Paying Off Debt — What Actually Works
Paying off debt is one of the most common financial challenges I have helped people work through, and one of the most misunderstood. I have been in some type of a finance role my entire life. Along the way I…
Tag money management
Start Saving with Your First Paycheck
As retirement is likely not on your mind when receiving your first paycheck, it is easy to think that saving some of that first paycheck doesn’t really matter. This is why it is so important to start saving with your…
Your First Paycheck: What to Do Before You Get Paid
You just got hired. Congratulations! Whether this is your first job in high school or your first career position out of college, the decisions you make now can set financial habits that follow you for decades.Learning how to prepare for…
Tracking Your Money vs Controlling Your Money (They’re Not the Same)
Introduction Building a budget is critical as I talk about in Budgeting 101. Tracking your actual expenses versus that budget is also critical. While these steps are crucial, they don’t serve much of a purpose unless you modify your behavior…
Learn in Detail, Live in Simplicity: Why Money Systems Matter
Introduction I believe a budget is a critical step on the road to building wealth. Most people don’t have one—at least not one that reflects how they actually spend their money. Because of this, most people don’t fully understand where…
Why Your Checking Account Balance Lies to You
So much of the country is living paycheck to paycheck. In my opinion, one of the contributing causes is the way people view their checking account balance. If you are like most people, you log into your bank account or…
How to Stick to a Budget (Even If You’ve Failed)
If you have ever made a budget, used it for a few weeks, and then completely ignored it, you are not alone. Budgets are a lot like New Year’s resolutions. They start with great intentions but fizzle out quickly. Most…
The 50/30/20 Rule: The Budgeting Formula That Simplifies Your Finances
Introduction: Budgeting Made Simple At BUDGETING 101, I speak to how important it is to budget your expenses on the path to building savings. I personally budget my life across 30 items (personal savings, college fund, auto repairs, food, entertainment,…
How to Break Free from Financial Stress and Build a Better Future
I recently came across a survey from 2020 titled Mind Over Money, conducted by Capital One and The Decision Lab. It provided helpful insights on financial stress relief for those struggling with monetary concerns and looking for advice on how…
10 Budgeting Mistakes Costing You Money
Introduction: Is Your Budget Leaking Money? If you couldn’t tell from Budgeting 101, I strongly believe the key to building wealth starts with a budget. Unless you’re making more money than you know what to do with, you need a…
Why You Need an Emergency Fund
Once you get your budget set, start to control your spending habits and build some savings, you need to really think about an emergency fund. In the same spirit that you cannot view your 401K as regular savings, your emergency…
Breaking Down the Mortgage Debate: 15-Year vs. 30-Year
Much of this site is about helping you save money and build long-term wealth. Along those lines, let’s talk about one of the most underrated tools for doing just that: the 15-year mortgage. When people think about buying a home,…
Rent vs Buy: Key Factors to Consider
One of the biggest financial decisions most people make is where they will live. Should you rent, or should you buy a home? Both renting and buying have advantages and disadvantages that will impact your life, lifestyle, and financial future.…
Your Credit Score is Important
Building a good credit history has been discussed at Starting Early: Why Financial Habits Matter, but what is a credit score, why is it important and what can you do to improve it. What Is a Credit Score? According to…
Duplex – The Power of Two
If I could go back and do things differently, one of my first wealth-building moves would have been to purchase a duplex. It’s one of the smartest ways to step into real estate ownership while also setting yourself up for…
Budgeting 101
Why Budgeting Matters Budgeting is most often viewed as a means to allocate one’s income to monthly expenses. You might view budgeting separately from saving, but they go hand in hand. How can you properly plan to save if you…
What To Look For In a Savings Account
Choosing the right account starts with understanding what to look for in a savings account. Most people immediately think about account features such as interest rates, ATM availability, and FDIC insurance. However, before looking at those details, you should first…
Top Ways to Save Money
Apart from inheriting money or winning the lottery, saving money is one of the most important steps toward financial freedom. While the concept is simple, many people struggle to put it into practice. Recent data shows how common this challenge…
