” However, this mentality oftentimes leads people to push off retirement … Read more

7 Ways to Earn More Income in Retirement

401k Retirement Plans

You could live to be 75 or even 100. You never know how many years you may live after retiring from your full-time job, which means extending your retirement savings is critically important for your quality of life. But, you can earn more income in retirement. If you’re concerned about whether your current savings will last, here are some exciting and useful ways to generate more income during retirement. Earn More Income Contribute to Your IRA or 401(k) Did you know that you can still contribute to retirement plans even after you retire? Doing so offers many financial advantages, such as growing your nest egg, prolonging your retirement savings, and potentially limiting your tax burden each year. You can even … Read more

4 Ways to Protect Your Retirement Nest Egg in a Volatile Stock Market

protect your retirement savings

The Dow Jones Industrial Average recently experienced the largest single-day drop in history, but it bounced back relatively quickly. Ever since then, the markets have been swinging up and down so much that some economists have wondered whether a recession is on the horizon. But are you protecting your retirement? For the average American who’s saving for retirement, this economic news probably sounds terrifying. Saving for retirement is hard enough, now we have to deal with crazy market fluctuations, too? Fortunately, there are several ways you can protect your retirement nest egg in the midst of a volatile economy. Protecting Your Retirement Nest Egg Consistently Contribute  One of the biggest retirement planning mistakes people make is contributing inconsistently to their … Read more

Are Baby Boomers Really Doomed When it Comes to Retirement?

protect your retirement savings

There’s plenty of doom and gloom news surrounding the Millennial Generation’s financial management. But, new reports suggest Baby Boomers aren’t doing too well either. The baby boomers retirement is an important topic to understand. Baby Boomers, which are those born roughly between 1946 and 1962, seem to be missing the mark when it comes to saving enough money for retirement. As MarketWatch pointed out, the average Baby Boomer has just $263,000 saved in their employer-sponsored retirement plan, despite needing about $658,000 to live comfortably on. If the math holds up, this means the average Baby Boomer has saved less than half of what they really need to live on during retirement. This is especially concerning now that 10,000 or so Baby … Read more