With over $1.3 trillion outstanding loans, student loan debt is the second highest form of debt after home mortgages, and the class of 2015 was the most indebted ever with the average of over $35,000 for 70% of graduates. However, there are options for those struggling with student loan debt. The ways to eliminate or save money on student debt are through student loan refinance, student loan forgiveness and public service loan forgiveness. While student loan debt can be overwhelming, but there are options for you to tackle it. (huffingtonpost.com)
Personal Finance
Take control of your personal finance to be wealthier and happier in life.
Don’t Play A Loser’s Game by Picking Individual Stocks
The White Coat Investor has a good advice for individual stock investors or those who are tempted: Picking individual stocks is a loser’s game. The reasons are that individual stocks have a higher risk, under perform on average and lower return with worse risk control. According to the White Coat Investor, “if you’re enjoying investing (researching, buying, selling, discussing etc), at least in the stock market, chances are good you’re spending a great deal of time and effort engaging in an activity that is actually decreasing your returns. Do yourself a favor and get a hobby that makes money, a free hobby, or at least one that costs you less than stock picking.”
Watch All the TV You Want Without Paying a Cable Bill
With the emergence of streaming services like Sling TV, HBO Now, Amazon and Netflix, cutting the cord becomes easier than ever. You can pick out different services and tally up your savings relative to cable by checking on Slate. For the extreme, indoor TV antenna that cost under $10 gives free access to network content and major live events like the Oscars or the Super Bowl. Anyway, Money on time.com shows you five bundles of online television programming so you can watch all the TV you want without paying a cable bill. The different bundles suit just about any type of TV viewer, from the basic cable junkie to sport fans. Are you ready to cut the cord? If so, check out the five different ways to ditch cable and save hundreds of dollars in the process. (time.com)
Banks are Scare That AI Disrupting Financial Advisers
Not only Millennials and small investors are using robo-advisers, but wealthy clients are drawn into AI investing technology, which use computer programs to provide investment advice online. That scares banks, and that’s one of the reason they are pushing to release their own versions of the automated investing technology to compete in the new robo-advising environment. It will be good for customers as the fees will go down gradually. Robo-advisers normally charge less than half the fees of traditional brokerages, which cost at least 1 percent of assets under management. (bloomberg.com)
10 Ways I Did to Reach Financial Independence at Age 28
Matt at The Resume Gap said: “A few weeks back, I checked my savings and investment balances, ran a few calculations for the thousandth time, and then called my boss to share that I was handing in my notice and would be leaving my full-time job at the end of the month. Just seven years after starting my career, I’ve walked away. I am financially independent.” Matt’s living expenses are fully cover through passive income from his investments and rental income. Here’s how he did to reach financial independence at age 28: Evaluated happiness, stayed focus, started on the right foot, made an above-average income, lived frugally, resisted lifestyle inflation, automated and invested the savings. Congratulations to Matt for reaching financial independence at such an early age and best wishes to him on the next adventure.
Where’s the Best Place to Climb The Economic Ladder?
As the global economy is slowing down, it’s much harder to climb the economic ladder. Harvard and Stanford economist Raj Chetty found that where you live makes a big difference. To go from the bottom rung to the top tier of the income ladder in most American cities depend on a high amount of diversity/low amount of segregation, family structure and social capital. The short list of upwardly mobile cities are Dubuque in Iowa, San Jose in California and Washington, DC. (forbes.com)
How Millennials Can Get a Jump-Start on Retirement Planning
More than 50% of those ages 18 to 34 have less than $1,000 in savings and 62% of all Americans have less than $1,000 saved. No doubt the Millennial generation is falling behind. However, with a long investing horizon, they can get their saving into shape. USA Today points out 7 ways Millennials can get a jump-start on retirement planning:
- Pay yourself first
- Put your money to work
- Get every penny of your 401(k) match
- Consider a Roth IRA
- Keep investments simple
- Think beyond savings
- Be wary of advice from peers or parents
Free Online Personal Finance Course
Here’s a free online personal finance course by University of Arizona. “This is a free, state of the art course in the essentials of personal finance in America today. The estimated time of completion is 15 hours. You are free to work at your own pace, and you may leave the course and come back to it whenever you’d like. You could spend half an hour one day, then pick up where you left off the next day, and spend two hours, whatever’s most convenient and enjoyable, anytime, 24/7/365.” Did you know that 92% of those in bankruptcy qualify as middle class as defined by typical criteria such as going to college, owning a home, or having held a good job? As more people will file for bankruptcy this year than will graduate from college, this free personal finance course is extremely valuable. (arizona.edu)
Super Bowl Can Teach You About Money
