Did you know that you’d only earn about $8 in interest if you put $1,000 in a savings account for 10 years? The national average interest rate for savings accounts is a measly 0.08%, which is a drop in the bucket compared to the potential returns you could get if you invested that money instead of leaving it in a regular savings account. Of course, the next option – Certificate of Deposit – isn’t much better, with current rates hovering around 1-2% for 24-48 month terms ($40 in interest for a $1,000 CD at 24 months or $82 for the same … [Read more...] about Have an Extra $1,000 in Your Savings Account? Here Are 3 Ideas!
In an ideal world, humans would be great at keeping track of their own expenses and savings or we would have robots and algorithms smart enough to autonomously manage all of our financial matters for us. Since neither of these ideal scenarios exists, it’s up to us to figure out the best solutions for managing our finances, tracking our expenses, calculating our budgets and figuring out how to avoid/overcome common personal finance problems like accumulating debt or saving money inefficiently. There are plenty of budgeting apps, robo-advisor … [Read more...] about Wismo Review – Budgeting and Expense Tracking Smartphone App
We all understand that companies collect information on our behaviors, our shopping patterns and the like. But we collect data about ourselves, too. The problem is that we're not analyzing much of it. And we're missing a big opportunity to improve our lives and our finances. A friend was recently asking me about Fitbit. Most of my friends know that I'm a huge fan of Fitbit, those little pedometers on steroids, that help you monitor the number of daily steps you take and things like calories burned, food consumption, weight, sleep patterns … [Read more...] about You’re Collecting Information You Are Not Using
In the past, sending money between family and friends could pose a challenge for many people. You either had to mail a check, complete a wire transfer, or wait to see them in person before delivering cash. Borrowing and lending would take at least a couple days, if not weeks to complete the transaction, assuming no issues arose along the way (e.g., check lost in the mail). Nowadays, money transfers are more cost-effective, secure and instantaneous than ever. While some payment apps may require you to wait a day or two for transferred funds … [Read more...] about Review of Zirtue – How to Lend and Borrow Money With Friends and Family
The government-funded Public Service Loan Forgiveness (PSLF) program launched in 2007, but despite high hopes for this program – which was designed to bring financial relief to thousands of Americans struggling with student loan debt – the results have been abysmal so far, with only 1,216 applicants achieving loan forgiveness as of September 2019. Compare that to the 100,000+ applicants who have been rejected by the program, whether due to ineligible employers (“public service” isn’t as clear-cut as you might expect), missed payments (or … [Read more...] about How Can You Qualify for Public Service Loan Forgiveness?
Do you find yourself short on cash by the end of every month? Are you trying and failing to meet savings goals? It may be time to reassess your personal cash flow. Cash flow simply refers to your income after taking away your expenses. Ideally, you should have money left over after taking expenses out in order to save rather than accumulate debt. Taking a good look at where your hard-earned money goes each month can help you redirect it in more advantageous ways that you are better able to maximize your paycheck. Here are a few first … [Read more...] about Simple Ways to Free Up Your Personal Cash Flow