In his book, Predictably Irrational: The Hidden Forces That Shape Our Decisions, author Dan Ariely writes, “Wouldn’t economics make a lot more sense if it were based on how people actually behave, instead of how they should behave?” In the same vein, investors of all backgrounds and net worth levels generally know how they should invest but nevertheless make bad investment decisions like getting deeply involved in penny stocks, gambling on the potential of a new cryptocurrency, trying to “time the market,” or investing much too … [Read more...] about How Your Cognitive Biases Can Hurt Your Investment Returns
6 Strategies for Getting the Highest Possible Salary from a New Job
Negotiating salary, bonuses, benefits and other job perks can be an enormously stressful experience when you’re already looking for new job opportunities. Unfortunately, people who are unemployed or unhappy in their current jobs tend to under-sell themselves in hopes of getting a better opportunity elsewhere as quickly as possible. In fact, a 2018 study found just 39% of people tried negotiating higher salaries for their last new job offers – and women generally tend to negotiate less than men, according to the survey. But, are you getting the … [Read more...] about 6 Strategies for Getting the Highest Possible Salary from a New Job
Do You Need Renters Insurance? Here’s What You Need to Know
When you’re renting an apartment, condo or single-family home, your landlord may or may not require renter’s insurance before signing the lease. Even if your landlord doesn’t require it however, you may still want to take out this insurance as a precaution against the potentially devastating consequences associated with personal property loss/damage and even the unlikely (yet possible) circumstance in which the residence becomes uninhabitable. Renter’s insurance can be a financial lifesaver in some cases, yet only one-third of renters … [Read more...] about Do You Need Renters Insurance? Here’s What You Need to Know
The Effects of Stress on Your Finances
Are you currently or have you ever worried about the state of your financial situation? Whether you’re struggling to pay off debts, living paycheck to paycheck, living with minimal savings, or falling behind on retirement contributions, there’s a good chance you’ve experienced anxiety about your finances at some point in your life. After all, a January 2020 CreditWise survey by Capital One found 73% of Americans rank finances as their #1 cause of stress, significantly more than the rates of stress caused by politics, work and family. … [Read more...] about The Effects of Stress on Your Finances
6 Things You Should Know About Social Security Survivor Benefits
Nobody wants to think about dying, but unfortunately, it’s such a big component of financial planning that you can’t afford to ignore the prospects of dying earlier than expected. In addition to planning for the future with life insurance options, you should also be aware of Social Security survivor benefits. Social Security Survivor Benefits When You Report a Death In most cases, funeral homes are responsible for reporting deaths to the Social Security Administration (though you need to give their Social Security number beforehand). … [Read more...] about 6 Things You Should Know About Social Security Survivor Benefits
What to Do When You Have to Cover Your Own Job Interview Travel Expenses
After the Tax Cuts and Jobs Act of 2017 went into effect, tax deductions for job interview expenses were put on ice through 2025. In other words: job seekers were previously able to deduct some/all expenses related to job interviews (e.g., transportation, accommodations) but now none of these expenses are tax-deductible between 2018 and 2025. The freeze on this deduction was an unfortunate blow for people hoping to get a job outside of their immediate, drivable areas. Some employers reimburse a portion (or entirety) of job interview-related … [Read more...] about What to Do When You Have to Cover Your Own Job Interview Travel Expenses