Investing can seem like a very risky, complex and fast-moving process. With endless combinations of investment vehicles to choose from, it can be difficult to take your first step as an investor—especially with the knowledge that all investments carry the risk of losing some or all of your money. So why bother?
Applying for a loan requires a lot of research—not just on loan specifics, but research on you too! Loans make some of our biggest life decisions possible, so it’s crucial to be realistic about your goals, your financial situation and your future.
Common Money Beliefs
How did you decide where to open your first bank account? Where did you learn to budget or pay bills? If you have a money question now, what do you do? Who do you turn to? If you’re under the age of 30, your answers to the above questions are likely some combination of “my parents”, “the Internet” and “I don’t know—I just kind of figured it out”. Although you might have been lucky enough to take life skills classes in high school, most young adults don’t receive any kind of formal financial education. So, it’s likely that you’ll need to seek guidance when it comes to money management.
Living On Your Own
Living on your own for the first time can be empowering. It means having independence and all the things that come with it. Some of those things—like not having to share a bathroom—are wonderful. Others—like killing spiders yourself—are not so fun. And leading the pack in the not-so-fun category: bills.
Leasing vs Financing A New Car
When it comes to buying a new car, you have three options: purchasing it with cash, purchasing it through a loan (also known as financing) or leasing it. For most shoppers, the decision comes down to buying or leasing.
On the surface, the differences between leasing and buying a vehicle seem fairly straightforward. Leasing a car means you’ll usually have access to a new set of wheels every few years; buying it likely means that you plan to drive the same car for a much longer period of time. Leasing usually includes a warranty that covers most of your repairs; buying means accepting larger repair costs, which are inevitable as the car ages. Leasing agreements can limit your mileage and your ability to customize your ride; buying means you can put as many miles as you want on the car and customize it however you’d like.
Emergency Fund Bootcamp
An emergency fund is an essential part of your personal finances. Its importance is stressed in almost every personal finance book and budgeting blog, and yet 26% of Americans currently have no emergency fund in place. Of those who do have an emergency fund, up to two-thirds do not have the often-recommended six months’ worth of expenses saved up.
If an emergency fund is, in fact, so important, why doesn’t it seem that way? Why is it so easy to procrastinate on emergency-fund saving?
It’s a decision that comes into play for every bill you pay, every tank of gas you buy and every coffee you pick up on the way to class or work. Cash, check or card? Debit, credit or prepaid debit?
7 Co-operative Pinciples
Credit unions put their values into practice by following the 7 co-operative principles. This sets credit unions apart from all other financial institutions, strengthens the community and benefits you too!
Even though compound interest is easy to understand—compound interest = more money for you!—those who can potentially benefit most from it (those in their teens and 20s) don’t seem to be taking advantage of it. Savings contributions and retirement savings participation rates are falling among young adults.
Budgets are like the New Year’s resolutions of personal finance. We all know we should have one and we all know it’s a fairly simple thing to follow—at least in theory. Like resolutions, we often map out personal budgets with the best of intentions, only to abandon them a couple of weeks later.
Whether you’re planning your first budget or re-evaluating your current budget, the ground rules listed below will set you up for success by changing the way you look at budgeting. It doesn’t matter if you manage your budget on your smartphone or if you prefer good ol’ pen and paper—these budgeting basics can be applied to every budgeting system.
Choosing Your Financial Institution
Banks and credit unions offer essentially the same products and services, but there are huge differences in the way they operate. Despite this, many people put more thought into building their Netflix queue than they do choosing their financial institution. It’s a Money Thing is here to help fill in the gaps and show you how the differences can affect your dollars. Whether you’re just starting out or rethinking your current financial setup, here is what you need to know.
Credit Score Breakdown
You’ve likely heard about credit scores before (thanks to all those commercials with terrible jingles), but what do you actually know about them? How long have they been around? And what’s the deal with checking them?
Foiling Identity Theft
Identity theft is nothing new, and yet it still manages to cost its victims billions of dollars (yes, that’s billions with a “b”) globally each year—not to mention the time and hassle involved in recovering a stolen identity.
The good news is there are tons of things you can do to deter identity thieves. The bad news is that many of us do little beyond choosing a decent password (and some people don’t even bother doing that!). Here are the top five information jackpots for identity thieves, along with helpful tips on what you can do right now to protect yourself.
Boosting Your Credit Score
Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good. This video will help debunk four of the common credit score myths that you might come across.