This year the Super Bowl will be on Sunday, February 7 at Levi’s Stadium. For football players, they earn big bucks but some of them went bankrupt after the paychecks stopped. One former star, Phillip Buchanon, turned himself into something of a financial guru by publishing a personal finance book, “New Money: Staying Rich,” to help his peers. During this Super Bowl, “the money-football connection will break new ground: SunTrust Bank will sponsor the first Super Bowl ad to promote financial wellness, with the goal of getting Americans thinking and talking about managing their money. We’re used to seeing promotions for beer, snack food and cars, but for personal finance? Not so much.” Brad Dinsmore, head of consumer banking for SunTrust said, “we thought having an ad in the Super Bowl would help start a movement. This is an attempt to start a conversation around what needs to be done. It became really clear that one of the biggest issues facing Americans is financial stress – the stress associated with managing money. It’s not only impacting clients’ financials, but their health and happiness.” (usnews.com)
13 Million Americans Commit Financial Infidelity
You aren’t the only one hiding a bank account from your spouse. According to a study released Wednesday by Creditcards.com, about 13 million Americans have maintained secret checking, saving or credit-card account without their partners’ knowledge. Young people were more likely than older folks to keep secrets and a slightly more women than men kept money out of sight from their partners. Matt Schulz, senior industry analyst at CreditCards.com said he was surprised by the number of Americans who hide accounts, especially because it “can cause some real damage in a relationship.” Not to mention their finances. “There’s no way to do a meaningful budget if you don’t know exactly what’s coming in and what’s going out.” (creditcards.com)
In It Together: Managing Finances as a Couple
An anonymous reader writes: “Some couples argue about money regularly — or find it a nagging source of tension or resentment. Taking steps to decrease money struggles can make for a happier relationship.” Here are a few tips to manage finances as a couple together.
- Start with a plan and goals
- Create financial independence
- Touch base often — about once a week
- Keep talking
Ways for Middle Class to Close the Income Inequality Gap
A new study shows that the rich are getting richer while the middle class is falling behind. Oxfam has some recommedations to narrow the gap in inequality, but it left out self-responsibility. Steve Siebold shows 15 ways the middle class could help close the income inequality gap by studying how rich people think about money and following their lead. After interviewing more than 1,200 of the self-made wealthy for the last 30 years, Steve Siebold observes that the rich see the world very differently than everyone else. “Middle class believes the road to riches is paved with formal education, while the wealthy believe the road to riches is paved with specific knowledge. Middle class believes money is earned through labor, while the wealthy believe money is earned through thought. Middle class has a lottery mentality, while the wealthy have an action mentality. Middle class believes ambition for wealth is a sin, while the wealthy believe it’s a virtue.” (huffingtonpost.com)
5 Common Tax Mistakes Made by Millennials
An anonymous reader writes: “Millennials, who range in age from early twenties to mid-thirties today, are in a life phase of ongoing change and evolution — from students to graduates to independents to spouses. Navigating the in-betweens of these many major milestones is no cakewalk. In addition to the standard financial commitments that accompany such major milestones, millennials must remain mindful of how their ever-shifting circumstances influence their tax obligation. Here are five common tax mistakes made by millennials to watch out for” by Stefanie O’Connell:
- Filing as a dependent when you’re independent
- Skipping out on health insurance
- Forgetting to deduct student loan interest
- Miscalculating deductions for the cost of relocating
- Withholding too much for taxes
The Important of Frugality
An anonymous reader writes: “Frugality has allowed me to: Chase my dream career, even though it’s low-paying and inconsistent work. Lessen my impact on the environment. It’s an excellent way to go green. Save up an emergency fund that’s given me the freedom to move when I want and leave terrible jobs. Find money I thought I didn’t have so I could save up for retirement. Free up money to buy more expensive quality items that last longer, rather than cheaper versions that break quickly. Completely change the way I view objects and money, for the better.” An article on US News shows why frugality is so important. It lists the five basic skills you can work on to get started saving money and living the frugal life. (usnews.com)
Want to Fire Your Boss? Better Save Money Now
For young people saving money is a real challenge. After graduating with big student loans, they have to compete in a brutal job market with stagnant pays. “There’s nothing more valuable than that freedom to walk toward your own better future on your own terms,” Stefanie O’Connell, 29, said. “It’s peace of mind that today’s 20-year-olds need and are craving,” in such an unstable job market. Here are some tips from MarketWatch about saving money now so you can fire your boss later.
- Get emotionally connected to your finances
- Figure out exactly how much you need to live the life you want
- Find a way to hold yourself accountable
- Spend as if you’ve already quit your job
- Automate your savings
- Always be looking to make more money
- Regularly check up on your finances
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