Money is the number one cause of stress in America. It’s easy to see why: 67% of Americans wouldn’t be able to scrounge up $1,000 for an emergency, only 1 in 3 of Americans keep a household budget, 35% of Americans have debt in collections, and 1 in 3 people have nothing saved for retirement. Financial stress is mounting, and there aren’t enough qualified people to help. You know … [Read more...]
How to Manage Your Spending Amidst Inflation and Rising Costs
In light of increasing inflation, it is even more essential to be thrifty. When prices on a lot of items increase, families have to make hard financial decisions. Despite this, there is still a chance for families to identify methods to reduce costs and live satisfying and cheerful lives. We are all getting an education on inflation at the moment. It seems as if the prices … [Read more...]
How to Get Out of Credit Card Debt
If you have a goal to become debt-free in 2023, credit card debt is a good place to start. High interest rates and minimum payments can keep you in an endless cycle of debt. But there are some easy ways to break that cycle and pay off credit card debt for good. This guide will take you through some of the most popular strategies for paying off credit cards. 5 Things to Know about … [Read more...]
Roth IRA vs. Traditional IRA
Company pensions have become a relic, and the Social Security safety net seems to get thinner every few years. In preparation, we need to build our retirement plans using tools such as Individual Retirement Accounts (IRAs) along with 401(k)s from work. Opening the right kind of IRA — traditional or Roth — can make a huge difference in your financial life, both now and in the … [Read more...]
Bracing for a Recession: What Businesses Can Do to Weather an Economic Downturn
The world last faced a major recession in 2007. The Great Recession ended in June 2009 according to economists, during which time the U.S. Gross Domestic Product fell by 4.3%. Unemployment was 5 percent in 2007, rose to 9.5 percent in 2009, and peaked at 10 percent by the end of the year. The recession was longer than any other since World War II, and every area of the economy was … [Read more...]
What is Debt and How Should You Handle Your Debt?
Debt is an uncomfortable subject. Discussing our personal finances is somewhat taboo and acknowledging our debt can induce anxiety. American debt hit a record high of $13.2 trillion in 2018. While most of us have some form of debt, many people are unsure about how to deal with their debt. Simply put, debt is owing money to a person or entity. Debt is not always a bad thing. There are … [Read more...]
A Guide to Saving for Retirement
Unless you are fortunate in the job field with a defined route leading to eventual retirement with a pension and access to the golf course after three decades, retirement can feel like something excessively far away and foggy. It is hard to plan for objectives that cannot be imagined, much like other aspects of life. Many individuals enter their senior years without having … [Read more...]
The Basic Things You Need to Know About a Retirement Plan
Retirement planning is a process that involves multiple steps and changes over time. You need to build a financial cushion to have a secure and fun retirement. It can be fun to pay attention to the serious and perhaps boring part of planning how you'll get there. You should start thinking about your retirement goals and how long you have to meet them. There are different types of … [Read more...]
8 Passive Income Ideas for Building Wealth
Passive income can be extremely beneficial in terms of securing additional cash flow, either by doing a side hustle or by getting a bit of added money every month, particularly due to the increasing prices in the economy. Passive income may be beneficial in times of economic prosperity and provide a form of support should someone become jobless, decide to take a break from … [Read more...]
Happy Retirement Living
Many people find that they transition smoothly into retirement and enjoy their new lives right away. Some people find it more difficult to settle into retirement than others. Some of us may avoid or postpone retirement due to our trepidation of the unknown. Why is retirement so stressful? We often spend years thinking about how we want to spend our retirement. This can include … [Read more...]