Personal Finance Archives

Did Our Parents Teach Us Bad Habits About Money?

Most parents do a wonderful job of preparing their kids for academic success, future jobs, and raising families of their own, but countless studies released over the past several years indicate that parents have somewhat failed to educate their kids in one crucial category: personal finance and money habits. Younger generations are experiencing almost unprecedented financial struggles as they get into their 20s and 30s, but is it really due to them just being “lazy” like the media headlines suggest? Why else would the quality of their lives by decreasing compared to their elders? After all, a 2016 study conducted by Stanford University, Harvard University, and the University of California, Berkeley economists found rates of children with a higher standard of living … Read more

Stop Leaking Cash by Becoming Financially Literate and Save More Money

by Guest Contributor

The following is a guest post by Harry N. Stout, the author of the FinancialVerse books and the free newsletter Moneysavers. If you’d like to submit a guest post like this one about being financially literate or any other topic to Money Q&A, be sure to check out our guest posting guidelines. Do you want to be better off financially and stop leaking your valuable cash? Being financially literate just might do the trick. What I have found is that a lack of financial literacy can be financially and psychologically costly. I write extensively about this in my FinancialVerse books and content (www.financialverse.com). Despite a booming economy, record corporate profits, a healthy stock market, fifty-year low levels of unemployment, and … Read more

Wallit App Review – A Great Budgeting Smartphone App

by Hank Coleman

One of the most important lessons a parent can teach their child is proper financial management. This is something rarely taught in schools, yet a vast majority of parents do not adequately prepare their children and teenagers for independent financial management when they reach adulthood. Reasons for this may range from an unwillingness to discuss financial matters with their children to simply not realizing the importance of actively teaching kids the basics of budgeting, spending & saving, and other critical financial skills. To help families overcome obstacles in financial literacy education and family money management, the digital wallet and money app Wallit is designed to help parents manage the family budget more effectively and teach their kids about financial management … Read more

How to Get the Most Out of a Health Savings Account (HSA)

by Hank Coleman

One of the most commonly confusing concepts for consumers when it comes to health insurance isn’t the insurance policy itself – it’s something called a health savings account, which some people ignore or dismiss because they mistakenly equate an HSA with a regular savings account. There are actually quite a few advantages that an HSA offers compared to a regular savings account, though not everyone is eligible to open an HSA. It all comes down to your health insurance policy’s deductible limits. If you’ve been offered HSA options from an employer – or you qualify as a sole proprietor or business owner – then you won’t want to overlook the incredible financial incentives presented by HSAs. What is a Health … Read more

What Is Affirm and Is It Worthwhile for Consumers Financing Big Purchases?

by Hank Coleman

When you’re tight on cash and need to make a relatively large purchase, it can be challenging to decide how to pay for it without breaking the bank. Some folks immediately whip out their credit cards, while others look for ways to avoid the purchase until they can afford it. Another more moderate approach could be paying for the purchase in monthly installments over a set period of time (e.g., 3, 6, 9 or 12 months) through a lending program. One increasingly popular way for consumers to finance their purchases over time is by checking out with Affirm, which serves as a viable alternative to credit cards by letting you pay over time without incurring late fees, compounded interest, or … Read more

4 Scenarios Renting vs Buying Makes More Sense

by Hank Coleman

Most financial wisdom you come across these days strongly advocates for homeownership, but is this really the best financial path forward for some people? What about renting vs buying? We have no problem renting movies, leasing cars, staying in vacation rental homes, and even clothing (thanks to those personalized style subscription services that consumers are flocking to in order to keep their wardrobe fresh) – why do we always assume that owning a home would be a better option than renting? Of course, there are tons of benefits to owning your own home, the most important of which being that you don’t have monthly mortgage payments once your loan is paid off in 15-30 years. Whereas renters will continue paying … Read more