Money Questions and Answers

New Year’s Resolutions That Will Save You A Ton Of Money

In the final weeks of the year, we are looking forward to a new year. With a new year comes resolutions that millions of people make to change. Some New Year’s resolutions are often forgotten mere weeks into the next year, while others are year long goals and finally accomplishments come December. Resolutions save you money if you keep them which is of course the hardest part of making them. But, it doesn’t have to be impossible. There are many common goals that people make, but these New Year’s Resolutions can save you money in the New Year: Quit smoking A popular resolution is for people to stop smoking. Smoking is a bad habit and a pretty expensive one too. … Read more

Top 9 Great Gifts You Can Give that Will Keep on Giving

by Hank Coleman

It is one thing to give a gift to our loved ones, but it is an entirely different thing to continue to show how much you care about someone with a gift that keeps on giving. We often joke about the gifts that keep on costing us money. My father-in-law bought my mother-in-law a new cell phone last year upgrading her to a smartphone finally. It was a great idea until he realized afterward that the price of her cell phone plan would significantly increase. It was a gift that kept on costing him despite his good intentions initially. A wonderful gift is one that continues to add enjoyment to our loved ones’ lives long after we have given that … Read more

How to Prepare for a Great Year Financially and Manage Your Money Right

by Hank Coleman

December not only represents the holiday season, but it also signifies the end of the year. We have just a few more weeks left of this year, and the next year will quickly be upon us. Rather than waiting until January to get our resolutions together, this is the perfect time to start preparing your finances for the next year. Now is the time to start preparing for a great next year. Here are some things you can do to get started: Gather your receipts: This is a good time to start gathering all of your important receipts from the things you purchased or donated this year. Many people get their W2s either at the end of this month or … Read more

Personal Finance Tips, Core Philosophies, & Convictions

by Hank Coleman

If you have read this blog for any length of time, you can most likely tell which way I lean on most personal finance tips and money related topics. Typically, I do not try to preach too much of my own personal finance tips, philosophies, or credos on Money Q&A.

But, there comes a time when I just cannot stand the poor personal finance advice that permeates throughout the internet. Like many people say, if you do not stand for something, you’ll fall for anything.

I wanted to share with you these few universal truths and personal finance tips that you can see woven throughout this website. These are a list of money and investing philosophies that lead every money decision that I typically make.

These shape my writing on this and other websites. These are convictions that you will not see waver on this site.

Personal Finance Tips, Philosophies, & Convictions

Term life insurance is the only type of life insurance you need.
90% of your investments need to be in index funds.
It is okay to risk a very small percentage of your overall investing portfolio.
It is imperative that you spend less than you make.
You have to have a monthly written budget…period.
You must have three to six months saved in an emergency fund.
There are no real ways to get rich quick.
The American Dream is not dead.
Fixed rate mortgages are the only way to buy homes.
You should be very cautious who you accept financial advice from.

Term Life Insurance Is The Only Type You Need

Term life insurance is the only type of life insurance that you need to purchase to protect your family from the premature loss of your income should you die early. The only people who profit from whole life insurance or cash value life insurance policies are those who sell it.

Everyone else is being taken advantage of when people try to sell or promote the product to you. Whole life insurance is an expensive form of life insurance because there is a cash value or investment portion associated with the insurance policy.

The extra cost, almost five times as much in some cases, is used for the mediocre investment returns that are promised to customers. There are many other investments and better financial products on the market to help you save and invest your money instead of having to buy whole life or cash value life insurance.

Life insurance is not an investment and should not be used as such. You can do better than a life insurance company when it comes to investing your money. you can invest that difference between term life insurance and whole life insurance policy.

What would you do with an extra $100 per month? I’m sure that you can think of better uses for that money and better investments than an investment company.

Even investing in an index fund would be a better option than buying a whole life insurance policy. Those who try to tell you different are either uninformed, delusional, biased, profiteers, or all of the above.

Property Investment Tips for First-Time Buyers

by Hank Coleman

Purchasing real estate for the first time is both exciting and potentially anxiety-producing, particularly when looking at it from a property investment tips and perspective. Yet with a combination of preparation and research, you can gain the confidence you need to make a sound financial decision. Property Investment Tips for First-Time Buyers Get Educated First-timers often feel overwhelmed when it comes to purchasing property, particularly if you have no prior knowledge of the booming Australian real estate market. Our online learning center is a great place to brush up on the latest home loan news and eligibility requirements. You can also complete a beginning real estate investment course online, and search for E-books and other printed materials to expand your … Read more

Personal Finance Lessons That Should Be Taught In High School

by Guest Contributor

Personal Finance Education Needed In High School

The following is a guest post from Briana Myricks who writes at her blog, How’s Married Life?

High school teachers emphasize preparing for the real world, but in reality, how many of the things you learned in high school do you use today? Has The Scarlet Letter been mentioned at any time outside of a classroom?

Do you utilize your US history lessons when it’s not an election year? Besides knowing what H20 means, what elements do you remember from chemistry class?

Part of a valuable high school education should include things you will definitely experience in the real world. One subject that should be taught is personal finance, as that’s something that can be used even before a student graduates. Since personal finance education is such a broad subject, what topics specifically should be taught in high school?

Personal Finance Education Needed In High School

How to balance a checkbook: Even though checkbooks and ledgers are going a little out of style with the use of debit cards and online banking applications, students should know how to balance a checkbook. This essential step is all about knowing how much money you have, especially after making a deposit or a purchase. Once a student gets the hang of balancing a checkbook, they have a better grasp of what money management is.

How to save for an emergency fund: High school students love to live in the moment, so very few of them actually think about something happening in the future. Learning about saving for an emergency fund is very important, as it will give them a head start for saving. They should know what constitutes as an emergency, which is something even some adults have a hard time grasping.